Section 77: Regulations

## 77. Regulations

(1) The Minister, after consulting the Centre, may make, repeal and amend regulations concerning—

(a) any matter that may be prescribed in terms of this Act; and

(b) any ancillary or incidental administrative or procedural matter which is necessary to prescribe for the proper implementation or administration of this Act.

(2) Regulations in terms of subsection (1) may—

(a) differ for different accountable institutions, reporting institutions, persons, categories of accountable institutions, reporting institutions and persons and different categories of transactions;

(b) be limited to a particular accountable institution or reporting institution or person or category of accountable institutions or reporting institutions or persons or a particular category of transactions; and

(c) for a contravention of or failure to comply with any specific regulation, prescribe imprisonment for a period not exceeding three years or a fine not exceeding R1 000 000 or such administrative sanction as may apply.

(3)

(4) The Minister must table regulations, repeals and amendments made under subsection (1) in Parliament before publication in the Gazette.

(5) Before making, repealing or amending regulations in terms of subsection (1), the Minister must—

(a) in the Gazette, give notice where a draft of the regulations will be available and invite submissions; and

(b) consider submissions received.

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