•  Regulatory and oversight authorities, as part of discharging their mandates, should regularly assess adherence to standards and observance of relevant principles by entities that they regulate or oversee  •  Independent assessments could be undertaken by international financial institutions (IFI) such as the IMF and World Bank, or take the form of country peer reviews, also in order to ensure that there is a standardisation of assessments to determine best practice.
Current requirements that have been set for banking institutions are being interrogated by various jurisdictions to see how best they could be adopted and to ensure implementation. As many of you will be aware, a second draft of revised regulations to give effect to the Basel III Accord in South Africa was released in September 2012.