We must remain vigilant for changes in the system that increase systemic risk, and we should make appropriate changes to regulation and the structure of regulation as necessary. Recent regulatory changes, including a macroprudential approach on the part of U.S. regulators, should help us to do that.
20 of 2007, was promulgated and assented to in 2007 following extensive consultation with relevant stakeholders over a number of years and came into effect on 1 January 2008. The amended legal framework gives effect to current international standards and best practice relating to banking supervision and regulation, and in particular to the new capital framework as envisioned in Basel II.