Statutes 7

Financial Sector Regulation Act 9 of 2017 (English / Sepedi)

1 January 2017

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![img-0.jpeg]([7] 2017 01 01 Financial Sector Regulation Act 9 of 2017 (English Sepedi).assets/page-0001-image-00-img-0.jpeg)

Government Gazette

REPUBLIC OF SOUTH AFRICA

Vol. 626

Cape Town

Kaapstad

22 August 2017

No. 41060

PART 1 OF 5

THE PRESIDENCY

No. 853

22 August 2017

It is hereby notified that the President has assented to the following Act, which is hereby published for general information:—

Act No. 9 of 2017: Financial Sector Regulation Act, 2017

MO-PRESIDENTE

No. 853

22 August 2017

Mo go tsebiswa gore Mo-Presidente o dumetse molao o latelago, wona o tla gatiswa e le tsebiso ya kakaretso:—

Nmr 9 ya 2017: Molao wa Taolo ya Lep-hata la Ditshelete, 2017

ISSN 1682-5843

![img-1.jpeg]([7] 2017 01 01 Financial Sector Regulation Act 9 of 2017 (English Sepedi).assets/page-0001-image-01-img-1.jpeg)

41060

AIDS HELPLINE: 0800-0123-22 Prevention is the cure

Page 2

No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

(English text signed by the President)

(Assented to 21 August 2017)

ACT

To establish a system of financial regulation by establishing the Prudential Authority and the Financial Sector Conduct Authority, and conferring powers on these entities; to preserve and enhance financial stability in the Republic by conferring powers on the Reserve Bank; to establish the Financial Stability Oversight Committee; to regulate and supervise financial product providers and financial services providers; to improve market conduct in order to protect financial customers; to provide for co-ordination, co-operation, collaboration and consultation among the Reserve Bank, the Prudential Authority, the Financial Sector Conduct Authority, the National Credit Regulator, the Financial Intelligence Centre and other organs of state in relation to financial stability and the functions of these entities; to establish the Financial System Council of Regulators and the Financial Sector Inter-Ministerial Council; to provide for making regulatory instruments, including prudential standards, conduct standards and joint standards; to make provision for the licensing of financial institutions; to make comprehensive provision for powers to gather information and to conduct supervisory on-site inspections and investigations; to make provision in relation to significant owners of financial institutions and the supervision of financial conglomerates in relation to eligible financial institutions that are part of financial conglomerates; to provide for powers to enforce financial sector laws, including by the imposition of administrative penalties; to provide for the protection and promotion of rights in the financial sector as set out in the Constitution; to establish the Ombud Council and confer powers on it in relation to ombud schemes; to provide for coverage of financial product and financial service providers by appropriate ombud schemes; to establish the Financial Services Tribunal as an independent tribunal and to confer on it powers to reconsider decisions by financial sector regulators, the Ombud Council and certain market infrastructures; to establish the Financial Sector Information Register and make provision for its operation; to provide for information sharing arrangements; to create offences; to provide for regulation-making powers of the Minister; to amend and repeal certain financial sector laws; to make transitional and savings provisions; and to provide for matters connected therewith.

ARRANGEMENT OF SECTIONS

CHAPTER 1 INTERPRETATION, OBJECT AND ADMINISTRATION OF ACT

Part 1

Interpretation

1. Definitions

2. Financial products

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GOVERNMENT GAZETTE, 22 AUGUST 2017

No. 41060 3

Molao wa Taolo ya Lephata la Ditshelete , 2017

Nmr 9 ya 2017

(English text signed by the President)

(Assented to 21 August 2017)

MOLAO

Go tlhoma thulaganyo ya taolo ya ditshelete ka go tlhoma Bothati jwa Tlhokomelo le Bothati jwa Boitshvaro jwa Lephata la Ditshelete, le go naya ditheo tseo maatla; go boloka le go oketsa tlhomamo ya ditshelete mo Rephaboliking ka go naya Banka ya Resefe dithata; go tlhoma Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete; go laola le go tlhokomela batlamedi ba dikuno tsa ditshelete le batlamedi ba ditirelo tsa ditshelete; go tokafatsa boitshvaro jwa mmaraka go sireletsa badirelwa ba ditshelete; go tlamela ka kgolagano, tirisanommogo, kopano le therisano magareng ga Banka ya Resefe, Bothati jwa Tlhokomelo, Bothati jwa Boitshvaro jwa Lephata la Ditshelete, Molaodi wa Bostshaba wa Sekoloto, Senthara ya Botlhodi jwa Ditshelete le ditheo tsa puso mabapi le tlhomamo ya ditshelete le ditiro tsa ditheo tseno; go tlhoma Khansele ya Balaodi ba Thulaganyo ya Ditshelete le Khansele ya Ditona ya Lephata la Ditshelete; go tlamela ka go dira didiriswa tsa taolo, go akaretsa le maemo a tlhokomelo, maemo a boitshvaro le maemo a a kopantsweng; go dira kabelo ya go go abela ditheo tsa ditshelete dilaesense; go dira kabelo e tsenyeletsang dithata tsa go kgobokanya tshedimosetso le go dira ditlhatlhobo tsa botlhokomedi tsa kwa tirong le dipatlisiso; go dira kabelo mabapi le beng ba ba botlhokwa ba ditheo tsa ditshelete le tlhokomelo ya ditheo tsa ditshelete tse di kopantsweng mabapi le ditheo tsa ditshelete tse di matshwanedi tseo e leng karolo ya ditheo tsa ditshelete tse di kopantsweng; go tlamela mabapi le dithata tsa go gatelela melao ya lephata la ditshelete, go akaretsa le go pateletsa dikotlhao tsa tsamaiso; go tlamela mabapi le tshireletso le tsewletso ya ditshwanelo mo lephateng la ditshelete jaaka go tlhagisitswe mo Molaotheong; go tlhoma Khansele ya Ombud le go e naya dithata mabapi le dikema tsa ombud; go tlamela mabapi le tshireletso ya kuno ya ditshelete le batlamedi ba ditirelo tsa ditshelete ke, dikema tse di maleba tsa ombud; go tlhoma Lekgotla la Ditirelo tsa Ditshelete jaaka lekgotla le le ikemetseng le go le naya dithata tsa go sekasekagape ditshwetso tsa balaodi ba lephata la ditshelete, Khansele ya Ombud le dithulaganyetso tse di rileng tsa popegotheo ya mmaraka; go tlhoma rejisetara ya Tshedimosetso ya Lephata la Ditshelete le go dira kabelo ya go dira ga yona; go tlamela ka dithulaganyo tsa go arogana tshedimosetso; go tlhama ditlolo; go tlamela ka dithata tsa go dira melawana ga Tona; go tlhabolola le go phimola melao e e rileng ya lephata la ditshelete; go dira dikabelo tsa kgabaganyo le ditshomarelo; le go tlamela mabapi le merero e e amanang le ona.

THULAGANYO YA DIKAROLO

KGAOLO 1

TLHALOSO, MAITLHOMO LE TSAMAISO YA MOLAO ONO

Karolo 1

Tlhaloso

1. Ditlhaloso

2. Dikuno tsa ditshelete

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GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

3. Financial services

4. Financial stability

5. Responsible authorities

6. Financial institutions that are juristic persons

Part 2 Object and administration of Act

7. Object of Act

8. Administration of Act

Part 3 Application of other legislation

9. Inconsistencies between Act and other financial sector laws

10. Application of other legislation

CHAPTER 2 FINANCIAL STABILITY

Part 1 Powers and functions of Reserve Bank

11. Responsibility for financial stability

12. Monitoring of risks by Reserve Bank

13. Financial stability review

Part 2 Managing systemic events and risks in relation to systemic events

14. Determination of systemic events

15. Functions of Reserve Bank in relation to systemic events

16. Information to Minister

17. Responsibilities of financial sector regulators

18. Directives to financial sector regulators

19. Exercise of powers by other organs of state

Part 3 Financial Stability Oversight Committee

20. Establishment of Financial Stability Oversight Committee

21. Functions of Financial Stability Oversight Committee

22. Membership

23. Administrative support by Reserve Bank

24. Meetings and procedure

Part 4 Financial Sector Contingency Forum

25. Financial Sector Contingency Forum

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GOVERNMENT GAZETTE, 22 AUGUST 2017

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Nmr 9 ya 2017

3. Ditirelo tsa ditshelete

4. Tlhomamo ya ditshelete

5. Bothati jo bo rwalang maikarabelo

6. Ditheo tsa ditshelete tseo e leng ditheo tsa molao

Karolo 2

Maitlhomo le tsamaiso ya Molao

7. Maitlhomo a Molao

8. Tsamaiso ya Molao

Karolo 3

Tiragatso ya molao o mongwe

9. Go sa tlhomamang magareng ga Molao le melao e mengwe ya lephata la ditshelete

10. Tiragatso ya molawana o mongwe

KGAOLO 2

TLHOMAMO YA DITŠHELETE

Karolo 1

Dithata le ditiro tsa Banka ya Resefe

11. Maikarabelo a tlhomamo ya ditshelete

12. Go lekolwa ga dikotsi ke Banka ya Resefe

13. Thadiso ya tlhomamo ya ditshelete

Karolo 2

Go laola ditiragalo tse di rulaganeng le dikotsi mabapi le ditiragalo tse di rulaganeng

14. Tlhomamiso ya ditiragalo tse di rulaganeng

15. Ditiro tsa Banka ya Resefe mabapi le ditiragalo tse di rulaganeng

16. Tshedimosetso go Tona

17. Maikarabelo a balaodi ba lephata la ditshelete

18. Ditaelo go balaodi ba lephata la ditshelete

19. Tiragatso ya dithata ka maphata a mangwe a puso

Karolo 3

Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete

20. Go tlhongwa ga Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete

21. Ditiro tsa Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete

22. Boloko

23. Tshegetso ya tsamaiso ka Banka ya Resefe

24. Dikopano le tsamaiso

Karolo 4

Foramo ya Tshoganyetso ya Lephata la Ditshelete

25. Foramo ya Tshoganyetso ya Lephata la Ditshelete

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No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

Part 5 Roles of financial sector regulators and other organs of state in maintaining financial stability

26. Co-operation among Reserve Bank and financial sector regulators in relation to financial stability

27. Memoranda of understanding relating to financial stability

28. Roles of other organs of state in relation to financial stability

Part 6 Systemically important financial institutions

29. Designation of systemically important financial institutions

30. Prudential standards and regulator's directives in respect of systemically important financial institutions

31. Winding-up and similar steps in respect of systemically important financial institutions

CHAPTER 3 PRUDENTIAL AUTHORITY

Part 1 Establishment, objective and functions

32. Establishment

33. Objective

34. Functions

Part 2 Governance

35. Overall governance objective

36. Appointment of Chief Executive Officer

37. Role of Chief Executive Officer

38. Term of office of Chief Executive Officer

39. Removal of Chief Executive Officer

40. Acting Chief Executive Officer

41. Establishment of Prudential Committee

42. Role of Prudential Committee

43. Meetings of Prudential Committee

44. Decisions of Prudential Committee

45. Governance and other subcommittees

46. Duties of members of Prudential Committee and members of subcommittees

47. Regulatory strategy

48. Delegations

49. Disclosure of interests

Part 3 Staff, resources and financial management

50. Staff and resources

51. Resources provided by Reserve Bank

52. Duties of staff members

53. Financial management duties of Chief Executive Officer

54. Information by Chief Executive Officer

55. Annual reports and financial accounts

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Karolo 5

Botsayakarolo jwa balaodi ba lephata la ditshelete le maphata a mangwe a puso mo go tshegetseng tlhomamo ya ditshelete

26. Tirisanommogo magareng ga Banka ya Resefe le balaodi ba lephata la ditshelete mabapi le tlhomamo ya ditshelete

27. Memorantamo wa tumalano o o mabapi le tlhomamo ya ditshelete

28. Botsayakarolo jwa maphata a mangwe a puso mabapi le tlhomamo ya ditshelete

Karolo 6

Ditheo tsa ditshelete tse di botlhokwa tse di rulaganeng

29. Tshupo ya ditheo tsa ditshelete tse di botlhokwa tse di rulaganeng

30. Maemo a a botlhokwa le ditaelo tsa bolaodi mabapi le ditheo tsa ditshelete tse di botlhokwa tse di rulaganeng

31. Go swetsa le dikgato tse di tshwanang mabapi le ditheo tsa ditshelete tse di botlhokwa tse di rulaganeng

KGAOLO 3

BOTHATI JWA TLHOKOMELO

Karolo 1

Go tlhongwa, maitlhomo le ditiro

32. Go tlhongwa

33. Maitlhomo

34. Ditiro

Karolo 2

Puso

35. Maitlhomo ka kakaretso a puso

36. Go thapiwa ga Motlhankedimogolo wa Khuduthamaga

37. Botsayakarolo jwa Motlhankedimogolo wa Khuduthamaga

38. Paka ya Tiro ya Motlhankedimogolo wa Khuduthamaga

39. Go tloswa ga Motlhankedimogolo wa Khuduthamaga

40. Motlhankedimogolo wa Khuduthamaga wa nama-o-tshwere

41. Go tlhongwa ga Komiti ya Tlhokomelo

42. Botsayakarolo jwa Komiti ya Tlhokomelo

43. Dikopano tsa Komiti ya Tlhokomelo

44. Ditshwetso tsa Komiti ya Tlhokomelo

45. Puso le dikomititaleletso tse dingwe

46. Ditiro tsa maloko a Komiti ya Tlhokomelo le maloko a dikomititaleletso

47. Leano la bolaodi

48. Ditholelo

49. Tshenolo ya dikgatlhegelo

Karolo 3

Badiri, ditlamelo le taolo ya ditshelete

50. Badiri le ditlamelo

51. Ditlamelo tse di tlamelwang ke Banka ya Resefe

52. Ditiro tsa maloko a badiri

53. Ditiro tsa taolo ya ditshelete tsa Motlhankedimogolo wa Khuduthamaga

54. Tshedimosetso ka Motlhankedimogolo wa Khuduthamaga

55. Dipegelo tsa ngwaga le diakhaonto tsa ditshelete

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8 No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

CHAPTER 4 FINANCIAL SECTOR CONDUCT AUTHORITY

Part 1

Establishment, objective and functions

56. Establishment

57. Objective

58. Functions

Part 2

Governance

59. Overall governance objective

60. Establishment and role of Executive Committee

61. Commissioner and Deputy Commissioners

62. Roles of Commissioner and Deputy Commissioners

63. Terms of office

64. Service conditions

65. Removal from office

66. Meetings of Executive Committee

67. Decisions of Executive Committee

68. Governance and other subcommittees

69. Duties of Commissioner, Deputy Commissioners and other subcommittee members

70. Regulatory strategy

71. Delegations

72. Disclosure of interests

Part 3

Staff and resources

73. Staff and resources

74. Duties of staff members

75. Information by Commissioner

CHAPTER 5 CO-OPERATION AND COLLABORATION

Part 1

Co-operation and collaboration

76. Co-operation and collaboration between financial sector regulators and Reserve Bank

77. Memoranda of understanding

78. Other organs of state

Part 2

Financial System Council of Regulators

79. Financial System Council of Regulators

80. Meetings

81. Working groups and subcommittees

82. Support for Financial System Council of Regulators

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KGAOLO 4

BOTHATI JWA BOITSHWARO JWA LEPHATA LA DITŠHELETE

Karolo 1

#### Tlhomo, maitlhomo le ditiro

56. Tlhomo

57. Maitlhomo

58. Ditiro

Karolo 2

#### Puso

59. Maitlhomo ka kakaretso a puso

60. Tlhomo le botsayakarolo jwa Komitikhuduthamaga

61. Khomišenara le Batlatsakhomišenara

62. Botsayakarolo jwa Khomišenara le Batlatsakhomišenara

63. Paka ya tiro

64. Mabaka a tirelo

65. Go tloswa mo tirong

66. Dikopano tsa Komitikhuduthamaga

67. Ditshwetso tsa Komitikhuduthamaga

68. Puso le dikomititlaleletso tse dingwe

69. Ditiro tsa Khomišhenara, Batlatsakhomišenara le maloko a mangwe a komititlaleletso

70. Leano la bolaodi

71. Ditholelo

72. Tshenolo ya dikgatlhegelo

Karolo 3

#### Badiri le ditlamelo

73. Badiri le ditlamelo

74. Ditiro tsa maloko a badirimmogo

75. Tshedimosetso ka Khomišenara

KGAOLO 5

TIRISANOMMOGO LE KOPANO

Karolo 1

#### Tirisanommogo le kopano

76. Tirisanommogo le kopano magareng ga balaodi ba lephata la ditšhelete le Banka ya Resefe

77. Memorantamo wa tumalano

78. Maphata a mangwe a puso

Karolo 2

#### Khansele ya Balaodi ba Thulaganyo ya Ditshelete

79. Khansele ya Balaodi ba Thulaganyo ya Ditshelete

80. Dikopano

81. Ditlhopha tse di dirang le dikomititlaleletso

82. Tshegetso ya Khansele ya Balaodi ba Thulaganyo ya Ditshelete

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GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

Part 3 Financial Sector Inter-Ministerial Council

83. Financial Sector Inter-Ministerial Council

84. Meetings

85. Protection for financial customers in terms of financial sector laws, National Credit Act and Consumer Protection Act

86. Independent evaluation of effectiveness of co-operation and collaboration

CHAPTER 6 ADMINISTRATIVE ACTIONS

Part 1 Administrative action committees

87. Establishment and membership

88. Terms of membership

89. Meetings

90. Application of Part to Ombud Council

Part 2 Administrative justice

91. Applicability of Promotion of Administrative Justice Act to administrative action by financial sector regulators

92. Procedures for specific administrative action in terms of Act

93. Processes for determining or amending administrative action procedures

94. Review of administrative action procedures

95. Revocation of decisions

96. Interpretation

CHAPTER 7 REGULATORY INSTRUMENTS

Part 1 Regulatory instruments

97. Interpretation

98. Process for making regulatory instruments

99. Substantially different regulatory instrument

100. Urgent regulatory instruments

101. Part does not limit other consultation

102. Making, publication and commencement of regulatory instruments

103. Submission of regulatory instruments to Parliament

104. Reports on consultation processes

Part 2 Standards

105. Prudential standards

106. Conduct standards

107. Joint standards

108. Additional matters for making standards

109. Standards requiring concurrence of Reserve Bank

110. General

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Karolo 3

Khansele ya Ditona ya Lephata la Ditshelete

83. Khansele ya Ditona ya Lephata la Ditshelete

84. Dikopano

85. Tshireletso ya barekedi ba ditshelete go ya ka melao ya lephata la ditshelete, Molao wa Bosetshaba wa Sekoloto le Consumer Protection Act

86. Tekanyetso e e ikemetseng ya nonofo ya tirisanommogo le kopano

KGAOLO 6

DITIRO TSA TSAMAISO

Karolo 1

Dikomiti tsa tiro ya tsamaiso

87. Go tlhongwa le botokololo

88. Dipeelo tsa botokololo

89. Dikopano

90. Tiriso ya Karolo go Khansele ya Ombud

Karolo 2

Bosiamisi jwa tsamaiso

91. Tirego ya Promotion of Administrative Justice Act go tiro ya tsamaiso ka balaodi ba lephata la ditshelete

92. Ditsamaiso mabapi le tiro ya tsamaiso e e tsepameng go ya ka Molao

93. Dikgato tsa go tlhomamisa kgotsa go tlhabololaditsamaiso tsa tiro ya tsamaiso

94. Thadiso ya ditsamaiso tsa kgato ya tsamaiso

95. Kgogelomorago ya ditshwetso

96. Tlhaloso

KGAOLO 7

DIDIRISWA TSA BOLAODI

Karolo 1

Didiriswa tsa bolaodi

97. Tlhaloso

98. Dikgato tsa go dira didiriswa tsa bolaodi

99. Didiriswa tsa bolaodi tsa pharologano e kgolo

100. Didiriswa tsa bolaodi tsa potlako

101. Karolo ga e lekanyetse ditherisano tse dingwe

102. Go dirwa, go phasalatswa le tshimololo ya didiriswa tsa bolaodi

103. Thomelo ya didiriswa tsa bolaodi kwa Palamenteng

104. Dipegelo ka ga dikgato tsa therisano

Karolo 2

Maemo

105. Maemo a tlhokomelo

106. Maemo a boitshwar

107. Maemo a a kopantsweng

108. Merero ya tlaleletso ya go dira maemo

109. Maemo a a tlhokang tumelelo ya Banka ya Resefe

110. Kakaretso

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GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

CHAPTER 8 LICENSING

Part 1

#### Licensing requirements

111. Licence requirement in respect of providers of financial products and financial services, and market infrastructures

