By Stephen Mason and Jodi Gray.King & Wood Mallesons
S
outh Africa’s financial sector is currently undergoing significant regulatory reform, which will likely result in the establishment of a “twin peaks” model of regulation in the near future through the enactment of the Financial Sector Regulation Bill at some point during 2016.
This article summaries the outcomes of the past few years of reform efforts since the Government first announced its reform program in 2011, looking at: the institutions that will be established, the importance of financial stability and the enforcement and review mechanisms that will be put in place when the reforms are passed. It also provides an overview of further reforms of the financial sector that are in the pipeline.
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