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Schmulow, Andy D. Dr

Senior Lecturer

  • Advocate (Barrister) - High Court of South Africa 1998 -
  • Visiting Senior Researcher, Oliver Schreiner School of Law - University of the Witwatersrand 2003 -
  • Founder & CEO - Clarity Prudential Regulatory Consulting, Pty Ltd 2014 -
  • Visiting Researcher, Centre for International Trade - Sungkyunkwan University 2015 -
  • Member of the Independent Committee of Experts for the drafting of the Conduct of Financial Institutions Bill - South African National Treasury 2017 -
  • Australian Legal Practitioner - Supreme Court of Victoria 2017 -
  • Associate Partner, Senior Advisor & Thought-Leader on Financial Services - DB & Associates 2017 -
  • Senior Lecturer - School of Law, University of Wollongong 2018 -
  • Independent Consultant for the jurisdictions of Australia and South Africa - Luis Silva Morais/Sérgio Gonçalves do Cabo – Law Firm 2018 -
  • Secretariat Member - All Party Parliamentary Group for Personal Banking and Fairer Financial Services, House of Commons House of Lords 2020 -

Overview


Andy has been admitted to the degrees BA Honours LLB (Witwatersrand), GDLP (cum laude) (ANU), and PhD (Melbourne). He is an Advocate of the High Court of South Africa, and admitted by the Supreme Court of Victoria as an Australian Legal Practitioner. In 2014 he founded Clarity Prudential Regulatory Consulting, Pty Ltd.

He holds visiting appointments at universities in South Africa and South Korea, invited to give key-note addresses at conferences the world over, including to the South African Reserve Bank, South African National Treasury, European Central Bank, EU Single Resolution Authority, the Portuguese Ministry of Finance, and the World Bank. His research has been cited by central banks such as the Bank of China and the Bank of Portugal. He has been an invited guest lecturer in the Program on International Financial Systems in the Harvard Law School, where he was designated as an internationally acknowledged expert in financial regulatory architecture. He provides ad hoc advice to Members of Australia's Federal Parliament; the Australian Securities and Investments Commission (ASIC); and has been invited to make submissions to various Federal Parliamentary Inquiries and to the 2018/2019 Australian Banking Royal Commission (FSRC). That advice was subsequently reflected in a formal recommendation from the FSRC (Recommendation 6.14, establishment of a Regulatory Board of Oversight). That recommendation will be reflected in a Federal Bill, to be released for comment by June 2020.

Andy has provided advice to the South African Treasury on their adoption of the Twin Peaks financial regulatory model, and currently serves on an independent expert panel convened by the South African Treasury to provide advice on the Conduct of Financial Institutions (COFI) Bill. He engages in extensive consultancy work to the South African financial industry, and is extensively published in some of the world’s leading law journals on financial regulation, regulating to prevent financial crises, and protection of consumers of financial products and services. He has an extensive media profile in Australia, including in some of Australia’s most prominent press, in which he has consistently advocated for a Royal Commission of Inquiry into misconduct in the Australian financial sector.

He enjoys an extensive array of collaborative networks with some of the world’s leading thinkers in the field of financial system regulation.  

Top Publications


Research Overview


  • financial system regulation; 'Twin Peaks'; consumer protection; prudential regulation; conduct regulation; regulatory theory; financial regulatory theory; capture theory

Available as Research Supervisor

Available for Collaborative Projects

Member Of


Selected Publications


Impact Story


  • <p>Dr Schmulow’s research into financial system regulation has had a significant affect on regulatory reforms in South Africa, and will shortly be reflected in legislation in Australia. He specialises in the Twin Peaks model of financial system regulation, first adopted in Australia, and subsequently in eight other countries, with a further dozen signalling an intention to follow. </p><p>His work on compelling good conduct has achieved international exposure, and his research into improving the efficacy of Australia’s regulators led to an invitation in late 2018 from the Australian Financial Services Royal Commission (FSRC), for him to share his research with the Commission.</p><p>His submission was reflected in both a formal recommendation of the FSRC (no. 614), and will be reflected in legislation to be available for comment in June 2020.</p><p>Through published research and high-impact submissions to governments, Dr Schmulow is acknowledged as one of five leading scholars, internationally, investigating Twin Peaks. His research provides insights into the capacity of Twin Peaks to combat financial crises, and how to address Twin Peaks’ internal failings, as a response to the findings of the Australian FSRC. Through his membership of the leading research cluster in Australia, and in the world, focused on the study of Australia’s Twin Peaks, and his research into compelling good conduct in retail markets, he has been invited to provide extensive advice to the South African National Treasury and their Reserve Bank on their adoption of a Twin Peaks regime, and modelled on that of Australia. He was one of six specialists, and the only foreigner, invited to serve on a committee of experts to provide advice on the drafting of Twin Peaks legislation in South Africa. His impact has taken the form of multiple adjustments and refinements to the legislation.</p><p>His advice is regularly sought by the newly constituted South Africa Financial Sector Conduct Authority, and the largest banks and insurers in South Africa, as they prepare for a new conduct-driven regime. As a result of his research into Twin Peaks, he was invited by the World Bank in late 2019 to prepare a conduct indicator framework for South Africa - a world-first - subsequently to be deployed in Peru, Brazil, The Philippines, and Canada - and ultimately affecting over half a billion people.</p><p>He has received invitations to deliver policy papers to the EU Central Bank, EU Single Resolution Authority, Portuguese Ministry of Finance, Korean Financial Supervisory Service, and the Programme on International Financial Systems in the Harvard Law School. He was acknowledged by the then Director, James Shipton (now Chair of ASIC), as an internationally acknowledged expert on financial regulatory architecture.</p>