Part 2

#### Licences required in terms of section 111(1)(b) or (2) or section 162

112. Interpretation

113. Power to grant licences

114. Request for further information or documents by responsible authority

115. Relevant matters for application for licence

116. Determination of applications

117. Reporting obligations of licensee

118. Licences not transferable

119. Variation of licences

120. Suspension of licences

121. Revocation of licences

122. Continuation of licensed activity despite suspension or revocation of licence

123. Procedure for varying, suspending and revoking licences

124. Applications for licences

Part 3

#### Provisions relating to all licences under financial sector laws

125. Application

126. Concurrence of financial sector regulators on licensing matters

127. Compulsory disclosure of licences

128. Publication

CHAPTER 9 INFORMATION GATHERING, SUPERVISORY ON-SITE INSPECTIONS AND INVESTIGATIONS

Part 1

#### Application and interpretation

129. Application and interpretation of Chapter

130. Legal professional privilege

Part 2

#### Information gathering

131. Information gathering

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KGAOLO 8

KABO YA LAESENSE

Karolo 1

#### Dithokego tsa kabo ya laesense

111. Tlhokego ya laesense mabapi le batlamedi ba dikuno tsa ditshelete, ditirelo tsa ditshelete le dithulaganyetso tsa popegotheo ya mebaraka

Karolo 2

#### Dilaesense tse di tlhokegang go ya ka karolo 111(1)(b) kgotsa (2) kgotsa karolo 162

112. Tlhaloso

113. Thata ya go aba dilaesense

114. Kopo ya tshedimosetso e nngwe kgotsa dikwalo ka bothati jo bo rweleng maikarabelo

115. Merero e e maleba ya go dira kopo ya laesense

116. Tlhomamiso ya dikopo

117. Go bega ditlamego tsa moabelwalaesense

118. Dilaesense tse di sa sutisiweng

119. Pharologantsho ya dilaesense

120. Kemiso ya dilaesense

121. Phediso ya dilaesense

122. Go tswela pele ga tiro e e abetsweng laesense go sa kgathalesege tshekego kgotsa phediso ya laesense

123. Tsamaiso mabapi le go farologanya, go sekega le go fedisa dilaesense

124. Go dira kopo ya laesense

Karolo 3

#### Dikabelo tse di amanang le dilaesense tsotlhe tse di ka fa tlase ga melao ya lephata la ditshelete

125. Tiragatso

126. Tumalano ya balaodi ba lephata la ditshelete ka ga merero ya kabo ya laesense

127. Tshenolo ya pateletso ya dilaesense

128. Phasalatso

KGAOLO 9

KGOBOKANYO YA TSHEDIMOSETSO, DITLHATLHOBO TSA BOTLHOKOMEDI TSA KWA TIRONG LE DIPATLISISO

Karolo 1

#### Tiragatso le tlhaloso

129. Tiragatso le tlhaloso ya Kgaolo

130. Tshwanelo ya badiredi ba tsa molao

Karolo 2

#### Kgobokanyo ya tshedimosetso

131. Kgobokanyo ya tshedimosetso

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GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

Part 3 Supervisory on-site inspections

132. Powers to conduct supervisory on-site inspections

133. Interference with supervisory on-site inspections

Part 4 Investigations

134. Investigators

135. Powers to conduct investigations

136. Powers of investigators to question and require production of documents or other items

137. Powers of investigators to enter and search premises

138. Warrants

139. Interference with investigations

Part 5 Protections

140. Protections

CHAPTER 10 ENFORCEMENT

Part 1 Guidance notices and interpretation rulings

141. Guidance notices

142. Interpretation rulings

Part 2 Directives by financial sector regulators

143. Directives by Prudential Authority

144. Directives by Financial Sector Conduct Authority

145. Removal of person from position

146. Consultation requirements

147. Period for compliance

148. Revoking directives

149. Compliance with directives

150. Application and interpretation

Part 3 Enforceable undertakings

151. Enforceable undertakings

Part 4 Court orders

152. Compliance with financial sector laws

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Nmr 9 ya 2017

Karolo 3

Ditlhathobo tsa botlhokomedi kwa tirong

132. Dithata tsa go dira ditlhathobo tsa botlhokomedi kwa tirong

133. Go itshunyatshunya mo ditlhathobong tsa botlhokomedi kwa tirong

Karolo 4

Dipatlisiso

134. Babatlisisi

135. Dithata tsa go dira dipatlisiso

136. Dithata tsa babatlisisi tsa go botsolotsa le go kopa go tlhagiswa ga makwalo kgotsa dintlha tse dingwe

137. Dithata tsa babatlisisi tsa go tsena le go phuruphutsa mo mafelong

138. Dithebolelo

139. Go itshunyatshunya mo dipatlisisong

Karolo 5

Ditshireletso

140. Ditshireletso

KGAOLO 10

KGATELELO

Karolo 1

Dikitsiso tsa kaelo le ditshwetso tsa tlhaloso

141. Dikitsiso tsa kaelo

142. Ditshwetso tsa tlhaloso

Karolo 2

Ditaelo tsa balaodi ba lephata la ditshelete

143. Ditaelo ka Bothati jwa Tlhokomelo

144. Ditaelo ka Bothati jwa Boitshvaro jwa Lephata la Ditshelete

145. Go ntshiwa ga batho mo maemong

146. Ditlhokego tsa ditherisano

147. Paka ya go ikamanya

148. Kgogelomorago ya ditaelo

149. Boikamanyo le ditaelo

150. Tiragatso le tlhaloso

Karolo 3

Ditumalano tse di gatelelwang

151. Ditumalano tse di gatelelwang

Karolo 4

Ditaelo tsa Kgotlatshekelo

152. Go ikamanya le melao ya lephata la ditshelete

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Page 16

16 No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

Part 5 Debarment

153. Debarment

154. Consultation requirements

155. Where person cannot be located

Part 6 Leniency agreements

156. Leniency agreements

CHAPTER 11 SIGNIFICANT OWNERS

Part 1 Significant owners

157. Significant owners

158. Approvals and notifications relating to significant owners

159. Standards in respect of, and regulator’s directives to, significant owners

CHAPTER 12 FINANCIAL CONGLOMERATES

Financial conglomerates

160. Designation of financial conglomerates

161. Notification by eligible financial institution

162. Licensing requirements for holding companies of financial conglomerates

163. Non-operating holding companies of financial conglomerates

164. Standards for financial conglomerates

165. Directives to holding companies

166. Approval and prior notification of acquisitions and disposals

CHAPTER 13 ADMINISTRATIVE PENALTIES

167. Administrative penalties

168. Payment

169. Interest

170. Enforcement

171. Application of amounts paid as administrative penalties

172. Administrative penalty taken into account in sentencing

173. Remission of administrative penalties

174. Prohibition of indemnity for administrative penalties

CHAPTER 14 OMBUDS

Part 1 Ombud Council

175. Ombud Council

176. Objective

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Page 17

GOVERNMENT GAZETTE, 22 AUGUST 2017

No. 41060 17

Molao wa Taolo ya Lephata la Ditshelete , 2017

Nmr 9 ya 2017

Karolo 5

Kganelo

153. Kganelo

154. Ditlhokego tsa therisano

155. Fa motho a sa kgone go fitlhelelwa

Karolo 6

Ditumalano tsa kutlwelobotlhoko

156. Ditumalano tsa kutlwelobotlhoko

KGAOLO 11

BENG BA BA BOTLHOKWA

Karolo 1

Beng ba ba botlokwa

157. Beng ba ba botlhokwa

158. Dithebolo le dikitsiso tse di amanang le beng ba ba botlhokwa

159. Maemo mabapi le, le ditaelo tsa molaodi go, beng ba ba botlhokwa

KGAOLO 12

DITHEO TSA DITŠHELETE TSE DI KOPANENG

Ditheo tsa ditšhelete tse di kopaneng

160. Go tlhongwa ga ditheo tsa ditšhelete tse di kopaneng

161. Kitsiso ka setheo sa ditšhelete se se matshwanedi

162. Tlhokego ya kabo ya laesense go dikgwebo tse di okameng tse dingwe tsa ditheo tsa ditšhelete tse di kopaneng

163. Dikgwebo tse di okameng tse dingwe tse di sa direng tsa ditheo tsa ditšhelete tse di kopaneng

164. Maemo a ditheo tsa ditšhelete tse di kopaneng

165. Ditaelo go dikgwebo tse di okameng tse dingwe

166. Thebolo le kitsiso ya pele ya diphitlhelelo le dilatlhwa

KGAOLO 13

DIKOTLHAO TSA TSAMAISO

167. Dikotlhao tsa tsamaiso

168. Tuelo

169. Morokotso

170. Kgatelelo

171. Tiriso ya madi a a duetsweng jaaka dikotlhao tsa tsamaiso

172. Kotlhao ya tsamaiso e e tserweng tsia mo katlholong

173. Tebalelo melato ya dikotlhao tsa tsamaiso

174. Thibelo ya polokego mabapi le dikotlhao tsa tsamaiso

KGAOLO 14

OMBUDS

Karolo 1

Khansele ya Ombud

175. Khansele ya Ombud

176. Maitlhomo

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Page 18

No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

177. Functions of Ombud Council

178. Overall governance objective

179. Board of Ombud Council

180. Appointment of Board members

181. Terms of office of Board members

182. Service conditions of Board members

183. Removal of Board members

184. Role of Board

185. Meetings of Board

186. Decisions of Board

187. Governance and other committees of Ombud Council

188. Chief Ombud

189. Duties of Board members

190. Delegations

191. Staff and resources

192. Duties of staff members

193. Disclosure of interests

Part 2

Recognition of industry ombud schemes

194. Recognition of industry ombud schemes

195. Requirement for further information or documents by Ombud Council

196. Determination of applications

197. Varying conditions

198. Suspension of recognition

199. Revocation of recognition

200. Procedure for varying, suspending and revoking recognition

Part 3

Powers of Ombud Council

201. Ombud Council rules

202. Directives of Ombud Council

203. Enforceable undertakings

204. Compliance with financial sector laws

205. Debarment

206. Administrative penalties

207. Requests for information

208. Supervisory on-site inspections and investigations

Part 4

General provisions

209. Access to ombud schemes

210. Restrictions on financial institutions in relation to ombud schemes

211. Applicable ombud schemes

212. Overlaps between ombud schemes

213. Collaboration between ombuds and ombud schemes

214. Governing rules of recognised industry ombud scheme

215. Obligation to comply with governing rules of recognised industry ombud schemes

216. Suspension of time barring terms

217. Reporting

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Page 19

GOVERNMENT GAZETTE, 22 AUGUST 2017

No. 41060 19

Molao wa Taolo ya Lephata la Ditshelete , 2017

Nmr 9 ya 2017

177. Ditiro tsa Khansele ya Ombud

178. Maitlhomo ka kakaretso a puso

179. Boto ya Khansele ya Ombud

180. Go thapiwa ga maloko a Boto

181. Paka ya ofisi ya maloko a Boto

182. Mabaka a tirelo ya maloko a Boto

183. Go tloswa ga maloko a Boto

184. Botsayakarolo jwa Boto

185. Dikopano tsa Boto

186. Ditshwetso tsa Boto

187. Puso le dikomiti tse dingwe tsa Khansele ya Ombud

188. Ombud yo mogolo

189. Ditiro tsa maloko a Boto

190. Ditholelo

191. Badiri le ditlamelwana

192. Ditiro tsa maloko a badiri

193. Tshenolo ya dikgatlhegelo

Karolo 2

Kamogelo ya dikema tsa ombud wa madirelo

194. Kamogelo ya dikema tsa ombud wa madirelo

195. Ditlhokego tsa tshedimosetso e nngwe kgotsa makwalo ka Khansele ya Ombud

196. Tlhomamiso ya ditiriso

197. Mabaka a a farologanang

198. Kemiso ya kamogelo

199. Kgogelomorago ya kamogelo

200. Tsamaiso ya pharologantsho, tshekego le kgogelomorago ya kamogelo

Karolo 3

Dithata tsa Khansele ya Ombud

201. Melao ya Khansele ya Ombud

202. Ditaelo tsa Khansele ya Ombud

203. Ditumalano tse di gatelelwang

204. Boikamanyo le melao ya lephata la ditshelete

205. Kganelo

206. Dikotlhao tsa tsamaiso

207. Dikopo tsa tshedimosetso

208. Ditlhatlhobo tsa botlhokomedi tsa kwa tirong le dipatlisiso

Karolo 4

Dikabelo ka kakaretso

209. Phitlhelelo ya dikema tsa ombud

210. Dithibelo mo ditheong tsa ditshelete mabapi le dikema tsa ombud

211. Dikema tsa ombud tse di diriswang

212. Ditshelepano magareng ga ombud le dikema tsa ombud

213. Tirisanommogo magareng ga ombuds le dikema tsa ombud

214. Melawana e e laolang ya sekema se se amogelsegang sa bodirelo jwa ombud

215. Tlamego ya go ikamanya le melawana e e laolang ya dikema tse di amogelsegang tsa bodirelo jwa ombud

216. Tshekego ya dipeelo tse di beilweng tsa nako

217. Go bega

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Page 20

No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

CHAPTER 15 FINANCIAL SERVICES TRIBUNAL

Part 1

#### Interpretation

218. Definitions

Part 2

#### Financial Services Tribunal

219. Establishment and function of Financial Services Tribunal

220. Members of Tribunal

221. Term of office and termination of membership

222. Staff and resources

223. Duties of staff members

224. Panels of Tribunal

225. Panel list

226. Disclosure of interests

227. Tribunal rules

Part 3

#### Right to reasons for decisions

228. Right to be informed

229. Right to reasons for decisions

Part 4

#### Reconsideration of decisions

230. Applications for reconsideration of decisions

231. Decision of Tribunal not suspended

232. Proceedings for reconsideration of decisions

233. Decisions of panels

234. Tribunal orders

235. Judicial review of Tribunal orders

236. Enforcement of Tribunal orders

CHAPTER 16 FEES, LEVIES AND FINANCES

Part 1

#### Fees and levies

237. Fees and levies

238. Fees and levies to be debts

239. Budget, fees and levies proposals

240. Consultation requirements

241. Determinations of information required for assessment of levy

242. Assessments of levy

243. Payment of fee or levy by instalments

244. Interest on late or non-payment of fees and levies

245. Exemption from fee

246. Management of fees and levies

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Page 21

GOVERNMENT GAZETTE, 22 AUGUST 2017

No. 41060 21

Molao wa Taolo ya Lephata la Ditshelete, 2017

Nmr 9 ya 2017

KGAOLO 15

LEKGOTLA LA DITIRELO TSA DITŠHELETE

**Karolo 1**

**Tlhaloso**

218. Ditlhaloso

**Karolo 2**

**Lekgotla la Ditirelo tsa Ditshelete**

219. Go tlhongwa le tiro ya Lekgotla la Ditirelo tsa Ditshelete

220. Maloko a Lekgotla

221. Paka ya tiro le khutliso ya boloko

222. Badiri le ditlamelo

223. Ditiro tsa badiri

224. Dipanele tsa Lekgotla

225. Lenane la panele

226. Tshenolo ya dikgatlhego

227. Melawana ya Lekgotla

**Karolo 3**

**Tshwanelo ya mabaka a ditshwetso**

228. Tshwanelo ya go itsisiwe

229. Tshwanelo ya mabaka a ditshwetso

**Karolo 4**

**Tshekatshekopoeletso ya ditshwetso**

230. Dikopo mabapi le tshekatshekopoeletso ya ditshwetso

231. Tshwetso ya Lekgotla e e sa sekegwang

232. Ditsamaiso tsa tshekatshekopoeletso ya ditshwetso

233. Ditshwetso tsa panele

234. Ditaelo tsa Lekgotla

235. Tshekatsheko ya katlholo ya ditaelo tsa Lekgotla

236. Kgatelelo ya ditaelo tsa Lekgotla

KGAOLO 16

DITUEDISO, MAKGETHWANA, LE DITŠHELETE

**Karolo 1**

**Dituediso le Makgethwana**

237. Dituediso le makgethwana

238. Dituediso le makgethwana tse di nnang molato

239. Ditshitsinyo tsa tekanyetsokabo, dituediso le makgethwana

240. Ditlhokego tsa therisano

241. Ditlhomamiso tsa tshedimosetso e e tlhokegang mabapi le tshekatsheko ya lekgethwana

242. Tshekatsheko ya lekgethwana

243. Tuelelo ya tuediso kgotsa lekgethwana ka dikarolotuelo

244. Morokotso mo tuelong e e thari kgotsa e e sa dirwang le makgethwana

245. Kgololo mo go dueleng

246. Taolo ya dituediso le makgethwana

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Page 22

No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

Part 2 Finances

247. Finances of financial sector bodies

Part 3

Budgeting, accounting, auditing and financial reporting

248. Budgeting, accounting, auditing and financial reporting

Part 4 Application of Chapter to Tribunal

249. Application of Chapter to Tribunal

CHAPTER 17 MISCELLANEOUS

Part 1 Information sharing and reporting

250. Designated authority

251. Information sharing

252. Reporting by auditors to financial sector regulators

253. Reporting to financial sector regulators

254. Prohibition of victimisation

255. Protected disclosures

Part 2 Financial Sector Information Register

256. Establishment and operation of Financial Sector Information Register

257. Purpose of Register

258. Content of Register

259. Keeping of Register

260. Requirements for registered documents

261. Status of Register and judicial notice

262. Extracts from Register regarding licence status

263. Rectification of Register

264. Delegations by Director-General

Part 3 Offences and penalties

265. Duties of members and staff of certain bodies

266. Licensing

267. Requests for information, supervisory on-site inspections and investigations

268. Enforcement

269. Administrative penalties

270. Ombud schemes

271. Proceedings in Tribunal

272. Miscellaneous

273. False or misleading information

274. Accounts and records

275. False assertion of connection with financial sector regulator

276. Liability in relation to juristic persons

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Page 23

GOVERNMENT GAZETTE, 22 AUGUST 2017

No. 41060 23

Molao wa Taolo ya Lephata la Ditshelete , 2017

Nmr 9 ya 2017

Karolo 2

Matlotlo

247. Matlotlo a mekgatlho ya lephata la ditshelete

Karolo 3

Go dira tekanyetsokabo, tshupo ya matlotlo, boruni le pegelo ya tsa ditshelete

248. Go dira tekanyetsokabo, tshupo ya matlotlo, boruni le pegelo ya tsa ditshelete

Karolo 4

Tiragatso ya Kgaolo mo Lekgotleng

249. Tiragatso ya Kgaolo mo Lekgotleng

KGAOLO 17

TSELE LE TSELE

Karolo 1

Karogano ya tshedimosetso le go bega

250. Bothati jo bo thapilweng

251. Karogano ya tshedimosetso

252. Pegelo ka baruni go balaodi ba lephata la ditshelete

253. Pegelo go balaodi ba lephata la ditshelete

254. Thibelo ya tirisobotlhaswa

255. Ditshenolo tse di sireleditsweng

Karolo 2

Rejisetara ya Tshedimosetso ya Lephata la Ditshelete

256. Go tlhongwa le tiro ya Rejisetara ya Tshedimosetso ya Lephata la Ditshelete

257. Maitlhomo a Rejisetara

258. Diteng tsa Rejisetara

259. Go tsholwa ga Rejisetara

260. Ditlhokego tsa makwalo a a kwadisitsweng

261. Maemo a Rejisetara le kitsiso ya boatlhodi

262. Dintshwa Rejisetareng mabapi le maemo a laesense

263. Paakanyo ya Rejisetara

264. Ditholelo ka Mokaedikakaretso

Karolo 3

Melato le dikotlhao

265. Ditiro tsa maloko le badiri ba mekgatlho e e rileng

266. Kabo ya dilaesense

267. Dikopo tsa tshedimosetso, tlhatlhobo ya botlhokomedi kwa tirong le dipatlisiso

268. Kgatelelo

269. Dikotlhao tsa tsamaiso

270. Dikema tsa ombud

271. Ditsamaiso tsa Lekgotla

272. Tsele le tsele

273. Tshedimosetso e e fosagetseng kgotsa e e timetsang

274. Diakhaonto le direkoto

275. Tlhagiso e e fosagetseng ya kamano le bolaodi jwa lephata la ditshelete

276. Melato e e amanang le ditheo

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Page 24

24 No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

Part 4 General matters

277. Complaints

278. Compensation for contraventions of financial sector laws

279. Extension of period for compliance

280. Conditions of licences

281. Exemptions

282. Requirements for notification and concurrence

283. Arrangements for engagements with stakeholders

284. Records and entries in books of account admissible in evidence

285. Immunities

286. Notices to licensees

287. Publication requirements in financial sector laws

Part 5 Regulations and guidelines

288. Regulations and guidelines

Part 6 Amendments, repeals, transitional and saving provisions

289. Interpretation

290. Amendments and repeals

291. Transitional provision in relation to medical schemes

292. Transitional prudential powers of Financial Sector Conduct Authority

293. Transfer of assets and liabilities of Financial Services Board

294. Transfer of staff of Financial Services Board

295. Annual reports

296. Inspections and investigations

297. Co-operation agreements with foreign agencies

298. Enforcement Committee and Appeal Board

299. Right of appeal of Financial Services Board decisions

300. Pending proceedings

301. Savings of approvals, consents, registrations and other acts

302. Levy

303. Chief Actuary

304. Additional transitional arrangements

Part 7 Short title and commencement

305. Short title and commencement

SCHEDULE 1

FINANCIAL SECTOR LAWS

SCHEDULE 2

RESPONSIBLE AUTHORITIES

SCHEDULE 3

DOCUMENTS TO BE PUBLISHED IN REGISTER

SCHEDULE 4

AMENDMENTS AND REPEALS

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Page 25

GOVERNMENT GAZETTE, 22 AUGUST 2017

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Molao wa Taolo ya Lephata la Ditshelete, 2017

