Regulatory Alerts2023-12-04
FSCA Communication 33 of 2023 Update on Cross-Sectoral Conduct of Business Return Roll-Out
The Financial Sector Conduct Authority (FSCA) has issued this communication to update financial institutions on the development, stakeholder consultation, and implementation timeline of its cross-sectoral Conduct of Business Return (Omni-CBR). Following extensive sector-wide workshops and written submissions, the FSCA is streamlining the reporting template, clarifying its regulatory mandate, and extending implementation phases to address operational costs, data collection challenges, and reporting frequency. A revised Omni-CBR template and industry impact survey will be published by July 2024, paving the way for a targeted pilot phase in the second half of 2024 that aligns with pending financial conduct legislation.
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