Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 7 : Regulatory InstrumentsPart 1 : Regulatory instruments98. Process for making regulatory instruments |
| (1) | A regulatory instrument must not be made unless the maker— |
| (a) | has published— |
| (i) | a draft of the regulatory instrument; |
| (ii) | a statement explaining the need for and the intended operation of the regulatory instrument; |
| (iii) | a statement of the expected impact of the regulatory instrument; and |
| (iv) | a notice inviting submissions in relation to the regulatory instrument and stating where, how and by when submissions are to be made; and |
| (b) | has, once submissions referred to in paragraph (a)(iv) have been received and considered, submitted the regulatory instrument to Parliament in terms of section 103(1). |
| (2) | The period allowed for making submissions referred to in subsection (1)(a)(iv) must be at least six weeks. |
| (3) | If the maker is a financial sector regulator, the maker must, when complying with subsection (1)(a), provide a copy of the documents referred to in that paragraph to— |
| (a) | the other financial sector regulator, the Reserve Bank, the National Credit Regulator, the Council for Medical Schemes and the Director-General; and |
| (b) | if the regulatory instrument would impose requirements on providers of securities services, the market infrastructure that has the function of licensing those providers in terms of a financial sector law. |
| (4) | If the maker is the Ombud Council, the maker must, when complying with subsection (1)(a), provide a copy of the documents referred to in that subsection to the financial sector regulators, the Council for Medical Schemes, the National Credit Regulator and the Director-General. |