Section 32

32. (1) An authority called the Prudential Authority is hereby established.

(2) The Prudential Authority is a juristic person operating within the administration of the Reserve Bank.

(3) The Prudential Authority is not a public entity in terms of the Public Finance Management Act.

### Objective

33. The objective of the Prudential Authority is to—

(a) promote and enhance the safety and soundness of financial institutions that provide financial products and securities services;

(b) promote and enhance the safety and soundness of market infrastructures;

(c) protect financial customers against the risk that those financial institutions may fail to meet their obligations; and

(d) assist in maintaining financial stability.

### Functions

25

34. (1) In order to achieve its objective, the Prudential Authority must—

(a) regulate and supervise, in accordance with the financial sector laws—

(i) financial institutions that provide financial products or securities services; and

(ii) market infrastructures;

(b) co-operate with and assist the Reserve Bank, the Financial Stability Oversight Committee, the Financial Sector Conduct Authority, the National Credit Regulator and the Financial Intelligence Centre, as required in terms of this Act;

(c) co-operate with the Council for Medical Schemes in the handling of matters of mutual interest;

(d) support sustainable competition in the provision of financial products and financial services, including through co-operating and collaborating with the Competition Commission;

(e) support financial inclusion;

(f) regularly review the perimeter and scope of financial sector regulation, and take steps to mitigate risks identified to the achievement of its objective or the effective performance of its functions; and

(g) conduct and publish research relevant to its objective.

(2) The Prudential Authority must also perform any other function conferred on it in terms of any other provision of this Act or other legislation.

(3) The Prudential Authority may do anything else reasonably necessary to achieve its objective, including—

(a) co-operating with its counterparts in other jurisdictions; and

(b) participating in relevant international regulatory, supervisory, financial stability and standard setting bodies.

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

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GOVERNMENT GAZETTE, 22 AUGUST 2017

No. 41060 67

Molao wa Taolo ya Lephata la Ditshelete, 2017

Nmr 9 ya 2017

(f) go tsena mo tumalanong ya kopanyo kgotsa tshwaraganyo ya setheo sa ditshelete le setlamo; le

(g) go tsena mo thulaganyong ya tumalano le banayasekoloto ba setheo sa ditshelete.

(2) Kgato e e kailweng mo karolotlaleletsong (1) e e tserweng ntle le thebolo ya Banka ya Resefe ga e na pateletso ya semolao.

# KGAOLO 3

# BOTHATI JWA TLHOKOMELO

# Karolo 1

# Go tlhomiwa, maitlhomo le ditiro 10

# Go tlhongwa

32. (1) Bothati jo bo bidiwang Bothati jwa Tlhokomelo bo a tlhongwa.

(2) Bothati jwa Tlhokomelo ke setheo se se dirang mo tsamaisong ya Banka ya Resefe.

(3) Bothati jwa Tlhokomelo ga se setheo sa setshaba go ya ka Public Finance Management Act. 15

# Maitlhomo