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

Chapter 2 : Financial Stability

Part 1 : Powers and functions of Reserve Bank

13. Financial stability review

 

(1) The Reserve Bank must, at least every six months, make an assessment of the stability of the financial system, herein referred to as the "financial stability review".

 

(2) A financial stability review must set out—
(a) the Reserve Bank’s assessment of financial stability in the period under review;
(b) its identification and assessment of the risks to financial stability in at least the next 12 months;
(c) an overview of steps taken by it and the financial sector regulators to identify and manage risks, weaknesses or disruptions in the financial system during the period under review and that are envisaged to be taken during at least the next 12 months; and
(d) an overview of recommendations made by it and the Financial Stability Oversight Committee during the period under review and progress made in implementing those recommendations.

 

(3) Information which, if published may materially increase the possibility of a systemic event, only needs to be published in a financial stability review after the risk of a systemic event subsides, or has been addressed.

 

(4) The Reserve Bank must—
(a) submit a copy of each review to the Minister and the Financial Stability Oversight Committee for information and comment, and allow the Minister or the Financial Stability Oversight Committee at least two weeks to make comments, should they wish to do so;
(b) publish the review, after having taken into account any comments that may have been received in terms of paragraph (a); and
(c) table a copy of the review in Parliament.