Nmr 9 ya 2017

Karolo 4

Merero ya kakaretso

277. Dingongorego

278. Tuelo ya ditlolomelao tsa lephata la ditshelete

279. Katoloso ya paka ya go ikamanya

280. Mabaka a dilaesense

281. Dikgololo

282. Ditlhokego tsa kitsiso le tumalano

283. Dithulaganyo mabapi le ditherisano le batsayakarolo

284. Direkoto le dikwadiso mo dibukeng tsa go rwala maikarabelo a a amogelwang jaaka bopaki

285. Dikgololo

286. Diitsiso go baabelwadilaesense

287. Ditlhokego tsa phasalatso mo melaong ya lephata la ditshelete

Karolo 5

Melawana le dikaelo

288. Melawana le dikaelo

Karolo 6

Ditlhabololo, diphediso, dikabelo tsa kgabaganyo le tshomarelo

289. Tlhaloso

290. Ditlhabololo le diphediso

291. Kabelo ya kgabaganyo mabapi le dikema tsa kalafo

292. Dithata tsa kgabaganyo tsa tlhokomelo ya Bothati jwa Boitshwaro jwa Lephata la Ditshelete

293. Tshutiso ya dithoto le melato ya Boto ya Ditirelo tsa Ditshelete

294. Tshutiso ya badiri ba Boto ya Ditirelo tsa Ditshelete

295. Dipegelo tsa ngwaga

296. Ditlhathobo le dipatlisiso

297. Ditumalano tsa tirisanommogo le dieijensi tsa kwa ntle

298. Komiti ya Kgatelelo le Boto ya Boikuelo

299. Tshwanelo ya go ikuela ya ditshwetso tsa Boto ya Ditirelo tsa Ditshelete

300. Ditsamaiso tse di letetsweng

301. Ditshomarelo tsa dithebolo, ditumelelo, dikwadiso le ditiro tse dingwe

302. Lekgethwana

303. Mogakolodimogolo

304. Dithulaganyeto tsa kgabaganyo tsa tlaleletso

Karolo 7

Setlhogo se se khutshwane le tshimologo

305. Setlhogo se se khutshwane le tshimologo

ŠEJULE 1 MELAO YA LEPHATA LA DITŠHELETE

ŠEJULE 2 BOTHATI JO BO RWALANG MAIKARABELO

ŠEJULE 3 MAKWALO A A TLA PHASALATSWANG MO REJISETARENG

ŠEJULE 4 DITLHABOLOLO LE DIPHEDISO

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Page 26

No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

BE IT ENACTED by the Parliament of the Republic of South Africa, as follows:—

CHAPTER 1 INTERPRETATION, OBJECT AND ADMINISTRATION OF ACT

Part 1 5

Interpretation

Definitions

1. (1) In this Act, unless the context indicates otherwise—

“administrative action” has the same meaning ascribed to it in terms of section 1 of the Promotion of Administrative Justice Act;

“administrative action committee” means a committee established in terms of section 87;

“administrative action procedure” means a procedure determined in terms of section 92;

“administrative penalty order” means an order in terms of section 167;

“Banks Act” means the Banks Act, 1990 (Act No. 94 of 1990);

“benchmark” means any index—

(a) by reference to which the amount payable under a financial instrument or a financial contract, or the value of a financial instrument, is determined; or

(b) that is used to measure the performance of an investment fund with the purpose of tracking the return of such index or of defining the asset allocation of a portfolio or of computing the performance fees;

“business document” means a document held by a person in connection with carrying on a business;

“business premises” means premises, including a building or a part of a building, used by a person for carrying on a business;

“Chairperson” means the person holding the office of the Chairperson of the Tribunal in terms of section 220(4), and includes a person acting as the Chairperson;

“Chief Executive Officer” means the Chief Executive Officer of the Prudential Authority appointed in terms of section 36(1), and includes a person acting as the Chief Executive Officer;

“Chief Ombud” means a person appointed as the Chief Ombud of the Ombud Council in terms of section 188;

“collective investment scheme” has the same meaning ascribed to it in terms of section 1 of the Collective Investments Schemes Control Act, 2002 (Act No. 45 of 2002);

“Commissioner”, in relation to the Financial Sector Conduct Authority, means the Commissioner of the Financial Sector Conduct Authority appointed in terms of section 61(1), and includes a person acting as the Commissioner;

“Companies Act” means the Companies Act, 2008 (Act No. 71 of 2008);

“company” has the same meaning ascribed to it in terms of section 1 of the Companies Act;

“Competition Commission” means the Competition Commission established in terms of section 19 of the Competition Act, 1998 (Act No. 89 of 1998);

“conduct standard” means a standard made in terms of section 106;

“Constitution” means the Constitution of the Republic of South Africa, 1996;

“Consumer Protection Act” means the Consumer Protection Act, 2008 (Act No. 68 of 2008);

“contractor” means a person with whom a financial institution has entered into an outsourcing arrangement but does not include an independent contractor as described in the definition of “staff member”;

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Page 27

GOVERNMENT GAZETTE, 22 AUGUST 2017

No. 41060 27

Molao wa Taolo ya Lephata la Ditshelete, 2017

Nmr 9 ya 2017

O TSENNGWE MO TAOLONG ke Palamente ya Rephaboliki ya Aforika Borwa, jaana:

KGAOLO 1

TLHALOSO, MAITLHOMO LE TSAMAISO YA MOLAO

Karolo 1

Tlhaloso

Ditlhaloso

1. (1) Mo Molaong ono, ntle le fa bokao bo tlhalosa ka mokgwa mongwe—

“tiro ya tsamaiso” e na le bokao jo bo tshwanang le jo e tlhalositsweng ka jona go ya ka karolo 1 ya Promotion of Administrative Justice Act;

“komiti ya tiro ya tsamaiso” e kaya komiti e e tlhomilweng go ya ka karolo 87;

“kgato ya tiro ya tsamaiso” e kaya kgato e e tlhomamisitsweng go ya ka karolo 92;

“taelo ya kotlhao ya tsamaiso” e kaya taelo go ya ka karolo 167;

“Banks Act” o kaya Banks Act, 1990 (Molao 94 wa 1990);

“kaelo” e kaya tshupanekelo nngwe le nngwe—

(a) ka tshupetso e mo go yona tuelo e e duelwang ka fa tlase ga sediriso sa ditshelete kgotsa konteraka ya ditshelete, kgotsa boleng jwa sediriso sa ditshelete, bo tlhomamiswang; kgotsa

(b) e e dirisetswang go lekanyetsa tiro ya letlole la peeletso ka maitlhomo a go sala morago motlhala wa poelo ya tshupanekelo eo kgotsa ya go tlhalosa kabo ya thoto ya photefolio kgotsa go tsenya tiragatso ya dituelelo mo khomputareng;

“lokwalo la kgwebo”, mabapi le motho, le kaya lokwalo le le tshwerweng ke motho mabapi le go tsweletsa pele kgwebo;

“mafelo a kgwebo” a kaya mafelo, go akaretsa le moago kgotsa karolo ya moago, e e diriswang ke motho go tsweletsa kgwebo pele;

“Modulasetilo” o kaya motho yo o mo ofising ya Modulasetilo wa Lekgotla go ya ka karolo 220(4), le go akaretsa nama-o-sa-tshwere wa Modulasetilo;

“Motlhankedimogolo wa Khuduthamaga” o kaya Motlhankedimogolo wa Khuduthamaga wa Bothati jwa Tlhokomelo yo o thapilweng go ya ka karolo 36(1), le go akaretsa nama-o-sa-tshwere wa Motlhankedimogolo wa Khuduthamaga;

“Ombud yo Mogolo” o kaya motho yo o thapilweng jaaka Ombud yo Mogolo wa Khansele ya Ombud go ya ka karolo 188;

“sekema sa peeletsommogo” se na le bokao jo bo tshwanang le jo se tlhalositsweng ka jona mo karolong 1 ya Collective Investments Schemes Control Act, 2002 (Molao 45 wa 2002);

“Khomišenara”, mabapi le Bothati jwa Boitshwaro jwa Lephata la Ditshelete, o kaya Khomišenara wa Bothati jwa Boitshwaro jwa Lephata la Ditshelete yo o thapilweng go ya ka karolo 61(1), le go akaretsa nama-o-sa-tshwere wa Khomišenara;

“Companies Act” o kaya Companies Act, 2008 (Molao 71 wa 2008);

“setlamo” se na le bokao jo bo tshwanang le jo se tlhalositsweng ka jona mo karolong 1 ya Companies Act;

“Khomisène ya Kgaisano” e kaya Khomisène ya Kgaisano e e tlhomilweng go ya ka karolo 19 ya Competition Act, 1998 (Molao 89 wa 1998);

“maemo a boitshwaro” a kaya maemo a a dirilweng go ya ka karolo 106;

“Molaotheo” o kaya Molaotheo wa Rephaboliki ya Aforikaborwa, 1996;

“Consumer Protection Act” o kaya Consumer Protection Act, 2008 (Molao 68 wa 2008);

“mokonteraka” o kaya motho yo setheo sa ditshelete se dirileng thulaganyo ya kabelano ya ka ditirelo go tswa kwa ntle mme fela a sa akaretse mokonteraka yo o ikemetseng jaaka go bonetswe pele mo tlhalosong ya “leloko la badiri”;

“tiro ya taolo” e kaya nngwe le nngwe ya tse di latelang:

(a) Tiro ya bolaodi jwa kotsi;

(b) tiro ya boikamanyi;

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

Page 28

No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

"control function" means each of the following:

(a) The risk management function;

(b) the compliance function;

(d) the actuarial function;

"Council for Medical Schemes" means the Council for Medical Schemes established in terms of section 3 of the Medical Schemes Act;

"Court" means a Superior Court as defined in section 1 of the Superior Courts Act, 2013 (Act No. 10 of 2013);

"credit" has the same meaning ascribed to it in section 1 of the National Credit Act;

"credit agreement" has the same meaning ascribed to it in section 1 of the National Credit Act;

"debarment order" means an order made in terms of section 153 or 205;

"Deputy Commissioner" means a person appointed as a Deputy Commissioner in terms of section 61(2), and includes a person acting as a Deputy Commissioner;

"Deputy Governor" means a person appointed in terms of section 4 or 6(1)(a) of the Reserve Bank Act as a Deputy Governor of the Reserve Bank;

"Director-General" means the Director-General of the National Treasury, and includes a person acting as the Director-General;

"disqualified person" means a person who—

(a) is engaged in the business of a financial institution, or has a direct material financial interest in a financial institution, except as a financial customer;

(b) is a member of the Cabinet, a member of the Executive Council of a province, a member of the National Assembly, a permanent delegate to the National Council of Provinces, a member of a provincial legislature or a member of a municipal council;

(d) has at any time been removed from an office or position of trust;

(e) is or has been subject to debarment in terms of a financial sector law;

(f) is or has at any time been sanctioned for contravening a law relating to the regulation or supervision of financial institutions, or the provision of financial products or financial services or a corresponding law of a foreign jurisdiction;

(g) is or has at any time been convicted of—

(i) theft, fraud, forgery, uttering of a forged document, perjury or an offence involving dishonesty, whether in the Republic or elsewhere; or

(ii) an offence in terms of the Prevention of Corruption Act, 1958 (Act No. 6 of 1958), the Corruption Act, 1992 (Act No. 94 of 1992), Parts 1 to 4, or section 17, 20 or 21 of the Prevention and Combating of Corrupt Activities Act, 2004 (Act No. 12 of 2004), or a corresponding offence in terms of the law of a foreign country;

(h) is or has been convicted of any other offence committed after the Constitution came into effect, where the penalty imposed for the offence is or was imprisonment without the option of a fine;

(i) is subject to a provisional sequestration order or is an unrehabilitated insolvent;

(j) is disqualified from acting as a member of a governing body of a juristic person in terms of applicable legislation; or

(k) is declared by the High Court to be of unsound mind or mentally disordered, or is detained in terms of the Mental Health Care Act, 2002 (Act No. 17 of 2002);

"document" includes—

(a) a book, record, security, invoice, account and any other information appearing on a physical object;

(b) information stored or recorded electronically, digitally, photographically, magnetically or optically; and

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Page 29

GOVERNMENT GAZETTE, 22 AUGUST 2017

No. 41060 29

Molao wa Taolo ya Lephata la Ditshelete, 2017

Nmr 9 ya 2017

(d) tiro ya bogakolodi;

“Khansele ya Dikema tsa Kalafi” e kaya Khansele ya Dikema tsa Kalafi e e tlhomilweng go ya ka karolo 3 ya Medical Schemes Act;

“Kgotlatshekelo” e kaya Kgotlatshekelokgolo jaaka e tlhalositswe mo karolong 1 ya Superior Courts Act, 2013 (Molao 10 wa 2013);

“sekoloto” se na le bokao jo bo tshwanang le jo bo fitlhelwang mo karolong 1 ya Molao wa Sekoloto wa Bosetshaba;

“tumalano ya sekoloto” e na le bokao jo bo tshwanang le jo bo fitlhelwang mo karolong 1 ya Molao wa Sekoloto wa Bosetshaba;

“taelo ya kganelo” e kaya taelo e e dirilweng go ya ka karolo 153 kgotsa 205;

“Motlatsakhomisenara” o kaya motho yo o thapilweng jaaka Motlatsakhomisenara go ya ka karolo 61(2), le go akaretsa nama-o-sa-tshwere wa Motlatsakhomisenara;

“Motlatsammusisi” o kaya motho yo o thapilweng go ya ka karolo 4 kgotsa 6(1)(a) ya Reserve Bank Act jaaka Motlatsammusisi wa Banka ya Resefe;

“Mokaedikakaretso” o kaya Mokaedikakaretso wa Matlotlo a Bosetshaba, le go akaretsa nama-o-sa-tshwere wa Mokaedikakaretso;

“motho yo o ileditsweng” o kaya motho yo—

(a) o samaganeng le kgwebo ya setheo sa ditshelete, kgotsa yo o nang le kgatlhego e e tlhamaletseng mo setheong sa ditshelete, ntle le fa e se jaaka morekedi wa ditshelete;

(b) e leng leloko la Kabinete, leloko la Khanselekhuduthamaga ya porofense, leloko la Kokoano Bosetshaba, kemedi ya leruri ya Khansele ya Bosetshaba ya Diporofense, leloko la kgotlatheomolao ya porofense kgotsa leloko la khansele ya mmasepala;

(d) ka nako nngwe le nngwe a kileng a tloswa mo ofising kgotsa maemong a terasete;

(e) o kgotsa kileng a ganelwa go ya ka molao wa lephata la ditshelete;

(f) o kgotsa kileng ka nako nngwe le nngwe a otlhaiwa semmuso ka ntlha ya go tlola molao o o amanang le taolo kgotsa tlhatlhobo ya ditheo tsa ditshelete, kgotsa dikabelo tsa dikuno tsa ditshelete kgotsa ditirelo tsa ditshelete kgotsa molao o o tsamaelanang le wa taolo wa boditshaba;

(g) o kgotsa a kileng ka nako nngwe le nngwe a bonwa molato wa—

(i) bogodu, tsietso, kutso ka leina, tlhagiso ya lokwalo le le utswitsweng, maikano a maaka kgotsa tlolomolao e e tsenyeletsang go tlhoka nnete, e ka tswa e le mo Rephaboliking kgotsa gongwe le gongwe; kgotsa

(ii) tlolomolao go ya ka Prevention of Corruption Act, 1958 (Molao 6 wa 1958), Corruption Act, 1992 (Molao 94 wa 1992), Dikarolo 1 go fitlha go 4, kgotsa dikarolo 17, 20 kgotsa 21, tsa Prevention and Combating of Corrupt Activities Act, 2004 (Molao 12 wa 2004), kgotsa tlolomolao e e tsamaelanang go ya ka molao wa naga ntle;

(h) o kgotsa a kileng a bonwa molato wa tlolomolao nngwe le nngwe e a e dirileng morago ga fa Molaotheo o sena go tsenngwa mo tirisong, moo kotlhao e e neng e pateleditswe motlolamolao ke kgotsa e ne e le katlholo ya go ya kgolegelong ntle le boikgethelo jwa tuelo ya tshelete;

(i) o lebanwe ke taelo ya kamogothoto ya nakonyana kgotsa ke mokoloti yo o sa kgopologeng;

(j) o ileditswe go ka nna leloko la mokgatho o o busang wa setheo go ya ka molawana o o maleba; kgotsa

(k) o tlhomamisitswe ke Kgotlatshekelokgolo go sa itekanelang mo tlhaloganyong kgotsa setseno, kgotsa o emisitswe go ya ka Mental Health Act, 2002 (Molao 17 wa 2002);

“lokwalo” le akaretsa—

(a) buka, rekoto, thoto, lenanetheko, akhaonto le tshedimosetso nngwe le nngwe e e tlhagelelang mo selong ka namana;

(b) tshedimosetso e e bolokilweng kgotsa gatisitsweng seileketeroniki, tshedimosetsopalo, mo ditshwantshong, semakenete kgotsa ka pono; le

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

Page 30

No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

"eligible financial institution" means each of the following:

(a) A financial institution licensed or required to be licensed as a bank in terms of the Banks Act;

(b) a financial institution licensed or required to be licensed as a long-term insurer in terms of the Long-term Insurance Act or a short-term insurer in terms of the Short-term Insurance Act;

(d) a financial institution prescribed in Regulations for the purposes of this definition;

"enforceable undertaking" means an undertaking referred to in section 151 or 10 203;

"Executive Committee" means the Committee established in terms of section 60;

"Financial Advisory and Intermediary Services Act" means the Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002);

"financial conglomerate" means a group of companies designated as a financial 15 conglomerate in terms of section 160;

"financial crime" includes an offence in terms of—

(a) a financial sector law;

(b) sections 2, 4, 5 and 6 of the Prevention of Organised Crime Act, 1998 (Act No. 121 of 1998);

(d) section 4 of the Protection of Constitutional Democracy against Terrorist and Related Activities Act, 2004 (Act No. 33 of 2004);

"financial customer" means a person to, or for, whom a financial product, a financial instrument, a financial service or a service provided by a market 25 infrastructure is offered or provided, in whatever capacity, and includes—

(a) a successor in title of the person; and

(b) the beneficiary of the product, instrument or service;

"financial inclusion" means that all persons have timely and fair access to appropriate, fair and affordable financial products and services;

"financial institution" means any of the following, other than a representative:

(a) A financial product provider;

(b) a financial service provider;

(d) a holding company of a financial conglomerate; or 35

(e) a person licensed or required to be licensed in terms of a financial sector law;

"financial instrument" means—

(a) a share as defined in section 1 of the Companies Act;

(b) a depository receipt and other equivalent instruments;

(d) money market securities as defined in section 1(1) of the Financial Markets Act;

(e) a derivative instrument as defined in section 1(1) of the Financial Markets Act; or

(f) a warrant, certificate, securitisation instrument or other instrument acknowledging, conferring or creating rights to subscribe to, acquire, dispose of, or convert, the financial instruments referred to in paragraphs (a) to (e);

"Financial Intelligence Centre" means the Financial Intelligence Centre established in terms of section 2 of the Financial Intelligence Centre Act;

"Financial Intelligence Centre Act" means the Financial Intelligence Centre Act, 50 2001 (Act No. 38 of 2001);

"Financial Markets Act" means the Financial Markets Act, 2012 (Act No. 19 of 2012);

"financial product" means a financial product as defined in section 2;

"financial product provider" means a person that, as a business or as part of a 55 business, provides a financial product;

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Page 31

GOVERNMENT GAZETTE, 22 AUGUST 2017

No. 41060 31

Molao wa Taolo ya Lephata la Ditshelete, 2017

Nmr 9 ya 2017

“ditheo tsa ditshelete tse di matshwanedi” di kaya nngwe le nngwe ya tse di latelang:

(a) Setheo sa ditshelete se se abetsweng laesense kgotsa se tlhoka go abelwa laesense jaaka banka go ya ka Banks Act;

