The Minister of Finance has published amendments to the Financial Sector Regulations in terms of sections 61(4), 288 and 304 of the Financial Sector Regulation Act No.9 of 2017 (FSR Act).
“… weaknesses in the regulations have delayed the process to complete the appointment process, and necessitated amendments to the regulations,” the statement reads. The amendments to the regulations simplify the process for appointing the Commissioner and Deputy-Commissioners of the Financial Sector Conduct Authority (FSCA). The amendments also:
|1.||Empower the Minister to appoint additional persons to the Transitional Management Committee (TMC) of the FSCA, and to designate one such person to perform the functions of the Commissioner while the recruitment process is underway.|
|2.||Clarify how vacancies to the shortlisting panel should be handled.|
Considering this, the Minister has appointed Adv. Dube Tshidi to perform the functions of the Commissioner on an interim basis. The designation is effective from 6 August 2020 for a three-month period, until 5 November 2020 or until a Commissioner is appointed and assumes office, whichever occurs sooner.
Click here to download the media statement that also provides an update on the process to appoint a Commissioner and Deputy Commissioner of the FSCA..