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Table of Contents
Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)
Notice No. 853 of 2017
Act
Chapter 1 : Interpretation, Object and Administration of Act
Part 1 : Interpretation
1. Definitions
2. Financial products
3. Financial services
4. Financial stability
5. Responsible authorities
6. Financial institutions that are juristic persons
Part 2 : Object and administration of Act
7. Object of Act
8. Administration of Act
Part 3 : Application of other legislation
9. Inconsistencies between Act and other laws
10. Application of other legislation
Chapter 2 : Financial Stability
Part 1 : Powers and functions of Reserve Bank
11. Responsibility for financial stability
12. Monitoring of risks by Reserve Bank
13. Financial stability review
Part 2 : Managing systemic events and risks in relation to systemic events
14. Determination of systemic events
15. Functions of Reserve Bank in relation to systemic events
16. Information to Minister
17. Responsibilities of financial sector regulators
18. Directives to financial sector regulators
19. Exercise of powers by other organs of state
Part 3 : Financial Stability Oversight Committee
20. Establishment of Financial Stability Oversight Committee
21. Functions of Financial Stability Oversight Committee
22. Membership
23. Administrative support by Reserve Bank
24. Meetings and procedure
Part 4 : Financial Sector Contingency Forum
25. Financial Sector Contingency Forum
Part 5 : Roles of financial sector regulators and other organs of state in maintaining financial stability
26. Co-operation among Reserve Bank and financial sector regulators in relation to financial stability
27. Memoranda of understanding
28. Roles of other organs of state in relation to financial stability and resolution
Part 6 : Systemically important financial institutions and payment systems
29. Designation of systemically important financial institutions
29A. Designation institutions
29B. Designation of systematically important payment systems
30. Prudential standards and regulator’s directives in respect of systemically important financial institutions and designated institutions
31. [Repealed] Winding-up and similar steps in respect of systemically important financial institutions
Chapter 3 : Prudential Authority
Part 1 : Establishment, objective and functions
32. Establishment
33. Objective
34. Functions
Part 2 : Governance
35. Overall governance objective
36. Appointment of Chief Executive Officer
37. Role of Chief Executive Officer
38. Term of office of Chief Executive Officer
39. Removal of Chief Executive Officer
40. Acting Chief Executive Officer
41. Establishment of Prudential Committee
42. Role of Prudential Committee
43. Meetings of Prudential Committee
44. Decisions of Prudential Committee
45. Governance and other subcommittees
46. Duties of members of Prudential Committee and members of subcommittees
47. Regulatory strategy
48. Delegations
49. Disclosure of interests
Part 3 : Staff, resources and financial management
50. Staff and resources
51. Resources provided by Reserve Bank
52. Duties of staff members
53. Financial management duties of Chief Executive Officer
54. Information by Chief Executive Officer
55. Annual reports and financial accounts
Chapter 4 : Financial Sector Conduct Authority
Part 1 : Establishment, objective and functions
56. Establishment
57. Objective
58. Functions
Part 2 : Governance
59. Overall governance objective
60. Establishment and role of Executive Committee
61. Commissioner and Deputy Commissioners
62. Roles of Commissioner and Deputy Commissioners
63. Terms of office
64. Service conditions
65. Removal from office
66. Meetings of Executive Committee
67. Decisions of Executive Committee
68. Governance and other subcommittees
69. Duties of Commissioner, Deputy Commissioners and other subcommittee members
70. Regulatory strategy
71. Delegations
72. Disclosure of interests
Part 3 : Staff and resources
73. Staff and resources
74. Duties of staff members
75. Information by Commissioner
Chapter 5 : Co-operation and Collaboration
Part 1 : Co-operation and collaboration
76. Co-operation and collaboration between financial sector regulators and Reserve Bank
77. Memoranda of understanding
78. Other organs of state
Part 2 : Financial System Council of Regulators
79. Financial System Council of Regulators
80. Meetings
81. Working groups and subcommittees
82. Support for Financial System Council of Regulators
Part 3 : Financial Sector Inter-Ministerial Council
83. Financial Sector Inter-Ministerial Council
84. Meetings
85. Protection for financial customers in terms of financial sector laws, National Credit Act and Consumer Protection Act
