Clearly define internal process and delegation of debt management to DMO or other agency
Record-keeping and reporting standards
Public disclosure
Distribution and access must be equitable
DMO must have authority to create instruments
Regulatory framework – IOSCO framework
Regulator
Clearly defined responsibilities, independent and accountable, adequate powers and resources, clear and consistent processes, and highest professional standards
Self-regulation
SRO must be used appropriately and subject to regulatory oversight
Enforcement
Regulator must have comprehensive inspection, investigation, surveillance, and enforcement powers and comprehensive regulatory system
Regulatory framework – IOSCO framework (cont.)
Cooperation
Information sharing with foreign regulators
Issuers
Adequate disclosures, international accounting and auditing standards, investor treated equitably
Entry standards, capital and prudential requirements, internal organisation and operational conduct, and procedure for market failure
Regulatory framework – IOSCO framework (cont.)
Secondary markets
Trading systems subject to oversight and authorisation, ongoing supervision of exchanges and systems, promote transparency, detect and deter market manipulation, and risk management
Clearing and settlement
System should be fair, effective and efficient and subject to oversight
South African framework
South African legislation
Security Services Act – Covers all aspects of securities markets, including settlement, custodial and clearing services
Financial Advisory and Intermediary Act – Regulates the giving of advice and intermediary services
Financial Services Ombud Schemes Act – Used for client complaint resolution
South Africa exchange level regulations
General and core rules
Defines general structure and provisions, code of conduct, listing requirements, trading-, clearing-, and settlement provisions, record keeping, dispute resolution, and disciplinary matters
