Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 1 : Interpretation, Object and Administration of ActPart 2 : Object and administration of Act7. Object of Act |
| (1) | The object of this Act is to achieve a stable financial system that works in the interests of financial customers and that supports balanced and sustainable economic growth in the Republic, by establishing, in conjunction with the specific financial sector laws, a regulatory and supervisory framework that promotes— |
| (b) | the safety and soundness of financial institutions; |
| (c) | the fair treatment and protection of financial customers; |
| (d) | the efficiency and integrity of the financial system; |
| (e) | the prevention of financial crime; |
| (h) | confidence in the financial system; and |
| (i) | the orderly resolution of a designated institution in resolution and, in connection with that, protection of depositors in banks through a deposit insurance scheme and containing the cost to the Republic of the steps taken. |
[Section 7(1)(i) inserted by section 36(b) of the Financial Sector Laws Amendment Act, 2021 (Act No. 23 of 2021), Notice No. 789, GG45825, dated 28 January 2022- effective 1 June 2023 per (b)(i) of Commencement Notice No. 3202, GG48294, dated 24 March 2023]
| (2) | When seeking to achieve the object of this Act, the Reserve Bank and the financial sector regulators must not be constrained from achieving their objectives and responsibilities as set out in sections 11, 33 and 57. |