South African Minister of Finance Pravin Gordhan said Wednesday the country plans to reform its financial regulatory system and expand oversight of “hedge funds, private equity and credit ratings agencies”.
He made the remarks during a speech presenting President Jacob Zuma’s 2010 budget.
“Although our institutions have proven to be robust, we must not be complacent,” he said, according to the prepared text for his speech.
The Finance Ministry is in the midst of reviewing its adherence to global regulatory standards in banking, insurance and securities markets, he added. He also said that a formal council of regulators may be instituted to strengthen South Africa’s framework for accountability, coordination and performance of financial regulators.
South Africa is the largest private equity market in Africa, and is home to buyout firms Brait, Pamodzi and Ethos, among others.