Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 3 : Prudential AuthorityPart 2 : Governance47. Regulatory strategy |
| (1) | The Prudential Committee must, within six months after the date on which this Chapter takes effect, adopt a regulatory strategy for the Prudential Authority to give general guidance to the Prudential Authority in the achievement of its objective and the performance of its regulatory and supervisory functions. |
| (2) | A regulatory strategy must— |
| (a) | state— |
| (i) | the regulatory and supervisory priorities for the Prudential Authority for the next three years; and |
| (ii) | the intended key outcomes of the strategy; |
| (b) | set guiding principles for the Prudential Authority on— |
| (i) | how it should perform its regulatory and supervisory functions; |
| (ii) | the matters to which it should have regard in performing those functions; |
| (iii) | its approach to administrative actions; and |
| (iv) | how it should give effect to the requirements applicable to it with respect to— |
| (aa) | transparency; |
| (bb) | openness to consultation; and |
| (cc) | accountability; and |
| (c) | be aimed at giving effect to section 34(4). |
| (3) | The Prudential Committee must review the regulatory strategy at least annually, and may amend it at any time. |
(4)
| (a) | Before the Prudential Committee adopts a regulatory strategy or an amendment to a regulatory strategy, it must— |
| (i) | provide a copy of the draft of the strategy or amendment to the Minister, the Financial Sector Conduct Authority and the National Credit Regulator; and |
| (ii) | invite comments from the Minister, the Financial Sector Conduct Authority and the National Credit Regulator, on the draft, to be made within a period specified by the Prudential Committee. |
| (b) | The period referred to in paragraph (a)(ii) must be at least one month. |
| (5) | In deciding whether to adopt a regulatory strategy or an amendment of a regulatory strategy, the Prudential Authority must have regard to all comments made on the draft. |
| (6) | The Prudential Committee must seek to minimise, to the extent that is practicable and appropriate, inconsistencies between the Prudential Authority’s regulatory strategy and the Financial Sector Conduct Authority’s regulatory strategy. |
| (7) | The Chief Executive Officer must— |
| (a) | provide a copy of the Prudential Authority’s regulatory strategy, and each amendment, as adopted, to the Minister, the Financial Sector Conduct Authority and the National Credit Regulator; and |
| (b) | publish the regulatory strategy and each amendment. |