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

Chapter 2 : Financial Stability

Part 3 : Financial Stability Oversight Committee

21. Functions of Financial Stability Oversight Committee

 

The Financial Stability Oversight Committee has the following functions:

(a) To serve as a forum for representatives of the Reserve Bank and of each of the financial sector regulators to be informed, and to exchange views, about the activities of the Reserve Bank and the financial sector regulators regarding financial stability;
(b) to make recommendations to the Governor on the designation of systemically important financial institutions;
(c) to advise the Minister and the Reserve Bank on—
(i) steps to be taken to promote, protect or maintain, or to manage or prevent risks to, financial stability; and
(ii) matters relating to crisis management and prevention;
(d) to make recommendations to other organs of state regarding steps that are appropriate for them to take to assist in promoting, protecting or maintaining, or managing or preventing risks to financial stability; and
(e) any other function conferred on it in terms of applicable legislation.