Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)

Chapter 3 : Prudential Authority

Part 2 : Governance

45. Governance and other subcommittees
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(1)The Prudential Committee must establish—
(a)a subcommittee to review, monitor and advise the Prudential Committee on the risks faced by the Prudential Authority and plans for managing those risks; and
(b)a subcommittee to advise the Prudential Committee on measures that must be taken to ensure that the Prudential Authority complies with its obligations in relation to auditing and financial management.

 

(2)The Prudential Committee may establish one or more other subcommittees for the Prudential Authority, with functions that the Prudential Committee may determine.

 

(3)

(a)The Prudential Committee determines the membership of a subcommittee established in terms of this section.
(b)The majority of the members of a subcommittee established in terms of subsection (1) may not be staff members of the Prudential Authority or the Reserve Bank.
(c)A subcommittee established in terms of subsection (2) may include persons who are neither members of the Prudential Committee nor staff members of the Prudential Authority.
(d)A disqualified person may not be a member of a subcommittee established in terms of this section.

 

(4)The Prudential Committee may, instead of establishing a subcommittee referred to in subsection (1), assign the subcommittee’s function to a committee of the Reserve Bank performing a similar function.

 

(5)A member of a subcommittee established in terms of this section, including a member who is not in the service of an organ of state, holds office for the period, and on the terms and conditions, and terms regarding remuneration, as determined by the Prudential Committee.

 

(6)A subcommittee established in terms of subsection (1) must be chaired by a person who is not the Governor, a Deputy Governor, the Chief Executive Officer or a staff member of the Prudential Authority.

 

(7)A subcommittee established in terms of this section determines its procedures subject to any directions by the Prudential Committee.

 

(8)The Chief Executive Officer must ensure that minutes of each meeting of each subcommittee established in terms of this section are kept in a manner determined by the Prudential Committee.