Regulatory Alerts2018-03-29
Determinations Under Section 291 of the Financial Sector Regulation Act, 2017
The Minister of Finance has transferred the regulatory oversight of medical schemes from the Prudential Authority and the Financial Sector Conduct Authority to the Council for Medical Schemes. This interim arrangement, authorized under Section 291 of the Financial Sector Regulation Act, remains effective until 31 March 2021. The Council for Medical Schemes must exercise these delegated powers and duties with the formal concurrence of both the Prudential Authority and the Financial Sector Conduct Authority.
NATIONAL TREASURY DETERMINATIONS IN TERMS OF SECTION 291 OF THE FINANCIAL SECTOR REGULATION ACT, 2017 The Minister of Finance has— (a) in terms of section 291(1) of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017 - “the Act”), determined that until 31 March 2021, the functions of the Prudential Authority in relation to medical schemes and the associated powers and duties of the Prudential Authority in terms of the Act must be exercised by the Council for Medical Schemes instead of the Prudential Authority, but with the concurrence of the Prudential Authority, subject to section 291(4) of the Act; and (b) in terms of section 291(2) of the Act, determined that until 31 March 2021, the functions of the Financial Sector Conduct Authority in relation to medical schemes and the associated powers and duties of the Financial Sector Conduct Authority in terms of the Act must be exercised by the Council for Medical Schemes instead of the Financial Sector Conduct Authority, but with the concurrence of the Financial Sector Conduct Authority, subject to section 291(4) of the Act.