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

Chapter 5 : Co-operation and Collaboration

Part 1 : Co-operation and collaboration

76. Co-operation and collaboration between financial sector regulators and Reserve Bank

 

(1) The financial sector regulators and the Reserve Bank must co-operate and collaborate when performing their functions in terms of financial sector laws, the National Credit Act, and the Financial Intelligence Centre Act, and must for this purpose—
(a) generally assist and support each other in pursuing their objectives in terms of financial sector laws, the National Credit Act and the Financial Intelligence Centre Act;
(b) inform each other about, and share information about, matters of common interest;
(c) strive to adopt consistent regulatory strategies, including addressing regulatory and supervisory challenges;
(d) co-ordinate, to the extent appropriate, actions in terms of financial sector laws, the National Credit Act and the Financial Intelligence Centre Act, including in relation to—
(i) standards and other regulatory instruments, including similar instruments provided for in terms of the National Credit Act and the Financial Intelligence Centre Act;
(ii) licensing;
(iii) supervisory on-site inspections and investigations;
(iv) actions to enforce financial sector laws, the National Credit Act and the Financial Intelligence Centre Act;
(v) information sharing;
(vi) recovery and resolution; and
(vii) reporting by financial institutions, including statutory reporting and data collection measures;
(e) minimise the duplication of effort and expense, including by establishing and using, where appropriate, common or shared databases and other facilities;
(f) agree on attendance at relevant international forums; and
(g) develop, to the extent that is appropriate, consistent policy positions, including for the purpose of presentation and negotiation at relevant South African and international forums.

 

(2) The financial sector regulators and the Reserve Bank must, at least annually as part of their annual reports, or on request, report to the Minister, the Cabinet member responsible for administering the National Credit Act and the National Assembly on measures taken to co-operate and collaborate with each other.