| (1) | The Authority may, in writing, delegate or assign any of the powers entrusted to the Authority in terms of this Act and assign any of the duties imposed on the Authority in terms of this Act to any person employed by the Authority or the South African Reserve Bank, to the Financial Sector Conduct Authority, or, with the concurrence of the Minister, to the Agency. |
[Section 44(1) substituted by section 290, item 9(a) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
| (2) | A delegation or assignment in terms of subsection (1)— |
| (a) | is subject to any limitations or conditions that the Authority may impose; |
| (b) | may authorise sub-delegation; and |
| (c) | does not divest the Authority of the responsibility concerning the exercise of the delegated power or the performance of the assigned duty. |
| (3) | The Authority may confirm, vary or revoke any decision taken by a deputy Authority or any other person, subject to any rights that may have vested as a consequence of the delegation or assignment. |
(4)
| (a) | To the extent that a power or function relating to the licensing of co-operative financial institutions has been delegated to the Agency, references in Chapter VIIA to "the Authority" must be read as a reference to "the Agency". |
| (b) | A reference in Chapter VIIA to "prescribed" means "prescribed in prudential, conduct or joint standards". |
| (c) | To the extent that a power or function relating to the licensing of co-operative financial institutions has been assigned or delegated to the Agency— |
| (i) | the Agency may make rules in relation to the performance of that power or function; and |
| (ii) | "prescribed" must be read as referring to "rules made by the Agency". |
[Section 44(4) inserted by section 290, item 9(b) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017) - effective 18 March 2019 (paragraph (c)(ii) of Notice 142 of 2019, GG 42314, dated 18 March 2019]
