(1)
| (a) |
A transitional management committee is established and continues in existence until a date determined by the Minister by notice in the Gazette. |
| (aA) |
The notice must be published at least 30 days before the date to be determined by the notice as contemplated in paragraph (a). |
| (aB) |
The date, referred to in paragraph (a), must be a date after the Commissioner and at least two Deputy Commissioners have been appointed. |
| (aC) |
The transitional management committee must perform the functions of the Executive Committee of the Financial Sector Conduct Authority, to facilitate the functioning of the Financial Sector Conduct Authority in an efficient and effective manner, until the date determined in terms of paragraph (a). |
[Regulation 3(1)(a) substituted by section 3(a) of Notice No. 850, GG43581, dated 5 August 2020]
| (b) |
The transitional management committee is comprised of— |
| (i) |
the chairperson of the Financial Services Board referred to in section 4(3) of the Financial Services Board Act; |
| (ii) |
the executive of the Financial Services Board referred to in section 9 of the Financial Services Board Act; and |
| (iii) |
a person or persons, but not more than three persons, with knowledge and expertise relevant to the objective of the Financial Sector Conduct Authority set out in section 57 of the Act, nominated by the Minister. |
[Regulation 3(1)(b)(iii) substituted by section 3(b) of Notice No. 850, GG43581, dated 5 August 2020]
| (bA) |
If a person nominated in terms of paragraph (b)(iii) are employed by another organ of state, that organ of state may second the person to the Financial Sector Conduct Authority, subject to subregulation (3)(b). |
[Regulation 3(bA) inserted by section 3(c) of Notice No. 850, GG43581, dated 5 August 2020]
| (c) |
Any decision taken by the transitional management committee during the transitional period referred to in paragraph (a) is regarded as having been taken by the Financial Sector Conduct Authority. |
| (d) |
The Minister must appoint a member of the transitional management committee referred to in paragraph (b) to perform the functions of the Commissioner in terms of the Act, until the person appointed as the Commissioner has commenced service. |
[Regulation 3(1)(d) substituted by section 3(d) of Notice No. 850, GG43581, dated 5 August 2020]
| (e) |
Until a member of the transitional management committee is appointed by the Minister to perform the functions of the Commissioner as contemplated in paragraph (d), the person who was the last Chairperson of the Financial Services Board must perform the functions of the Commissioner. |
[Regulation 3(1)(e) inserted by section 3(d) of Notice No. 850, GG43581, dated 5 August 2020]
| (2) |
The functions referred to in subregulation (1)(a) include functions relating to— |
| (a) |
the transfer of staff from the Financial Services Board to the Financial Sector Conduct Authority, staff placements and other human resources matters; |
| (b) |
the transfer of assets and liabilities from the Financial Services Board to the Financial Sector Conduct Authority; |
| (c) |
the appointment of contractors, consultants and staff in order to manage the transition; |
| (d) |
financial management and reporting; |
| (f) |
agreements and arrangements with international standard-setting bodies and other regulators; |
| (g) |
the ongoing implementation of the financial sector laws for which the Financial Services Board is responsible, and for which the Financial Sector Conduct Authority will be the responsible authority in terms of the Act; |
| (h) |
compliance with the Public Finance Management Act; |
| (i) |
all matters that are necessary to enable the establishment of the Financial Sector Conduct Authority; and |
| (j) |
other procedural or administrative matters that are necessary to implement subregulation (1). |
(3)
| (a) |
The transitional management committee must fund the performance of the functions referred to in subregulations (1) and (2) from the funds of the Financial Services Board, or the Financial Sector Conduct Authority, as may be applicable. |
| (b) |
The remuneration and benefits of the member or members of the transitional management committee referred to in subregulation (1)(b)(iii), as determined by the Minister, must be paid from the funds of the Financial Sector Conduct Authority, unless otherwise provided in the secondment agreement of a member seconded in terms of subregulation (1)(bA). |
[Regulation 3(3)(b) substituted by section 3(e) of Notice No. 850, GG43581, dated 5 August 2020]
(4)
| (a) |
The terms of appointment of members of the transitional management committee— |
| (i) |
commence on the date of appointment indicated in their letter of appointment; and |
| (ii) |
continue, and existing contracts of employment, if applicable, are extended until the date determined in terms of subregulation (1)(a). |
| (b) |
Despite its termination, the transitional management committee remains responsible for the approval of the financial statements of the Financial Sector Conduct Authority for the financial year for which the transitional management committee is responsible and the tabling of the annual report. |
[Regulation 3(4) substituted by section 3(f) of Notice No. 850, GG43581, dated 5 August 2020]
| (5) |
Despite section 56 of the Act coming into effect, the board of the Financial Services Board and its relevant committee remain responsible for the approval of the financial statements of the Financial Services Board in respect of the financial year preceding the financial year in which Chapter 4 of the Act commences and the Financial Sector Conduct Authority is established, and, if Chapter 4 of the Act commences and the Financial Sector Conduct Authority is established after the commencement of a financial year, also for the financial year during which the Financial Sector Conduct Authority is established. |
| (6) |
Any person may be seconded from another organ of state to a position in the Financial Sector Conduct Authority. |
[Regulation 3(6) inserted by section 3(g) of Notice No. 850, GG43581, dated 5 August 2020]
Statistics Act, 1999
