Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 4 : Financial Sector Conduct AuthorityPart 2 : Governance66. Meetings of Executive Committee |
(1)
| (a) | The Executive Committee must meet as often as necessary for the performance of its functions. |
| (b) | An audio or audio-visual conference among a majority of the members of the Executive Committee, which enables each participating member to hear and be heard by each of the other participating members, must be regarded as a meeting of the Executive Committee, and each participating member must be regarded as being present at such a meeting. |
| (2) | Meetings of the Executive Committee must be held at times and, except where subsection (1)(b) applies, at places determined by the Commissioner. |
| (3) | A quorum for a meeting of the Executive Committee is a majority of its members. |
(4)
| (a) | The Commissioner chairs the meetings of the Executive Committee at which the Commissioner is present. |
| (b) | If the Commissioner is not present at a meeting, a Deputy Commissioner nominated by the Commissioner or selected in accordance with a procedure determined by the Commissioner, chairs the meeting. |
| (5) | The Commissioner or Deputy Commissioner chairing a meeting of the Executive Committee may invite or allow any other person, including a representative of the Prudential Authority, the Reserve Bank, the Financial Intelligence Centre, the Council for Medical Schemes or the National Credit Regulator, to attend the meeting, but a person who is invited has no right to vote at the meeting. |
| (6) | The members may regulate proceedings at Executive Committee meetings as they consider appropriate. |
| (7) | The Commissioner must ensure that minutes of each meeting of the Executive Committee are kept in a manner determined by the Commissioner. |