Integrity Reliability Risk Management Profitable Proudly South African Operational Excellence Learning Organisation Teamwork Global Best Practices Customer.

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Presentation transcript:

Integrity Reliability Risk Management Profitable Proudly South African Operational Excellence Learning Organisation Teamwork Global Best Practices Customer Centric Accountability Dynamic Innovation Passion Regulatory and Supervisory Obligations AMEDA October 2011 CPSS – IOSCO FMI Principles Monica Singer CEO – Strate Limited

1. The Importance of a Regulatory Structure An essential regulatory objective is to ensure legal certainty in post- trading (IOSCO # 1) Why? Enhance efficiency and safety of post-trading How? Regulation and laws must be (a) sound, and (b) cross-border compatible (IOSCO # 1; UNIDROIT; HAGUE) Focus after credit crises is on the reduction of risk; integration of markets; promotion of financial stability; improvement of transparency. Warning: Dont over-regulate! (high costs; inefficiencies; false sense of safety)

2. Regulatory Objectives for Strate in South African Legislation Objects of South African securities legislation states: This Act aims to – (a) increase confidence in the SA financial markets by (i) requiring that securities services be provided in a fair, efficient and transparent manner, and (ii) contributing to the maintenance of a stable financial market environment; (b) promote the protection of regulated persons and clients; (c) reduce systemic risk; and (d) promote international competitiveness of securities services in SA.

3. Evolving Regulatory Landscape in South Africa New legislation Companies Act, 2008 (CA) Financial Markets Bill, 2011 (FMB) Consumer Protection Act, 2008 (CPA) Income Tax Act, withholding tax issues Sound legal system (IOSCO #1; UNIDROIT; HAGUE) New Codes King III - corporate governance for Board and Committees. New Guidelines NT Policy Document A Safer Financial Sector to Serve South Africa Better (Red Book) (2011)

South Africa is bound, participates or is guided by: UNIDROIT convention HAGUE convention G20 outcomes CPSS-IOSCO Recommendations 4. Coordinated Process to Strengthen Global Markets

5. Strategic Intent of Strate to Reduce Risk, also in Financial Crises Regulatory Intent = Reduction of Systemic Risk & Protection of Investors Strate actions: Segregated Depository Accounts (SDAs) Participant Failure Manual Focus on Risk Management Actions address following regulatory principles specifically: Insolvency circumstances (IOSCO # 11;13) Segregation and Portability (IOSCO # 14) Settlement Finality (IOSCO # 1; 8) Netting Arrangements and Default Rules (IOSCO # 1) Reduction and Management of Risk (IOSCO # 3;4;7;16;17)

6. Strategic Intent of Strate re International Competitiveness Regulatory Intent = Promote International Competitiveness Strate actions: International Linkages & Linkup Take on New CSD Participants (also Foreign Participation) CSD 11; International Forums Development & Implementation of an African Strategy WFC: Key actions to enhance understanding at a worldwide level. Actions address following principles specifically: Create Links (IOSCO #20) Harmonisation to address legal risks (IOSCO # 1) Fair and open access based on criteria (IOSCO # 18) Exchange of information amongst Regulators (IOSCO # 24; G 20 par 28)

7. Strategic Intent of Strate re Disclosure and Transparency Regulatory Intent = Disclosure, transparency and regulatory oversight Strate actions: Trade Repository (TR) (including OTC Derivatives Register) Collateral management SOR Actions address following principles specifically: Creation of TR (IOSCO #24) OTC derivative contracts reported to TR (IOSCO # 24; G 20 par 25) Exchange of information amongst Regulators (IOSCO # 24)