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

Regulations

Financial Sector Regulations, 2018

Part 1 : Transitional Measures

2. Exercise of functions
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(1)If any provision of the Act comes into effect in terms of section 305 of the Act before Chapter 3 of the Act comes into effect, then until Chapter 3 comes into effect—
(a)a reference in a financial sector law, other than the Financial Markets Act, to the 'Prudential Authority', or a reference to 'a financial sector regulator’, must be read as referring to the Reserve Bank;
(b)the Reserve Bank must perform the functions of the Prudential Authority as set out in section 34 of the Act;
(c)in respect of the Financial Markets Act, section 1A of that Act applies.

 

(2)If any provision of the Act comes into effect in terms of section 305 of the Act before Chapter 4 of the Act comes into effect, then until Chapter 4 comes into effect—
(a)a reference in a financial sector law to the 'Financial Sector Conduct Authority', or a reference to 'a financial sector regulator', must be read as referring to the Financial Services Board;
(b)the executive of the Financial Services Board, referred to in section 9 of the Financial Services Board Act, must perform the functions of the Financial Sector Conduct Authority in terms of the Act;
(c)the executive officer of the Financial Services Board, referred to in section 1 of the Financial Services Board Act, must perform the functions of the Financial Sector Conduct Authority in terms of legislation referred to in paragraph (b), (c) or (d) of the definition of a financial sector law in section 1(1) of the Act, subject to a delegation under section 20(3) or (3A) of the Financial Services Board Act;
(d)in respect of the Financial Markets Act, section 1A of that Act applies.

 

(3)Until Chapter 16 of the Act comes into effect, a reference to the board in sections 15A and 16 of the Financial Services Board Act must be read as a reference to the Financial Sector Conduct Authority.