Financial Services Regulation - Monthly Update: September 2022

​Keep up to date on key Financial Services Regulation developments in South Africa during September 2022.

Discussion paper on unclaimed assets in South Africa’s financial sector

On 21 September 2022, the FSCA launched a seminal discussion paper on Unclaimed Assets (FSCA discussion paper). The value of unclaimed assets is estimated to be almost ZAR 90 billion across the financial sector with most of these assets being in retirement funds and the rest being spread across bank deposits, including foreign currency deposits, participatory interests in collective investment schemes, life and non-life insurance policies and securities.

The FSCA discussion paper considers international unclaimed assets frameworks to determine the definitions, management and reporting of unclaimed assets. The paper also outlines the reasons for and the extent of the problem of unclaimed assets. The most common reasons include:

  • Asset owners’ failure to:
    • keep financial institutions updated with their contact details and the personal details of their beneficiaries; and
    • inform their beneficiaries of the existence of the assets and the institutions where it is held;
  • Failure by employers to provide retirement funds/administrators with complete details of the members of the fund;
  • Inconsistency in approach to the identification and treatment of unclaimed assets (including reunification efforts) both within market segments and across the financial sector overall;
  • Changes in intermediaries and administrators and
  • Inadequate record keeping by financial institutions and intermediaries in the value chain.

The FSCA posits a holistic and consistent approach to the treatment of lost accounts and unclaimed assets within the financial sector by proposing 13 recommendations. One of the most significant recommendations is to establish a single Central Unclaimed Assets Fund into which all unclaimed assets, once identified as such, should be transferred and managed on behalf of the sector. Alternatively, such unclaimed assets can be transferred into the National Revenue Fund for the same purpose.

The Discussion Paper on Unclaimed Assets can be downloaded here. Comments on the paper and any responses to the key questions put forward in the paper must be made by 30 November 2022.

FSCA's Board Notice 322 of 2022 in terms of the Financial Markets Act, 2012

On 8 September 2022, the Financial Sector Conduct Authority (FSCA) published a board notice proposing amendments to the JSE derivatives rules, the Johannesburg Stock Exchange (JSE) interest rates and currency derivatives rules and the JSE Fidelity Fund rules. The documents were originally published for public comment by the JSE in 2021.

The following amendments have been proposed:

  • Proposed amendments to the Derivative Rules:
  • The Derivatives Rules were published on 20 June 2022. The proposed amendments were published by the FSCA on 8 September 2022.

  • Proposed amendments to the Interest Rates and Currency Rules:
  • These Rules were originally published by the JSE on 12 November 2021, and the proposed amendments were published on 8 September 2022.

  • Proposed amendments to the Fidelity Fund Rules:
  • These Rules were originally published by the JSE on 12 November 2021, and the proposed amendments were published on 8 September 2022.

Public comments were due to be submitted on 22 September 2022. The documents with proposed amendments are available on the FSCA website.

Joint Communication 2 of 2022​

On 2 September 2022, the Prudential Authority (PA) and FSCA published for public comment a Joint Discussion Document (the Joint Discussion Document) on the Expansion of Eligible Collateral Types and Regulatory Reporting Requirements, in terms of Joint Standard 2 of 2020. It discusses the margin requirements for non-centrally cleared over-the counter derivative transactions.

The Joint Discussion Document aims to communicate proposals by the Authorities in relation to the following matters:

  • the expansion of eligible collateral types, as referred to in paragraph 6(2) of Joint Standard 2 of 2020 - Margin requirements for non-centrally cleared over-the-counter derivative transactions; and
  • regulatory reporting requirements to be placed upon providers and counterparties.

Comments and enquiries can be submitted to the Authorities via email at and by 13 October 2022.


These materials are provided for general information purposes only and do not constitute legal or other professional advice. While every effort is made to update the information regularly and to offer the most current, correct and accurate information, we accept no liability or responsibility whatsoever if any information is, for whatever reason, incorrect, inaccurate or dated. We accept no responsibility for any loss or damage, whether direct, indirect or consequential, which may arise from access to or reliance on the information contained herein.

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Webber Wentzel > News > Financial Services Regulation - Monthly Update: September 2022
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