South Africa: introducing twin peaks financial regulation

In 2011 the National Treasury published a policy document titled A safer financial sector to serve South Africa better in which the adoption of a twin peaks model of financial regulation was proposed: see here (pdf). The Financial Regulatory Reform Steering Committee - comprising senior officials from the South African Reserve Bank, Financial Services Board and National Treasury - was subsequently formed and last Friday published proposals outlining how the implementation of a twin peaks regulatory structure is to be achieved: see here (pdf).