Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 17 : MiscellaneousPart 4 : General matters282. Requirements for notification and concurrence |
| (1) | If this Act provides that a financial sector regulator must notify the other financial sector regulator of a particular matter, the notification is not required if the other regulator has agreed, in a section 77 memorandum of understanding or otherwise, that— |
| (a) | failure to provide the notice does not prejudice the achievement of its objective; and |
| (b) | the notification is unnecessary. |
| (2) | If this Act provides that a financial sector regulator may not take a particular action without the concurrence of the other financial sector regulator, the concurrence is not required if the other regulator has agreed, in a section 77 memorandum of understanding or otherwise, that— |
| (a) | action of the relevant kind does not prejudice the achievement of its objective; and |
| (b) | its concurrence is unnecessary. |
| (3) | If this Act provides that a financial sector regulator may not take a particular action without the concurrence of the Reserve Bank, the concurrence is not required if the Reserve Bank has agreed, in a memorandum of understanding or otherwise, that the concurrence is unnecessary. |