South Africa: Financial Sector Assessment Program-Detailed Assessment of Implementation on the IOSCO Objectives and Principles of Securities Regulation
IMF Staff Country Reports, March 3, 2015
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- South Africa: Financial Sector Assessment Program-Detailed Assessment of Implementation on the IOSCO Objectives and Principles of Securities Regulation
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Bibliographic details
- Published: March 3, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498390866.002
Summary findings
- The paper presents the Detailed Assessment of Implementation on the IOSCO (International Organization of Securities Commissions) Objectives and Principles of Securities Regulation in South Africa.
- South Africa’s level of implementation of the IOSCO principles is complete in several areas, but there is room for enhancement.
- The legal framework is robust and provides the authorities with broad supervisory, investigative, and enforcement powers.
- Arrangements exist for on-site and off-site monitoring of regulated entities.
- Powers to cooperate with domestic and foreign counterparts are extensive.
- Accounting and auditing standards are described as high, and the disclosure regime that applies to listed companies is high in practice.
Legal framework, supervisory and enforcement powers
- Legal framework characterized as robust.
- Authorities possess broad supervisory, investigative, and enforcement powers.
Monitoring and oversight arrangements
- There are arrangements for on-site monitoring of regulated entities.
- There are arrangements for off-site monitoring of regulated entities.
Cooperation and cross-border powers
- The authorities have extensive powers to cooperate with domestic counterparts.
- The authorities have extensive powers to cooperate with foreign counterparts.
Accounting, auditing and disclosure
- Accounting standards are high.
- Auditing standards are high.
- The disclosure regime applying to listed companies is high in practice.