n South African Law Journal - A comment on the liability regime introduced by section 65 of the Financial Services Law General Amendment Act 45 of 2013 : notes

Volume 131, Issue 4
  • ISSN : 0258-2503
  • E-ISSN: 1996-2177



One outcome of the 2007-2009 global financial crisis has been an increased scrutiny of the financial sector's supervisory architecture. The assumption has been that improved supervision will avert future crises by enhancing systemic stability as well as promoting sound and efficient financial systems. (See generally D Alford 'Supervisory colleges: The global financial crisis and improving international supervisory coordination' (2010) 24 57; see also the UK Financial Services Authority 'Turner Review: A regulatory response to the global banking crisis' available at , accessed on 20 July 2013.) More specifically, post-financial crisis reforms have focused on the need to evaluate supervisors' market-based accountability and to redefine the boundaries and nature of their liability towards third parties (see for example D Nolan 'The liability of financial supervisory authorities' (2012) 4 190; R J Dijkstra 'Liability of financial supervisory authorities in the European Union' (2012) 3 346).

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