Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 7 : Regulatory InstrumentsPart 2 : Standards108. Additional matters for making standards |
| (1) | To achieve the respective objectives of the financial sector regulators as set out in sections 33 and 57, the standards referred to in sections 105, 106 or 107 may be made on any of the following additional matters: |
| (a) | Fit and proper person requirements, including in relation to— |
| (i) | personal character qualities of honesty and integrity; |
| (ii) | competence, including experience, qualifications and knowledge; and |
| (iii) | financial standing; |
| (b) | governance, including in relation to— |
| (i) | the composition, membership and operation of governing bodies and of substructures of governing bodies; and |
| (ii) | the roles and responsibilities of governing bodies and their substructures; |
| (c) | the appointment, duties, responsibilities, remuneration, reward, incentive schemes and, subject to applicable labour legislation, the suspension and dismissal of, members of governing bodies and of their substructures; |
| (d) | the appointment, duties, responsibilities, remuneration, reward, incentive schemes and, subject to applicable labour legislation, the suspension and dismissal of, key persons; |
| (e) | the operation of, and operational requirements for, financial institutions; |
| (f) | financial management, including— |
| (i) | accounting, actuarial and auditing requirements; |
| (ii) | asset, debt, transaction, acquisition and disposal management; and |
| (iii) | financial statements, updates on financial position, and public reporting and disclosures; |
| (g) | risk management and internal control requirements; |
| (h) | the control functions of financial institutions, including the outsourcing of control functions; |
| (i) | record-keeping and data management by financial institutions and representatives; |
| (j) | reporting by financial institutions and representatives to a financial sector regulator; |
| (k) | outsourcing by financial institutions; |
| (l) | insurance arrangements, including reinsurance, of financial institutions; |
| (m) | the amalgamation, merger, acquisition, disposal and dissolution of financial institutions; |
| (n) | recovery, resolution and business continuity of financial institutions; |
| (o) | requirements for identifying and managing conflicts of interest; |
| (p) | requirements for the safekeeping of assets, including requirements pertaining to the approval and supervision of nominees and custodians. |
| (2) | A standard may— |
| (a) | provide for a financial sector regulator or the Reserve Bank to make determinations, in accordance with procedures defined in a standard, for the purposes of the standard; and |
| (b) | impose requirements for approval by a financial sector regulator in respect of specified matters. |
| (3) | A standard made by a financial sector regulator may amend or revoke another standard made by the financial sector regulator. |