(b) setheo sa ditshelete se se abetsweng laesense kgotsa se tlhoka go abelwa laesense jaaka motlamedi wa inšorense wa paka e e telele go ya ka Long-term Insurance Act kgotsa motlamedi wa inšorense wa paka e e khutshwane go ya ka Short-term Insurance Act;

(d) setheo sa ditshelete se se neetsweng mo Melawaneng go ya ka maitlhomo a 10 tthaloso eno;

“tumalano e e gatelelwang” e kaya tumalano e e kailweng mo karolong 151 kgotsa 203;

“Komiti ya Khuduthamaga” e kaya Komiti e e tlhomilweng go ya ka karolo 60;

“Financial Advisory and Intermediary Services Act” o kaya Financial Advisory and Intermediary Services Act, 2002 (Molao 37 wa 2002);

“ditheo tsa ditshelete tse di kopaneng” di kaya setlhopha sa ditlamo tse di thapilweng jaaka setheo sa ditshelete go ya ka karolo 160;

“bosenyi jwa ditshelete” bo akaretsa tlolomolao go ya ka—

(a) molao wa lephata la ditshelete;

(b) dikarolo 2, 4, 5 le 6 tsa Prevention of Organised Crime Act, 1998 (Molao 121 wa 1998);

(d) karolo 4 ya Protection of Constitutional Democracy against Terrorist and Related Activities Act, 2004 (Molao 33 wa 2004);

“morekedi wa ditshelete” o kaya motho yo, kuno ya ditshelete, sediriswa sa ditshelete, tirelo ya ditshelete kgotsa tirelo e e tlametsweng ke thulaganyetso ya popegotheo ya mmaraka e abelwang kgotsa tlamelwang, kgotsa boemong jwa, ka maemo afe kgotsa afe, gape o akaretsa—

(a) motlhatlhami wa maemo a motho; le

(b) moamogela ditshwanelo tsa kuno, sediriswa kgotsa tirelo;

“tsenyeletso ya tsa ditshelete” e kaya gore batho botlhe ba na le phitlhelelo e e mo nakong e bile e lolame go dikuno le ditirelo tsa ditshelete tse di siameng, lolameng le go rekega;

“setheo sa ditshelete” se kaya nngwe le nngwe ya tse di latelang, esele go na le 35 kemedi:

(a) Moabi wa kuno ya ditshelete;

(b) Moabi wa tirelo ya ditshelete;

(d) kgwebo e e okameng tse dingwe ya ditheo tse di kopantsweng tsa ditshelete; 40 kgotsa

(e) motho yo o abetsweng laesense kgotsa yo o tlhokang go abelwa laesense go ya ka molao wa lephata la ditshelete;

“sediriswa sa ditshelete” se kaya—

(a) šere jaaka e tlhalositswe mo karolong 1 ya Companies Act;

(b) setlankana sa peeletso le didiriswa tse dingwe tse di lekanang;

(d) tshireletso ya mmaraka wa madi jaaka e tlhalositswe mo karolong 1(1) ya Financial Markets Act;

(e) sediriswa se se tswang jaaka go tlhalositswe mo karolong 1 (1) ya Financial Markets Act;

(f) thebolo, setifikit, sediriswa sa bosireletsi kgotsa sediriswa sengwe se se amogelang, abelang kgotsa tlhamang ditshwanelo tsa go nna tokololo go, fithelela, rulaganya, kgotsa fetola, didiriswa tsa ditshelete tse di kailweng mo 55 ditemaneng (a) go fitla go (e);

“Senthara ya Botlhodi ba tsa Ditshelete” e kaya Senthara ya Botlhodi ba tsa Ditshelete e e tlhomilweng go ya ka karolo 2 ya Financial Intelligence Centre Act;

“Financial Intelligence Centre Act” e kaya Financial Intelligence Centre Act, 2001 (Molao 38 wa 2001);

“Financial Markets Act” e kaya Financial Markets Act, 2012 (Molao 19 wa 2012);

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

Page 32

No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

"financial sector body" means each of the following:

(a) The Prudential Authority;

(b) the Financial Sector Conduct Authority;

(d) the Ombud Council;

(e) the Office of the Pension Funds Adjudicator; and

(f) the Office of the Ombud for Financial Services Providers;

"Financial Sector Conduct Authority" means the authority established in terms of section 56;

"financial sector law" means—

(a) this Act;

(b) a law listed in Schedule 1;

(d) a regulatory instrument made in terms of this Act or made in terms of a law referred to in Schedule 1;

"financial sector regulator" means—

(a) the Prudential Authority;

(b) the Financial Sector Conduct Authority;

(c) the National Credit Regulator, but only in respect of Parts 2, 3 and 5 of Chapter 2, and Parts 1, 2 and 3 of Chapter 5; or

(d) the Financial Intelligence Centre, but only in respect of Parts 2, 3 and 5 of Chapter 2, and Parts 1, 2 and 3 of Chapter 5;

"financial service" means a financial service as defined in section 3;

"financial service provider" means a person that, as a business or as part of a business, provides a financial service;

"financial stability" means financial stability as defined in section 4;

"Financial Stability Oversight Committee" means the committee established in terms of section 20;

"financial system" means the system of institutions and markets through which financial products, financial instruments and financial services are provided and traded, and includes the operation of a market infrastructure and a payment system;

"Financial System Council of Regulators" means the council established in terms of section 79(1);

"financial year" means a period of 12 months commencing on 1 April of each year;

"foreign financial instrument" means an instrument provided outside the Republic, or provided by a person outside the Republic, that is similar to, or corresponds to, a financial instrument;

"foreign financial product" means a facility or arrangement provided outside the Republic, or provided by a person outside the Republic, that is similar to, or corresponds to, a financial product;

"Friendly Societies Act" means the Friendly Societies Act, 1956 (Act No. 25 of 1956);

"governing body" means—

(a) in relation to a financial institution, a person or body of persons, whether elected or not, that manages, controls, formulates the policy and strategy of the financial institution, directs its affairs or has the authority to exercise the powers and perform the functions of the financial institution, and includes—

(i) the general partner of an en commandite partnership or the partners of any other partnership;

(ii) the members of a close corporation;

(iii) the trustees of a trust;

(iv) the board of directors of a company; and

(v) the board of a pension fund referred to in section 7A of the Pension Funds Act; and

(b) in relation to an ombud scheme, the body of persons that oversees the affairs of the ombud scheme;

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Page 33

GOVERNMENT GAZETTE, 22 AUGUST 2017

No. 41060 33

Molao wa Taolo ya Lephata la Ditshelete , 2017

Nmr 9 ya 2017

“kuno ya ditshelete” e kaya kuno ya ditshelete jaaka e tlhalositswe mo karolong 2;

“moabi wa dikuno tsa ditshelete” o kaya motho yo, jaaka kgwebo kgotsa karolo ya kgwebo, a tlamelang ka kuno ya ditshelete;

“mokgatho walephata la ditshelete” o kaya nngwe le nngwe ya tse di latelang: 5

(a) Bothati jwa Tlhokomelo;

(b) Bothati jwa Boitshvaro jwa Lephata la Ditshelete;

(d) Khansele ya Ombud;

(e) Ofisi ya Moatlhodi wa Matlole a Penšene; le 10

(f) Ofisi ya Ombud wa Batlamedi ba Ditirelo tsa Ditshelete;

“Bothati jwa Boitshvaro jwa Lephata la Ditshelete” bo kaya bothati jo bo tlhomilweng go ya ka karolo 56;

“molao wa lephata la ditshelete” o kaya—

(a) Molao ono; 15

(b) molao o o neetsweng mo Šejuleng 1;

(d) sediriswa sa taolo se se dirilweng go ya ka Molao ono kgotsa se se dirilweng go ya ka molao o o kailweng mo Šejuleng 1; 20

“molaodi wa lephata la ditshelete” o kaya—

(a) Bothati jwa Tlhokomelo;

(b) Bothati jwa Boitshvaro jwa Lephata la Ditshelete;

(c) Molaodi wa Bosetšhaba wa Sekoloto, fela mabapi le Dikarolo 2, 3 le 5 tsa Kgaolo 2, le Dikarolo 1, 2 le 3 tsa Kgaolo 5; kgotsa 25

(d) Senthara ya Botlhodi jwa Ditshelete, fela mabapi le Dikarolo 2, 3 le 5 tsa Kgaolo 2, le Dikarolo 1, 2 le 3 tsa Kgaolo 5;

“tirelo ya ditshelete” e kaya tirelo ya ditshelete jaaka e tlhalositswe mo karolong 3;

“moabi wa tirelo ya ditshelete” o kaya motho yo, jaaka kgwebo kgotsa karolo ya kgwebo, a tlamelang ka tirelo ya ditshelete;

“tlhomamo ya ditshelete” e kaya tlhomamo ya ditshelete jaaka e tlhalositswe mo karolong 4;

“Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete” e kaya komiti e e tlhomilweng go ya ka karolo 20; 35

“thulaganyo ya ditshelete” e kaya thulaganyo ya ditheo le mebaraka eo ka yona dikuno tsa ditshelete, didiriswa tsa ditshelete le ditirelo tsa ditshelete di tlamelwang le go gweba ka tsona, le go akaretsa go dira ga thulaganyetso ya popegotheo ya mmaraka le thulaganyo ya tefo;

“Khansele ya Balaodi ba Thulaganyo ya Ditshelete” e kaya khansele e e 40 tlhomilweng go ya ka karolo 79(1);

“ngwaga wa ditshelete” e kaya paka ya dikgwedi tse 12 go simolola ka 1 Moranang wa ngwaga nngwe le nngwe;

“kuno ya ditshelete ya boditshaba” e kaya sediriso kgotsa thulaganyo e e tlametsweng kwa ntle ga Rephaboliki, kgotsa e tlametswe ke motho kwa ntle ga 45 Rephaboliki, e e tshwanang le kgotsa e e tsamaelanang le kuno ya ditshelete;

“Friendly Societies Act” o kaya Friendly Societies Act, 1956 (Molao 25 wa 1956);

“mokgatlho o o busang” o kaya—

(a) mabapi le setheo sa ditshelete, motho kgotsa mokgatho wa batho, ba tlhophilwe kgotsa ba sa tlhophiwa, ba ba laolang, tsamaisang, tlhamang 50 pholisi le leano tsa, lebisa merero ya bona kgotsa ba na le thata ya go dirisa dithata le go dira ditiro tsa setheo sa ditshelete, le go akaretsa—

(i) mogwebisani wa kakaretso wa semphato se se lekanyeditsweng kgotsa bagwebisani ba semphato sengwe le sengwe;

(ii) maloko a setlamotekanyetsobeng; 55

(iii) batlhokomedi ba terasete;

(iv) boto ya bakaedi ba setlamo; le

(v) boto ya letlole la penšene le le kailweng mo karolong 7A ya Pension Funds Act; le

(b) mabapi le sekema sa ombud, o kaya mokgatho wa batho o tlkhokomelang 60 merero ya sekema sa ombud;

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

Page 34

No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

"Governor" means the person appointed in terms of section 4 or 6(1)(a) of the Reserve Bank Act as the Governor of the Reserve Bank;

"group of companies" has the same meaning ascribed to it in terms of section 1 of the Companies Act;

"head of a control function" means a person appointed by a financial institution to ensure the performance of a control function, and includes a person so appointed through an outsourcing arrangement;

"holding company" means a holding company as defined in section 1 of the Companies Act, being a company incorporated in the Republic;

"index" means any figure—

(a) that is published or made available to the public; and

(b) that is regularly determined—

(i) entirely or partially by the application of a formula or any other method of calculation, or by an assessment; and

(ii) on the basis of the value of one or more underlying assets or prices, and any derivative thereof; and

"industry ombud scheme" means an arrangement with the following characteristics:

(a) The arrangement is established by one or more financial institutions;

(b) the purpose of the arrangement is to facilitate mediation and resolution of complaints from financial customers about financial institutions that are members of the ombud scheme; and

(c) mediation or resolution of the complaints in terms of the ombud scheme is undertaken by an ombud appointed in terms of the ombud scheme’s governing rules;

"Inter-Ministerial Council" means the Financial Sector Inter-Ministerial Council established in terms of section 83(1);

"interpretation ruling" means a statement in terms of section 142;

"inter-related" has the same meaning ascribed to it in terms of section 1 of the Companies Act;

"investigator" means a person appointed as an investigator in terms of section 134;

"joint standard" means a standard made in terms of section 107;

"juristic person" includes—

(a) a company, close corporation or co-operative incorporated or registered in terms of legislation whether in the Republic or elsewhere;

(b) an association, partnership, club or other body of persons of whatever description, corporate or unincorporated;

(d) an entity referred to in paragraph (a), (b) or (c) that is in liquidation, under business rescue proceedings or under judicial management; and

(e) the estate of a deceased or insolvent person;

"key person", in relation to a financial institution, means each of the following:

(a) A member of the governing body of the financial institution;

(b) the chief executive officer or other person in charge of the financial institution;

(c) a person other than a member of the governing body of the financial institution who makes or participates in making decisions that—

(i) affect the whole or a substantial part of the business of the financial institution; or

(ii) have the capacity to affect significantly the financial standing of the financial institution;

(d) a person other than a member of the governing body of the financial institution who oversees the enforcement of policies and the implementation of strategies approved or adopted by the governing body of the financial institution;

(e) the head of a control function of the financial institution; and

(f) the head of a function of the financial institution that a financial sector law requires to be performed;

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Page 35

GOVERNMENT GAZETTE, 22 AUGUST 2017

No. 41060 35

Molao wa Taolo ya Lephata la Ditshelete, 2017

Nmr 9 ya 2017

"Mmusisi" o kaya motho yo o thapilweng go ya ka karolo 4 kgotsa 6(1)(a) ya Reserve Bank Act jaaka Mmusisi wa Banka ya Resefe;

"setlhopha sa ditlamo" se na le bokao jo bo tshwanang le jo se tlhalositsweng ka jona mo karolong 1 ya Companies Act;

"tlhogo ya tiro ya taolo" o kaya motho yo o thapilweng ke setheo sa ditshelete go 5 netefatsa go dira ga tiro ya taolo, le go akaretsa motho yo o thapilweng jalo ka thulaganyo ya go batla tirelo go tswa kwa ntle;

"kgwebo e e okameng tse dingwe" e kaya kgwebo e e okameng tse dingwe jaaka e tlhalositswe mo karolong 1 ya Companies Act, e leng setlamo se se tsentsweng mo Rephaboliking; 10

"tshupanekelo" e kaya palo nngwe le nngwe—

(a) e e phasaladitsweng kgotsa e e fitlhelelwang ke setshaba; le

(b) e e tlhomamiswang nako le nako—

(i) ka botlalo kgotsa e seng ka botlalo ka tiriso ya fomula kgotsa mokgwa mongwe le mongwe wa palelo, kgotsa ka tekolo; le 15

(ii) ka go ikaega mo boleng jwa thoto kgotsa ditlhotlhwa tse di fitlhegileng, kgotsa ditswa dinwe le dingwe tsa tsona; le

"sekema sa ombud wa bodirelo" se kaya thulaganyo ya dipharologantsho tse di 20 latelang:

(a) Thulaganyo e tlhomilwe ke setheo sa ditshelete se le esi kgotsa go feta;

(b) maitlhomo a thulaganyo ke go nolofatsa tsereganyo le tharabololo ya dingongorego go tswa go badirisi ba ditshelete ka ga dikuno tse di tsepameng tsa ditshelete kgotsa ditirelo tsa ditshelete; le 25

(c) tsereganyo kgotsa tharabololo ya dingongorego go ya ka sekema sa ombud e dirwa ke ombud yo o thapilweng go ya ka melawana ya taolo ya sekema sa ombud;

"Khansele ya Ditona" e kaya Khansele ya Ditona ya Lephata la Ditshelete e e tlhomilweng go ya ka karolo 83(1); 30

"tshwetso ya tlhaloso" e kaya kanego go ya ka karolo 142;

"amanang" e na le bokao jo bo tshwanang le jo e tlhalositsweng ka jona mo karolong 1 ya Companies Act;

"mmatlisisi" o kaya motho yo o thapilweng jaaka mmatlisisi go ya ka karolo 134;

"maemo a a kopantsweng" a kaya maemo a a diirilweng go ya ka karolo 107; 35

"setheo se se mo molaong" se akaretsa—

(a) setlamo, setlamotekanyetsobeng kgotsa kgwebo tirisano e e tsenyeleditsweng kgotsa e e kwadisitsweng go ya ka molawana o o ka tswang o le mo Rephaboliking kgotsa gongwe le gongwe;

(b) mokgatlho, semphato, kgotsa setlhopha kgotsa mokgatlho wa batho wa 40 tlhaloso efe, tshwaragano kgotsa go sa tshwaraganang;

(d) setheo se se kailweng mo temaneng (a), (b) kgotsa (c) seo se lebaganeng le tswalokgwebo, ka fa tlase ga ditsamaiso tsa phaloso ya kgwebo kgotsa ka fa tlase ga taolo ya boatlhodi; le 45

(e) dithoto tsa moswi kgotsa motho yo o phutlhameng;

"motho yo o botlhokwa", mabapi le setheo sa ditshelete, o kaya nngwe le nngwe ya tse di latelang:

(a) Leloko la mokgatho o o busang wa setheo sa ditshelete;

(b) motlhankedimogolo wa khuduthamaga kgotsa motho mongwe yo o laolang 50 setheo sa ditshelete;

(c) motho yo mongwe kwa ntle ga leloko la mokgatho o o busang setheo sa ditshelete yo o dirang kgotsa yo o tsayang karolo mo go tseyeng ditshwetso tse di—

(i) amang kgwebo yotlhe kgotsa karolo e e botlhokwa ya kgwebo ya setheo sa ditshelete; kgotsa

(ii) nang le bokgoni jwa go ama segolo maemo a ditshelete a setheo;

(d) motho yo mongwe kwa ntle ga leloko la mokgatho o o busang setheo sa ditshelete yo o bayang leitlho go gatelelwa ga dipholisi le go tsenngwa tirisong ga maano a a dumeletsweng (kgotsa amogetsweng) ke mokgatho o o busang wa setheo sa ditshelete;

(e) tlhogo ya tiro ya taolo ya setheo sa ditshelete; le

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Page 36

No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

"legal practitioner" means a legal practitioner as defined in section 1 of the Legal Practice Act, 2014 (Act No. 28 of 2014);

"leniency agreement" means an agreement referred to in section 156;

"levy" means a levy imposed by a financial sector body in terms of legislation that empowers the imposition of a levy, and includes interest payable on an unpaid levy; 5

"licence" includes a written licence, registration, approval, recognition, permission, consent or any other authorisation in terms of a financial sector law, however it is described in that law, to provide a financial product, financial service or a market infrastructure;

"Long-term Insurance Act" means the Long-term Insurance Act, 1998 (Act No. 52 of 1998); 10

"market infrastructure" means each of the following, as they are defined in section 1(1) of the Financial Markets Act:

(a) A central counterparty;

(b) a central securities depository; 15

(d) an exchange; and

(e) a trade repository;

"Medical Schemes Act" means the Medical Schemes Act, 1998 (Act No. 131 of 1998); 20

"Minister" means the Minister of Finance;

"National Credit Act" means the National Credit Act, 2005 (Act No. 34 of 2005);

"National Credit Regulator" means the National Credit Regulator established in terms of section 12 of the National Credit Act;

"National Payment System Act" means the National Payment System Act, 1998 (Act No. 78 of 1998); 25

"National Treasury" means the National Treasury established in terms of section 5 of the Public Finance Management Act;

"ombud" means each of the following:

(a) The Adjudicator as defined in section 1(1) of the Pension Funds Act; 30

(b) the Ombud for Financial Services Providers as defined in section 1(1) of the Financial Advisory and Intermediary Services Act;

(d) a person who has the function, in terms of the rules of a recognised industry ombud scheme, of mediating or resolving complaints to which the scheme applies; 35

"Ombud Board" means the Board of the Ombud Council established in terms of section 179(1);

"Ombud Council" means the Ombud Council established in terms of section 175; 40

"Ombud Council rule" means a rule made by the Ombud Council in terms of section 201;

"ombud scheme" means—

(a) an industry ombud scheme; or

(b) a statutory ombud scheme; 45

"organ of state" has the same meaning ascribed to it in terms of section 239 of the Constitution;

"outsourcing arrangement", in relation to a financial institution, means an arrangement between a financial institution and another person for the provision to or for the financial institution of any of the following: 50

(a) A control function;

(b) a function that a financial sector law requires to be performed or requires to be performed in a particular way or by a particular person; and

(c) a function that is integral to the nature of a financial product or financial service that the financial institution provides, or is integral to the nature of the market infrastructure, 55

but does not include—

(i) a contract of employment between the financial institution and a person referred to in paragraph (a) or (b) of the definition of "staff member"; or

(ii) an arrangement between a financial institution and a person for the person to act as a representative of the financial institution;

