As a reflection of our commitment to enhance a sound and effective financial sector, and learn from the global crisis, South Africa’s adoption of a “twin peaks” regulatory framework will be formalised in the course of the next year, with legislation setting out the roles and responsibilities of all parties in the financial regulatory architecture.
This legislation draws on both international and our own experiences, creating a Prudential Authority with the Bank, and a Market Conduct Authority that will take the place of the Financial Services Board. In conclusion, the world economy is in a better position than a year ago, but the crisis is not over and significant risks remain.