SAIFM 8th Annual Regulatory Summit: A Day of Insight and Collaboration
The South African Institute of Financial Markets (SAIFM) proudly hosted its 8th Annual Regulatory Summit on 21 August 2024 at the Southern Sun Sandton. This prestigious event brought together financial market professionals, regulators, and thought leaders to engage in meaningful dialogue on the latest developments and trends shaping the regulatory landscape.
Opening Remarks and Keynote Address
The summit opened with a welcome from Mr. Adam Reeves, SAIFM Board Chairperson, who introduced the keynote speaker. Mr. Vukile Davidson, Chief Director of Financial Markets and Stability at the National Treasury, delivered a compelling keynote address, emphasizing the importance of maintaining financial stability in an ever-evolving global economy. His insights set the tone for the day, focusing on proactive regulatory measures to safeguard market integrity.
Beneficial Owner Requirements Under FATF
Mr. Christopher Malan, Executive Manager of Compliance and Prevention at the Financial Intelligence Centre (FIC), presented a detailed overview of beneficial ownership requirements under the Financial Action Task Force (FATF). His presentation highlighted the critical need for transparency and stringent compliance to combat financial crimes, a key concern for regulators and financial institutions alike.
Key Reserve Bank Matters
A session led by Mr. Bafundi Maronoti, Head of Market Operations and Analysis at the South African Reserve Bank, provided attendees with insights into the central bank’s market operations and strategic initiatives. Mr. Maronoti discussed key priorities for maintaining economic stability and supporting sustainable growth, highlighting the Reserve Bank’s role in the broader financial system.
SADC Region Regulatory and Business Harmonisation – Enabling Growth into Africa (Panel Discussion)
One of the summit’s highlights was the panel discussion on SADC region regulatory and business harmonisation, chaired by Ms. Anne Clayton, Group Head of Public Policy & Regulatory Affairs at the Johannesburg Stock Exchange. Panellists, including Ms. Grace Berejena and Ms. Maxine Hlaba, explored the potential for regulatory alignment across SADC countries, emphasising the benefits of harmonised regulations for economic growth and cross-border investments.
Political Elections Globally
Mr. Jeff Gable, Chief Economist and Head of FIC Research at ABSA, delivered a thought-provoking session on the influence of global political elections on financial markets. His analysis offered valuable perspectives on how political uncertainties can impact market stability, providing attendees with a broader understanding of the interconnectedness of global events and local market conditions.
Market Surveillance Code of Conduct: An Industry-Led Initiative
Mr. Themba Maseko, Head of Compliance for Investment Banking at Investec Ltd, discussed the development of a market surveillance code of conduct, an industry-led initiative aimed at enhancing market practices and protecting investor interests. This session underscored the financial sector’s commitment to ethical conduct and proactive compliance.
Unpacking the E in ESG – Voluntary Carbon Markets and Sustainability:
Ms. Anelisa Matutu and Ms. Kershia Singh shared insights on the importance of sustainability initiatives and the role of voluntary carbon markets in promoting environmental stewardship within the financial sector.
Unpacking the S in ESG – The Rise of Shareholder Activism (Panel Discussion):
This engaging panel discussion was chaired by Dr. Steven Msomi, CEO of Kabusha Advisory, and featured key contributions from Mr. Ezra Davids, Chairman and Senior Partner at Bowmans, and Ms. Tracey Davies, Executive Director at Just Share. The session delved into the growing influence of shareholder activism on corporate governance, highlighting the increasing demand for companies to adopt socially responsible practices and ensure transparency. As reported in Justin Brown’s article, titled “The biggest asset managers are retreating on climate change and ESG,” both Ezra and Tracey emphasized the need for continuous advocacy in promoting ESG initiatives. They expressed concerns over a noticeable trend of some of the largest asset managers scaling back their commitments to climate change and ESG, urging the financial industry to maintain its focus on sustainability and accountability.
AI in Financial Markets: Navigating the Dual Realities of Friend and Foe
Dr. Helper Zhou provided insights into the dual role of AI in financial markets, exploring both the opportunities and risks associated with artificial intelligence.
Resilience – Cyber Security and Third Party Providers
Following this, Mr. Johan Marnewick discussed the critical importance of cyber security, particularly regarding third-party providers, to ensure the resilience of financial systems against emerging threats.
Modernising Payments, The Winner Breaks It All?
Ms. Ghita Erling, CEO of the Payments Association of South Africa (PASA), delivered an engaging presentation on the future of payments systems, exploring innovations that are reshaping the financial landscape. The summit concluded with Ms. Anne Clayton’s insights on the broader regulatory environment, followed by closing remarks from Mr. Adam Reeves.
Networking and Collaboration
The Southern Sun Sandton provided a welcoming atmosphere for networking opportunities throughout the day, including midmorning and afternoon refreshments, lunch, and a closing cocktail session. These informal gatherings allowed participants to share ideas, build professional relationships, and explore opportunities for collaboration, reinforcing the event’s role as a hub for the financial community. Click here to view the Regulatory Summit photos.
Looking Ahead
SAIFM extends its sincere thanks to all speakers, panellists, sponsors (Momentum Investments Group, the JSE, Investec and Kabusha Advisory), and attendees who made the 8th Annual Regulatory Summit a success. The insights shared and the discussions held have reinforced our collective commitment to advancing regulatory best practices and fostering a resilient, sustainable financial market environment. We look forward to welcoming you to future SAIFM events.
For more information about upcoming SAIFM events or to join our community, please contact us at +27 (0)11 802 4768, email melissa@saifm.co.za, or visit our website at www.saifm.co.za.
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