Introduction to special issue – the twin peaks model of financial regulation and reform in South Africa

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Notes

1 M van Hengel, P Hilbers and D Schoenmaker, “Experiences with the Dutch Twin-peaks model: Lessons for Europe” in Haan Kellermann and Vries (eds), Financial Supervision in the 21st Century (2013), 188.

2 See Department of Treasury, Blueprint for a Modernized Financial Regulatory Structure (2008), 13–4, 142–3.

3 Some commentators refer to the sectoral or operational model as a functional approach, under which each type of business is ‘overseen by a separate, “functional” regulator’. See Group of Thirty, The Structure of Financial Supervision – Approaches and Challenges in a Global Marketplace (6 October 2008).

4 See D Llewellyn, “Institutional Structure of Financial Regulation and Supervision: The Basic Rules”, Paper presented at a World Bank seminar Aligning Supervisory Structures with Country Needs, Washington DC, 6 and 7 June 2006, 26 (2006).

5 Ibid, 23.

6 Ibid, 27.

7 House of Commons, Treasury Committee, Financial Regulation: a preliminary consideration of the Government's proposals, Seventh Report of Session 2010–11 (Volume 1), [83].

8 Ibid.

9 Financial Stability Board, Peer Review of the United Kingdom. Report (2013), 7–8.

10 JCFSB, Report, together with formal minutes and appendices, HL Paper 236, HC 1447, [285].

11 See New Zealand Treasury, Financial Sector Regulatory Agencies – Regulatory Impact Statement (2010), http://www.treasury.govt.nz/publications/informationreleases/ris/pdfs/ris-med-fsra-sep10.pdf/view, accessed on 13 November 2017.

12 National Treasury, Republic of South Africa, ‘A safer financial sector to serve South Africa better’ (policy paper, 23 February 2011), available at http://www.treasury.gov.za/twinpeaks/20131211%20-%20Item%202%20A%20safer%20financial%20sector%20to%20serve%20South%20Africa%20better.pdf, accessed on 13 November 2017.

13 In December 2014, the National Treasury published ‘Treating Customers Fairly in the Financial Sector: A Draft Market Conduct Policy Framework for South Africa’. This document outlines the implementation of the market conduct framework.

14 On 20 September 2017, the National Treasury published the policy document ‘A Known and Trusted Ombud System for All’ for public comment. This document explored the options for reform to the Ombuds, including ‘establishing a single statutory ombud scheme’.

15 ‘Twin Peaks legislation expected to reach Parly in May’ (online) South African Government News Agency (25 November 2014) http://www.sanews.gov.za/south-africa/twin-peaks-legislation-expected-reach-parly-may, accessed on 13 November 2017.