The regulation of financial markets in South Africa does not have to be isolated from the rest of the financial sector. The Banks Act and the Financial Markets Bill should be closely aligned so that South Africa does not face problems of system risk. It is the ANC government that speaks to the local regulatory framework that should be aligned with the international standards, while appreciation should be had for the fact that it is essential to adapt international standards to local conditions. While aligning financial market legislation with the wider legislation framework, consideration of national priorities and differences should be taken into account to ensure that international standards are implemented with a robust framework, but with appropriate flexibility so as not to unfairly prejudice South Africa's well regulated banking system or stifle economic development, while combating fraudulent practices including insider trading and the misuse of client assets.