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

Chapter 4 : Financial Sector Conduct Authority

Part 2 : Governance

68. Governance and other subcommittees

 

(1) The Director-General must establish—
(a) a subcommittee to review, monitor and advise the Executive Committee on the remuneration policy of the Financial Sector Conduct Authority; and
(b) a subcommittee to review, monitor and advise the Executive Committee on the risks faced by the Financial Sector Conduct Authority and plans for managing those risks.

 

(2) The Executive Committee may establish one or more other subcommittees for the Financial Sector Conduct Authority, with functions that the Executive Committee may determine.

 

(3)

(a) The Director-General determines the membership of each subcommittee established in terms of subsection (1).
(b) The majority of the members of a subcommittee established in terms of subsection (1) may not be staff members  of the Financial Sector Conduct Authority.
(c) The Executive Committee determines the membership of each subcommittee established in terms of subsection (2).
(d) A subcommittee established in terms of subsection (2) may include persons who are neither members of the Executive Committee nor staff members of the Financial Sector Conduct Authority.
(e) A disqualified person may not be or remain a member of a subcommittee established in terms of this section.

 

(4) A member of a subcommittee established in terms of this section, including a person who is not in the service of an organ of state, holds office for the period, and on the terms and conditions, including terms regarding remuneration, determined by the Director-General or the Executive Committee, as the case may be, who established the subcommittee.

 

(5) A subcommittee established in terms of subsection (1) must be chaired by a person who is not the Commissioner, a Deputy Commissioner or a staff member of the Financial Sector Conduct Authority.

 

(6) A subcommittee established in terms of this section determines its procedures, subject to any directions of the Director-General or the Executive Committee, as the case may be, who established the subcommittee.

 

(7) The Commissioner must ensure that minutes of each meeting of each subcommittee established in terms of this section are kept in a manner determined by the Executive Committee.