Regulatory Alerts2024-12-12
Joint Communication 8 of 2024 – Regulatory Reporting Requirements for Margin on Non-Centrally Cleared OTC Derivatives
The Financial Sector Conduct Authority and Prudential Authority issued Joint Communication 8 of 2024 to establish detailed regulatory reporting mechanisms for margin requirements on non-centrally cleared over-the-counter derivative transactions. Providers and financial institutions must submit daily T+1 data by 16:00 South African time via the Umoja portal using Excel uploads, in-portal submissions, or application programming interfaces. These reporting obligations commence on 1 April 2025, with non-compliance triggering license suspensions, administrative penalties, or debarment orders under the relevant financial sector legislation.
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