Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)

Chapter 7 : Regulatory Instruments

Part 2 : Standards

109. Standards requiring concurrence of Reserve Bank
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(1)The Financial Sector Conduct Authority may not make a standard that imposes requirements on providers of payment services without the concurrence of the Reserve Bank.

 

(2)A financial sector regulator may not make a standard aimed at assisting in maintaining financial stability, including a standard related to designated institution in resolution, without the concurrence of the Reserve Bank.

[Section 109(2) substituted by section 47 of the Financial Sector Laws Amendment Act, 2021 (Act No. 23 of 2021), Notice No. 789, GG45825, dated 28 January 2022- effective 1 June 2023 per (b)(i) of Commencement Notice No. 3202, GG48294, dated 24 March 2023]