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Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)

Chapter 12 : Financial Conglomerates

164. Standards for financial conglomerates

 

(1) The power of the Prudential Authority to make prudential standards extends to making prudential standards that must be complied with by holding companies of financial conglomerates.

 

(2) In addition to the matters referred to in sections 105 and 108, a prudential standard contemplated in subsection (1) may include requirements with respect to—
(a) financial or other exposures of companies within financial conglomerates;
(b) the governance and management arrangements for holding companies of financial conglomerates;
(c) reporting of information about companies within financial conglomerates that are not financial institutions; and
(d) reducing or managing risks to the safety and soundness of an eligible financial institution arising from the other members of the financial conglomerate.

 

(3) The power of the Financial Sector Conduct Authority to make conduct standards extends to making such standards to be complied with by holding companies of financial conglomerates.

 

[Section 164 came into effect on 1 March 2019 by section (f) of Notice No. 169 of 2018, GG 41549, dated 29 March 2018]