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

Chapter 7 : Regulatory Instruments

Part 1 : Regulatory instruments

100. Urgent regulatory instruments

 

(1) If the maker of a regulatory instrument determines that compliance with section 98 or 99 is likely to lead to prejudice to financial customers or harm to the financial system, or defeat the object of the proposed regulatory instrument, the maker must before making the instrument—
(a) publish—
(i) a draft of the regulatory instrument and a statement explaining the need for and the intended operation of the regulatory instrument;
(ii) a notice inviting submissions in relation to the regulatory instrument and stating where, how and by when submissions are to be made; and
(iii) a statement of the reasons why the delay involved in complying with sections 98 and 99 is considered likely to lead to prejudice to financial customers or harm to the financial system, or defeat the object of the proposed regulatory instrument; and
(b) submit the regulatory instrument to Parliament in terms of section 103(2).

 

(2) The period allowed for making submissions in terms of subsection (1)(a)(ii) must be at least seven days.

 

(3) A maker must, after making an instrument pursuant to subsection (1), as soon as possible, but not later than within 30 days of making the instrument—
(a) submit to Parliament a report of the consultation process, which report must include a general account of the issues raised in the submissions and a response to the issues raised in the submissions.
(b) if the maker is a financial sector regulator, provide a copy of the documents referred to in paragraph (a) to—
(i) the other financial sector regulator, the Reserve Bank, the National Credit Regulator, the Council for Medical Schemes and the Director-General; and
(ii) 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.
(c) if the maker is the Ombud Council, provide a copy of the documents referred to in that subsection to the financial sector regulators, the National Credit Regulator and the Director-General.