Section 79

79. (1) The Financial System Council of Regulators is hereby established.

(2) The objective of the Financial System Council of Regulators is to facilitate co-operation and collaboration, and, where appropriate, consistency of action, between the institutions represented on the Financial System Council of Regulators by providing a forum for senior representatives of those institutions to discuss, and inform themselves about, matters of common interest.

(3) The Financial System Council of Regulators must be composed of the following members:

(a) The Director-General;

(b) the Director-General of the Department of Trade and Industry; 20

(c) the Director-General of the Department of Health;

(d) the Chief Executive Officer;

(e) the Commissioner;

(f) the Chief Executive Officer of the National Credit Regulator;

(g) the Registrar of Medical Schemes; 25

(h) the Director of the Financial Intelligence Centre;

(i) the Commissioner of the National Consumer Commission;

(j) the Commissioner of the Competition Commission;

(k) the Deputy Governor responsible for financial stability matters; and

(l) the head, however described, of any organ of state or other organisation that 30 the Minister may determine.

## Meetings

80. (1) Meetings of the Financial System Council of Regulators must be held at least twice a year, or more frequently as determined by the Director-General.

(2) The Director-General, or an alternate nominated by the Director-General, chairs 35 the meetings of the Financial System Council of Regulators.

(3) The Director-General must convene a meeting at the request of a member of the Financial System Council of Regulators.

(4) A member of the Financial System Council of Regulators may, with the concurrence of the Director-General, nominate a senior official of the member's 40 institution to act as an alternate for the member.

(5) Meetings of the Financial System Council of Regulators must be conducted in accordance with procedures determined by it.

## Working groups and subcommittees