August 17, 2018

SARB, along with the Financial Sector Conduct Authority and the Prudential Authority, are consulting on a draft joint standard that prescribes margin requirements for non-centrally cleared over-the-counter (OTC) derivative transactions. Also published are the comments matrix, the draft Statement of the need for expected impact and intended operation of the joint standard, and the notice inviting submissions as contemplated in section 98(1) of the Financial Sector Regulation Act, 2017. Comment period ends on October 01, 2018.

This Authorities have developed this draft joint standard in line with the BCBS-IOSCO Framework, to give effect to the commitment of South Africa to making the OTC derivatives market safer and more transparent. The draft joint standard is closely aligned to the international standard to create a level playing field among market participants. However, incorporating the international standard into the domestic regulatory framework must be done in a manner that takes into account the nature of the domestic legal framework and the local market conditions. Adjustments have, therefore, been made to the international standard as set out in the draft joint standard.

 

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Comment Due Date: October 01, 2018

Keywords: Middle East and Africa, South Africa, Securities, Banking, Central Clearing, Central Counterparty, Margin Requirements, OTC Derivatives, SARB

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