| (1) |
The Authority must enter into a supervisory co-operation arrangement with the relevant supervisory authority from the equivalent jurisdiction for the purpose of performing its functions in terms of this Act. |
| (2) |
A supervisory co-operation arrangement referred to in subsection (1) must at least specify— |
| (a) |
the mechanism for the exchange of information between the Authority, the South African Reserve Bank, the Prudential Authority, and the relevant supervisory authorities ("the authorities"), including access to all information requested by the Authority regarding a licensed external market infrastructure; |
| (b) |
the mechanism for prompt notification to the Authority, the South African Reserve Bank and the Prudential Authority where the supervisory authority deems an external market infrastructure which it is supervising to be in breach of the conditions of its authorisation or of other law to which it is subject, or any other matter which may have an effect on the authorisation of the market infrastructure; |
| (c) |
the procedures concerning the coordination of supervisory activities including, where appropriate, for collaboration regarding the timing, scope and role of the authorities with respect to any cross-border supervisory on-site inspections; |
| (d) |
the processes the authorities should use if an authority subsequently determines that it needs to use requested supervisory information for law enforcement or disciplinary purposes, such as obtaining the consent of the requested authority and handling such information in accordance with the terms of existing memoranda of understanding for enforcement co-operation; |
| (e) |
the procedures for co-operation, including, where applicable, for discussion of relevant examination reports, for assistance in analysing documents or obtaining information from a licensed external market infrastructure and members of the controlling body or senior management; and |
| (f) |
the degree to which a supervisory authority may onward-share to a third party any non-public supervisory information received from another authority, and the processes for doing so. |
| (3) |
The Authority and supervisory authorities that have entered into supervisory co-operation arrangements in terms of subsection (1) must— |
| (a) |
establish and maintain appropriate confidential safeguards to protect all non-public supervisory information obtained from another supervisory authority; |
| (b) |
consult with each other and share risk analysis assessments and information to support the identification, assessment and mitigation of risks to markets and investors; |
| (c) |
consult, co-operate and, to the extent possible, share information regarding entities of systemic significance or whose activities could have a systemic impact on markets; |
| (d) |
co-operate in the day-to-day and routine oversight of internationally active licensed external market infrastructures; |
| (e) |
provide advance notification and consult, where possible and otherwise as soon as practicable, regarding issues that may materially affect the respective regulatory or supervisory interests of another authority; |
| (f) |
design mechanisms for supervisory co-operation to provide information both for routine supervisory purposes and during periods of crisis; and |
| (g) |
undertake ongoing and ad hoc staff communications regarding internationally active licensed external market infrastructure as well as more formal periodic meetings, particularly as new or complex regulatory issues arise. |
[Section 6C inserted by section 290, item 8 of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective 9 February 2018 (Notice R. 99, GG 41433, dated 9 February 2018)]
National Environmental Management Act, 1998 (107 of 1998)
