Statutes section 14

Section 14

In force date not confirmed

14. (1) Mmusisi o ka, morago ga go rerisana le Tona, tlhomamisa gore tiragalo kgotsa lebaka le tepameng, kgotsa kopano e tepameng ya ditiragalo kgotsa mabaka, ke tiragalo e e rulaganeng.

This gazette is also available free online at www.gpwonline.co.za

No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

(2) The Governor may, before making a determination in terms of subsection (1), consult the Financial Stability Oversight Committee.

(3) A determination in terms of subsection (1) may be made whether or not the event or circumstance, or combination of events or circumstances, has already occurred or arisen.

(4) The Governor may, after having consulted the Minister, determine that a specified systemic event has occurred or is imminent.

(5) The Governor—

(a) must notify the Minister of a determination made in terms of subsection (1) or (4);

(b) must keep the determination under review;

(d) must notify the Minister of any amendment or revocation of a determination made in terms of subsection (1) or (4).

(6) The Reserve Bank must notify the financial sector regulators of a determination in terms of this section, and of an amendment or revocation of such a determination.

(7) The Reserve Bank must, in respect of a determination made in terms of subsection (1) or (4), and any amendment or revocation of such a determination—

(a) table the determination, or the amendment or revocation of the determination, in Parliament; and

(b) publish the determination, or the amendment or revocation of the determination, on the Reserve Bank’s website.

## Functions of Reserve Bank in relation to systemic events

15. (1) The Reserve Bank must take all reasonable steps—

(a) to prevent systemic events from occurring; and

(b) if a systemic event has occurred or is imminent, to—

(i) mitigate without delay the adverse effects of the event on financial stability; and

(ii) manage the systemic event and its effects.

(2) When acting in terms of subsection (1), the Reserve Bank must have regard to the need to—

(a) minimise adverse effects on financial stability and economic activity;

(b) protect, as appropriate, financial customers; and

## Information to Minister

16. (1) If the Governor has in terms of section 14(4) determined that a systemic event has occurred or is imminent, the Governor must ensure that the Minister is kept informed of the event and of any steps being taken or proposed to manage the event and the effects of the event.

(2) The Reserve Bank may not, except with the Minister’s approval, take a step in terms of section 15 that will or is likely to—

(a) bind the National Revenue Fund to any expenditure;

(b) have a material impact on the cost of borrowing for the National Revenue Fund; or

## Responsibilities of financial sector regulators