Financial Sector Regulation Bill in South Africa, Second Draft: Lessons from Australia

The proposed reforms to financial regulation in South Africa, as embodied in the Financial Sector Regulation Bill, (second draft, 10 December 2014) ('the FSR Bill'), available at http://www.treasury.gov.za/public comments/FSR2014/2014 12 11 FSRB including Consequential Amendments and%2OMemo ofo200bjects.pdf), represent the most important reforms to South Africa's financial regulatory architecture since the 1987 De Kock Commission. The degree to which these reforms succeed will determine the extent to which South Africa can maintain financial stability, and manage the effects of a future financial crisis.