86. Independent evaluation of effectiveness of co-operation and collaboration
Chapter 6 : Administrative Actions
Part 1 : Administrative action committees
87. Establishment and membership
88. Terms of membership
89. Meetings
90. Application of Part to Ombud Council
Part 2 : Administrative justice
91. Applicability of Promotion of Administrative Justice Act
92. Procedures for specific administrative action in terms of Act
93. Processes for determining or amending administrative action procedures
94. Review of administrative action procedures
95. Revocation of decisions
96. Interpretation
Chapter 7 : Regulatory Instruments
Part 1 : Regulatory instruments
97. Interpretation
98. Process for making regulatory instruments
99. Substantially different regulatory instrument
100. Urgent regulatory instruments
101. Part does not limit other consultation
102. Making, publication and commencement of regulatory instruments
103. Submission of regulatory instruments to Parliament
104. Reports on consultation processes
Part 2 : Standards
105. Prudential standards
106. Conduct standards
107. Joint standards
108. Additional matters for making standards
109. Standards requiring concurrence of Reserve Bank
110. General
Chapter 8 : Licensing
Part 1 : Licensing requirements
111. Licence requirement in respect of providers of financial products and financial services, and market infrastructures
Part 2 : Licences required in terms of section 111(1)(b) or (2) or section 162
112. Interpretation
113. Power to grant licences
114. Request for further information or documents by responsible authority
115. Relevant matters for application for licence
116. Determination of applications
117. Reporting obligations of licensee
118. Licences not transferable
119. Variation of licences
120. Suspension of licences
121. Revocation of licences
122. Continuation of licensed activity despite suspension or revocation of licence
123. Procedure for varying, suspending and revoking licences
124. Applications for licences
Part 3 : Provisions relating to all licences under financial sector laws
125. Application
126. Concurrence of financial sector regulators on licensing matters
127. Compulsory disclosure of licences
128. Publication
Chapter 9 : Information Gathering, Supervisory On-Site Inspections and Investigations
Part 1 : Application and interpretation
129. Application and interpretation of Chapter
130. Legal professional privilege
Part 2 : Information gathering
131. Information gathering
Part 3 : Supervisory on-site inspections
132. Powers to conduct supervisory on-site inspections
133. Interference with supervisory on-site inspections
Part 4 : Investigations
134. Investigators
135. Powers to conduct investigations
135A. Investigations into designated institutions in resolution
136. Powers of investigators to question and require production of documents or other items
137. Powers of investigators to enter and search premises
138. Warrants
139. Interference with investigations
Part 5 : Protections
140. Protections
Chapter 10 : Enforcement
Part 1 : Guidance notices and interpretation rulings
141. Guidance notices
142. Interpretation rulings
Part 2 : Directives by financial sector regulators
143. Directives by Prudential Authority
144. Directives by Financial Sector Conduct Authority
145. Removal of person from position
146. Consultation requirements
147. Period for compliance
148. Revoking directives
149. Compliance with directives
150. Application and interpretation
Part 3 : Enforceable undertakings
151. Enforceable undertakings
Part 4 : Court orders
152. Compliance with financial sector laws
Part 5 : Debarment
153. Debarment
154. Consultation requirements
155. Where person cannot be located
Part 6 : Leniency agreements
156. Leniency agreements
Chapter 11 : Significant Owners
Part 1 : Significant owners
157. Significant owners
158. Approvals and notifications relating to significant owners
159. Standards in respect of, and regulator’s directives to, significant owners
Chapter 11A : Beneficial Owners
159A. Beneficial owners
159B. Standards in relation to beneficial owners
159C. Regulator's directives in relation to beneficial owners
Chapter 12 : Financial Conglomerates
160. Designation of financial conglomerates
161. Notification by eligible financial institution
162. Licensing requirements for holding companies of financial conglomerates
163. Non-operating holding companies of financial conglomerates
164. Standards for financial conglomerates
165. Directives to holding companies
166. Approval and prior notification of acquisitions and disposals
Chapter 12A : Resolution of Designated Institutions
