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

Regulations

Financial Sector Regulations, 2018

Part 1 : Transitional Measures

4. Management of transitional process to establish Financial Services Tribunal

 

(1) From the date that Chapter 15 of the Act comes into effect until the commencement of legislation that empowers the imposition of levies as contemplated in section 237(1)(b) of the Act, the Financial Services Board or the Financial Sector Conduct Authority, as the case may be, must provide financial, secretarial, administrative and other support to the Tribunal, and the Board or the Authority must enter into agreements with the Reserve Bank, the Prudential Authority and the Financial Intelligence Centre to share the costs.

[Regulation 4(1) substituted by section 2 of Notice No. 196, GG42359, dated 29 March 2019]

 

(2)

(a) From the date that Chapter 15 of the Act comes into effect until the Chairperson of the Tribunal makes Tribunal rules in accordance with section 227 of the Act, the Tribunal must apply the rules, regulations, practice directions and guidelines jointly designated by the Chairperson of the Appeal Board and the Chairperson of the Board of Review, insofar as the Act does not provide for the procedure.
(b) The Tribunal may amend or repeal the rules, regulations, directions and guidelines designated in terms of paragraph (a) at any time.
(c) If at the date on which the Tribunal is established, a designation has not been made in terms of paragraph (a), the Regulations in respect of appeals to the Appeal Board, 2011, and any practice directions and guidelines issued by the Chairperson of the Appeal Board  remain in force, with the necessary changes, and insofar as the Act does not provide for the procedure, until the Chairperson of the Tribunal makes Tribunal rules in accordance with section 227 of the Act.