Restriction on overseas financial and investment products affecting UK exporters and investors
Trade barrier summary
This affects UK companies and investors doing business with South Africa. The South African Financial Sector Conduct Authority (FSCA) is unwilling to allow derivative-based products that are developed and registered in the UK market to enter the South African market. The Financial Sector Regulation Act No. 9 of 2017 regulations aim to enhance and support the efficiency, integrity and stability of South Africa's financial markets, protect consumers against unfair practices by financial institutions, and provide financial education for consumers. However, the current regulations prevent overseas businesses from supplying financial or investment products, including financial derivatives, in South Africa. Instead, the overseas business have to invest in developing a new investment product that is specific to the South African market.
Sectors affected
- Financial and professional services
Resolved
No
Date reported
25 September 2020
Last updated
18 December 2020
Public ID
PID-G53D39
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