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GOVERNMENT GAZETTE, 22 AUGUST 2017

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Molao wa Taolo ya Lephata la Ditshelete, 2017

Nmr 9 ya 2017

(f) motho yo o dirang tiro mo kgotsa go setheo sa ditshelete e molao wa lephata la ditshelete o batlang gore e dirwe;

“modirakamolao” o kaya modirakamolao jaaka go tlhalositswe mo karolong 1 ya Molao wa Tiragatso ya tsa Molao, 2014 (Molao 28 wa 2014);

“tumalano ya kutlwelobotlhoko” e kaya tumalano e e kailweng mo karolong 156;

“lekgethwana” le kaya lekgethwana lengwe le lengwe le le duedisiwang ke mokgatho wa lephata la ditshelete go ya ka molawana o o nayang thata ya tuediso ya lekgethwana, e bile le akaretsa morokotso o o duelwang mo lekgethwaneng le le sa duelwang;

“laesense” e akaretsa laesense e e kwetsweng, kwadiso, thebolo, kamogelo, tetlelelo, tumelelo kgotsa tumelelo nngwe le nngwe go ya ka molao wa lephata la ditshelete, mme fela go tlhalositswe mo molaong oo, go tlamela kuno ya ditshelete, tirelo ya ditshelete kgotsa thulaganyetso ya popegotheo ya mmaraka;

“Long Term Insurance Act” o kaya Long-term Insurance Act, 1998 (Molao 52 wa 1998);

“thulaganyetso ya popegotheo” e kaya nngwe le nngwe ya tse di latelang, jaaka di tlhalositswe mo karolong 1(1) ya Financial Markets Act:

(a) Mokgatho o o kgatlanong le tirisano ya ditshelete wa magareng;

(b) Bobeelo jwa magareng jwa dithoto;

(d) kananyo; le

(e) setheo sa kgwebo;

“Medical Schemes Act” o kaya Medical Schemes Act, 1998 (Molao 131 wa 1998);

“Tona” o kaya Tona ya Matlotlo;

“National Credit Act” o kaya 2005 (Molao 34 wa 2005);

“Bolaodi jwa Bosetshaba jwa Sekoloto” bo kaya Bolaodi jwa Bosetshaba jwa Sekoloto jo bo tlhomilweng go ya ka karolo 12 ya Molao wa Bosetshaba wa Sekoloto;

“National Payment System Act” o kaya National Payment System Act, 1998 30 (Molao 78 wa 1998);

“Matlotlo a Bosetshaba” a kaya Matlotlo a Bosetshaba a a tlhomilweng go ya ka karolo 5 ya Public Finance Management Act;

“ombud” o kaya nngwe le nngwe ya tse di latelang:

(a) Moathodi jaaka go tlhalositswe mo karolong 1(1) ya Pension Funds Act;

(b) Ombud wa Batlamedi ba Ditirelo tsa Ditshelete jaaka go tlhalositswe mo karolong 1(1) ya Financial Advisory and Intermediary Services Act;

(d) motho yo o nang le tiro, go ya ka melawana ya sekema se se amogelesegang sa ombud wa bodirelo, ya go tsereganya kgotsa rarabolola dingongorego tse sekema se diragatswang go tsona;

“Boto ya Ombud” e kaya Boto ya Khansele ya Bolaodi jwa Ombud e e tlhomilweng go ya ka karolo 179(1);

“Khansele ya Bolaodi ya Ombud” e kaya Khansele ya Bolaodi ya Dikema tsa Ombud wa Lephata la Ditshelete e e tlhomilweng go ya ka karolo 175;

“molao wa Khansele ya Bolaodi ya Ombud” o kaya molao o o dirilweng ke Khansele ya Bolaodi ya Ombud go ya ka karolo 201;

“sekema sa ombud” se kaya

(a) sekema sa ombud wa bodirelo; kgotsa

(b) sekema sa semolao sa ombud;

“setheo sa puso” se na le bokao jo bo tshwanang le jo se tlhalositsweng ka jona mo karolong 239 ya Molaotheo;

“thulaganyo ya go bona tirelo kwa ntle”, mabapi le setheo sa ditshelete, e kaya thulaganyo magareng ga setheo sa ditshelete le motho yo mongwe mabapi le go tlamela kgotsa mabapi le setheo sa ditshelete sa nngwe le nngwe ya tse di latelang:

(a) Tiro ya go laola;

(b) tiro e tthokwang go dirwa kgotsa go dirwa ka mokgwa o rileng ke molao wa lephata la ditshelete kgotsa ke motho yo o rileng; le

(c) tiro e e leng botlhokwa mo go nneng teng ga kuno ya ditshelete kgotsa tirelo ya ditshelete e e abelwang ke setheo sa ditshelete, kgotsa e e leng botlhokwa

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Page 38

No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

“panel” means a panel of the Tribunal constituted in terms of section 224;

“panel list” means the list referred to in section 225;

“panel member” means a member of a panel;

“party”, to proceedings on a reconsideration of a decision by the Tribunal, means—

(a) the person who applied for the reconsideration; and

(b) the decision-maker that made the decision;

“payment service” means a service provided to a financial customer to facilitate payments to, or from, the financial customer;

“payment system” has the same meaning ascribed to it in terms of section 1 of the National Payment System Act;

“Pension Funds Act” means the Pension Funds Act, 1956 (Act No. 24 of 1956);

“person” means a natural person or a juristic person, and includes an organ of state;

“Promotion of Administrative Justice Act” means the Promotion of Administrative Justice Act, 2000 (Act No. 3 of 2000);

“Protection of Personal Information Act” means the Protection of Personal Information Act, 2013 (Act No. 4 of 2013);

“provision of a benchmark” includes—

(a) administering the arrangements for determining a benchmark;

(b) collecting, analysing or processing input data for the purpose of determining a benchmark; and

(c) determining a benchmark through the application of a formula or other method of calculation or by an assessment of input data provided for that purpose;

“Prudential Authority” means the authority established in terms of section 32;

“Prudential Committee” means the committee established in terms of section 41;

“prudential standard” means a standard made in terms of section 105;

“Public Finance Management Act” means the Public Finance Management Act, 1999 (Act No. 1 of 1999);

“qualifying stake” means, in respect of a financial institution that—

(a) is a company, that a person, directly or indirectly, alone or together with a related or inter-related person—

(i) holds at least 15% of the issued shares of the financial institution;

(ii) has the ability to exercise or control the exercise of at least 15% of the voting rights attached to securities of the financial institution;

(iii) has the ability to dispose of or control the disposal of at least 15% of the financial institution’s securities; or

(iv) holds rights in relation to the financial institution that, if exercised, would result in the person, directly or indirectly, alone or together with a related or inter-related person—

(aa) holding at least 15% of the securities of the financial institution;

(bb) having the ability to exercise or control at least 15% of the voting rights attached to shares or other securities of the financial institution; or

(cc) having the ability to dispose of or direct the disposal of at least 15% of the financial institution’s securities;

(b) is a close corporation, that a person, directly or indirectly, alone or together with a related or inter-related person, holds at least 15% of the members’ interests or controls, or has the right to control, at least 15% of members’ votes in the close corporation;

(i) the ability to exercise or control the exercise of at least 15% of the votes of the trustees;

(ii) the power to appoint at least 15% of the trustees; or

(iii) the power to appoint or change any beneficiaries of the trust;

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GOVERNMENT GAZETTE, 22 AUGUST 2017

No. 41060 39

Molao wa Taolo ya Lephata la Ditshelete, 2017

Nmr 9 ya 2017

mo go nneng teng ga thulaganyetso ya popegotho ya mmaraka, mme ga e akaretse—

(i) konteraka ya tiro magareng ga setheo sa ditshelete le motho yo o kailweng mo temaneng (a) kgotsa (b) ya tlhaloso ya leloko la badirimmogo; kgotsa 5

(ii) thulaganyo magareng ga setheo sa ditshelete le motho mabapi le gore motho a dire jaaka kemedi ya setheo sa ditshelete;

“panele” e kaya panele ya Lekgotla e e bopilweng go ya ka karolo 224;

“lenane la panele” le kaya lenane le le kailweng mo karolong 225;

“leloko la panele” le kaya leloko la panele; 10

“moamegi”, mo ditsamaisong mo tshekatshekopoeletsong ya tshwetso ka Lekgotla, o kaya—

(a) motho yo o dirileng kopo ya tshekatshekopoeletso; le

(b) motsayatshwetso yo o tsereng tshwetso;

“tirelo ya tuelo” e kaya tirelo e e tlametsweng go morekedi wa ditshelete go 15 nolofatsa tuelo go, kgotsa go tsw go, morekedi wa ditshelete;

“thulaganyo ya tuelo” e na le bokao jo bo tshwanang le jo e tlhalositsweng ka jona mo karolong 1 ya National Payment System Act;

“Pension Fund Act” o kaya Pension Funds Act, 1956 (Molao 24 wa 1956);

“motho” o kaya motho wa tlholego kgotsa setheo, le go akaretsa setheo sa puso; 20

“Promotion of Administrative Justice Act” o kaya Promotion of Administrative Justice Act, 2000 (Molao 3 wa 2000);

“Protection of Personal Information Act” o kaya Protection of Personal Information Act, 2013 (Molao 4 wa 2013);

“kabelo ya kaelo” e akaretsa— 25

(a) tsamaiso ya dithulaganyo tsa go tlhomamisa kaelo;

(b) go kgobokanya, go sekaseka kgotsa go tsamaisa tsenyo ya tshedimosetso mabapi le maitlhomo a go tlhomamisa kaelo; le

(c) go tlhomamisa kaelo ka tiriso ya fomula kgotsa mokgwa mongwe wa palelo kgotsa tekanyetso ya tshedimosetso e tsmetsweng e tlametsweng mabapi le maitlhomo ao;

“Bothati jwa Tlhokomelo” bo kaya bothati jo bo tlhomilweng go ya ka karolo 32;

“Komiti ya Tlhokomelo” e kaya komiti e e tlhomilweng go ya ka karolo 41;

“maemo a tlhokomelo” a kaya maemo a a dirilweng go ya ka karolo 105;

“Public Finance Management Act” o kaya Public Finance Management Act, 35 1999 (Molao 1 wa 1999);

“maemo a bokgoni” a kaya, mabapi le setheo sa ditshelete se—

(a) e leng setlamo, seo motho, ka tlhamalalo kgotsa e seng ka tlhamalalo, ka esi kgotsa mmogo le motho yo o amanang kgotsa wa kamano—

(i) a nang le bonnye 15% ya disere tsa setheo sa ditshelete; 40

(ii) a nang le bokgoni jwa go diragatsa kgotsa go laola tiragatso ya 15% ya ditshwanelo tsa go tlhopha tse di patagantsweng le dithoto tsa setheo sa ditshelete;

(iii) a nang le bokgoni jwa go ntsha kgotsa go laola go ntshiwa ga bonnye 15% ya dithoto tsa setheo sa ditshelete; kgotsa 45

(iv) yo o nang le ditshwanelo mabapi le setheo sa ditshelete tse, fa di diragatswa, di ka nnang le ditlamorago tseo motho, ka tlhamalalo kgotsa e seng ka tlhamalalo, ka esi kgotsa mmogo le motho yo o amanang kgotsa wa kamano—

(aa) a nang le bonnye 15% ya dithoto tsa setheo sa ditshelete; 50

(bb) a nang le bokgoni jwa go diragatsa kgotsa go laola tiriso 15% ya ditshwanelo tsa go tlhopha tse di patagantsweng le disere kgotsa dithoto tse dingwe tsa setheo sa ditshelete; kgotsa

(cc) a nang le bokgoni jwa go ntsha kgotsa go laola go ntshiwa ga bonnye 15% ya dithoto tsa setheo sa ditshelete; 55

(b) e leng setlamotekanyetsobeng, se motho, ka tlhamalalo kgotsa e seng ka tlhamalalo, ka esi kgotsa mmogo le motho yo o amamnang kgotsa wa kamano, a nang le bonnye 15% ya dikgatlhego kgotsa ditaolo tsa diboutu maloko mo setlamotekanyetsobeng;

(c) e leng terasete, se kaya gore motho o na le, ka tlhamalalo kgotsa e seng ka tlhamalalo, a le esi kgotsa mmogo le motho yo o amanang kgotsa wa kamano—

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

Page 40

No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

"recognised industry ombud scheme" means an industry ombud scheme that is recognised in terms of section 194;

"Regulation" means a Regulation made in terms of section 288;

"regulator's directive" means a directive issued by a financial sector regulator in terms of section 143, 144 or 159;

"regulatory instrument" means each of the following:

(a) A prudential standard;

(b) a conduct standard;

(d) an Ombud Council rule;

(e) a determination of fees in terms of section 237(1)(a);

(f) an instrument identified as a regulatory instrument in a financial sector law; and

(g) an instrument amending or revoking an instrument referred to in paragraphs (a) to (f);

"related party", in relation to a person (the "first person"), means a person connected to the first person in a manner described in section 2(1)(a), (b) or (c) of the Companies Act;

"Register" means the Financial Sector Information Register referred to in section 256;

"representative", in relation to a financial institution, means a representative of the institution in terms of the Financial Advisory and Intermediary Services Act;

"Reserve Bank" means the South African Reserve Bank as referred to in section 223 of the Constitution, read with the Reserve Bank Act;

"Reserve Bank Act" means the South African Reserve Bank Act, 1989 (Act No. 90 of 1989);

"responsible authority", for a financial sector law, means the responsible authority for the financial sector law as defined in section 5;

"section 27 memorandum of understanding" means a memorandum of understanding referred to in section 27;

"section 77 memorandum of understanding" means a memorandum of understanding referred to in section 77;

"securities services" has the same meaning ascribed to it in terms of section 1(1) of the Financial Markets Act;

"service provided by a market infrastructure" means business conducted or a function or duty performed by a market infrastructure in terms of the Financial Markets Act, and "services provided by market infrastructures" has a similar meaning;

"Short-term Insurance Act" means the Short-term Insurance Act, 1998 (Act No. 53 of 1998);

"significant owner", of a financial institution, means a significant owner of the institution as described in section 157;

"special levy" means a levy imposed as a special levy by a financial sector body in terms of legislation that empowers the imposition of a levy;

"specific financial sector law" means a financial sector law, other than this Act, regulating a specific type of financial product, financial service or market infrastructure;

"staff member", of a person, means—

(a) an employee, as defined in section 213 of the Labour Relations Act, 1995 (Act No. 66 of 1995);

(b) a natural person who is seconded to the person;

(c) a natural person who is engaged by the person on contract as an independent contractor to provide goods or services to the person or to perform functions or duties on behalf of the person under terms specified in the contract, but not in terms of an outsourcing arrangement;

"standard" means any of the following:

(a) A prudential standard;

(b) a conduct standard; and

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Nmr 9 ya 2017

(i) a nang le bokgoni jwa gpo diragatsa kgotsa go laola tiragatso ya bonnye 15% ya diboutu tsa badisi;

(ii) thata ya go thapa bonnye 15% ya badisi; kgotsa

(iii) thata ya go thapa kgotsa go fetola baamogeladitshwanelo bangwe le bangwe ba terasete. 5

“sekema sa ombud wa bodirelo se se amogetsweng” se kaya sekema sa ombud wa bodirelo se se amogetsweng go ya ka karolo 194;

“Molawana” o kaya Molawana o o dirilweng go ya ka karolo 288;

“taelo ya molaodi” e kaya taelo e e rebotsweng ke molaodi wa lephata la ditshelete go ya ka karolo 143, 144 kgotsa 159; 10

“sediriswa sa bolaodi” se kaya nngwe le nngwe ya tse di latelang:

(a) Maemo a tlhokomelo;

(b) maemo a boitshvaro;

(d) molao wa Khansele ya Bolaodi jwa Ombud; 15

(e) tlhomamiso ya dituediso go ya ka karolo 237(1)(a);

(f) sediriswa se se supilweng jaaka sediriswa sa bolaodi mo molaong wa lephata la ditshelete; le

(g) sediriswa se se tlhabololang kgotsa gogelang morago sediriswa se se kailweng mo ditemaneng (a) go fitlha go (f); 20

“letlhakore la kamano”, mabapi le motho (“motho wa ntlha”), le kaya motho yo o amanang le motho wa ntlha go ya ka mokgwa o o tlhalositsweng mo karolong 2(1)(a), (b) kgotsa (c) ya Companies Act;

“Rejisetara” e kaya Rejisetara ya Tshedimosetso ya Lephata la Ditshelete e e kailweng mo karolong 256; 25

“kemedi”, mabapi le setheo sa ditshelete, e kaya kemedi ya setheo go ya ka Financial Advisory and Intermediary Services Act;

“Banka ya Resefe” e kaya Banka ya Resefe ya Aforikaborwa jaaka e kailwe mo karolong 223 ya Molaotheo, buisa mmogo le Reserve Bank Act;

“Reserve Bank Act” o kaya South African Reserve Bank Act, 1989 (Molao 90 wa 1989); 30

“bothati jo bo rwalang maikarabelo” bo kaya bothati jo bo rwalang maikarabelo jaaka bo tlhalositswe mo karolong 5;

“karolo 27 memorantamo wa tumalano” e kaya memorantamo wa tumalano o o kailweng mo karolong 27; 35

“karolo 77 memorantamo wa tumalano” e kaya memorantamo wa tumalano o o kailweng mo karolong 77;

“ditirelo tsa dithoto” di na le bokao jo bo tshwanang le jo bo tlhalositsweng ka jona mo karolong 1(1) ya Financial Markets Act;

“tirelo e tlametsweng ke thulaganyetso ya popegotheo ya mmaraka” e kaya kgwebo e e dirilweng kgotsa tiro e e dirilweng ka thulaganyetso ya popegotheo ya mmaraka go ya ka Financial Markets Act, le “ditirelo tse di tlamelwang ke thulaganyetso ya popegotheo ya mmaraka” di na le bokao jo bo tshwanang;

“Short Term Insurance Act” e kaya Short-term Insurance Act, 1998 (Molao 53 wa 1998); 45

“mong yo o botlhokwa”, o kaya mong yo o botlhokwa wa setheo jaaka go tlhalositswe mo karolong 157;

“lekgethwana le le kgethegileng” le kaya lekgethwana le le duediswang jaaka lekgethwana le le kgethegileng ke mokgatlo wa lephata la ditshelete go ya ka molawana o o neelanang ka maatla a tuediso ya lekgethwana; 50

“molao o o tsepameng wa lephata la ditshelete” o kaya molao wa lephata la ditshelete, ntle le Molao ono, o o laolang mofuta o o tsepameng wa kuno ya ditshelete, tirelo ya ditshelete kgotsa thulaganyetso ya popegotheo ya mmaraka;

“leloko la badiri” leo e leng motho, le kaya

(a) modiri, jaaka go tlhalositswe mo karolong 213 ya Labour Relations Act, 1995 (Molao 66 wa 1995);

(b) motho fela yo o boneng tshegetso mo mothong;

(c) motho fela yo o tsentsweng ke motho mo konterakeng jaaka mokonteraka yo o ikemetseng go tlamela dithoto le ditirelo go motho kgotsa go dira ditiro mo boemong jwa motho ka fa tlase ga dipeelo tse di tlhagisitsweng mo konterakeng, fela ntle le go ya ka thulaganyo ya go batla tirelo kwa ntle; 60

“Maemo” a kaya nngwe le nngwe ya tse di latelang:

(a) Maemo a tlhokomelo;

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“statutory ombud” means each of the following:

(a) The Adjudicator as defined in section 1(1) of the Pension Funds Act;

(b) the Ombud for Financial Services Providers as defined in section 1(1) of the Financial Advisory and Intermediary Services Act; and

“statutory ombud scheme” means a scheme declared by a specific financial sector law to be a statutory ombud scheme;

“supervised entity” means each of the following:

(a) A licensed financial institution;

(b) a person with whom a licensed financial institution has entered into an outsourcing arrangement; and

“supervisory on-site inspection” means an inspection as contemplated in Part 3 of Chapter 9;

“systemic event” means an event or circumstance, including one that occurs or arises outside the Republic, that may reasonably be expected to have a substantial adverse effect on the financial system or on economic activity in the Republic, including an event or circumstance that leads to a loss of confidence that operators of, or participants in, payment systems, settlement systems or financial markets, or financial institutions, are able to continue to provide financial products or financial services, or services provided by a market infrastructure;

“systemically important financial institution” means a financial institution designated in terms of section 29;

“taxable income” has the same meaning ascribed to it in terms of section 1 of the Income Tax Act, 1962 (Act No. 58 of 1962);

“this Act” includes the Regulations and regulatory instruments made in terms of this Act;

“transformation of the financial sector” means transformation as envisaged by the Financial Sector Code for Broad-Based Black Economic Empowerment issued in terms of section 9(1) of the Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003);

“Tribunal” means the Financial Services Tribunal established in terms of section 219(1);

“Tribunal member” means a member of the Tribunal referred to in section 220;

“Tribunal rules” means rules made in terms of section 227;

“trust” has the same meaning ascribed to it in terms of section 1 of the Trust Property Control Act, 1988 (Act No. 57 of 1988);

“trustee” has the same meaning ascribed to it in terms of section 1 of the Trust Property Control Act, 1988 (Act No. 57 of 1988);

“website” means a website as defined in section 1 of the Electronic Communications and Transactions Act, 2002 (Act No. 25 of 2002); and

“winding-up” means the process of dissolving a financial institution that includes the selling of all assets, the paying off of creditors and the distribution of any remaining assets.

