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

Chapter 3 : Prudential Authority

Part 2 : Governance

47. Regulatory strategy

 

(1) The Prudential Committee must, within six months after the date on which this Chapter takes effect, adopt a regulatory strategy for the Prudential Authority to give general guidance to the Prudential Authority in the achievement of its objective and the performance of its regulatory and supervisory functions.

 

(2) A regulatory strategy must—
(a) state—
(i) the regulatory and supervisory priorities for the Prudential Authority for the next three years; and
(ii) the intended key outcomes of the strategy;
(b) set guiding principles for the Prudential Authority on—
(i) how it should perform its regulatory and supervisory functions;
(ii) the matters to which it should have regard in performing those functions;
(iii) its approach to administrative actions; and
(iv) how it should give effect to the requirements applicable to it with respect to—
(aa) transparency;
(bb) openness to consultation; and
(cc) accountability; and
(c) be aimed at giving effect to section 34(4).

 

(3) The Prudential Committee must review the regulatory strategy at least annually, and may amend it at any time.

 

(4)

(a) Before the Prudential Committee adopts a regulatory strategy or an amendment to a regulatory strategy, it must—
(i) provide a copy of the draft of the strategy or amendment to the Minister, the Financial Sector Conduct Authority and the National Credit Regulator; and
(ii) invite comments from the Minister, the Financial Sector Conduct Authority and the National Credit Regulator, on the draft, to be made within a period specified by the Prudential Committee.
(b) The period referred to in paragraph (a)(ii) must be at least one month.

 

(5) In deciding whether to adopt a regulatory strategy or an amendment of a regulatory strategy, the Prudential Authority must have regard to all comments made on the draft.

 

(6) The Prudential Committee must seek to minimise, to the extent that is practicable and appropriate, inconsistencies between the Prudential Authority’s regulatory strategy and the Financial Sector Conduct Authority’s regulatory strategy.

 

(7) The Chief Executive Officer must—
(a) provide a copy of the Prudential Authority’s regulatory strategy, and each amendment, as adopted, to the Minister, the Financial Sector Conduct Authority and the National Credit Regulator; and
(b) publish the regulatory strategy and each amendment.

 

 


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