Abstract

The Financial Sector Regulation Act ( FSR Act ) established a statutory duty to cooperate and collaborate between the South African Reserve Bank ( SARB ) and other financial roleplayers. Such cooperation and collaboration are imperative for the protection of financial stability and the promotion of market integrity in South Africa. The FSR Act confers an express mandate on the SARB to cooperate and collaborate with other financial roleplayers in fulfilling its financial stability mandate. This Act also mandates other financial roleplayers such as the Prudential Authority, the Financial Sector Conduct Authority, the National Credit Regulator and the Financial Intelligence Centre to cooperate and collaborate with the SARB and with each other to fulfil their duties and functions. To this end, the article evaluates the effectiveness of a prescriptive approach to regulatory coordination and the measures introduced by the FSR Act to foster regulatory coordination in the financial sector. Thereafter, some recommendations are made to enhance the adequacy and effectiveness of the available measures that could be implemented to enforce compliance with the statutory duty on the SARB to cooperate and collaborate with other financial roleplayers.