(2) In this Act, unless the context indicates otherwise, a word or expression derived from, or that is another grammatical form of, a word or expression defined in this Act has a corresponding meaning.

(3) A reference in a financial sector law, or in an instrument made or issued in terms of a financial sector law, to compliance with financial sector laws or to compliance with a particular financial sector law includes a reference to compliance with requirements in instruments made or issued in terms of the relevant financial sector laws.

Financial products

2. (1) In this Act “financial product” means—

(a) a participatory interest in a collective investment scheme;

(b) a long-term policy as defined in section 1(1) of the Long-term Insurance Act; 55

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(b) maemo a boitshwaro; le

“ombud wa semolao” o kaya nngwe le nngwe ya tse di latelang:

(a) Moatlhodi jaaka go tlhalositswe mo karolong 1(1) ya Pension Funds Act;

(b) Ombud wa Batlamedi ba Ditirelo tsa Ditshelete jaaka go tlhalositswe mo 5 karolong 1(1) ya Financial Advisory and Intermediary Services Act; le

“sekema sa ombud sa semolao” se kaya sekema se se tlhomamisitsweng ke molao o o tsepameng wa lephata la ditshelete go nna sekema sa ombud sa semolao; 10

“setheo se se tlhokometsweng” se kaya nngwe le nngwe ya tse di latelang:

(a) Setheo sa ditshelete se se abetsweng laesense;

(b) motho yo setheo sa ditshelete se se abetsweng laesense se dirileng thulaganyo ya go bona tirelo kwa ntle le ena; le

“tlhatlhobo ya tlhokomelo kwa tirong” e kaya tlhatlhoboi jaaka e kailwe mo Karolong 3 ya Kgaolo 9;

“tiragalo e e rulaganeng” e kaya tiragalo kgotsa lebaka, go akaretsa le le le diragalang kgotsa simololang kwa ntle ga Rephaboliki, leo go ka solofelwang go lere ditlamorago tse di sa siamang mo thulaganyong ya ditshelete kgotsa tiro ya 20 ikonomi mo Rephaboliking, go akaretsa tiragalo kgotsa lebaka le le tlisang go tlhoka boikanyego jwa gore badirisi ba, kgotsa batsayakarolo mo, dithulaganyong tsa tuelo, dithulaganyong tsa tshetlego kgotsa mebaraka ya ditshelete, kgotsa ditheo tsa ditshelete, ba kgona go tswela pele go tlamela dikuno tsa ditshelete kgotsa ditirelo tsa ditshelete; 25

“setheo sa ditshelete sa botlhokwa jo bo rulaganeng” se kaya setheo sa tshelete se se tlhomilweng go ya ka karolo 29;

“lotseno le le duediswang lekgetho” le na le bokao jo le bo neilweng mo karolong 1 ya Income Tax Act, 1962 (Molao 58 wa 1962);

“Molao ono” o akaretsa Melawana le didiriswa tsa taolo tse di dirilweng go ya ka 30 Molao ono;

“phetolo ya lephata la ditshelete” e kaya phetolo jaaka e bonetswe pele ke Khoutu ya Lephata la Ditshelete mabapi le Maatlafatoo ya Ikonomi ya Motheo o o Anameng ya Batho ba Bantsho e e rebotsweng go ya ka karolo 9(1) ya Broad-Based Black Economic Empowerment Act, 2003 (Molao 53 wa 2003); 35

“Lekgotla” le kaya Lekgotla la Ditirelo tsa Ditshelete le le tlhomilweng go ya ka karolo 219(1);

“leloko la Lekgotla” le kaya leloko la Lekgotla le le kailweng mo karolong 220;

“melawana ya Lekgotla” e kaya melawana e e dirilweng go ya ka karolo 227;

“terasete” e na le bokao jo bo tshwanang le jo e tlhalositsweng ka jona mo 40 karolong 1 ya Trust Property Control Act, 1988 (Molao 57 wa 1988);

“motlhokomedi” o na le bokao jo bo tshwanang le jo a tlhalositsweng ka jona mo karolong 1 ya Trust Property Control Act, 1988 (Molao 57 wa 1988);

“webesaete” e kaya webesaete jaaka e tlhalositswe mo karolong 1 ya Electronic Communications and Transactions Act, 2002 (Molao 25 wa 2002); le 45

“phediso” e kaya kgato ya go phatlalatsa setheo sa ditshelete go akaretsa le thekiso ya dithoto tsotlhe, tuelo ya banayamolato le kabo phatlalats o ya dithoto tse di setseng.

(2) Mo Molaong ono, ntle le fa tiriso e kaya ka mokgwa mongwe, lefoko kgotsa tlhagiso e e tswang mo, kgotsa e e leng mokgwa mongwe wa thutapuo, lefoko kgotsa 50 tlhagiso e e tlhalositsweng mo Molaong ono le na le bokao jo bo tshwanang.

(3) Tshupetso mo molaong wa lephata la ditshelete, kgotsa mo sedirisweng se se dirilweng kgotsa rebotsweng go ya ka molao wa lephata la ditshelete, go ikamanya le melao ya lephata la ditshelete kgotsa molao o o rileng wa lephata la ditshelete e akaretsa tshupetso ya go ikamanya le ditlhokego mo didirisweng tse di dirilweng kgotsa 55 rebotsweng go ya ka melao e e maleba ya setheo sa ditshelete.

Dikuno tsa ditshelete

2. (1) Mo Molaong ono “dikuno tsa ditshelete” di kaya—

(a) kgatlhego ya botsayakarolo mo sekema sa peeletsommogo;

(b) pholisi ya nako e e telele jaaka e tlhalositswe mo karolong 1(1) ya Long-term Insurance Act; 60

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(d) a benefit provided by —

(i) a pension fund organisation, as defined in section 1(1) of the Pension Funds Act, to a member of the organisation by virtue of membership; or

(ii) a friendly society, as defined in section 1(1) of the Friendly Societies Act, to a member of the society by virtue of membership;

(e) a deposit as defined in section 1(1) of the Banks Act;

(f) a health service benefit provided by a medical scheme as defined in section 1(1) of the Medical Schemes Act;

(g) except for the purposes of Chapter 4 and section 106, the provision of credit provided in terms of a credit agreement regulated in terms of the National Credit Act;

(h) a warranty, guarantee or other credit support arrangement as provided for in a financial sector law;

(i) a facility or arrangement designated by Regulations for this section as a financial product; and

(j) a facility or arrangement that includes one or more of the financial products referred to in paragraphs (a) to (i).

(2) The Regulations may designate as a financial product any facility or arrangement that is not regulated in terms of a specific financial sector law if—

(a) doing so will further the object of this Act set out in section 7; and

(b) the facility or arrangement is one through which, or through the acquisition of which, a person conducts one or more of the following activities:

(i) Lending;

(ii) making a financial investment; and

(iii) managing financial risk.

(3) For the purposes of subsection (2)(b)(ii), a person makes a financial investment when the person (the “investor”)—

(a) gives a contribution, in money or money’s worth, to another person and any of the following apply:

(i) The other person uses the contribution to generate a financial return for the investor;

(ii) the investor intends that the other person will use the contribution to generate a financial return for the investor, even if no return, or a loss, is in fact generated;

(iii) the other person intends that the contribution be used to generate a financial return for the investor, even if no return, or a loss, is in fact generated; and

(b) has no day-to-day control over the use of the contribution.

(4) For the purposes of subsection (2)(b)(iii), a person manages financial risk when the person—

(a) manages the financial consequences to the person of particular events or circumstances occurring or not occurring; or

(b) avoids or limits the financial consequences of fluctuations in, or in the value of, receipts or costs, including prices and interest rates.

(5) Regulations designating a financial product in terms of subsection (2) may specify the financial sector regulator that is the responsible authority for the designated product.

Financial services

3. (1) In this Act “financial service” means—

(a) any of the following activities conducted in the Republic in relation to a financial product, a foreign financial product, a financial instrument, or a foreign financial instrument:

(i) Offering, promoting, marketing or distributing;

(ii) providing advice, recommendations or guidance;

(iii) operating or managing;

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(d) kunomolemo e tlametsweng ke—

(i) mokgatlho wa letlole la pensene, jaaka o tlhalositswe mo karolong 1(1) ya Pension Funds Act, go leloko la mokgatlho go ya ka botokololo; kgotsa 5

(ii) mokgatlho wa botsalano, jaaka o tlhalositswe mo karolong 1(1) ya Friendly Societies Act, go leloko la mokgatlho go ya ka botokoloc;

(e) depositi jaaka e tlhalositswe mo karolong 1(1) ya Banks Act;

(f) kunomolemo ya tirelo ya boitekanelo e e abilweng ke sekema sa kalafi jaaka 10 go tlhalositswe mo karolong 1(1) ya Medical Schemes Act;

(g) ntle le maitlhomo a a mabapi le Kgaolo 4 le karolo 106, dikabelo tsa sekoloto tse di tlametsweng go ya ka tumalano ya sekoloto e e laolwang go ya ka Molao wa Bosetshaba wa Sekoloto;

(h) tsholofetso, tshireletsego kgotsa thulaganyo nngwe ya tshegetso ya sekoloto 15 jaaka e tlametswe mo molaong wa lephata la ditshelete;

(i) sediriswa kgotsa thulaganyo e e dirilweng ka Melawana malebana le karolo eno jaaka kuno ya ditshelete; le

(j) sediriswa kgotsa thulaganyo e e akaretsang kuno kgotsa dikuno tsa ditshelete tse di kailweng mo ditemaneng (a) go fitlha go (i). 20

(2) Melawana e ka tlhoma jaaka kuno ya ditshelete sediriswa kgotsa thulaganyo nngwe le nngwe e e sa laolweng go ya ka mola o o tsepameng wa setheo sa ditshelete fa—

(a) go direng jalo, seno se tla ntshetsa pele maitlhomo a Molao ono a a tlhagisitsweng mo karolong 7; le 25

(b) sediriswa kgotsa thulaganyo ke ka yona, kgotsa go nneng le yona, motho o ka dirang e le nngwe kgotsa go feta ya ditiro tse di latelang:

(i) Kadimo;

(ii) go dira peeletso ya ditshelete; le

(iii) go laola dikotsi tsa ditshelete. 30

(3) mabapi le maitlhomo a karolotlaleletso (2)(b)(ii), motho (“mmeeletsi”) o dira peeletso ya ditshelete fa a—

(a) etleetsa, ka tshelete kgotsa boleng jwa tshelete, go motho yo mongwe mme nngwe le nngwe ya tse di latelang e a diragatswa:

(i) Motho yo mongwe o dirisa ketleetso go tlisa poelo ya ditshelete go mmeeletsi;

(ii) mmeeletsi o ikaelela gore motho yo mongwe o tshwanetse go dirisa ketleetso go tlisa poelo ya ditshelete go mmeeletsi, le fa go sena poelo, kgotsa tatlhegelo, e e dirilweng; le

(iii) motho yo mongwe o ikaelela gore ketleetso e dirisetswe go direla 40 mmeeletsi poelo ya ditshelete, le fa go sena poelo, kgotsa tatlhegelo, e e dirilweng; le

(b) sena taolo ya letsatsi le letsatsi mo tirisong ya ketleetso.

(4) Mabapi le maitlhomo a karolotlaleletso (2)(b)(iii), motho o laola dikotsi tsa ditshelete fa a—

(a) laola ditlamorago tsa tshelete go motho wa ditiragalo kgotsa mabaka a a rileng a diragala kgotsa a sa diragale; kgotsa

(b) tila kgotsa lekanyetsa ditlamorago tsa ditshelete tsa go ya godimo le tlase mo, kgotsa mo boleng jwa, dirasiti kgotsa ditshenyegelo, go akaretsa dithotlhwa le dikelo tsa morokotso. 50

(5) Melawana e e tlhomang kuno ya ditshelete go ya ka karolotlaleletso (2) e ka totobaletsa bolaodi jwa lephata la ditshelete gore ke jona bothati jo bo rweleng maikarabelo a go laola batlamedi ba kuno ya ditshelete.

Ditirelo tsa ditshelete

3. (1) Mo Molaong ono “tirelo ya ditshelete” e kaya—

(a) nngwe le nngwe ya ditiro tse di latelang tse di dirwang mo Rephaboliking mabapi le kuno ya ditshelete, kuno ya ditshelete ya boditshaba, sediriswa sa ditshelete, kgotsa sediriswa sa ditshelete sa boditshaba:

(i) Kabelo, tsweletso, papatso kgotsa phatlalatso;

(ii) go tlamela ka kgakololo, dikatlanegiso kgotsa kaelo; 60

(iii) go dirisa ka kgotsa go tsamaisa;

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(iv) providing administration services;

(b) dealing or making a market in the Republic in a financial product, a foreign financial product, a financial instrument or a foreign financial instrument;

(d) securities services;

(e) an intermediary service as defined in section 1(1) of the Financial Advisory and Intermediary Services Act;

(f) a service related to the buying and selling of foreign exchange;

(g) a service related to the provision of credit, including a debt collection service, but excluding the services of—

(i) a debt counsellor registered in terms of section 44 of the National Credit Act who provides the services of a debt counsellor as contemplated in that Act;

(ii) a payment distribution agent as defined in section 1 of the National Credit Act; or

(iii) an alternative dispute resolution agent, as defined in section 1 of the National Credit Act;

(h) a service provided to a financial institution through an outsourcing arrangement;

(i) any other service provided by a financial institution, being a service regulated by a specific financial sector law; and

(j) a service designated by the Regulations for this section as a financial service.

(2) A service provided by a market infrastructure is not a financial service unless designated by Regulations in terms of subsection (3).

(3) If doing so will further the object of this Act set out in section 7, the Regulations may designate as a financial service—

(a) any service that is not regulated in terms of a specific financial sector law if the service, that is provided in the Republic, relates to—

(i) a financial product, a foreign financial product, a financial instrument or a foreign financial instrument;

(ii) an arrangement that is in substance an arrangement for lending, making a financial investment or managing financial risk, all as contemplated in section 2(2) to (4); or

(iii) the provision of a benchmark or index; or

(b) a service provided by a market infrastructure.

(4) For the purposes of subsection (1)(b) of the definition of “financial service” in subsection (1)—

“dealing” means any of the following, whether done as a principal or as an agent:

(a) In relation to securities or participatory interests in a collective investment scheme, underwriting the securities or interests; and

(b) the buying or selling of the securities or interests for own account or on behalf of another person as a business, a part of a business or incidental to conducting a business;

“making a market” in a financial instrument takes place when—

(a) a person, through a facility, at a place or otherwise, states the prices at which the person offers to acquire or dispose of financial instruments, whether or not on the person’s own account; and

(b) other persons reasonably expect that they can enter into transactions for those instruments at those prices.

(5) Regulations designating a financial service in terms of subsection (3) may specify the financial sector regulator that is the responsible authority for the designated financial service.

Financial stability

4. (1) For the purposes of this Act, “financial stability” means that—

(a) financial institutions generally provide financial products and financial services, and market infrastructures generally perform their functions and duties in terms of financial sector laws, without interruption;

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(iv) go tlamela ka ditirelo tsa tsamaiso;

(b) go samagana kgotsa go dira mmaraka mo Rephaboliking mo kunong ya ditshelete, kuno ya ditshelete ya boditshaba, sediriswa sa ditshelete kgotsa sediriswa sa ditshelete sa boditshaba;

(d) ditirelo tsa dithoto;

(e) tirelo ya magareng jaaka e tlhalositswe mo karolong (1) ya Financial Advisory and Intermediary Services Act;

(f) tirelo e e amanang le theko le thekiso ya kananyo ya boditshaba;

(g) tirelo e e amanang le kabelo ya sekoloto, go akaretsa le tirelo ya kgobokanyo ya molato, mme ga e akaretse ditirelo tsa—

(i) mogakolodi wa tsa sekoloto yo o kwadisitsweng go ya ka karolo 44 ya Molao wa Bosetshaba wa Sekoloto yo o tlamelang ka ditirelo tsa mogakolodi wa tsa sekoloto jaaka go tlhalositswe mo Molaong oo;

(ii) modiredi yo o phatlalatsang tuelelo jaaka go tlhalositswe mo karolong 1 ya Molao wa Bosetshaba wa Sekoloto; kgotsa

(iii) moemedi yo mongwe wa tharabololo ya dithulano, jaaka go tlhalositswe mo karolong 1 ya Molao wa Bosetshaba wa Sekoloto;

(h) tirelo e e tlamelwang kwa setheong sa ditshelete ka thulaganyo ya go bona tirelo kwa ntle; 20

(i) tirelo nngwe le nngwe e e tlamelwang ke setheo sa ditshelete, e leng tirelo e e laolwang ke molao o o tsepameng wa lephata la ditshelete; le

(j) tirelo e e tlhomilweng ka Melawana ya karolo eno jaaka tirelo ya ditshelete.

(2) Tirelo e e tlamelwang ke thulaganyetso ya popegotheo ya mmaraka ga se tirelo ya ditshelete, ntle le fa e tlhomilwe ka Melawana go ya ka karolotlaleletso (3). 25

(3) Fa go dira jalo go tla tsweletsa maikaelelo a Molao ono jaaka a tlhagisitswe mo karolong 7, Melawana e ka tlhoma jaaka tirelo ya ditshelete—

(a) tirelo nngwe le nngwe e e sa laolweng go ya ka molao o o tsepameng wa lephata la ditshelete fa tirelo, e e tlamelwang mo Rephaboliking, e amana le—

(i) kuno ya ditshelete, kuno ya boditshaba ya ditshelete, sediriswa sa ditshelete kgotsa; sediriswa sa ditshelete sa boditshaba

(ii) thulaganyo eo e leng ka boyona thulaganyo ya kadimo, go dira peeletso ya ditshelete kgotsa taolo ya dikotsi tsa ditshelete, tsotlhe jaaka di kailwe mo dikarolong 2(2) go fitlha go (4); kgotsa

(iii) kabelo ya kaelo kgotsa tshupanekelo; kgotsa

(b) tirelo e e tlamelwang ke thulaganyetso ya popegotheo ya mmaraka.

(4) Mabapi le maitlhomo a karolo (1)(b) a tlhaloso ya “tirelo ya ditshelete” mo karolotlaleletsong (1)—

“go dirisana le”, go kaya nngwe le nngwe ya tse di latelang, e dirilwe jaaka mookamedi kgotsa moemedi: 40

(a) Mabapi le dipoelo tsa dithoto kgotsa botsayakarolo jwa kgatlhego mo sekemeng sa peeletssommogo, go tsamaisa dithoto kgotsa dipoelo; le

(b) go reka le go rekisa dithoto kgotsa morokotso mabapile le maikarabelo bobona kgotsa mo boemong jwa motho yo mongwe jaaka kgwebo, karolo ya kgwebo kgotsa ka go tsamaelana le go dira kgwebo; 45

“go dira mmaraka” mo sedirisweng sa ditshelete go diragala fa—

(a) motho, ka tiriso ya sediriswa, kwa lefelong kgotsa ka gongwe, a tlhagisa ditlhotlhwa tse motho a di beileng go fitlhelela kgotsa go rulaganya sediriswa sa ditshelete, e ka tswa e le ka kgotsa e se ka akhaonto ya motho yoo; le

(b) batho ba bangwe ka mabaka ba solofela gore ba ka tsena mo kgwebisanong ya didiriswa tseo ka ditlhotlhwa tseo.

(5) Melawana e e tlhomang tirelo ya ditshelete go ya ka karolotlaleletso (3) e ka tsepamisa bolaodi jwa lephata la ditshelete joo e leng bothati jo bo rweleng maikarabelo a go laola batlamedi ba tirelo.

Tlhomamo ya ditshelete

4. (1) Mabapi le maitlhomo a Molao ono, “tlhomamo ya ditshelete” e kaya gore—

(a) ditheo tsa ditshelete ka kakaretso di tlamela dikuno tsa ditshelete le ditirelo tsa ditshelete, le dithulaganyetso tsa popegotheo ya mmaraka di dira ka kakaretso ditiro le maikarabelo a tsona go ya ka melao ya lephata la ditshelete, ntle le kgoreletso;

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(b) financial institutions are capable of continuing to provide financial products and financial services, and market infrastructures are capable of continuing to perform their functions and duties in terms of financial sector laws, without interruption despite changes in economic circumstances; and

(c) there is general confidence in the ability of financial institutions to continue to provide financial products and financial services, and the ability of market infrastructures to continue to perform their functions and duties in terms of financial sector laws, without interruption despite changes in economic circumstances.

