Government Notice No. 1449 of 2017

Financial Sector Regulation Act (9/2017) » Publication of Draft Regulations in terms of sections 61 (4) and...

Title	Financial Sector Regulation Act (9/2017) » Publication of Draft Regulations in terms of sections 61 (4) and 304 of the Financial Sector Regulation Act, 2017 for Public Comment
Department	National Treasury
Gazette	Regulation Gazettes, No. 41340 of 18 December, 2017, 5 page(s), 1.3Mb

4    No. 41340              GOVERNMENT GAZETTE, 18 DECEMBER 2017
                                               GOVERNMENT NOTICE

NATIONAL TREASURY
                                                           
                                                  NATIONAL TREASURY
                  No. R.                                                                         2017
          NO. R. 1449                                                                       18 DECEMBER 2017
          R. 
                PUBLICATION OF DRAFT REGULATIONS IN TERMS OF SECTIONS 61(4) AND
                   304 OF THE FINANCIAL SECTOR REGULATION ACT, 2017 FOR PUBLIC
                                                      COMMENT

The Minister of Finance gives notice as required in terms of section 288(4) of the Financial
               Sector Regulation Act, 2017 (Act No. 9 of 2017) ( "the FSRA ") of the publication of draft
               Regulations that are proposed to be made in terms of sections 61(4), 288 and 304, for public
               comment.
               A copy of the draft Regulations and a comprehensive impact report on the FSRA are
               available on the National Treasury website: www.treasury.gov.za.

In terms of section 304 of the FSRA, the Minister of Finance is empowered to make
               Regulations that provide for additional matters that are necessary in order to provide for the
               appropriate implementation of the FSRA that are not addressed in the Act, and for the
               establishment                   Authority and the Financial Sector Conduct Authority ( "the
               financial sector regulators ") and other entities that must be established. The draft
               Regulations are intended to clarify the performance of functions in terms of the Act during
               the transitional period prior to the establishment of the financial sector regulators. The draft
               Regulations also provide for transitional arrangements until the Financial Services Tribunal
               ( "the Tribunal ") is operational. The application of certain transitional provisions in the FSRA
               is clarified. The intended purpose of the draft Regulations is to facilitate the smooth
               implementation of the Act, and the establishment of the financial sector regulators and the
               Tribunal.

The Minister of Finance is required to make Regulations in terms of section 61(4) of the
               FSRA, to provide a process for the selection of persons for the appointment of the
               Commissioner and Deputy Commissioners of the Financial Sector Conduct Authority. The
               draft Regulations provide for the advertising of the positions, and for the establishment of
               panels to consider, short-list, interview, and recommend candidates for appointment to the
               Minister of Finance. The intended effect of the draft Regulations is to provide for a fair and
               transparent process for the appointment of the Commissioner and Deputy Commissioners of
               the Financial Sector Conduct Authority.

Written    comments     on    the    draft   Regulations   should    be    submitted    to
               commentdraftlegislation (atreasury.gov.za by close of business on 31 January 2018.

Any clarification questions can be directed to Jeannine Bednar-Giyose, email:
               Jeannine . Bednar-Giyose(ctreasury.gov.za.

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Government Notice No. 1449 of 2017

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