Statutes section 301

Section 301

In force date not confirmed

301. (1) A licence, authorisation, approval, registration, consent or similar permission given in terms of a financial sector law and in force immediately before the date on which this section comes into effect remains in force for the purposes of the financial sector law, but may be amended or revoked by the responsible authority for the financial sector law, in accordance with the provisions of that financial sector law.

(2) Rules made in terms of section 26 of the Financial Advisory and Intermediary Services Act and in force immediately before the date on which this section come into effect have effect as Ombud Council rules, and may be amended or revoked by Ombud Council rules in accordance with this Act.

(3) A regulatory instrument or Regulation made or issued in terms of a financial sector law and in force immediately before the date on which this section comes into effect remains in force for the purposes of the financial sector law but may be amended or revoked by a regulatory instrument made by the responsible authority for the financial sector law in accordance with the relevant financial sector law.

(4) Consultations undertaken before the date on which Part 1 of Chapter 7 comes into effect in relation to a regulatory instrument proposed to be made under a specific financial sector law or a proposed financial sector law after that Part came into effect are taken to meet the requirements of this Act for consultation to the extent that they—

(a) meet the requirements of the specific financial sector law for consultation prior to the amendment of that law in accordance with Schedule 4; or

(b) substantially meet the requirements of this Act for consultation on the proposed regulatory instrument.

(5) Regulations made in terms of section 5 of the Financial Supervision of the Road Accident Fund Act, 1993 (Act No. 8 of 1993), and in force on the date on which this section comes into effect continue in force, but may be amended or repealed by Regulations made in terms of section 5 by the Prudential Authority.

(6) An ombud scheme that, immediately before the repeal of the Financial Services Ombuds Schemes Act, 2004 (Act No. 37 of 2004), came into effect, was recognised in terms of that Act must be taken to be a recognised industry ombud scheme as if it had been recognised under this Act.

(7) Subsection (6) ceases to have effect at the end of 12 months after Chapter 14 takes effect, but the Ombud Council may, on application and for good reason, extend the application of that subsection in a particular case for a further period of not more than 6 months.

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No. 41060 267

Molao wa Taolo ya Lephata la Ditshelete, 2017

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(2) Bothati jwa Tlhokomelo bo tshwanetse go emisetswa jaaka mokgatlho mo ditsamaisong dingwe le dingwe tse di letetsweng, kwa kgotlatshekelong, lekgotleng kgotsa fa pele ga motsereganyi kgotsa motho mongwe le mongwe yo mongwe kgotsa mokgatlho, tse di neng di simolotswe mme di ise di tlhomamiswe ka konotelelo ka bonako pele ga letlha leo ka lona karolo eno e tsenngwang mo tirisong, mabapi le Banka ya Resefe kgotsa mokwadisi go ya ka Banks Act, the Mutual Banks Act, 1993 (Molao 124 wa 1993), Co-operative Banks Act, 2007 (Molao 40 wa 2007), Short Term Insurance Act kgotsa Long Term Insurance Act.

(3) Bothati jwa Boitshwaro jwa Lephata la Ditshelete bo tshwanetse go emisetswa jaaka mokgatlho mo ditsamaisong dingwe le dingwe tse di letetsweng, kwa kgotlatshekelong, lekgotleng kgotsa fa pele ga motsereganyi kgotsa motho mongwe le mongwe yo mongwe kgotsa mokgatlho, tse di neng di simolotswe mme di ise di tlhomamiswe ka konotelelo ka bonako pele ga letlha leo ka lona karolo eno e tsenngwang mo tirisong, mabapi le Boto ya Ditirelo tsa Ditshelete, Bokaedi jwa Tirisobotlhaswa ya Mmaraka kgotsa mokwadisi go ya ka molao wa lephata la ditshelete nte le Banks Act.

# Ditshomarelo tsa dithebolo, ditumelelo, dikwadiso le ditiro tse dingwe

301. (1) Laesense, tetla, thebolo, kwadiso, tumalano kgotsa tumelelo e tshwanang e neilweng go ya ka molao wa lephata la ditshelete le go diragatswa ka bonako pele ga letlha le ka lona karolo eno e tsenngwang mo tirisong e sala go nna mo tirisong mabapi le maithomo a molao wa lephata la ditshelete mme e ka tlhabololwa kgotsa phimolwa ke bothati jo bo rwalang maikarabelo mabapi le molao wa lephata la ditshelete, go tsamaelana le dikabelo tsa molao oo wa lephata la ditshelete.

(2) Melawana e e dirilweng go ya ka karolo 26 ya Financial Advisory and Intermediary Services Act le go tsenngwa mo tirisong ka bonako pele ga letlha leo karolo eno e tsenngwang mo tirisong ka lona e na le ditlamorago jaaka melawana ya Khansele ya Ombud, e bile e ka tlhabololwa kgotsa phimolwa ke Khansele ya Ombud go tsamaelana le Molao ono.