(2) A reference in this Act to maintaining financial stability includes, where financial stability has been adversely affected, a reference to restoring financial stability. 10

Responsible authorities

5. (1) Subject to subsection (2), the responsible authority for a financial sector law is the financial sector regulator identified in Schedule 2 as the responsible authority for that financial sector law. 15

(2) Despite subsection (1) and sections 2(5) and 3(5), if a section 77 memorandum of understanding provides for one of the financial sector regulators to delegate its functions and powers in relation to a provision of a financial sector law for which it is the responsible authority to another financial sector regulator, the other financial sector regulator is, to the extent of the delegation, the responsible authority for the provision. 20

Financial institutions that are juristic persons

6. Where a financial sector law imposes an obligation to be complied with by an entity that is a juristic person, the members of the governing body of that juristic person must ensure that the obligation is complied with.

Part 2 Object and administration of Act

Object of Act

7. (1) The object of this Act is to achieve a stable financial system that works in the interests of financial customers and that supports balanced and sustainable economic growth in the Republic, by establishing, in conjunction with the specific financial sector 30 laws, a regulatory and supervisory framework that promotes—

(a) financial stability;

(b) the safety and soundness of financial institutions;

(d) the efficiency and integrity of the financial system; 35

(e) the prevention of financial crime;

(f) financial inclusion;

(g) transformation of the financial sector; and

(h) confidence in the financial system.

(2) When seeking to achieve the object of this Act, the Reserve Bank and the financial 40 sector regulators must not be constrained from achieving their objectives and responsibilities as set out in sections 11, 33 and 57.

Administration of Act

8. The Minister is responsible for the administration of this Act.

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(b) ditheo tsa ditshelete di na le bokgoni jwa go tswelela pele go tlamela dikuno tsa ditshelete, le dithulaganyetso tsa dipopegotheo tsa mmaraka di na le bokgoni jwa go dira ka kakaretso ditiro le maikarabelo a tsona go ya ka melao ya lephata la ditshelete, ntle le kgoreletso le fa go na le diphetogo mo mabakeng a ikonomi; le

(c) go na le boikanyego ka kakaretso mo bokgoning jwa ditheo tsa ditshelete go tswelela pele go tlamela dikuno tsa ditshelete le ditirelo tsa ditshelete, le bokgoni jwa dithulaganyetso tsa dipopegotheo go tswelela go dira ditiro le maikarabelo a tsona go ya ka melao ya lephata la ditshelete, ntle le kgoreletso le fa go na le diphetogo mo mabakeng a ikonomi.

(2) Kaelo mo Molaong ono ya go tshegetsa tlhomamo ya ditshelete e akaretsa, mo tlhomamo ya ditshelete e amegileng thata, kaelo ya go busetsa tlhomamo ya ditshelete.

Bothati jo bo rwalang maikarabelo

5. (1) Go tsamaelana le karolotlaleletso (2), bothati jo bo rwalang maikarabelo a molao wa lephata la ditshelete ke molaodi wa lephata la ditshelete yo o kailweng mo 15

Šejuleng 2 jaaka bothati jo bo rwalang maikarabelo a molao wa lephata la ditshelete.

(2) Ntle le karolotlaleletso (1) le dikarolo 2(5) le 3(5), fa karolo 77 ya memorantamo wa tumalano o tlamela mabapi le nngwe ya bolaodi jwa lephata la ditshelete go rolela ditiro tsa yona le dithata mabapi le kabelo ya molao wa lephata la ditshelete oo e leng bothati jo bo rwalang maikarabelo a bolaodi jo bongwe jwa lephata la ditshelete, bolaodi jo bongwe jwa lephata la ditshelete ke, go ya ka bogolo jwa tholelo, bothati jo bo rwalang maikarabelo mabapi le kabelo.

Ditheo tsa ditshelete tseo e leng ditheo tsa molao

6. Fa molao wa lephata la ditshelete o pateletsa tlamego e e tshwanetseng go diragatswa ke setheo seo se leng mo molaong, maloko a mokgatho o o busang wa 25 setheo se se mo molaong a tshwanetse go netefatsa gore go ikamannngwa le pataletsego.

Karolo 2

Maitlhomo le tsamaiso ya Molao

Maitlhomo a Molao

7. (1) Maitlhomo a Molao ono ke go fitlhelela tsamaiso e e tlhomameng ya ditshelete 30 e e dirang go ya ka dikgatlhegelo tsa barekedi ba ditshelete e bile e tshegetsa kgolo ya ikonomi e e lekalekanang e e tsewletswang mo Rephaboliking, ka go tlhoma, mmogo le melao e tsepameng ya lephata la ditshelete, letlhomeso la bolaodi le tlhokomelo le lntshetsang pele—

(a) tlhomamo ya ditshelete;

(b) polokego le itekanelo ya ditheo tsa ditshelete;

(d) bokgoni le tshiamo ya thulaganyo ya ditshelete;

(e) thibelo ya bosenyi jwa ditshelete;

(f) tsenyeletso mo go tsa ditshelete;

(g) phetolo ya lephata la ditshelete; le

(h) boikanyego mo thulaganyong ya ditshelete.

(2) Fa go batlwa go fitlhelela maithomo a Molao ono Banka ya Resefe le balaodi ba lephata la ditshelete ga ba a tshwanela go thibelwa mo go fitlheleeng maithomo a bona le maikarabelo jaaka go tlhagisitswe mo dikarolong 11, 33 le 57. 45

Tsamaiso ya Molao

8. Tona o rwala maikarabelo a tsamaiso ya Molao ono.

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Act No. 9 of 2017

Financial Sector Regulation Act, 2017

Part 3 Application of other legislation

Inconsistencies between Act and other financial sector laws

9. (1) In the event of any inconsistency between a provision of this Act, other than a Regulation or a regulatory instrument made under this Act, and a provision of another Act that is a financial sector law, the provision of this Act prevails.

(2) In the event of any inconsistency between a provision of a Regulation or a regulatory instrument made in terms of this Act and a provision of a Regulation or a regulatory instrument made in terms of a specific financial sector law, the provision of the Regulation or regulatory instrument made in terms of this Act prevails.

Application of other legislation

10. (1) The Consumer Protection Act does not apply to, or in relation to—

(a) a function, act, transaction, financial product or financial service that is subject to the National Payment System Act or a financial sector law, and which is regulated by the Financial Sector Conduct Authority in terms of a financial sector law; or

(b) the Reserve Bank, the Prudential Authority, the Financial Sector Conduct Authority, the Prudential Committee, the Executive Committee, the Chief Executive Officer, the Commissioner or a Deputy Commissioner.

(2) (a) Section 18(2) and (3) of the Competition Act, 1998 (Act No. 89 of 1998) applies, with the necessary changes required by the context, to a merger which requires the approval of the Minister, the Prudential Authority or the Financial Sector Conduct Authority in terms of a financial sector law.

(b) For the purposes of paragraph (a), “merger” means a merger as defined in section 12 of the Competition Act.

(c) Section 116(4) and (9) of the Companies Act applies, with the necessary changes required by the context, to an amalgamation or a merger which requires the approval of the Minister, the Prudential Authority or the Financial Sector Conduct Authority in terms of a financial sector law.

(d) For the purposes of paragraph (c), “amalgamation or merger” means an “amalgamation or merger” as defined in section 1 of the Companies Act.

CHAPTER 2 FINANCIAL STABILITY

Part 1 Powers and functions of Reserve Bank

Responsibility for financial stability

11. (1) The Reserve Bank is responsible—

(a) for protecting and enhancing financial stability; and

(b) if a systemic event has occurred or is imminent, for restoring or maintaining financial stability.

(2) When fulfilling its responsibility in terms of subsection (1), the Reserve Bank—

(a) must act within a policy framework agreed between the Minister and the Governor;

(b) may utilise any power vested in it as the Republic’s central bank or conferred on it in terms of this Act or any other legislation; and

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Karolo 3

Tiragatso ya molao o mongwe

Go sa tlhomamang magareng ga Molao le melao e mengwe ya lephata la ditshelete

9. (1) Fa ka gongwe go na le go sa tlhomamang magareng ga kabelo ya Molao ono le kabelo ya Molao o mongwe oo e leng molao wa lephata la ditshelete, kabelo ya Molao ono e a diragatswa.

(2) Fa ka gongwe go na le go sa tlhomamang magareng ga kabelo ya Molawana kgotsa sediriswa sa taolo se se dirilweng go ya ka Molao ono, le kabelo ya Molawana kgotsa sediriswa sa taolo se se dirilweng go ya ka molao o o tsepameng wa lephata la ditshelete, kabelo ya Molawana kgotsa sediriswa sa taolo se se dirilweng go ya ka Molao ono e a diragatswa.

Tiragatso ya molawana

10. (1) Consumer Protection Act ga e diragatswe go, kgotsa mabapi le—

(a) tiro, tiragatso, kuno ya ditshelete kgotsa tirelo ya ditshelete tse di leng ka fa tlase ga National Payment System Act kgotsa molao wa lephata la ditshelete, e bile di laolwa ke Bothati jwa Boitshwaro jwa Lephata la Ditshelete go ya ka molao wa lephata la ditshelete; kgotsa

(b) Banka ya Resefe, Bothati jwa Tlhokomelo, Bothati jwa Boitshwaro jwa Lephata la Ditshelete, Komiti ya Tlhokomelo, Komiti Khuduthamaga, Motlhankedimogolo wa Khuduthamaga, Khomisenara kgotsa Motlatsakhominenara.

(2) (a) Karolo 18(2) le (3) ya Competition Act, 1998 (Molao 89 wa 1998), e diragatswa, mmogo le diphetogo tse di maleba tse di tlhokwang ke maemo, go tshwaraganyo e e tlhokang thebolo go tswa go Tona, Bothati jwa Tlhokomelo kgotsa Bothati jwa Boitshwaro jwa Lephata la Ditshelete go ya ka molao wa lephata la ditshelete.

(b) Mabapi le maitlhomo a temana (a), "tshwaraganyo" e kaya tshwaraganyo jaaka e tlhalositswe mo karolong 12 ya Competition Act.

(c) Karolo 116 (4) le (9) ya Companies Act e diragatswa, le diphetogo tse di tlhokwang ke maemo, go kopano kgotsa tshwaraganyo e e tlhokang thebolo ya Tona, Bothati jwa Tlhokomelo kgotsa Bothati jwa Boitshwaro jwa Lephata la Ditshelete go ya ka molao wa lephata la ditshelete.

(d) Mabapi le maitlhomo a temana (c), "kopanyo kgotsa tshwaraganyo" e kaya "kopanyo kgotsa tshwaraganyo" jaaka e tlhalositswe mo karolong 1 ya Companies Act.

KGAOLO 2

TLHOMAMO YA DITŠHELETE

Karolo 1

Dithata le ditiro tsa Banka ya Resefe

Maikarabelo tlhomamo ya ditshelete

11. (1) Banka ya Resefe e rwala maikarabelo a—

(a) go sireletsa le go oketsa tlhomamo ya ditshelete; le

(b) fa tiragalo ya thulaganyo e diragetse kgotsa e ka diragala, go busetsa le go tshegetsa tlhomamo ya ditshelete.

(2) Fa e diragatsa maikarabelo a yona go ya ka karolotlaleletso (1), Banka ya Resefe

(a) tshwanetse go dira go ya ka letlhomeso la pholisi le go dumalanweng ka lona magareng ga Tona le Mmusisi;

(b) ka diragatsa thata e e neilweng jaaka banka ya bogareng ya Rephaboliki kgotsa eo e abetsweng go ya ka Molao ono kgotsa molawana mongwe le mongwe; le

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GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

(c) must have regard to, amongst other matters, the roles and functions of other organs of state exercising powers that affect aspects of the economy.

Monitoring of risks by Reserve Bank

12. The Reserve Bank must—

(a) monitor and keep under review—

(i) the strengths and weaknesses of the financial system; and

(ii) any risks to financial stability, and the nature and extent of those risks, including risks that systemic events will occur and any other risks contemplated in matters raised by members of the Financial Stability Oversight Committee or reported to the Reserve Bank by a financial sector regulator;

(b) take steps to mitigate risks to financial stability, including advising the financial sector regulators, and any other organ of state, of the steps to take to mitigate those risks; and

(c) regularly assess the observance of principles in the Republic developed by international standard setting bodies for market infrastructures, and report its findings to the financial sector regulators and the Minister, having regard to the circumstances and the context within the Republic.

Financial stability review

13. (1) The Reserve Bank must, at least every six months, make an assessment of the stability of the financial system, herein referred to as the “financial stability review”.

(2) A financial stability review must set out—

(a) the Reserve Bank’s assessment of financial stability in the period under review;

(b) its identification and assessment of the risks to financial stability in at least the next 12 months;

(c) an overview of steps taken by it and the financial sector regulators to identify and manage risks, weaknesses or disruptions in the financial system during the period under review and that are envisaged to be taken during at least the next 12 months; and

(d) an overview of recommendations made by it and the Financial Stability Oversight Committee during the period under review and progress made in implementing those recommendations.

(3) Information which, if published may materially increase the possibility of a systemic event, only needs to be published in a financial stability review after the risk of a systemic event subsides, or has been addressed.

(4) The Reserve Bank must—

(a) submit a copy of each review to the Minister and the Financial Stability Oversight Committee for information and comment, and allow the Minister or the Financial Stability Oversight Committee at least two weeks to make comments, should they wish to do so;

(b) publish the review, after having taken into account any comments that may have been received in terms of paragraph (a); and

Part 2 Managing systemic events and risks in relation to systemic events

Determination of systemic events

14. (1) The Governor may, after having consulted the Minister, determine that a specified event or circumstance, or a specified combination of events or circumstances, is a systemic event.

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(c) tshwanetse go tsaya tsia, magareng ga mabaka a mangwe, botsayakarolo le ditiro tsa maphata a mangwe a puso tse di diragatsang dithata tse di amang dintlha tsa ikonomi.

Go lekolwa ga dikotsi ke Banka ya Resefe

12. Banka ya Resefe e tshwanetse—

(a) go ela tlhoko le go baya ka fa tlase ga thadiso—

(i) dikgono le makoa a thulaganyo ya ditshelete; le

(ii) dikotsi dingwe le dingwe go tlhomamo ya ditshelete, le tlholego le bogolo jwa dikotsi tseo, go akaretsa le dikotsi tsa gore ditiragalo tse di rulaganeng di tla diragala le dikotsi dingwe le dingwe tse di kailweng mo mabakeng a a tlhagisitsweng ke maloko a Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete kgotsa a begilwe go Banka ya Resefe ke molaodi wa lephata la ditshelete;

(b) go tsaya dikgato go fokotsa dikotsi go tlhomamo ya ditshelete, go akaretsa le go gakolola bolaodi ba lephata la ditshelete, le lephata lengwe le lengwe la puso, ka ga dikgato tse di ka tsewang go fokotsa dikotsi tseo; le

(c) nako le nako go lekanyetsa temogo ya ditheo mo Rephaboliking tse di tlhabolotsweng ke mekgatlho ya boditshabatshaba ya go tlhoma dikemo tsa thulaganyetso ya popegotheo ya mmaraka, le go bega diphitlhelelo tsa yona go balaodi ba lephata la ditshelete le Tona, ka go ela tlhoko mabaka le maemo a mo gare ga Rephaboliki.

Thadiso ya tlhomamo ya ditshelete

13. (1) Banka ya Resefe e tshwanetse, bonnye dikgwedi dingwe le dingwe tse thataro, go dira tekanyetso ya tlhomamo ya thulaganyo ya ditshelete, eo e kailweng fano jaaka “thadiso ya tlhomamo ya ditshelete”.

(2) Thadiso ya tlhomamo ya ditshelete e tshwanetse go tlhagisa—

(a) tekanyetso ya Banka ya Resefe ya tlhomamo ya ditshelete mo pakeng e e ka fa tlase ga thadiso;

(b) tlhagiso le tekanyetso ya dikotsi go tlhomamo ya ditshelete mo bonnyeng dikgwedi tse 12 tse di latelang;

(c) tshosobanyo ya dikgato tse e di tserweng mmogo le balaodi ba lephata la ditshelete go tlhagisa le go laola dikotsi, makoa kgotsa dikotsi mo thulaganyong ya ditshelete mo pakeng e e ka fa tlase ga thadiso le ao go bonelwang pele gore a tla diragala mo dikgweding tse 12 tse di latelang; le

(d) tshosobanyo ya dikatlanegiso tse e di dirileng mmogo le Komiti ya Keletlhoko ya Tlhomamo ya Ditshelete mo pakeng e e ka fa tlase ga thadiso le tswellopele e e fitheletsweng mo go tsenyeng tirsong dikatlanegiso tseo.

(3) Tshedimosetso e, fa e ka phasalatswa e ka gakatsang kgonagalo ya tiragalo e e rulaganeng, e tlhoka go phasalatswa mo thadisong ya tlhomamo ya ditshelete morago ga go foketsega ga kotsi ya tiragalo e e rulaganeng, kgotsa e sekasekilwe.

(4) Banka ya Resefe e tshwanetse go—

(a) romela kgatiso ya thadiso nngwe le nngwe go Tona le Komiti ya Keletlhoko ya Tlhomamo ya Ditshelete go bona tshedimosetso le tshwaelo, le go letla Tona kgotsa Komiti ya Keletlhoko ya Tlhomamo ya Ditshelete go dira ditshwaelo bonnye dibeke di le pedi fa ba eletsa go dira jalo;

(b) phasalatsa thadiso, morago ga go tsaya tsia ditshwaelo dingwe le dingwe tse di ka tswang di amogetswe go ya ka temana (a); le

Karolo 2

Go laola ditiragalo tse di rulaganeng le dikotsi mabapi le ditiragalo tse di rulaganeng 50

Tlhomamiso ya ditiragalo tse di rulaganeng

14. (1) Mmusisi o ka, morago ga go rerisana le Tona, tlhomamisa gore tiragalo kgotsa lebaka le tepameng, kgotsa kopano e tepameng ya ditiragalo kgotsa mabaka, ke tiragalo e e rulaganeng.

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Act No. 9 of 2017

Financial Sector Regulation Act, 2017

(2) The Governor may, before making a determination in terms of subsection (1), consult the Financial Stability Oversight Committee.

(3) A determination in terms of subsection (1) may be made whether or not the event or circumstance, or combination of events or circumstances, has already occurred or arisen.

(4) The Governor may, after having consulted the Minister, determine that a specified systemic event has occurred or is imminent.

(5) The Governor—

(a) must notify the Minister of a determination made in terms of subsection (1) or (4);

(b) must keep the determination under review;

(d) must notify the Minister of any amendment or revocation of a determination made in terms of subsection (1) or (4).

(6) The Reserve Bank must notify the financial sector regulators of a determination in terms of this section, and of an amendment or revocation of such a determination.

(7) The Reserve Bank must, in respect of a determination made in terms of subsection (1) or (4), and any amendment or revocation of such a determination—

(a) table the determination, or the amendment or revocation of the determination, in Parliament; and

(b) publish the determination, or the amendment or revocation of the determination, on the Reserve Bank’s website.

Functions of Reserve Bank in relation to systemic events

15. (1) The Reserve Bank must take all reasonable steps—

(a) to prevent systemic events from occurring; and

(b) if a systemic event has occurred or is imminent, to—

(i) mitigate without delay the adverse effects of the event on financial stability; and

(ii) manage the systemic event and its effects.

(2) When acting in terms of subsection (1), the Reserve Bank must have regard to the need to—

(a) minimise adverse effects on financial stability and economic activity;

(b) protect, as appropriate, financial customers; and

Information to Minister

16. (1) If the Governor has in terms of section 14(4) determined that a systemic event has occurred or is imminent, the Governor must ensure that the Minister is kept informed of the event and of any steps being taken or proposed to manage the event and the effects of the event.

(2) The Reserve Bank may not, except with the Minister’s approval, take a step in terms of section 15 that will or is likely to—

(a) bind the National Revenue Fund to any expenditure;

(b) have a material impact on the cost of borrowing for the National Revenue Fund; or

Responsibilities of financial sector regulators

17. If the Governor has in terms of section 14(4) determined that a systemic event has occurred or is imminent, each financial sector regulator must—

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(2) Mmusisi o ka, pele ga go tlhomamisa go ya ka karolotlaleletso (1), rerisana le Komiti ya Keletlhoko ya Tlhomamo ya Ditshelete.

(3) Tlhomamiso go ya ka karolotlaleletso (1) e ka dirwa fa ka gongwe tiragalo kgotsa lebaka, kgotsa kopano ya ditiragalo kgotsa mabaka, di diragetse kgotsa di simolotse.

