1998-12-08: Signing of a Memorandum of understanding between the Financial Services Board and the Bank Supervision Department of the South African Reserve Bank
Last Modified Date:
2020-10-08, 08:17 PM
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Co-operation between financial regulators in South Africa was today formalised further by the signing of a memorandum of understanding ("MOU") between the Bank Supervision Department of the South African Reserve Bank (the regulator of banks) and the Financial Services Board ("FSB" - the regulator of all other financial institutions, such as insurance companies, pension funds, mutual funds, and the financial exchanges: the Johannesburg Stock Exchange, the South African Futures Exchange and the Bond Exchange South Africa).Apart from the Executive Officer of the FSB, Mr R Cottrell, and the Registrar of Banks, Mr C F Wiese, the signing ceremony was also attended by the Deputy Minister of Finance, Ms G Marcus, and Dr C J de Swardt, Deputy Governor of the Reserve Bank and Chairman of the Policy Board for Financial Services and Regulation.Informal communication and co-operation between the two financial regulators have always been open and effective. The increased blurring of demarcations between the businesses of financial services providers, as well as the increased use of complex financial conglomerate structures, make the MOU an essential and helpful addition to financial regulation and supervision.The MOU sets out an arrangement between the two parties regarding:mutual assistance and exchange of information between them and with other authorities where appropriate; andco-ordination of the supervision of financial conglomerates involving banks and other financial institutions.