The Financial Sector Regulation Act (FSR Act) was signed into law by the President on 21 August 2017. The Act aims to consolidate the regulation and supervision of the financial sector and its various subsectors - namely banking, insurance, financial products and services and market infrastructure - to ensure that each subsector is subject to financial regulation. This regulation requires financial firms to control risks and hold adequate capital as defined by capital requirements (Prudaential requirements) and consumer protection rules in the form of market conduct supervision.