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Definition

The Financial Stability Oversight Committee consists of the Reserve Bank, the National Treasury and the Financial Services Board established in terms Part 3 of the Financial Sector Regulation Act (9 of 2017). In terms of section 21 of the Act the functions of the committee are: (a) To serve as a forum for representatives of the Reserve Bank and of each of the financial sector regulators to be informed, and to                exchange views, about the activities of the Reserve Bank and the financial sector regulators regarding financial stability; (b) to make recommendations to the Governor on the designation of systemically important financial institutions; (c) to advise the Minister and the Reserve Bank on—       (i)  steps to be taken to promote, protect or maintain, or to manage or prevent risks to, financial stability; and       (ii) matters relating to crisis management and prevention; (d) to make recommendations to other organs of state regarding steps that are appropriate for them to take to assist in promoting,                protecting or maintaining, or managing or preventing risks to financial stability; and (e) any other function conferred on it in terms of applicable legislation.

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