Resources
Regulatory Authorities in South Africa
Financial Sector Conduct Authority (FSCA)
Mandate:
Regulates market conduct in the financial services industry. It supervises insurance, retirement funds, financial advisors, and asset managers, ensuring fair treatment of customers and integrity in financial markets. Replaced the FSB under the Twin Peaks model.
Recent Developments:
- Declared crypto assets as financial products (2022)
- Drafting the COFI Bill to consolidate conduct legislation
www.fsca.co.za
South African Reserve Bank (SARB)
Mandate:
Central bank of South Africa responsible for monetary policy, financial stability, and banking regulation via the Prudential Authority. It issues currency, manages reserves, and supervises national
payments infrastructure.
Recent Developments:
- Exploring central bank digital currency (CBDC).
- Enhanced cyber risk monitoring in financial markets.
www.resbank.co.za
Prudential Authority (PA)
Mandate:
A unit within SARB, it supervises banks, insurers, cooperative financial institutions, and systemically important financial institutions. It promotes systemic stability and prudent risk-taking.
Recent Developments:
- Enhanced AML oversight post-FATF greylisting (2023).
- Ongoing Solvency Assessment and Management (SAM) framework upgrades.
www.resbank.co.za
Companies and Intellectual Property Commission (CIPC)
Mandate:
Regulates company registration, compliance, business rescue, and intellectual property (trademarks, patents, copyrights). It enforces compliance with the Companies Act.
Recent Developments:
- Mandatory beneficial ownership disclosures (2023).
- Upgraded e-services for online company filings.
www.cipc.co.za
South African Revenue Service (SARS)
Mandate:
Manages tax administration and customs enforcement; responsible for VAT, income tax, capital gains tax, and transfer duty. SARS is responsible for enforcement of South Africa’s fiscal laws.
Recent Developments:
- Crackdown on illicit financial flows.
- Modernisation of tax filing and verification systems.
www.sars.gov.za
National Credit Regulator (NCR)
Mandate:
Oversees the South African credit industry, enforces the National Credit Act, regulates credit providers, debt counsellors, and credit bureaus. It promotes responsible lending and protects consumers from over-indebtedness.
Recent Developments:
- Enhanced enforcement against unregistered lenders.
- Review of affordability assessment guidelines.
www.ncr.org.za
National Consumer Commission (NCC)
Mandate:
Enforces consumer protection laws and investigates unfair business practices under the Consumer Protection Act.
Recent Developments:
- Intensified inspections in online retail and telecommunications.
- Proposed enhancements to disclosure obligations.
www.thencc.gov.za
Information Regulator of South Africa (IRSA)
Mandate:
Enforces the Protection of Personal Information Act (POPIA) and PAIA (access to information). It investigates data breaches and ensures responsible data processing.
Recent Developments:
- Published guidance on cross-border data transfers.
- Ongoing POPIA enforcement cases in finance and telecom sectors.
www.justice.gov.za
South African Human Rights Commission (SAHRC)
Mandate:
Promotes and protects human rights, monitors government compliance, and handles equality and discrimination complaints.
Recent Developments:
- Intervened in cases on access to basic services.
- Monitoring implementation of Equality Act reforms.
www.sahrc.org.za
Independent Communications Authority of South Africa (ICASA)
Mandate:
Regulates broadcasting, telecommunications, and postal services. It allocates spectrum, sets license terms, and ensures fair pricing.
Recent Developments:
- Completed high-demand spectrum auction (2022).
- Developing framework for 5G deployment and digital migration.
www.icasa.org.za
National Energy Regulator of South Africa (NERSA)
Mandate:
Regulates the electricity, piped-gas, and petroleum pipeline industries. It approves tariffs, issues licences, and monitors service delivery.
Recent Developments:
- Tariff reviews for Eskom and municipal electricity supply.
- New licensing guidelines for private power producers.
www.nersa.org.za
Financial Intelligence Centre (FIC)
Mandate:
Counteracts money laundering, terrorism financing, and proliferation financing. Administers FICA and oversees accountable institutions’ reporting obligations. It collects suspicious transaction reports and oversees accountable institutions.
Recent Developments:
- Mandatory registration and risk assessments for crypto platforms.
- Expanded sanctions screening obligations.
www.fic.gov.za
Competition Commission of South Africa
Mandate:
Investigates anti-competitive behaviour, mergers, and abuse of market dominance under the Competition Act.
Recent Developments:
- Ongoing investigations into food and digital markets.
- New guidelines on merger control and public interest.
www.compcom.co.za
Department of Trade, Industry and Competition (DTIC)
Mandate:
Promotes industrial development, trade policy, investment, and Black economic empowerment. It oversees export promotion and localisation strategies.
Recent Developments:
- Industrial financing schemes for automotive and green sectors.
- Ongoing B-BBEE policy consultations.
www.thedtic.gov.za
Broad-Based Black Economic Empowerment Commission (B-BBEE Commission)
Mandate:
Monitors and evaluates B-BBEE compliance, investigates fronting and misrepresentation under the B-BBEE Act and promotes broad-based transformation.
Recent Developments:
- Issued reports on ownership misrepresentation and sector code compliance.
- Developing an automated compliance reporting platform.
www.bbbeecommission.co.za