IFWG Website Relief_and_Regulatory_Focus

Potential regulatory relief and regulatory focus areas

Regulatory relief may not be required under all circumstances, but where an applicant requires the relaxation of existing regulatory requirements, the table below lists what is possible by the different regulatory authorities in the IFWG. In addition, the table also indicates the approach a regulator may take in assessing applications and/or themes or focus areas which regulators may want to see in the RSB. This table will be updated periodically and may also highlight whether a specific regulator does not have capacity to consider new applications for a specific period.

IFWG Member	Possible regulatory relief and considerations surrounding possible testing	Approaches to, or focus areas/themes in, considering applications
Competition Commission (CC)	The CC is an observer in the RSB and will not explicitly grant any regulatory relief but may be consulted on particular applications on matters related to the Competition Act 89 of 1998 (as amended).	N/A
Financial Intelligence Centre (FIC)	The Financial Intelligence Centre Act 38 of 2001 allows for the Minister of Finance to grant exemptions, although the anti-money laundering/countering the financing of terrorism international standards must be adhered to. To gain approval from the Minister, the FIC will need to demonstrate low or manageable money laundering/terrorist financing (ML/TF) risks associated with the exempted activity.	The FIC will consider applications on a case-by-case basis, to ascertain whether an exemption is justified, and how the applicant will manage the ML/TF risks associated with the exempted activity.
Financial Sector Conduct Authority (FSCA)	As the responsible authority for 11 pieces of legislation, a process has been formulated for the possible granting of exemptions. When required, short-listed RSB applicants will follow the FSCA exemption process prior to formal acceptance into the RSB.	The FSCA will review conduct-related applications, on a case-by-case basis, to determine potential for participation.
National Credit Regulator (NCR)	No exemptions granted under the National Credit Act 24 of 2005 (NCA), but NCR has the authority to grant special conditions of registration. Previously, this has only been used in cases of sub-credit bureaus that could not fulfil all NCA requirements.	The NCR will review lending-related applications on a case-by-case basis, to determine potential for participation.
Prudential Authority (PA)	The PA reviews prudential-related applications, on a case-by-case basis, to determine potential for participation.	The PA will consider applications on a case-by-case basis.
Financial Surveillance Department (FinSurv) of the South African Reserve Bank (SARB)	Exemptions allowed within the Currency and Exchanges Act 9 of 1933, but heavily dependent on applicant's operating model and use case. Head of FinSurv receives delegated exemption powers to grant on a case-by-case basis.	FinSurv will consider applications on a case-by-case basis.
National Payment System Department (NPSD) of the SARB	No regulatory relief options are outlined in the National Payment System Act 78 of 1998.	The NPSD is specifically interested in domestic stablecoin payments-related applications, but may consider other applications on a case-by-case basis.
South African Revenue Service (SARS)	SARS cannot grant regulatory relief but may provide advance rulings and non-binding private opinions on proposed transactions in terms of the Tax Administration Act 28 of 2011.	SARS will consider applications on a case-by-case basis.

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