I would remind all NPS stakeholders that section 10 (i) (c) of the South African Reserve Bank Act states clearly that the Bank, " perform such functions, implement such rules and procedures and, in general take such steps as may be necessary to establish, conduct, monitor, regulate and supervise payment, clearing or settlement systems”.
Furthermore, as I noted earlier, the 2004 amendment to the NPS Act makes provision for the Bank to issue directives pertaining to the NPS. We raise this issue as the Bank will soon be issuing directives in terms of the NPS Act which will regulate non-bank participants in the NPS for the first time.