Acts Online
GT Shield

Financial Sector Regulation Act, 2017

Previous page Return to chapter overview Next page

 

To establish a system of financial regulation by establishing the Prudential Authority and the Financial Sector Conduct Authority, and conferring powers on these entities; to preserve and enhance financial stability in the Republic by conferring powers on the Reserve Bank; to establish the Financial Stability Oversight Committee; to regulate and supervise financial product providers and financial services providers; to improve market conduct in order to protect financial customers; to provide for co-ordination, co-operation, collaboration and consultation among the Reserve Bank, the Prudential Authority, the Financial Sector Conduct Authority, the National Credit Regulator, the Financial Intelligence Centre and other organs of state in relation to financial stability and the functions of these entities; to establish the Financial System Council of Regulators and the Financial Sector Inter-Ministerial Council; to provide for making regulatory instruments, including prudential standards, conduct standards and joint standards; to make provision for the licensing of financial institutions; to make comprehensive provision for powers to gather information and to conduct supervisory on-site inspections and investigations; to make  provision in relation to significant owners of financial institutions and the supervision of financial conglomerates in relation to eligible financial institutions that are part of financial conglomerates; to provide for powers to enforce financial sector laws, including by the imposition of administrative penalties; to provide for the protection and promotion of rights in the financial sector as set out in the Constitution; to establish the Ombud Council and confer powers on it in relation to ombud schemes; to provide for coverage of financial product and financial service providers by appropriate ombud schemes; to establish the Financial Services Tribunal as an independent tribunal and to confer on it powers to reconsider decisions by financial sector regulators, the Ombud Council and certain market infrastructures; to establish the Financial Sector Information Register and make provision for its operation; to provide for information sharing arrangements; to create offences; to provide for regulation-making powers of the Minister; to amend and repeal certain financial sector laws; to make transitional and savings provisions; and to provide for matters connected therewith.

 

Last update: March 2018


Copyright: This Act reproduced under Government Printers Copyright Authority 10154 dated 20 March 1996


Disclaimer: This Act is presented "as is". Please read our Disclaimer before continuing.


 

Latest Developments:

 

The Financial Sector Regulation Act, 2017 (Act No. 9 of 2017) has been amended by the addition of Schedule 4 by Notice No. 169 of Government Gazette 41549 dated 29 March 2018.

 

The Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), has been updated by Regulations, Financial Sector Regulations, 2018 : Notice No. R. 405 of 2018, Government Gazette 41550 dated 29 March 2018.

 

The Financial Sector Regulation Act, 2017 (Act No. 9 of 2017) has been updated by Law Amendments as per Schedule 1 of the Insurance Act, 2017 (Act No. 18 of 2017), as per GG 41388, Notice No. 32 dated 18 January 2018.

 

The Financial Sector Regulation Act, 2017 (Act No. 9 of 2017) has been added to the website by Notice No. 853 of Government Gazette 41060 dated 22 August 2017.