{
  "title": "South Africa: Financial Sector Assessment Program-Technical Note on Systemic Risk Oversight and Macroprudential Policy",
  "publication": "IMF Staff Country Reports, June 17, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/06/16/south-africa-financial-sector-assessment-program-technical-note-on-systemic-risk-oversight-519731",
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  "summary": "South Africa has made significant progress in strengthening its macroprudential policy framework and foundations since the 2014 FSAP.",
  "sections": [
    {
      "heading": "Overview and institutional developments",
      "content": "- South Africa has made significant progress in strengthening its macroprudential policy framework and foundations since the 2014 FSAP.\n- Institutional arrangements were overhauled by the 2017 Financial Sector Regulations Act that:\n  - introduced the current ‘Twin Peaks’ structure,\n  - provided SARB with a strong financial stability mandate, and\n  - sought to foster interagency coordination and collaboration (including via the establishment of the Financial System Council of Regulators).\n- As a result, South Africa has a hybrid macroprudential policy framework that combines a ‘strong’ decision maker in the SARB Governor, but that is importantly supported by an advisory committee structure, fostering effective cooperation and coordination."
    },
    {
      "heading": "Systemic risk monitoring and tools",
      "content": "- Systemic risk monitoring has been enhanced.\n- Some macroprudential policy tools have been phased-in."
    },
    {
      "heading": "Subject coverage and keywords",
      "content": "- Subject: Financial regulation and supervision, Financial sector policy and analysis, Financial sector stability, International organization, Macroprudential policy, Macroprudential policy instruments, Monetary policy, Systemic risk\n- Keywords: Africa, d.c, Financial sector stability, FSAP's finding, Global, IMF-World Bank Financial Sector Assessment Program, International Monetary Fund Washington, Macroprudential policy, Macroprudential Policy action, Macroprudential policy instruments, staff team of the International Monetary Fund, Systemic risk\n\n---\n\n Content in this bundle\n\n- Executive Summary\n  - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "[Markdown version](/en/publications/cr/issues/2022/06/16/south-africa-financial-sector-assessment-program-technical-note-on-systemic-risk-oversight-519731/index.md)",
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    "Published: June 17, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400214653.002",
    "South Africa has made significant progress in strengthening its macroprudential policy framework and foundations since the 2014 FSAP.",
    "Institutional arrangements were overhauled by the 2017 Financial Sector Regulations Act that:",
    "As a result, South Africa has a hybrid macroprudential policy framework that combines a ‘strong’ decision maker in the SARB Governor, but that is importantly supported by an advisory committee structure, fostering effective cooperation and coordination.",
    "Some macroprudential policy tools have been phased-in.",
    "Subject: Financial regulation and supervision, Financial sector policy and analysis, Financial sector stability, International organization, Macroprudential policy, Macroprudential policy instruments, Monetary policy, Systemic risk",
    "Keywords: Africa, d.c, Financial sector stability, FSAP's finding, Global, IMF-World Bank Financial Sector Assessment Program, International Monetary Fund Washington, Macroprudential policy, Macroprudential Policy action, Macroprudential policy instruments, staff team of the International Monetary Fund, Systemic risk",
    "**Executive Summary**"
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