THE FINANCIAL MARKETS ACT

Course Details

Audience: This course suits people in the legal and compliance teams as well as the operational teams (middle office) and front office who need to understand the new regulatory environment and how it will impact OTC derivatives and how they will be traded. Agenda: • The global and South African regulatory landscape pre-2008 and where it has moved to post-2008 • Recommendations to the SA market to strengthen the current regulations (G20 & IOSCO) • What are the aims of the FMA: what does it address, who does it apply to, and how will it be implemented? • An overview of the other regulations impacting OTC derivatives in SA: Financial Sector Regulation (FSR) Act; Financial Markets Act regulations; Board Notices and Joint Standards published under the FMA • Subordinate legislation • Establishing Twin Peaks under the FSR Act • Changes to the definitions of the Securities Services Act in the Financial Markets Act • Authorising OTC Derivative Providers • The Conduct Standard 2 for Authorised ODPs • Central Securities Depository (Participants and Authorised Users) • Uncertificated securities, registration and ownership of securities • Pledge and Out and Out Cession of securities • The tax treatment relating to the transfer of assets • Trade repositories and the reporting rules • Central clearing houses and an overview of central clearing requirements • Margin requirements and collateral under the FMA • Issues with the new global regulatory landscape Outcomes: Delegates will gain detailed insight into how the Financial Markets Act will impact the way in which OTC derivatives are traded, and how securities are dealt with. Delegates will also be made aware of the contentious issues in the new legislation, and the subordinate legislation will also be highlighted. Some comparisons will be drawn to the Dodd Frank and EMIR regulations.