Part 1 : General provisions with respect to designated institutions
166A. Exercise of Reserve Bank's powers
166B. Reserve Bank's resolution objectives
166C. Reserve Bank's resolution functions
166D. Winding up and similar steps in respect of designated institutions
166E. Resolution planning
166F. Bridge companies
166G. Act of, and evidence of, insolvency
166H. Liquidation
166I. Delegation of Reserve Bank's resolution functions
Part 2 : Placing designated institutions in resolution
166J. Determination by Minister to place designated institution in resolution
166K. When designated institution ceases to be in resolution
166L. Placing designated institution in resolution not termination or acceleration event
166M. Reserve Bank to manage and control affairs of designated institution
166N. Reserve Bank not holding company
166O. Resolution practitioners
166P. Transfer of shares in designated institutions in resolution
Part 3 : Resolution measures
166Q. Valuation
166R. Powers
166S. Resolution action, including restructuring and bail in
166T. Outcome of resolution actions
166U. Creditor hierarchy and equality of claims
166V.'No creditor worse off' rule
166W. Ranking of claims
166X. Registration of transactions
166Y. Costs of resolution
Part 4 : Protections
166Z. Administrative process for actions taken by Reserve Bank in terms of Chapter
Part 5 : Banks in resolution - covered deposits
166AA. Corporation to ensure bank depositors have reasonable access to their covered deposits
166AB. Limit of cover for covered deposits
166AC. Payments made in error or as result of fraud
166AD. Corporation substituted for depositor in respect of claims
Part 6 : Corporation for Deposit Insurance - establishment, functions and governance
166AE. Establishment
166AF. Objective and functions
166AG. Membership
166AH. Governance of Corporation
166AI. Board
166AJ. Functions of Board
166AK. Meetings of Board and decisions
166AL. Appointment of Chief Executive Officer of Corporation
166AM. Term of office of Chief Executive Officer of Corporation
166AN. Removal of Chief Executive Officer of Corporation
166AO. Committees
166AP. Duties of directors of Board and members of committees
166AQ. Disclosure of interests
166AR. Share capital
166AS. Financial year of Corporation
166AT. Surplus funds
166AU. Bookkeeping and auditing
166AV. Annual report
166AW. Winding up of Corporation
166AX. Staff and resources
166AY. Resources provided by Reserve Bank
166AZ. Duties of directors, committee members and staff members
166BA. Co-operation and collaboration with financial sector regulators and Reserve Bank
166BB. Memoranda of understanding
166BC. Deposit insurance levy
Part 7 : Deposit Insurance Fund
166BD. Deposit Insurance Fund
166BE. Investment
166BF. Information
Part 8 : Contributions to Fund
166BG. Deposit insurance premiums
166BH. Fund liquidity
Chapter 13 : Administrative Penalties
167. Administrative penalties
168. Payment
169. Interest
170. Enforcement
171. Application of amounts paid as administrative penalties
172. Administrative penalty taken into account in sentencing
173. Remission of administrative penalties
174. Prohibition of indemnity for administrative penalties
Chapter 14 : Ombuds
Part 1 : Ombud Council
175. Ombud Council
176. Objective
177. Functions of Ombud Council
178. Overall governance objective
179. Board of Ombud Council
180. Appointment of Board members
181. Terms of office of Board members
182. Service conditions of Board members
183. Removal of Board members
184. Role of Board
185. Meetings of Board
186. Decisions of Board
187. Governance and other committees of Ombud Council
188. Chief Ombud
189. Duties of Board members
190. Delegations
191. Staff and resources
192. Duties of staff members
193. Disclosure of interests
Part 2 : Recognition of industry ombud schemes
194. Recognition of industry ombud schemes
195. Requirement for further information or documents by Ombud Council
196. Determination of applications
197. Varying conditions
198. Suspension of recognition
199. Revocation of recognition
200. Procedure for varying, suspending and revoking recognition
Part 3 : Powers of Ombud Council
201. Ombud Council rules
202. Directives of Ombud Council
203. Enforceable undertakings
204. Compliance with financial sector laws
205. Debarment
206. Administrative penalties
207. Requests for information
208. Supervisory on-site inspections and investigations
Part 4 : General provisions
209. Access to ombud schemes
210. Restrictions on financial institutions in relation to ombud schemes
211. Applicable ombud schemes
212. Overlaps between ombud schemes
213. Collaboration between ombuds and ombud schemes
