The proposed reforms to financial regulation in South Africa, as embodied in the Financial Sector Regulation Bill, (second draft, 10 December, 2014) (‘FSR Bill’), 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. The de Kock Commission’s findings led to the creation of the Financial Rand, and a dual exchange rate system for South Africa (Pieter Cornelis Smit, ‘Economics: A Southern African Perspective’, (1996), p 421). The current proposed reforms introduce two regulators for the Republic’s financial sector – a so-called ‘Twin Peaks’ regulatory model: a Prudential Authority, which ‘will supervise the safety and soundness of banks, insurance companies and other financial institutions’, and a Financial Sector Conduct Authority, which ‘will supervise how financial services firms conduct their business and treat customers.’