In the intricate realm of regulatory refinement, perpetual evolution is essential to shape a resilient framework that aligns with international benchmarks, resonates with its purpose, and maintains the adaptability required for the Financial Sector Conduct Authority (FSCA) to uphold its mandated objectives and responsibilities.

The FSCA’s 3-year Regulation Plan, unveiled on June 30, 2022 (2022 Regulation Plan), serves as a strategic compass empowering the FSCA to systematically review and enhance the regulatory landscape under its jurisdiction. This comprehensive approach ensures that legislative assessment and development remain strategic, guided, and purpose-driven.

The 2022 Regulation Plan, spanning from April 1, 2022, to March 31, 2025, showcases the FSCA’s visionary blueprint. Nevertheless, this is not static; it’s an adaptable, rolling three-year plan revised annually to remain concurrent, effective, and harmonious with the FSCA’s overarching strategic direction. This dynamic approach embraces emerging risks and unfolding developments.

Crafted with Diligence and Vision

The genesis of the 2022 Regulation Plan involved meticulous planning, deliberate prioritization, and thorough internal consultation. The meticulous process that gave rise to the 2022 Regulation Plan, combined with its three-year horizon, was the cornerstone of continuity. Hence, our endeavors to refine the upcoming period aim to retain this equilibrium, incorporating modifications primarily centered on refining timelines for ongoing commitments and introducing a limited set of new initiatives in alignment with strategic imperatives.

Unraveling the 2023 Regulation Plan

The 2023 assessment of the Regulation Plan contemplates the following facets, which have influenced its evolution:

Progress of 2022/2023 Deliverables: An evaluation of achievements during the April 1, 2022, to March 31, 2023, business year. While minor delays were encountered, the FSCA successfully achieved its intended objectives.

Alignment Check for 2022 Priorities: A recalibration of priorities, deliverables, and timelines set in the 2022 Regulation Plan, ensuring their current relevance and alignment with strategic objectives.

Transition into 2025/2026: The inclusion of projects with deliverables spanning into the 2025/2026 business year, aligning with the 2023 Regulation Plan’s scope from April 1, 2023, to March 31, 2026.

Embracing New Strategic Ventures: An exploration of fresh strategic initiatives warranting inclusion, accompanied by their respective deliverables and timelines.

Reflections on 2022/2023 and Beyond

The Regulation Plan for the business year 2022/2023 witnessed commendable accomplishments, albeit with some minor delays. These milestones led to the finalization of five regulatory instruments and the release of eleven draft regulatory instruments for public consultation or submission to National Treasury. Notably, this journey included the landmark “Declaration of crypto assets as a financial product,” addressing challenges in the realm of crypto assets.

While certain delays were experienced in the financial markets and retirement fund domains, the FSCA remains steadfast in addressing these aspects:

Joint Roadmap for Central Clearing: Expansion of the scope of this project’s instruments to incorporate a broader framework, fostering equivalence with foreign jurisdictions, thereby bolstering regulatory framework comprehensiveness.

Conduct Standards Enrichment: Evolution of conduct standards beyond exchanges to encompass all market infrastructures, reflecting collaborative connectivity and interoperability, amplifying the focus on fair conduct.

Refinement of Conduct Standards: Delays in living annuities and benefit project standards, undergoing meticulous consideration, ensuring comprehensive coverage and quality output.

2023 Regulation Plan (April 2023 – March 2026)

The prioritization principles unveiled in the 2022 Regulation Plan retain their relevance and are thus continued. These guiding principles remain unaltered in fostering strategic and effective regulation.

These principles seamlessly segue into existing projects, maintaining established priorities. Akin to tending a garden, certain adjustments were necessary:

Revamped Deliverables and Timelines: Revisions reflect the evolving nature of projects and their associated timeframes.

Future-Oriented Inclusions: Incorporation of deliverables and timelines for the period spanning April 1, 2025, to March 31, 2026.

Project Finales and Inceptions: Removal of completed projects and the introduction of new strategic initiatives.

Upholding Commitment in the Years Ahead

In the upcoming three years, our unwavering focus converges on crafting a resilient conduct regulatory framework through the Conduct of Financial Institutions Bill. Our commitment remains steadfast: to forge a regulatory ecosystem that radiates robustness, encapsulates customer fairness, champions market efficiency, aligns with global benchmarks, and impeccably mirrors our domestic landscape.

Read the full 2023 FSCA 3-year regulation plan here