Jurisdictions such as the United Kingdom, the Netherlands, South
Africa and Australia have substantially reformed their banking and
financial sector regulators by adopting a "twin peaks"
regulatory structure.
The global financial crisis did not affect Netherlands and
Australia as much as it did the United States and the United
Kingdom. This does not have to do with only the regulatory
structure but also the two markets that have invested in the
securitization assets the most were the US and the UK. But still
the regulations in the respective markets must be examined.
The Netherlands adopted a Twin Peaks Approach to financial
services regulation. Unlike Australia, in the Netherlands, the
central bank (DNB) also serves as the prudential and systemic risk
supervisor of all financial services, including banking, insurance,
pension funds, and securities. The Netherlands Authority for the
Financial Markets (AFM) is responsible for all conduct-of-business
supervision. Its