(3) Sediriso sa bolaodi se se dirilweng kgotsa rebotsweng go ya ka molao wa lephata la ditshelete le go diriswa ka bonako pele ga letlha leo karolo eno e tsenngwang mo tirisong ka lona se sala go nna mo tirisong mabapi le maithomo a molao wa lephata la ditshelete mme se ka tlhabololwa kgotsa phimolwa ke bothati jo bo rwalang maikarabelo mabapi le molao wa lephata la ditshelete go tsamaelana le molao wa lephata la ditshelete o o maleba.

(4) Ditherisano tse di dirilweng pele ga letlha le Karolo 1 ya Kgaolo 7 e tsenngwang mo tirisong ka lona mabapi le sediriswa sa bolaodi se se tshitsintsweng go dirwa ka fa tlase ga molao wa lephata la ditshelete o o tsepamisitsweng kgotsa molao wa lephata la ditshelete o o tshitsintsweng morago ga fa Karolo eo e tsenngwa mo tirisong di tsewa gore di tsamaelana le ditlhokego tsa Molao ono mabapi le therisano ya bogolo jwa gore di—

(a) tsamaelana le ditlhokego tsa molao wa lephata la ditshelete o o tsepamisitsweng mabapi le therisano pele ga tlhabololo ya molao oo go tsamaelana le Sejule 4; kgotsa

(b) tsamaelana segolo le ditlhokego tsa Molao ono mabapi le therisano mo sedirisong sa bolaodi se se tshitsintsweng.

(5) Melawana e e dirilweng go ya ka karolo 5 ya Financial Supervision of the Road Accident Fund Act, 1993 (Molao 8 wa 1993), le go nna mo tirisong ka letlha leo karolo eno e tsenngwang mo tirisong ka lona e tswelela go diriswa, mme e ka tlhabololwa kgotsa phimolwa ke Melawana e e dirilweng go ya ka karolo 5 ke Bothati jwa Tlhokomelo.

(6) Sekema sa ombud se, ka bonako pele ga go tsenngwa mo tirisong ga phimolo ya Financial Services Ombuds Schemes Act, 2004 (Molao 37 wa 2004), se amogetsweng go ya ka Molao oo se tshwanetse go tsewa jaaka sekema se se amogetsweng sa bodirelo sa ombud jaaka e kete se amogetswe ka fa tlase ga Molao ono.

(7) Karolotlaleletso (6) e khutlisa go diriswa kwa bokhutlong jwa dikgwedi tse 12 morago ga go tsenngwa tirisong ga Kgaolo 14, mme Khansele ya Ombud e ka, ka kopo le ka lebaka le le utlwalang, atolosetsa tiriso ya karolotlaleletso eo mo morerong o o rileng mo nakong e nngwe gape e e sa feteng dikgwedi tse 6.

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No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

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## Levy

302. (1) Despite the repeal of the Financial Services Board Act in terms of Schedule 4, a levy imposed in terms of section 15A of the Financial Services Board Act continues in force subject to this Act, until a date fixed by the Minister by notice published in the Register.

(2) A levy referred to in subsection (1) is, from the date on which this section takes effect, taken to be a levy for the purposes of this Act.

## Chief Actuary

303. A reference in any Act or subordinate legislation to the Chief Actuary is, after the date on which this section comes into effect, to be read as a reference to the Prudential Authority.

## Additional transitional arrangements

304. (1) In order to facilitate the coming into effect, appropriate implementation and operation of this Act, the Minister may make Regulations providing for transitional arrangements regarding the exercise of powers, the performance of functions and duties, and other matters that may be necessary in relation to—

(a) the establishment of the financial sector regulators and other bodies in terms of this Act;

(b) the coming into operation of different provisions of this Act; and

(2) Without limiting subsection (1), Regulations in terms of this section may provide for—

(a) the Reserve Bank to exercise specified powers and to perform specified functions and duties of the Prudential Authority, should it be necessary for powers and functions of the Prudential Authority in terms of this Act to be exercised for a period prior to the Prudential Authority being formally established; and

(b) the Financial Services Board to exercise specified powers and perform specified functions and duties of the Financial Sector Conduct Authority, should it be necessary for the powers and functions of the Financial Sector Conduct Authority in terms of this Act to be exercised prior to the Financial Sector Conduct Authority being formally established.

## Part 7

## Short title and commencement

305. (1) This Act is called the Financial Sector Regulation Act, 2017, and comes into effect on a date determined by the Minister by notice in the Gazette.

(2) Different dates may be determined by the Minister in respect of the coming into effect of—

(a) different provisions of this Act;

(b) different provisions of this Act in respect of different categories of financial institutions; and

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

GOVERNMENT GAZETTE, 22 AUGUST 2017

No. 41060 269

Molao wa Taolo ya Lephata la Ditshelete, 2017

Nmr 9 ya 2017

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## Lekgethwana