214. Governing rules of recognised industry ombud scheme
215. Obligation to comply with governing rules of recognised industry ombud schemes
216. Suspension of time barring terms
217. Reporting
Chapter 15 : Financial Services Tribunal
Part 1 : Interpretation
218. Definitions
Part 2 : Financial Services Tribunal
219. Establishment and function of Financial Services Tribunal
220. Members of Tribunal
221. Term of office and termination of membership
222. Staff and resources
223. Duties of staff members
224. Panels of Tribunal
225. Panel list
226. Disclosure of interests
227. Tribunal rules
Part 3 : Right to reasons for decisions
228. Right to be informed
229. Right to reasons for decisions
Part 4 : Reconsideration of decisions
230. Applications for reconsideration of decisions
231. Decision of Tribunal not suspended
232. Proceedings for reconsideration of decisions
233. Decisions of panels
234. Tribunal orders
235. Judicial review of Tribunal orders
236. Enforcement of Tribunal orders
Chapter 16 : Fees, Levies and Finances
Part 1 : Fees and levies
237. Fees, levies and deposit insurance premiums
238. Fees, levies and deposit insurance premiums to be debts
239. Budget, fees, levies and deposit insurance premium proposals
240. Consultation requirements
241. Determinations of information required for assessment of levy or deposit insurance premium
242. Assessments of levy or deposit insurance premium
243. Payment of fee, levy, deposit insurance premium, or deposit insurance levy by instalments
244. Interest on late or non-payment of fees, levies, deposit insurance premiums and deposit insurance levies
245. Exemption from fee or deposit insurance premium
246. Management of fees, levies, deposit insurance premiums and deposit insurance levies
Part 2 : Finances
247. Finances of financial sector bodies
Part 3 : Budgeting, accounting, auditing and financial reporting
248. Budgeting, accounting, auditing and financial reporting
Part 4 : Application of Chapter to Tribunal
249. Application of Chapter to Tribunal
Chapter 17 : Miscellaneous
Part 1 : Information sharing and reporting
250. Designated authority
251. Information sharing
252. Reporting by auditors to financial sector regulators
253. Reporting to financial sector regulators
254. Prohibition of victimisation
255. Protected disclosures
Part 2 : Financial Sector Information Register
256. Establishment and operation of Financial Sector Information Register
257. Purpose of Register
258. Content of Register
259. Keeping of Register
260. Requirements for registered documents
261. Status of Register and judicial notice
262. Extracts from Register regarding licence status
263. Rectification of Register
264. Delegations by Director-General
Part 3 : Offences and penalties
265. Duties of members and staff of certain bodies
266. Licensing
267. Requests for information, supervisory on-site inspections and investigations
268. Enforcement
269. Administrative penalties
270. Ombud schemes
271. Proceedings in Tribunal
272. Miscellaneous
273. False or misleading information
274. Accounts and records
275. False assertion of connection with financial sector regulator
276. Liability in relation to juristic persons
Part 4 : General matters
277. Complaints
278. Compensation for contraventions of financial sector laws
279. Extension of period for compliance
280. Conditions of licences
281. Exemptions
282. Requirements for notification and concurrence
283. Arrangements for engagements with stakeholders
284. Records and entries in books of account admissible in evidence
285. Immunities
286. Notices to licensees
287. Publication requirements in financial sector laws
Part 5 : Regulations and guidelines
288. Regulations and guidelines
Part 6 : Amendments, repeals, transitional and saving provisions
289. Interpretation
290. Amendments and repeals
291. Transitional provision in relation to medical schemes
292. Transitional prudential powers of Financial Sector Conduct Authority
293. Transfer of assets and liabilities of Financial Services Board
294. Transfer of staff of Financial Services Board
295. Annual reports
296. Inspections and investigations
297. Co-operation agreements with foreign agencies
298. Enforcement Committee and Appeal Board
299. Right of appeal of Financial Services Board decisions
300. Pending proceedings
301. Savings of approvals, consents, registrations and other acts
302. Levy
303. Chief Actuary
304. Additional transitional arrangements
Part 7 : Short title and commencement
305. Short title and commencement
Schedules
Schedule 1 : Financial sector laws
Schedule 2 : Responsible authorities
Schedule 3 : Documents to be published in register
Schedule 4 : Amendments and repeals
