by Dr. Andrew D. Schmulow
Business Day, South Africa, 2015.
THE adoption of “twin peaks” in SA is arguably the most important raft of financial system re forms since the Union left the gold standard in 1932. Originally proposed by an English man, Michael Taylor, this system was first adopted by Australia in 1998. It consists (in Australia) of the Reserve Bank of Australia (the lender of last re sort), the Australian Prudential Regulation Authority (Apra, the guardian of financial system stability), and the Australian Securities and Investment Commission (Asic, the market conduct and consumer protection agency).
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