Hon Chairperson, hon Minister of Finance, hon Deputy Minister of Finance in absentia, hon Members of Parliament, and distinguished guests, firstly, let me start by congratulating the Reserve Bank on the said achievements of producing the notes with the former President, Tata Nelson Rolihlahla Mandela, together with five animals. [Applause.] They are set to be issued next Tuesday. Really, this type of gesture, as and when it happens, makes one realise that South Africa is indeed moving forward and the future could not be brighter.
From a policy perspective, it is important to have the authority to regulate the market infrastructure in a way that is relevant to the way it brings risks to the markets. The ANC has done more than most political parties when it comes to combating unethical behaviour through ideological debates and direction, regulation, legislation and public watchdog bodies. The domestic capital markets play a fundamental role in allocating domestic and foreign savings towards South African investment requirements.
One of the key objectives of the Bill is to ensure that there are measures in place to mitigate any future financial crisis that may arise. The Bill seeks to rationalise South Africa's securities regulatory framework and to bring it in line with the international best practices as set out by the International Organisation of Securities Commission.
It is also pursued to provide an enabling framework for regulations that should give effect to South Africa's G20 commitments on financial sectors regulatory reform following the global financial crisis. As a result of the 2008 international financial crisis, South Africa's economy lost nearly 1 million jobs, although it had microeconomic policy fundamentals that made for a robust financial regulatory framework before the crisis itself.
The ANC's approach to the question of the role of business is informed, first and foremost, by the character of transformation projects we are undertaking. Indeed, in the context of its call for the people to share in the country's wealth, and for the land to be shared among those who work it, the Freedom Charter also asserts:
All people shall have equal rights to trade where they choose, to manufacture and to enter all trades, crafts and professions.
This, it can be argued, applies to all societies, leaders and members of the ANC. The issue, therefore, is not whether members and leaders of the ANC have the right to or not; the question is how they exercise the right, and what implications that has for the movement and for society as a whole.
The Financial Markets Bill is intended to align South Africa's legislation and regulatory framework with developments and standards in other jurisdictions to enable integration and to open the market to local and foreign market players. President Jacob Gedleyihlekisa Zuma has committed this country to a global regulatory reform programme which includes a stronger regulatory framework with more effective supervision, improved crisis resolution and enhanced accountability through international assessments and peer reviews. These commitments are translated into four policy priorities, being financial stability; consumer protection; sound market conduct and expanding access through financial inclusion; and combating financial crime such as money laundering, etcetera.
The co-operation between several local and foreign regulators should strengthen the ability to detect and act on regulatory contraventions and systemic risk aspects. There is a need for an all-inclusive approach to regulate the financial sector in South Africa. Given the global nature of financial markets, it is imperative that the Bill strikes an appropriate balance between domestic regulators and sufficient powers to oversight and supervision to manage risks within the domestic market. In finding this balance, it is important to recognise the relative size of South African financial markets in comparison to other markets, as well as the need for global harmonisation of regulation in line with the commitments made by the