Statistics Act, 1999
R 385
Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 2 : Financial StabilityPart 2 : Managing systemic events and risks in relation to systemic events18. Directives to financial sector regulators |
| (1) | The Governor may direct a financial sector regulator, in writing, to provide the Reserve Bank with information specified in the directive that the Reserve Bank or the Governor needs for exercising their powers in terms of section 14 or 15, that is in the possession of the financial sector regulator or obtainable by it. |
(2)
| (a) | If the Governor has in terms of section 14(4) determined that a systemic event has occurred or is imminent, the Governor may, in writing, direct a financial sector regulator to assist the Reserve Bank in complying with section 15 by acting in accordance with the directive when exercising its powers. |
| (b) | A directive in terms of paragraph (a) may include directions aimed at— |
| (i) | supporting the restructuring, resolution or winding-up of any financial institution; |
| (ii) | preventing or reducing the spread of risk, weakness or disruption through the financial system; or |
| (iii) | increasing the resilience of financial institutions to risk, weakness or disruption. |
| (3) | The Prudential Authority, Financial Sector Conduct Authority and the Financial Intelligence Centre must comply with a directive issued to it in terms of subsection (1) or (2). |
| (4) | The National Credit Regulator must comply with a directive issued to it in terms of subsection (1) or (2), provided that the Minister has consulted the Minister responsible for consumer credit matters on the directive. |
