Acts Online
GT Shield

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

Chapter 7 : Regulatory Instruments

Part 1 : Regulatory instruments

98. Process for making regulatory instruments

 

(1) A regulatory instrument must not be made unless the maker—
(a) has published—
(i) a draft of the regulatory instrument;
(ii) a statement explaining the need for and the intended operation of the regulatory instrument;
(iii) a statement of the expected impact of the regulatory instrument; and
(iv) a notice inviting submissions in relation to the regulatory instrument and stating where, how and by when submissions are to be made; and
(b) has, once submissions referred to in paragraph (a)(iv) have been received and considered, submitted the regulatory instrument to Parliament in terms of section 103(1).

 

(2) The period allowed for making submissions referred to in subsection (1)(a)(iv) must be at least six weeks.

 

(3) If the maker is a financial sector regulator, the maker must, when complying with subsection (1)(a), provide a copy of the documents referred to in that paragraph to—
(a) the other financial sector regulator, the Reserve Bank, the National Credit Regulator, the Council for Medical Schemes and the Director-General; and
(b) if the regulatory instrument would impose requirements on providers of securities services, the market infrastructure that has the function of licensing those providers in terms of a financial sector law.

 

(4) If the maker is the Ombud Council, the maker must, when complying with subsection (1)(a), provide a copy of the documents referred to in that subsection to the financial sector regulators, the Council for Medical Schemes, the National Credit Regulator and the Director-General.

 

 


500 - Internal Server Error
500 - Internal Server Error

We're sorry, but something went wrong displaying that page. While we work on fixing this, you can return to the home page.

Alternatively, email [email protected] for assistance.