Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 2 : Financial StabilityPart 2 : Managing systemic events and risks in relation to systemic events14. Determination of systemic events |
| (1) | The Governor may, after having consulted the Minister, determine that a specified event or circumstance, or a specified combination of events or circumstances, is a systemic event. |
| (2) | The Governor may, before making a determination in terms of subsection (1), consult the Financial Stability Oversight Committee. |
| (3) | A determination in terms of subsection (1) may be made whether or not the event or circumstance, or combination of events or circumstances, has already occurred or arisen. |
| (4) | The Governor may, after having consulted the Minister, determine that a specified systemic event has occurred or is imminent. |
| (5) | The Governor— |
| (a) | must notify the Minister of a determination made in terms of subsection (1) or (4); |
| (b) | must keep the determination under review; |
| (c) | may, at any time, after having consulted the Minister, amend or revoke a determination in writing; and |
| (d) | must notify the Minister of any amendment or revocation of a determination made in terms of subsection (1) or (4). |
| (6) | The Reserve Bank must notify the financial sector regulators of a determination in terms of this section, and of an amendment or revocation of such a determination. |
| (7) | The Reserve Bank must, in respect of a determination made in terms of subsection (1) or (4), and any amendment or revocation of such a determination— |
| (a) | table the determination, or the amendment or revocation of the determination, in Parliament; and |
| (b) | publish the determination, or the amendment or revocation of the determination, on the Reserve Bank’s website. |