Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 17 : MiscellaneousPart 6 : Amendments, repeals, transitional and saving provisions291. Transitional provision in relation to medical schemes |
| (1) | The functions of the Prudential Authority in relation to medical schemes and the associated powers and duties of the Prudential Authority are, to the extent determined by, and subject to any conditions determined by, the Minister, to be exercised by the Council for Medical Schemes instead of the Prudential Authority, but with the concurrence of the Prudential Authority. |
| (2) | The functions of the Financial Sector Conduct Authority in relation to medical schemes and the associated powers and duties of the Financial Sector Conduct Authority are, to the extent determined by, and subject to any conditions determined by, the Minister, to be exercised by the Council for Medical Schemes instead of the Financial Sector Conduct Authority, but with the concurrence of the Financial Sector Conduct Authority. |
| (3) | A determination in terms of subsection (1) or (2) must be published. |
| (4) | The concurrence of a financial sector regulator in terms of subsection (1) or (2) to the exercise of a particular power or the performance of a particular function or duty is not required if the financial sector regulator has agreed in writing that— |
| (a) | the exercise of the power or the performance of the function or duty does not prejudice the achievement of its objective; and |
| (b) | its concurrence is unnecessary. |