The twin peaks approach has been adopted by several jurisdictions over the years. Australia adopted this approach in 1997 with the Australian Prudential Regulatory Authority (APRA) regulating deposit taking institutions with a mandate of ensuring financial stability and the Australian Securities & Investment Commission (ASIC) being the business conduct regulator, responsible for market integrity and consumer protection.
Likewise, in the Netherlands, the central bank (DNB) is the prudential and systemic supervisor of financial services, while the Netherlands Authority for Financial Markets (AFM) promotes consumer protection through conduct of business oversight. 23.