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Prior to the FSRA, financial institutions other than banks were regulated by the Financial Services Board, while banks and mutual banks were regulated by the Registrar of Banks as part of the South African Reserve Bank (the “SARB”). The Twin Peaks system was initiated in South Africa by way of the Financial Sector Regulation Act 9 of 2017 (the “FSRA”), which was signed into law on 21 st August 2017. Greater legislative coordination was required, given the high degree of overlap between the activities of various financial institutions, the size of positions taken and the potential systemic risk resulting from an inadequate and fragmented supervision of the various financial institutions, their activities and corporate governance in the modern digital trillion-dollar economy. In his landmark paper, Taylor argued convincingly that a sectoral approach based on the erroneous assumption that financial institutions, whether they be banks, insurance companies or remittance payment institutions, ought to operate separately as silos only doing “banking”, “insurance” or “remittances”, as the case may be, was no longer appropriate.
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The name Twin Peaks (taken from a popular TV horror series!) was adopted in 1995 by Dr Michael Taylor, who at the time was an official with the Bank of England, as a suitable description for a new proposed banking regulatory system that he was advocating. Thus, unless otherwise provided for by way of South African legal precedent, statute, regulation and subordinate legislation, banking law in South Africa remains subject to the common law.įollowing closely the approach of the English banking system, South Africa has adopted the “Twin Peaks” model of banking and financial market regulation.
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Legal precedent and common law principles (inherited primarily from the UK legal system) govern the way in which the South African courts interpret contractual, corporate and commercial issues. Although there is a strong Roman–Dutch influence in South African law, particularly as regards security over property, it may, in the main, be regarded in respect of commercial and financial matters as a common law jurisdiction.