REGULATION
Australia’s twin peaks model could draw on SA’s far superior version
On April 1 SA adopted the Australian twin peaks financial system regulatory architecture – the sixth country, and the world’s first developing country, to adopt this model. This is the most significant reform to the regulation of the South African financial system since SA left the gold standard in 1932. My colleagues and I had the opportunity to make wide-ranging inputs into the drafting of the Financial Sector Regulation Act, which became law in August 2017. I was a member of the world’s premier research cluster analysing the Australian financial system regulatory architecture, and we were impressed by the knowledge and thoroughness of the South African Treasury as it undertook the drafting of the law. The act was the first episode of twin peaks adoption. Now SA is gearing up for episode two of twin peaks: the implementation of the Conduct of Financial Institutions (Cofi) Bill. I was invited to be a member of the independent expert panel convened by the Treasury to provide advice ...
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