Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 12A : Resolution of Designated InstitutionsPart 6 : Corporation for Deposit Insurance - establishment, functions and governance166AF. Objective and functions |
| (1) | The objective of the Corporation is, through the provision of deposit insurance and carrying out its functions in terms of subsection (2), to support the Reserve Bank in fulfilling its objective of, and responsibility for, protecting and maintaining financial stability in terms of section 3(2) of the Reserve Bank Act and for protecting, enhancing and restoring or maintaining financial stability in terms of section 11 of this Act. |
| (2) | The functions of the Corporation are— |
| (a) | to establish, maintain and administer the Fund in accordance with this Chapter, in the interest of the holders of covered deposits; and |
| (b) | to promote awareness among financial customers, of the protections afforded by this Chapter. |
[Section 166AF inserted by section 51 of the Financial Sector Laws Amendment Act, 2021 (Act No. 23 of 2021), Notice No. 789, GG45825, dated 28 January 2022 - effective 1 April 2024 per Notice No. 4468, GG50372, dated 25 March 2024]