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National Credit Act, 2005 (Act No. 34 of 2005)

Chapter 2 : Consumer Credit Institutions

Part A : National Credit Regulator

17. Relations with other regulatory authorities

 

(1) At the request of the relevant MEC of a province, or a provincial credit regulator, the National Credit Regulator—
(a) may engage with that provincial credit regulator in co-operative activities of research, publication, education, staff development and training; and
(b) in consultation with the Minister, may—
(i) engage with that provincial credit regulator in staff exchanges or secondments; or
(ii) provide technical assistance or expertise to that provincial credit regulator.

 

(2) At the request of the relevant MEC of a province, or a provincial credit regulator, the National Credit Regulator may engage with that provincial credit regulator in co-operative activities to detect and suppress prohibited conduct, if there are reasonable grounds to believe that any such conduct may be occurring within the province, or across its provincial boundaries.

 

(3) At the direction of the Minister, the National Credit Regulator must engage with any relevant provincial credit regulator in co-operative activities to detect and suppress prohibited conduct occurring within the province or across its provincial boundaries.

 

(4) The National Credit Regulator must—

[Words preceding subsection (4)(a) substituted by section 2(a) of Act No. 19 of 2014]

(a) liaise with any regulatory authority on matters of common interest;
(b) enter into a valid agreement with any regulatory authority to—

[Words preceding subsection (4)(b)(i) substituted by section 2(b) of Act No. 19 of 2014]

(i) co-ordinate and harmonise the exercise of jurisdiction over consumer credit matters within the relevant industry or sector; and
(ii) ensure the consistent application of the principles of this Act;
(c) participate in the proceedings of any regulatory authority;

[Subsection (4)(c) substituted by section 2(c) of Act No. 19 of 2014]

(d) advise, or receive advice from, any regulatory authority; and

[Subsection (4)(d) substituted by section 2(d) of Act No. 19 of 2014]

(e) notify the Registrar of Banks designated in terms of the Banks Act, 1990 ( Act No. 94 of 1990), within the agreed time frame, of its intention to investigate a bank as defined in the Banks Act, 1990.

[Subsection (4)(e) inserted by section 2(e) of Act No. 19 of 2014]

 

(5) A regulatory authority that, in terms of any public regulation, exercises jurisdiction over consumer credit matters within a particular industry or sector—
(a) must enter into a valid agreement with the National Credit Regulator, as anticipated in subsection (4)(b); and

[Subsection (5)(a) substituted by section 2(f) of Act No. 19 of 2014]

(b) may exercise its jurisdiction by way of such an agreement in respect of a particular matter within its jurisdiction.

 

(6) The National Credit Regulator may request a provincial credit regulator to submit any report or information related to the activities of that provincial credit regulator to the National Credit Regulator.

 

(7) The President may assign to the National Credit Regulator any duty of the Republic to exchange information with a similar foreign agency in terms of an international agreement relating to the purpose of this Act.

 

(8) The National Credit Regulator may liaise with any foreign or international authorities having any objects similar to the functions and powers of the National Credit Regulator.