Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 4 : Financial Sector Conduct AuthorityPart 2 : Governance71. Delegations |
| (1) | The Executive Committee may, in writing— |
| (a) | delegate any power or duty of, or delegated to, the Financial Sector Conduct Authority in terms of a financial sector law to the Commissioner or a Deputy Commissioner, except— |
| (i) | the power to delegate contained in this subsection; and |
| (ii) | the powers referred to in section 60(3)(b)(i) to (viii); |
| (b) | delegate to an administrative action committee the power to impose administrative penalties that are specified in the delegation, if the Financial Sector Conduct Authority establishes an administrative action committee; and |
| (c) | at any time, amend a delegation made in terms of paragraph (a) or (b). |
| (2) | The Commissioner may, in writing— |
| (a) | delegate any power or duty assigned or delegated to the Commissioner in terms of a financial sector law, except the power to delegate contained in this subsection, to— |
| (i) | a Deputy Commissioner; or |
| (ii) | a staff member of the Financial Sector Conduct Authority; and |
| (b) | at any time, amend a delegation made in terms of paragraph (a). |
| (3) | A Deputy Commissioner may, in writing— |
| (a) | delegate any power or duty delegated to that Deputy Commissioner in terms of a financial sector law, except the power to delegate contained in this subsection, to a staff member of the Financial Sector Conduct Authority; and |
| (b) | at any time, amend a delegation made in terms of paragraph (a). |
| (4) | A delegation in terms of subsection (2)(a)(ii) or (3)(a) may be made to a specified person or to a person holding a specified position. |
| (5) | Any power or duty of the Financial Sector Conduct Authority may be delegated to the Prudential Authority by a section 77 memorandum of understanding in accordance with a framework and system of delegation developed by the financial sector regulators to ensure that any delegation does not constrain the Prudential Authority or the Financial Sector Conduct Authority from achieving their respective objectives as set out in sections 33 and 57. |
| (6) | A delegation made in terms this section— |
| (a) | is subject to the limitations and conditions specified in the delegation; |
| (b) | does not divest the Financial Sector Conduct Authority, the Commissioner or the Deputy Commissioner concerned of responsibility in respect of the delegated power or duty; and |
| (c) | may be revoked in writing at any time, but a revocation does not affect any rights or liabilities accrued because of the acts of the delegate. |
| (7) | Anything done by a delegate in terms of the delegation must be regarded as having been done by the Financial Sector Conduct Authority. |
| (8) | This section does not affect a power under a specific financial sector law to delegate a power of the Financial Sector Conduct Authority. |