Insolvency Act, 1936
Pension Funds Act, 1956
Friendly Societies Act, 1956
South African Reserve Bank Act, 1989
Banks Act, 1990
Financial Services Board Act, 1990
Financial Supervision of the Road Accident Funds Act, 1993
Mutual Banks Act, 1994
Policy Board for Financial Services and Regulation Act, 1993
Long-term Insurance Act, 1998
Short-term Insurance Act, 1998
Inspection of Financial Institutions Act, 1998
Financial Institutions (Protection of Funds) Act, 2001
Financial Intelligence Centre Act, 2001
Financial Advisory and Intermediary Services Act, 2002
Collective Investment Schemes Control Act, 2002
Financial Services Ombud Schemes Act, 2004
National Credit Act, 2005
Co-operative Banks Act, 2007
Financial Markets Act, 2012
Credit Rating Services Act, 2012
Schedule 5 : Deposit Insurance Premium
Regulations
Financial Sector Regulations, 2018
Notice No. R. 405 of 2018
1. Definitions
Part 1 : Transitional Measures
2. Exercise of functions
3. Management of transitional process to establish Financial Sector Conduct Authority
4. Management of transitional process to establish Financial Services Tribunal
4A. Accounting authority for statutory ombuds
4B. Recovery of costs by Council for Medical Schemes
5. Publication
6. Application of sections
Part 2 : Appointment of Commissioner and Deputy Commissioners of Financial Sector Conduct Authority
7. Advertising vacancy
8. Applications for Commissioner and Deputy Commissioner
9. Shortlisting Panel
10. Appointment by Minister
11. Appointment criteria
12. Commencement and short title
Deposit Insurance Regulations, 2024
Notice No. 4532 of 2024
Chapter I: Definitions and Purpose
1. Definitions
2. Purpose
Chapter II: Coverage
3. Limit of cover for covered deposits
4. Coverage rules
5. Review of limit and scope of coverage
Chapter III: Application of Fund when reimbursing covered deposits in accordance with Section 166AA(1)(b) of Act
6. Reimbursement of covered deposits
7. Reimbursement methods
8. Reimbursement of formal beneficiary account
9. Reimbursement of informal beneficiary account
10. Right of Corporation to defer reimbursement of covered deposits
11. Currency of reimbursement
12. Statements to qualify depositors
13. Unpaid covered deposits
14. Disputes against Corporation
15. Selection of payout agent bank
16. Exchange of information
Chapter IV: Application of fund in accordance with Section 166AA(1)(c) of Act
17. Conditions for use
18. Determination of total covered deposits for non-payment resolution support
Chapter V: Governance and Oversight Requirements
19. Declaration when bank has no qualifying depositors
20. Monthly declarations
21. Changes to key systems used for reporting to Corporation
22. Internal audit requirements
Chapter VI: Public Awareness
23. Depositor protection information
24. Corporation's provision of depositor protection information to banks
25. Type and contents of depositor protection information that must be provided by banks
26. Depositor awareness of mergers and amalgamations or transfer or sale of deposit books
Chapter VII: Reporting
27. SCV reporting requirements
28. Submission to Corporation
29. Ad hoc submissions
30. Submission by bank in resolution
31. Details of beneficiary of formal beneficiary account of bank in resolution
32. Validation or verification of SCV calculations
33. Adjustments to financial contribution and fund liquidity contribution
34. SCV reporting of depositor information to Corporation
35. Reporting of formal beneficiary account when SCV reporting is not possible
36. Use of total recovered deposits
37. General reporting requirements
Chapter VIII: Miscellaneous
38. Failure or inability to comply
39. Reporting and submitting information to Corporation
40. Short title and commencement
Declaration A1: Chief executive officer and chief financial officer confirmation of no qualyfing depositors
Compliance declaration A2: Chief executive officer and chief financial officer declaration for the total qualifying deposits and total covered deposits to the Corporation
Compliance declaration A3: Chief executive officer and chief financial officer declaration of non-compliance in the total qualifying deposits and total covered deposits to the Corporation
Notices
Commencement of Financial Sector Regulation Act, 2017
Notice No. 169 of 2018
Financial Sector Regulations, 2018: Disestablishment of Transitional Management Committee of Financial Sector Conduct Authority in terms of Regulation 3(1)
Notice No. 742 of 2021
Determinations
Determinations in terms of Sections 291 and 292 of the Act
Notice No. 1094 of 2020
"Tribunal rules"
means rules made in terms of
section 227
;
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