Regulatory Alerts2018-09-26
Memorandum of Understanding between the South African Reserve Bank and the Prudential Authority
The South African Reserve Bank and the Prudential Authority issued this Memorandum of Understanding to formalize their statutory cooperation framework under the Financial Sector Regulation Act, 2017. The agreement mandates mutual information sharing, coordinated supervision and enforcement, aligned regulatory strategies, and joint risk mitigation measures to maintain financial stability and minimize regulatory duplication. It establishes detailed operational protocols for licensing, on-site inspections, recovery and curatorship, systemic event management, and data reporting, ensuring both entities collaborate in good faith without creating obligations beyond those prescribed by law.
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