South Africa has a strong financial regulatory system and deep and liquid capital markets. These are critical ratings strengths.

The two new Twin Peaks authorities will be established on or soon after 1 April 2018, and their powers will be phased in to ensure a smooth transition to the new and tougher regulatory system.

Further steps will be taken to strengthen the system, including introducing deposit insurance and introducing a new way of resolving banks that are in financial distress.

Draft legislation will be published shortly.

Work will continue on reforming the legislation for financial markets and the payment system, to ensure that our infrastructure remains globally competitive.

The Treasury is working with the Reserve Bank, Financial Services Board and other government entities towards a regulatory framework for all types of FinTech.

For instance, the emergence of cryptocurrencies is a major development to which our regulatory regime must respond.