Understanding the Conduct of Financial Institutions Bill
The Conduct of Financial Institutions (COFI) Bill aims to regulate market conduct in the financial sector. This legislative instrument will repeal the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act) and will regulate market conduct in keeping with the objectives of the Twin Peaks system of financial regulation.
The commentary provides some background on the objectives of the COFI Bill and the way in which these objectives will be realised. In addition, it provides information on how the COFI Bill builds onto the FAIS Act and evaluates new aspects of market conduct zqthe possible impact of the COFI Bill on the financial services industry and is a helpful tool to assist financial services providers in preparing their compliance framework for the implementation of the provisions of the eventual Conduct of Financial Institutions Act.
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