Available as Research Supervisor

Potential Supervision Topics


  • Financial system regulation 
    Regulating conduct in retail markets
    Regulatory theory
    Regulatory capture
    Regulation and financial crises

Education And Training


Keywords


  • financial regulation
    financial system regulation
    consumer protection (financial products and services)
    regulatory theory
    regulatory capture
    comparative jurisprudence

Full Name


  • Dr Andrew Schmulow, BA Honours LLB (Witwatersrand) GDLP (cum laude) (ANU) PhD (Melbourne)PhD

Mailing Address


  • School of Law, Faculty of Law, Humanities and the Arts

    University of Wollongong

    Wollongong

    NSW

    2522

    Australia

Top Publications


Research Overview


  • financial system regulation; 'Twin Peaks'; consumer protection; prudential regulation; conduct regulation; regulatory theory; financial regulatory theory; capture theory

Member Of


Selected Publications


Impact Story


  • <p>Dr Schmulow’s research into financial system regulation has had a significant affect on regulatory reforms in South Africa, and will shortly be reflected in legislation in Australia. He specialises in the Twin Peaks model of financial system regulation, first adopted in Australia, and subsequently in eight other countries, with a further dozen signalling an intention to follow. </p><p>His work on compelling good conduct has achieved international exposure, and his research into improving the efficacy of Australia’s regulators led to an invitation in late 2018 from the Australian Financial Services Royal Commission (FSRC), for him to share his research with the Commission.</p><p>His submission was reflected in both a formal recommendation of the FSRC (no. 614), and will be reflected in legislation to be available for comment in June 2020.</p><p>Through published research and high-impact submissions to governments, Dr Schmulow is acknowledged as one of five leading scholars, internationally, investigating Twin Peaks. His research provides insights into the capacity of Twin Peaks to combat financial crises, and how to address Twin Peaks’ internal failings, as a response to the findings of the Australian FSRC. Through his membership of the leading research cluster in Australia, and in the world, focused on the study of Australia’s Twin Peaks, and his research into compelling good conduct in retail markets, he has been invited to provide extensive advice to the South African National Treasury and their Reserve Bank on their adoption of a Twin Peaks regime, and modelled on that of Australia. He was one of six specialists, and the only foreigner, invited to serve on a committee of experts to provide advice on the drafting of Twin Peaks legislation in South Africa. His impact has taken the form of multiple adjustments and refinements to the legislation.</p><p>His advice is regularly sought by the newly constituted South Africa Financial Sector Conduct Authority, and the largest banks and insurers in South Africa, as they prepare for a new conduct-driven regime. As a result of his research into Twin Peaks, he was invited by the World Bank in late 2019 to prepare a conduct indicator framework for South Africa - a world-first - subsequently to be deployed in Peru, Brazil, The Philippines, and Canada - and ultimately affecting over half a billion people.</p><p>He has received invitations to deliver policy papers to the EU Central Bank, EU Single Resolution Authority, Portuguese Ministry of Finance, Korean Financial Supervisory Service, and the Programme on International Financial Systems in the Harvard Law School. He was acknowledged by the then Director, James Shipton (now Chair of ASIC), as an internationally acknowledged expert on financial regulatory architecture.</p>

Potential Supervision Topics


  • Financial system regulation 
    Regulating conduct in retail markets
    Regulatory theory
    Regulatory capture
    Regulation and financial crises

Education And Training


Keywords


  • financial regulation
    financial system regulation
    consumer protection (financial products and services)
    regulatory theory
    regulatory capture
    comparative jurisprudence

Full Name


  • Dr Andrew Schmulow, BA Honours LLB (Witwatersrand) GDLP (cum laude) (ANU) PhD (Melbourne)PhD

Mailing Address


  • School of Law, Faculty of Law, Humanities and the Arts

    University of Wollongong

    Wollongong

    NSW

    2522

    Australia

Geographic Focus