The memorandum of understanding sets in place a framework for mutual assistance and cooperation between the authorities to enforce or secure compliance with laws and regulations of their respective jurisdictions.
It was signed by Dube Tshidi, executive officer of the FSB, and Richard Teng, chief executive of the FSRA.
Sound financial environment
Tshidi said: “This MoU presents both institutions with an opportunity strengthen cross-border ties, thus promoting integrity, efficiency and financial soundness through effective regulation of their respective jurisdictions.
“The FSB has developed and maintained a strong, effective presence in the regulatory field, in South Africa and internationally, while working closely with its counterparts in other parts of the world to establish solid regulatory frameworks.”
Teng added: “The MoU recognises our shared ambition to foster greater investor protection and support the continuous development, innovation and supervision in financial products and activities in both our financial sectors.
“One of the key objectives of this partnership is to develop relevant cooperative arrangements and cross-border collaboration that enable the growth and meet the business needs of companies and businesses in our jurisdictions.”
