by Dr. Andrew D. Schmulow
Published in Business Day, South Africa, 2018.
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.