Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 3 : Prudential AuthorityPart 1 : Establishment, objective and functions34. Functions |
| (1) | In order to achieve its objective, the Prudential Authority must— |
| (a) | regulate and supervise, in accordance with the financial sector laws— |
| (i) | financial institutions that provide financial products or securities services; and |
| (ii) | market infrastructures; |
| (b) | co-operate with and assist the Reserve Bank, the Financial Stability Oversight Committee, the Financial Sector Conduct Authority, the National Credit Regulator and the Financial Intelligence Centre, as required in terms of this Act; |
| (c) | co-operate with the Council for Medical Schemes in the handling of matters of mutual interest; |
| (d) | support sustainable competition in the provision of financial products and financial services, including through co-operating and collaborating with the Competition Commission; |
| (e) | support financial inclusion; |
| (f) | regularly review the perimeter and scope of financial sector regulation, and take steps to mitigate risks identified to the achievement of its objective or the effective performance of its functions; and |
| (g) | conduct and publish research relevant to its objective. |
| (2) | The Prudential Authority must also perform any other function conferred on it in terms of any other provision of this Act or other legislation. |
| (3) | The Prudential Authority may do anything else reasonably necessary to achieve its objective, including— |
| (a) | co-operating with its counterparts in other jurisdictions; and |
| (b) | participating in relevant international regulatory, supervisory, financial stability and standard setting bodies. |
| (4) | When performing its functions, the Prudential Authority must— |
| (a) | take into account the need for a primarily pre-emptive, outcomes focused and risk-based approach, and prioritise the use of its resources in accordance with the significance of risks to the achievement of its objective; and |
| (b) | to the extent practicable, have regard to international regulatory and supervisory standards set by bodies referred to in subsection (3)(b), and circumstances in the Republic. |
| (5) | The Prudential Authority must perform its functions without fear, favour or prejudice. |