Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 17 : MiscellaneousPart 6 : Amendments, repeals, transitional and saving provisions292. Transitional prudential powers of Financial Sector Conduct Authority |
| (1) | This section applies for the period of three years from the date on which this section comes into effect but the Minister may, by notice in the Gazette, determine a shorter or longer period. |
| (2) | The power of the Prudential Authority to make prudential standards, to be complied with by the following financial institutions, with respect to the safety and soundness of those financial institutions and otherwise to achieve the objectives of the Prudential Authority, is to be exercised by the Financial Sector Conduct Authority: |
| (a) | Collective investment schemes as defined in section 1(1) of the Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002); |
| (b) | pension funds as defined in section 1(1) of the Pension Funds Act; |
| (c) | friendly societies as defined in section 1(1) of the Friendly Societies Act. |
| (3) | A prudential standard in terms of subsection (2) may only impose requirements that may be imposed under the specific financial sector law relevant to the financial institution concerned. |
| (4) | The Financial Sector Conduct Authority may exercise its other powers in terms of financial sector laws with respect to the financial institutions referred to in subsection (2) to achieve the objective of the Prudential Authority. |
| (5) | Subsection (3) does not affect the powers of the Financial Sector Conduct Authority in respect of a financial institution. |