Presentation to the National Assembly Standing Committee on Finance Financial Markets Bill 29 May 2012

Introduction Financial sector regulatory reform taking place across the globe Financial Markets Bill updating G20 commitments Twin Peaks to provide regulatory architecture for RSA Financial Centre for Africa

SRO Model Managing conflicts of interest Limited liability provisions Commercial interests Global trends

SRO Model Strengthen the Bill: Robust management of conflicts of interest provisions Formal mechanism for market participants to raise concerns and complaints with the Regulator (Registrar) External review of conflict management processes Clear separation of regulatory and commercial activities

Regulation of OTC Derivatives Local registration requirements International financial market infrastructures Cost vs. benefit analysis A measured approach to implementation

Financial Markets Bill Questions?