by Dr. Andrew D. Schmulow
Research Working Paper Series. 2016, Centre for International Finance and Regulation (CIFR), p. 1-25.
This paper provides a statement and an analysis of South Africa’s statutory provisions aimed at curbing reckless lending, and preventing predatory lending, to consumers.
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by Dr. Andrew D. Schmulow
SSRN Electronic Journal, 2015.
This paper provides a theoretical analysis of the twin peaks method of financial system regulation, with particular reference to the Australian iteration of the model. This includes a description of how twin peaks functions, its historical development, and its strengths and weaknesses. An analysis is also provided of an important bifurcation in the Australian model, as it as has been emulated elsewhere in the world, namely the jurisdictional location of the bank regulator.
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Also published as a working paper in “Research Working Paper Series, Centre for International Finance and Regulation (CIFR) “.
by Dr. Andrew J. Godwin and Dr. Andrew D. Schmulow
SSRN Electronic Journal, 2015.
The proposed reforms to financial regulation in South Africa, as embodied in the Financial Sector Regulation Bill, (second draft, 10 December, 2014) (‘FSR Bill’), represent the most important reforms to South Africa’s financial regulatory architecture since the 1987 de Kock Commission. The degree to which these reforms succeed will determine the extent to which South Africa can maintain financial stability, and manage the effects of a future financial crisis.
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Also published as a working paper in “Research Working Paper Series, Centre for International Finance and Regulation (CIFR) “.
by Dr. Andrew D. Schmulow
SSRN Electronic Journal, 2015.
This article provides an analysis of the four systems of financial system regulation currently in use internationally, with case studies illustrating each system. Analysis is provided of the strengths and weaknesses of each. Research indicates that the ‘Twin Peaks’ system is the superior method of financial system regulation. However, this paper also concludes, by reference to failings observed in ‘Twin Peaks’ arrangements to date, that ‘Twin Peaks’ alone is no panacea against financial crises, or market and consumer abuse. It is merely the best form of regulatory architecture. Other factors, such as the capacity and willingness of the regulators to discharge their mandate, even within a sound regulatory architecture, are as important to the success of financial system regulation, as evidenced by the failures of the UK financial regulatory system, around the time of the Global Financial Crisis, and as evidenced by the success of the Monetary Authority of Singapore, despite Singapore’s sub-optimal regulatory structure.
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Also published as a working paper in “Research Working Paper Series, Centre for International Finance and Regulation (CIFR) “.
by Dr. Andrew D. Schmulow
African Journal of International and Comparative Law, Vol. 25, no. 3, 2017, pp: 393-417.
This article examines the implementation of the Twin Peaks model of financial system regulation in South Africa, the purpose of which is to create a financial system stability regulator, and a financial system consumer protection and market conduct regulator. It examines the historical development of Twin Peaks and its regulatory enforcement principles. It then analyses the similarities and differences between Twin Peaks in Australia (upon which the South African reforms are based) and South Africa. Finally the article provides concluding observations.
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Also published in SSRN Journal and as a working paper in “University of Western Australia – Faculty of Law Research Paper Series“.
by Dr. Andrew D. Schmulow
Law and Financial Markets Review, Vol. 11, no. 4, 2018, pp: 163-173.
This article examines retail market regulatory reforms currently underway, as part of the implementation of a Twin Peaks regulatory model in South Africa. A brief account is provided of the history of these reforms, followed by an analysis of the normative goals put in place for a new market conduct and consumer protection regime; and the developmental needs that inform those goals. Thereafter the article explores the inter-relationship between the existing credit regulator and the soon to be established Financial Sector Conduct Authority. An analysis is then provided of accountability mechanisms, as well as failures exhibited by those mechanisms in the UK and Australia. Finally an argument is made for a “regulator for the regulators”, in order to address past regulatory failures.
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Also published in SSRN Journal and as a working paper in “University of Western Australia – Faculty of Law Research Paper Series“.