Regulatory architecture reform  Even though South Africa’s financial system weathered the storm of the financial crisis relatively well and is generally commented upon favourably, and has received positive ratings in various surveys, South African authorities felt that there should be no room for complacency, and embarked on a wide-ranging set of reforms to make the financial sector better and safer.
Our national regulatory architecture is thus undergoing significant transformation. Late last year, Cabinet approved and released for public comment the Financial Sector Regulation Bill. Once passed by Parliament, the legislation will establish two new regulatory agencies: a Prudential Authority, in the SARB; and a Market Conduct Authority that will replace the Financial Services Board.