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| 4106022-8act9of2017finansectorregulationa.pdf | 3.82 MB |
9 of 2017
The Financial Sector Regulation Act 9 of 2017 intends:
- 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.
Amends
- Credit Rating Services Act 24 of 2012
- Financial Markets Act 19 of 2012
- Co-operative Banks Act 40 of 2007
- National Credit Act 34 of 2005
- Collective Investment Schemes Control Act 45 of 2002
- Financial Advisory and Intermediary Services Act 37 of 2002
- Financial Intelligence Centre Act 38 of 2001
- Financial Institutions (Protection of Funds) Act 28 of 2001
- Inspection of Financial Institutions Act 80 of 1998
- Short-term Insurance Act 53 of 1998
- Long-term Insurance Act 52 of 1998
- Mutual Banks Act 124 of 1993
- Financial Supervision of the Road Accidents Fund Act (previously Financial Supervision of the Multilateral Motor Vehicle Accidents Fund Act) 8 of 1993
- Banks Act (previously Deposit-taking Institutions Act) 94 of 1990
- South African Reserve Bank Act 90 of 1989
- Friendly Societies Act 25 of 1956
- Pension Funds Act 24 of 1956
- Insolvency Act 24 of 1936
Commencement
- 1 April 2023, 1 April 2024, 1 June 2023, 1 June 2024, Sections 237 to 249) (Gazette 48291 of 24 March 2023)
- 1 April 2022 (Gazette 46158 of 31 March 2022)
- 1 April 2018, 7 May 2018, 1 October 2018, 1 January 2019, 1 March 2019, 1 April 2019 (Gazette 41549 of 29 March 2019); Amended by Gazette 41815 of 1 August 2018; Amended by Gazette 41947 of 28 September 2018)
- 9 February 2018, 1 April 2018 and 1 April 2019 (Gazette 41433 of 9 February 2018)
Amendments
Repealed By
