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

Chapter 4 : Financial Sector Conduct Authority

Part 2 : Governance

70. Regulatory strategy

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(1)The Executive Committee must, within six months after the date on which this Chapter takes effect, adopt a regulatory strategy for the Financial Sector Conduct Authority to give general guidance 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 Financial Sector Conduct Authority for the next three years; and
(ii)the intended key outcomes of the strategy;
(b)set guiding principles for the Financial Sector Conduct Authority on—
(i)how it should perform its regulatory and supervisory functions;
(ii)the matters which it should have regard to 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 58.

 

(3)The Executive Committee must review its regulatory strategy at least annually, and may amend it at any time.

 

(4)

(a)Before the Executive 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 Prudential Authority and the National Credit Regulator; and
(ii)invite comments from the Minister, the Prudential Authority and the National Credit Regulator, on the draft, to be made within a period specified by the Executive 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 Executive Committee must have regard to all comments made on the draft.

 

(6)If the Minister agrees, the Financial Sector Conduct Authority’s adopted regulatory strategy may be incorporated into its corporate plan in terms of section 52(b) of the Public Finance Management Act.

 

(7)The Executive Committee must seek to minimise, to the extent that is practicable and appropriate, inconsistencies between the Financial Sector Conduct Authority’s  regulatory strategy and the Prudential Authority’s regulatory strategy.

 

(8)The Commissioner must—
(a)provide a copy of the Financial Sector Conduct Authority’s regulatory strategy, and each amendment, as adopted, to the Minister, the Prudential Authority and the National Credit Regulator; and
(b)publish the regulatory strategy and each amendment.