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

Chapter 2 : Financial Stability

Part 3 : Financial Stability Oversight Committee

24. Meetings and procedure

 

(1) The Financial Stability Oversight Committee must meet at least every six months.

 

(2) The Governor—
(a) may convene a meeting of the Financial Stability Oversight Committee at any time; and
(b) must convene a meeting if requested to do so by the Chief Executive Officer, the Commissioner or the Chief Executive Officer of the National Credit Regulator.

 

(3)

(a) The Governor chairs a meeting of the Financial Stability Oversight Committee at which the Governor is present.
(b) If the Governor is not present at a meeting, the Deputy Governor responsible for financial stability matters chairs the meeting.

 

(4)

(a) A member of the Financial Stability Oversight Committee who is unable to attend a meeting may, after notice to the other members and with the concurrence of the person who will chair the meeting, nominate an alternate to attend that meeting in the member’s absence.
(b) An alternate referred to in paragraph (a) has, for that meeting, the same rights as the member of the Financial Stability Oversight Committee.

 

(5) The Financial Stability Oversight Committee may determine its procedures, including quorum requirements.

 

(6) The person chairing a meeting may invite any person, including a representative of an organ of state or a financial institution, to attend the meeting.

 

(7) The Financial Stability Oversight Committee may establish separate working groups or subcommittees.

 

(8) In the event of an equality of votes on a matter that may be voted upon by the Financial Stability Oversight Committee, the person chairing a meeting has a casting vote in addition to a deliberative vote.