FSB endorses South African reform efforts

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The Financial Stability Board (FSB) has praised South African plans to improve banking supervision with a 'twin peaks' regulatory structure and tighter rules for over-the-counter derivatives trades.

A peer review, published on February 5, welcomed the planned reforms and said the twin peaks model of macroprudential and banking conduct supervisors allowed for more clear delineation of responsibilities and better oversight.

Challenges remain, however. "The introduction of a new regulatory

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