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

Chapter 1 : Interpretation, Object and Administration of Act

Part 3 : Application of other legislation

10. Application of other legislation

 

(1) The Consumer Protection Act does not apply to, or in relation to—
(a) a function, act, transaction, financial product or financial service that is subject to the National Payment System Act or a financial sector law, and which is regulated by the Financial Sector Conduct Authority in terms of a financial sector law; or
(b) the Reserve Bank, the Prudential Authority, the Financial Sector Conduct Authority, the Prudential Committee, the Executive Committee, the Chief Executive Officer, the Commissioner or a Deputy Commissioner.

 

(2)

(a) Section 18(2) and (3) of the Competition Act, 1998 (Act No. 89 of 1998) applies, with the necessary changes required by the context, to a merger which requires the approval of the Minister, the Prudential Authority or the Financial Sector Conduct Authority in terms of a financial sector law.
(b) For the purposes of paragraph (a), "merger" means a merger as defined in section 12 of the Competition Act.
(c) Section 116(4) and (9) of the Companies Act applies, with the necessary changes required by the context, to an amalgamation or a merger which requires the approval of the Minister, the Prudential Authority or the Financial Sector Conduct Authority in terms of a financial sector law.
(d) For the purposes of paragraph (c), "amalgamation or merger" means an "amalgamation or merger" as defined in section 1 of the Companies Act.