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

Chapter 3 : Prudential Authority

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(1)	The Prudential Committee may, in writing—

(a)	delegate any power or duty referred to in section 42(b)(viii) to the Chief Executive Officer or another staff member of the Prudential Authority; and

(b)	at any time, amend a delegation made in terms of paragraph (a).

(2)	The Chief Executive Officer may, in writing—

(a)	delegate to a staff member of the Prudential Authority or an official or staff member of the Reserve Bank any power or duty assigned or delegated to the Chief Executive Officer in terms of a financial sector law, except the power to delegate contained in this subsection;

(b)	delegate to an administrative action committee the power to impose administrative penalties that are specified in the delegation, if the Prudential Authority establishes an administrative action committee; and

(c)	at any time amend a delegation made in terms of paragraph (a) or (b).

(3)	A delegation in terms of subsection (1)(a) or (2)(a) may be to a specific person or to a person holding a specific position.

(4)

Any power or duty of the Prudential Authority may be delegated to the Financial Sector Conduct Authority by a section 77 memorandum of understanding in accordance with a framework and system of delegation developed by the financial sector regulators to ensure that any delegation does not constrain the Prudential Authority or the Financial Sector Conduct Authority from achieving their respective objectives as set out in sections 33 and 57.

(5)	A delegation in terms of this section—

(a)	is subject to the limitations and conditions specified in the delegation;

(b)	does not divest the Prudential Authority, the Prudential Committee or the Chief Executive Officer of responsibility in respect of the delegated power or duty; and

(c)	may be revoked at any time, but a revocation does not affect any rights or liabilities accrued because of the acts of the delegate.

(6)	Anything done by a delegate in accordance with a delegation in terms of this section must be regarded as having been done by the Prudential Authority.

(7)	This section does not affect a power under a specific financial sector law to delegate a power of the Prudential Authority.