Foreign portfolio framework opens for comment in South Africa
South Africa's proposed Synthetic Financial Centre would let approved institutions manage qualifying foreign portfolios locally. The South African Reserve Bank (SARB) opened consultation on October 21, 2026, with comments due November 30.
Foreign assets, local management
National Treasury is advancing a Synthetic Financial Centre (SFC) to strengthen South Africa's position as an African financial and investment hub.
An SFC uses legal, regulatory and tax arrangements to enable transactions in a jurisdiction even when investors or assets are located elsewhere.
The first phase would allow approved institutions to manage qualifying foreign portfolios and related foreign currency investment activities from South Africa.
Future phases will consider further measures to develop a competitive international financial centre.
The proposal follows the Minister of Finance's 2026 Budget Speech and Exchange Control Circular No. 3/2026.
National Treasury and the SARB will continue engaging industry stakeholders on regulatory implementation.
Comments due November 30
Interested parties must send written comments on the draft SFC framework to the SARB's Financial Surveillance Department by close of business on November 30, 2026.
The draft Exchange Control Circular in Annexure A sets out the framework, while Annexure B prescribes the submission format.
Comments must be emailed to SARB‑FinSurvDocuments@resbank.co.za.
After the deadline, the SARB will consider the written submissions and make appropriate revisions where necessary.
Portfolio management comes first
The first phase concerns qualifying foreign portfolios, not the full international financial centre agenda.
The stated aims include deeper markets, stronger competitiveness, investment management activity and skills.
Treasury also seeks to strengthen South Africa's gateway role for investment into Africa.