The Bank also strives to enhance the understanding of, and encourage informed debate on these complex and challenging matters related to financial stability. South Africa is in the process of reforming its financial-sector regulatory architecture by implementing a twin peaks model of financial regulation. Under this approach, supervisory roles will be streamlined between the Bank and the Financial Services Board.
The Financial Sector Regulation Bill, 2013, gives primary responsibility to the Bank for promoting financial stability. In terms of this Bill, a newly created Prudential Authority within the Bank will be responsible for the prudential supervision of banks, insurers, financial conglomerates and financial market infrastructures.