An effective securities and capital markets industry has existed in South Africa for over 120 years. The regulatory authorities have been alive to globally competitive pressures for inward investment and have endeavoured to implement a conducive environment therefore in compliance with international standards. As recently as 2015, South Africa was considered the best regulator of securities in the world. The effects of the global financial crisis (GFC) were keenly observed. The fall out from the GFC contained lessons for all markets, but not to the same extent. Commentators may therefore regard aspects of the South African reform agenda as replicative of initiatives in other jurisdictions and, consequently, uncritical in parts. In light of the fall to forty sixth place in the world in securities regulation ranking and some uncertainty in respect of the extent and shape of the reform process, this opus reviews activities in South Africa along the busy securities and capital markets value chain, and considers the continuing and emerging regulatory and supervisory framework.