The Reserve Bank is developing a toolkit to tackle systemic risk to the financial system for possible implementation following the passing of the Financial Sector Regulation Bill last week, its annual report released on Monday shows. Parliament approved the bill, also known as Twin Peaks, on June 22. Once signed into law, it will establish an in-house prudential authority to oversee all providers of financial products and securities services and confer a mandate to maintain financial stability on the Bank. "The processes to promulgate this bill have taken longer than expected," said governor Lesetja Kganyago in the annual report, signed on June 7. "This has delayed the establishment of the proposed prudential authority, which will expand the [Bank’s] regulatory responsibilities in the financial sector." Kganyago said preparations for the Bank’s new responsibilities were well advanced and would be put into action as soon as the bill was passed. "While this delay has caused some uncer...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now