(4) Mmusisi o ka, morago ga go rerisana le Tona, tlhomamisa gore tiragalo e e 5 rulaganeng e tsepameng e diragetse kgotsa e ka diragala.

(5) Mmusisi

(a) o tshwanetse go itsise Tona ka ga tlhomamiso e e dirilweng go ya ka karolotlaleletso (1) kgotsa (4);

(b) o tshwanetse go baya tlhomamiso ka fa tlase ga thadiso; 10

(c) o ka, nako nngwe le nngwe, morago ga go rerisana le Tona, tlhabolola, kgotsa gogela morago tlhomamiso ka go kwala; le

(d) o tshwanetse go itsise Tona ka ga tlhabololo kgotsa kgogelomorago ya tlhomamiso e e dirilweng go ya ka karolotlaleletso (1) kgotsa (4).

(6) Banka ya Resefe e tshwanetse go itsise balaodi ba lephata la ditshelete ka ga 15 tlhomamiso go ya ka karolo eno, le ka ga tlhabololo kgotsa kgogelomorago ya tlhomamiso eo.

(7) Banka ya Resefe e tshwanetse, mabapi le tlhomamiso e e dirilweng go ya ka karolotlaleletso (1) kgotsa (4), le tlhabololo nngwe le nngwe kgotsa kgogelomorago ya tlhomamiso eo—

(a) go baya fa pele ga Palamente tlhomamiso, kgotsa tlhabololo kgotsa phimolo ya tlhomamiso; le

(b) go phasalatsa tlhomamiso, kgotsa tlhabololo kgotsa phimolo ya tlhomamiso, mo webesaeteng ya Banka ya Resefe.

Ditiro tsa Banka ya Resefe mabapi le ditiragalo tse di rulaganeng 25

15. (1) Banka ya Resefe e tshwanetse go tsaya dikgato tsothe tse di maleba—

(a) go thibela ditiragalo tse di rulaganeng go direga; le

(b) fa tiragalo e e rulaganeng e diregile kgotsa e ka direga, go—

(i) thibela ntle le tshenyo ya nako ditlamorago tse di masisi tsa tiragalo mo tlhomamong ya ditshelete; le

(ii) laola tiragalo e e rulaganeng le ditlamorago tsa yona.

(2) Fa e diragatsa go ya ka karolotlaleletso (1), Banka ya Resefe e tshwanetse go tsaya tsia tlhokego ya go—

(a) fokotsa ditlamorago tse di masisi mo tlhomamong ya ditshelete le tiro ya ekonomi; 35

(b) sireletsa, jaaka go tshwanetse, barekedi ba ditshelete; le

Tshedimosetso go Tona

16. (1) Fa Tona go ya ka karolo 14(4) a tlhomamisitse gore tiragalo e e rulaganeng e 40 diregile kgotsa e ka direga, Mmusisi o tshwanetse go netefatsa gore Tona o itsisiwe ka ga tiragalo le dikgato dingwe le dingwe tse di tsewang kgotsa tshitsintsweng go laola tiragalo le ditlamorago tsa yona.

(2) Banka ya Resefe e ka se, ntle le thebolo ya Tona, tseye kgato go ya ka karolo 15 e e ka kgotsa e e nang le kgonagalo ya go—

(a) tlamelela Letlole la Bosetshaba la Lotseno go ditshenyegelo dingwe le dingwe;

(b) nna le kutlwalo e e botlhokwa mo ditlhotlhwakadimong go Letlole la Bosetshaba la Lotseno; kgotsa

Maikarabelo a balaodi ba lephata la ditshelete

17. Fa Mmusisi go ya ka karolo 14(4) a tlhomamisitse gore tiragalo e e rulaganeng e diregile kgotsa e ka direga, molaodi mongwe le mongwe wa lephata la ditshelete o tshwanetse—

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Act No. 9 of 2017

Financial Sector Regulation Act, 2017

(a) provide the Reserve Bank with any information in the possession of the financial sector regulator, which may be relevant for the Bank to manage the systemic event or the effects of the systemic event; and

(b) consult the Reserve Bank before exercising any of their powers in a way that may compromise steps taken or proposed in terms of section 15 to manage the systemic event or the effects of the systemic event.

Directives to financial sector regulators

18. (1) The Governor may direct a financial sector regulator, in writing, to provide the Reserve Bank with information specified in the directive that the Reserve Bank or the Governor needs for exercising their powers in terms of section 14 or 15, that is in the possession of the financial sector regulator or obtainable by it.

(2) (a) If the Governor has in terms of section 14(4) determined that a systemic event has occurred or is imminent, the Governor may, in writing, direct a financial sector regulator to assist the Reserve Bank in complying with section 15 by acting in accordance with the directive when exercising its powers.

(b) A directive in terms of paragraph (a) may include directions aimed at—

(i) supporting the restructuring, resolution or winding-up of any financial institution;

(ii) preventing or reducing the spread of risk, weakness or disruption through the financial system; or

(iii) increasing the resilience of financial institutions to risk, weakness or disruption.

(3) The Prudential Authority, Financial Sector Conduct Authority and the Financial Intelligence Centre must comply with a directive issued to it in terms of subsection (1) or (2).

(4) The National Credit Regulator must comply with a directive issued to it in terms of subsection (1) or (2), provided that the Minister has consulted the Minister responsible for consumer credit matters on the directive.

Exercise of powers by other organs of state

19. (1) If the Governor has in terms of section 14(4) determined that a systemic event has occurred or is imminent, an organ of state exercising powers in respect of a part of the financial system may not, without the approval of the Minister, acting in consultation with the Cabinet member responsible for that organ of state, exercise its powers in a way that is inconsistent with a decision or steps taken by the Governor or the Reserve Bank in terms of this Part, in order to manage that systemic event or the effects of that systemic event.

(2) Any unresolved issues between the Minister and that Cabinet member must be referred to Cabinet.

(3) Subsection (1) does not apply to the financial sector regulators.

Part 3 Financial Stability Oversight Committee

Establishment of Financial Stability Oversight Committee

20. (1) A committee called the Financial Stability Oversight Committee is hereby established.

(2) The primary objectives of the Financial Stability Oversight Committee are to—

(a) support the Reserve Bank when the Reserve Bank performs its functions in relation to financial stability; and

(b) facilitate co-operation and collaboration between, and co-ordination of action among, the financial sector regulators and the Reserve Bank in respect of matters relating to financial stability.

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(a) tlamela Banka ya Resefe ka tshedimosetso nngwe le nngwe e e mo diatleng tsa balaodi ba lephata la ditshelete, eo e ka kgontshang Banka go laola tiragalo e e rulaganeng kgotsa ditlamorago tsa tiragalo e e rulaganeng; le

(b) go rerisana le Banka ya Resefe pele ba ka diragatsa dithata dingwe le dingwe tsa bona ka mokgwa o o ka amang dikgato tse di tserweng kgotsa tshitsintsweng go ya ka karolo 15 go laola tiragalo e e rulaganeng kgotsa ditlamorago tsa yona.

Ditaelo go balaodi ba lephata la ditshelete

18. (1) Mmusisi o ka laela molaodi wa lephata la ditshelete, ka go kwala, go tlamela Banka ya Resefe ka tshedimosetso e e tlhalositsweng mo taelong e Banka ya Resefe kgotsa Mmusisi a e tlhokang go diragatsa dithata tsa gagwe go ya ka karolo 14 kgotsa 15, eo e leng mo diatleng tsa molaodi wa lephata la ditshelete kgotsa e fithelelwang ke jona.

(2) (a) Fa Mmusisi go ya ka karolo 14(4) a tlhomamisitse gore tiragalo e e rulaganeng e diregile kgotsa e ka diragala, Mmusisi o ka, ka go kwala, laela molaodi wa lephata la ditshelete, go thusa Banka ya Resefe go ikamanya le karolo 15 ka go dira go tsamaelana le taelo fa bo diragatsa dithata tsa jona.

(b) Taelo go ya ka temana (a) e ka akaretsa dintlha tse di ikaelelang go—

(i) tshegetsa kagosešwa, tharabololo kgotsa tshwetso ya setheo sengwe le sengwe sa ditshelete;

(ii) thibela kgotsa fokotsa go anama ga dikotsi, makoa kgotsa dikgoreletsi mo thulaganyong ya ditshelete; kgotsa

(iii) oketsa bokgoni jwa ditheo tsa ditshelete go emelana le dikotsi, makoa kgotsa dikgoreletsi.

(3) Bothati jwa Tlhokomelo, Bothati jwa Boitshwaro jwa Lephata la Ditshelete le Senthara ya Botlhodi jwa Ditshelete di tshwanetse go ikamanya le taelo e e rebotsweng go tsona go ya ka karolotlaleletso (1) kgotsa (2).

(4) Bolaodi jwa Bosetshaba jwa Sekoloto bo tshwanetse go ikamanya le taelo eo e e reboletsweng go ya ka karolotlaleletso (1) kgotsa (2), fela fa Tona a rerisane le Tona e e rweleng maikarabelo a merero ya sekoloto sa badirisi mo taelong eo.

Tiragatso ya dithata ka maphata a mangwe a puso

19. (1) Fa Mmusisi go ya ka karolo 14(4) a tlhomamisitse gore tiragalo e e rulaganeng e diregile kgotsa e ka direga, lephata la puso le le diragatsang dithata tsa lona mabapi le thulaganyo ya ditshelete le ka se, ntle le thebolo ya Tona, ka go dira ka therisano le leloko la Kabinete le le rweleng maikarabelo a lephata leo, diragatse dithata tsa lona ka mokgwa o o sa tsamaelaneng le tshwetso kgotsa dikgato tse di tserweng ke Mmusisi kgotsa Banka ya Resefe go ya ka Karolo eno, gore go laolwe tiragalo eo e e rulaganeng kgotsa ditlamorago tsa tiragalo eo e e rulaganeng.

(2) Dintlha dingwe le dingwe tse di sa rarabololwang magareng ga Tona le leloko leo la Kabinete di tshwanetse go romelwa kwa Kabineteng.

(3) Karolotlaleletso (1) ga e diragatswe mo balaoding ba lephata la ditshelete.

Karolo 3

Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete

Go tlhongwa ga Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete

20. (1) Komiti e e bidiwang Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete e a tlhongwa.

(2) Maitlhomomagolo a Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete ke go—

(a) tshegetsa Banka ya Resefe fa Banka ya Resefe e dira ditiro tsa yona mabapi le tlhomamo ya ditshelete; le

(b) nolofatsa tirisanommogo le kgolagano magareng ga, le kopanyo ya tiro 50 magareng ga, balaodi ba lephata la ditshelete le Banka ya Resefe mabapi le merero e e amanang le tlhomamo ya ditshelete.

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GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

Functions of Financial Stability Oversight Committee

21. The Financial Stability Oversight Committee has the following functions:

(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; 5

(b) to make recommendations to the Governor on the designation of systemically important financial institutions;

(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 15

(e) any other function conferred on it in terms of applicable legislation.

Membership

22. (1) The Financial Stability Oversight Committee consists of the following members:

(a) The Governor; 20

(b) the Deputy Governor responsible for financial stability matters;

(d) the Commissioner;

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

(f) the Director-General; 25

(g) the Director of the Financial Intelligence Centre; and

(h) a maximum of three additional persons appointed by the Governor.

(2) A member of the Financial Stability Oversight Committee referred to in terms of subsection (1)(h) holds office for the period, and on the terms, determined by the Governor. 30

Administrative support by Reserve Bank

23. (1) The Reserve Bank must provide administrative support, and other resources, including financial resources, for the effective functioning of the Financial Stability Oversight Committee.

(2) The Reserve Bank must ensure that minutes of each meeting of the Financial Stability Oversight Committee are kept in a manner determined by the Governor.

Meetings and procedure

24. (1) The Financial Stability Oversight Committee must meet at least every six months.

(2) The Governor—

(a) may convene a meeting of the Financial Stability Oversight Committee at any time; and

(b) must convene a meeting if requested to do so by the Chief Executive Officer, the Commissioner or the Chief Executive Officer of the National Credit Regulator. 45

(3) (a) The Governor chairs a meeting of the Financial Stability Oversight Committee at which the Governor is present.

(b) If the Governor is not present at a meeting, the Deputy Governor responsible for financial stability matters chairs the meeting.

(4) (a) A member of the Financial Stability Oversight Committee who is unable to attend a meeting may, after notice to the other members and with the concurrence of the person who will chair the meeting, nominate an alternate to attend that meeting in the member’s absence.

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Ditiro tsa Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete

21. Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete e na le ditiro tse di latelang:

(a) Go dira jaaka foramo ya baemedi ba Banka ya Resefe gape bolaodi bongwe le bongwe jwa lephata la ditshelete bo tshwanetse go itsisiwe, le go refosana dikakanyo, ka ga ditirwana tsa Banka ya Resefe le balaodi ba lephata la ditshelete mabapi le tlhomamo ya ditshelete;

(b) go dira dikatlanegiso go Mmusisi ka ga go tlhomiwa ga ditheo tse di rulaganeng tsa ditshelete tse di botlhokwa;

(i) dikgato tse di ka tsewang go tlhatlosa, sireletsa kgotsa tlamela, kgotsa go laola kgotsa thibela dikotsi go, tlhomamo ya ditshelete; le

(ii) merero e e amanang le taolo ya dikotsi le thibelo;

(d) go dira dikatlanegiso go maphata a mangwe a puso mabapi le dikgato tse di maleba go bona go ka di tsaya go thusa mo go tlhatloseng, sireletseng kgotsa tlameleng, kgotsa laoleng kgotsa thibeleng dikotsi go tlhomamo ya ditshelete; le

(e) tiro nngwe le nngwe eo e e neetsweng go ya ka molawana o o maleba.

Boloko

22. (1) Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete e na le maloko a a latelang:

(a) Mmusisi;

(b) Motlatsammusisi yo o rwalang maikarabelo a merero ya tlhomamo ya ditshelete;

(d) Khomisenara;

(e) Motlhankedimogolo wa Khuduthamaga wa Bolaodi jwa Bosetshaba jwa Sekoloto;

(f) Mokaedikakaretso;

(g) Mokaedi wa Senthara ya Botlhodi jwa Ditshelete; le

(h) tekanyetso ya batho ba le bararo ba tlaleletso ba ba thapilweng ke Mmusisi.

(2) Leloko la Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete e e kailweng go ya ka karolotlaleletso (1)(h) le dira go ya ka paka, le ka dipeelo, tse di tlhomamisitsweng ke Mmusisi.

Tshegetso ya tsamaiso ka Banka ya Resefe

23. (1) Banka ya Resefe e tshwanetse go tlamela tshegetso ya tsamaiso, le ditlamelwana tse dingwe, go akaretsa le ditlamelwana tsa ditshelete, gore Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete e dire ka matsetseleko.

(2) Banka ya Resefe e tshwanetse go netefatsa gore metsotso ya kopano nngwe le nngwe e a tsewa, ka mokgwa o o tlhomamisitsweng ke Mmusisi.

Dikopano le tsamaiso

24. (1) Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete e tshwanetse go kopana 40 bonnye mo dikgweding dingwe le dingwe tse thataro.

(2) Mmusisi—

(a) o ka bitsa kopano ya Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete nako nngwe le nngwe; le

(b) o tshwanetse go bitsa kopano fa a kopilwe go dira jalo ke Motlhankedimogolo wa Khuduthamaga, Khomisenara kgotsa ke Motlhankedimogolo wa Khuduthamaga ya Bolaodi jwa Bosetshaba jwa Sekoloto.

(3) (a) Mmusisi o okamela kopano ya Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete eo Mmusisi a leng teng mo go yona.

(b) Fa Mmusisi a seyo mo kopanong, Motlatsammusisi yo o rweleng maikarabelo a merero ya tlhomamo ya ditshelete o okamela kopano.

(4) (a) Leloko la Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete le le sa kgoneng go tsenela kopano le ka, morago ga go itsise maloko a mangwe le ka tumalano ya motho yo o tla okamelang kopano, tlhopha mongwe yo o refosanang nae go tsenela kopano eo boemong jwa gagwe.

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GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

(b) An alternate referred to in paragraph (a) has, for that meeting, the same rights as the member of the Financial Stability Oversight Committee.

(5) The Financial Stability Oversight Committee may determine its procedures, including quorum requirements.

(6) The person chairing a meeting may invite any person, including a representative 5 of an organ of state or a financial institution, to attend the meeting.

(7) The Financial Stability Oversight Committee may establish separate working groups or subcommittees.

(8) In the event of an equality of votes on a matter that may be voted upon by the Financial Stability Oversight Committee, the person chairing a meeting has a casting 10 vote in addition to a deliberative vote.

Part 4

Financial Sector Contingency Forum

25. (1) The Governor must establish a forum called the Financial Sector Contingency 15 Forum.

(2) The primary objective of the Financial Sector Contingency Forum is to assist the Financial Stability Oversight Committee with—

(a) the identification of potential risks that systemic events will occur; and

(b) the co-ordination of appropriate plans, mechanisms and structures to mitigate 20 those risks.

(3) The Financial Sector Contingency Forum is composed of at least eight members, including—

(a) a Deputy Governor designated by the Governor, which Deputy Governor is the Chairperson; 25

(b) representatives of each of the financial sector regulators;

(d) representatives of financial sector industry bodies and any other relevant person, as the Chairperson may determine. 30

(4) The Financial Sector Contingency Forum must meet at least every six months.

(5) The Financial Sector Contingency Forum must be convened and must function in accordance with procedures determined by the Governor.

(6) The Reserve Bank must provide administrative support, and other resources, including financial resources, for the effective functioning of the Financial Sector 35 Contingency Forum.

Part 5

Roles of financial sector regulators and other organs of state in maintaining financial stability

Co-operation among Reserve Bank and financial sector regulators in relation to 40 financial stability

26. (1) The financial sector regulators must—

(a) co-operate and collaborate with the Reserve Bank, and with each other, to maintain, protect and enhance financial stability;

(b) provide such assistance and information to the Reserve Bank and the 45 Financial Stability Oversight Committee to maintain or restore financial stability as the Reserve Bank or the Financial Stability Oversight Committee may reasonably request;

(c) promptly report to the Reserve Bank any matter of which the financial sector regulator becomes aware that poses or may pose a risk to financial stability; 50 and

(d) gather information from, or about, financial institutions that concerns financial stability.

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(b) Mongwe yo o refosanang nae yo o kailweng mo temaneng (a), mo kopanong eo, o na le ditshwanelo tse di tshwanang le tsa leloko la Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete.

(5) Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete e ka tlhomamisa ditsamaiso tsa yona, go akaretsa le ditlhokego tsa khoramo.

(6) Motho yo o okametseng kopano o ka laletsa motho mongwe le mongwe, go akaretsa le moemedi wa lephata la puso kgotsa setheo sa ditshelete, go tsenela kopano.

(7) Komiti e ka tlhoma ditlhopha tse di farologaneng tsa tiro kgotsa dikomititlaleletso.

(8) Mo lebakeng la fa diboutu di lekana mo morerong o k boutelwang ke Komiti, motho yo o okametseng kopano o ka dira boutu e e kgethegileng mo godimo ga boutu e dirilweng ke botlhe.

Karolo 4

Foramo ya Tshoganyetso ya Lephata la Ditshelete

25. (1) Mmusisi o tshwanetse go tlhoma foramo, e e bidiwang Foramo ya Tshoganyetso ya Lephata la Ditshelete.

(2) Maitlhomomagolo a Foramo ya Tshoganyetso ya Lephata la Ditshelete ke go thusa Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete ka—

(a) go tlhagisa dikotsi tsa kgonagalo ya go direga ga ditiragalo tse di rulaganeng; le

(b) kopanyo ya maano a a maleba, mekgwa le dipopego go fokotsa dikotsi tseo.

(3) Foramo ya Tshoganyetso ya Lephata la Ditshelete e bopilwe ka bonnye maloko a le robedi, go akaretsa le—

(a) Motlatsammusisi yo o thapilweng ke Mmusisi, yo e leng Modulasetilo;

(b) dikemedi tsa balaodi bangwe le bangwe ba lephata la ditshelete;

(d) dikemedi tsa mekgatlho ya madirelo a lephata la ditshelete le motho mongwe le mongwe yo o maleba, jaaka Modulasetilo a ka tlhomamisa.

(4) Foramo ya Tshoganyetso ya Lephata la Ditshelete e tshwanetse go kopana mo dikgweding dingwe le dingwe tse thataro.

(5) Foramo ya Tshoganyetso ya Lephata la Ditshelete e tshwanetse go kopana e bile e tshwanetse go dira go tsamaelana le ditsamaiso tse di tlhomamisitsweng ke Mmusisi.

(6) Banka ya Resefe e tshwanetse go tlamela ka tshegetso ya tsamaiso, le ditlamelwana tse dingwe, go akaretsa le ditlamelwana tsa ditshelete, gore Foramo ya Tshoganyetso ya Lephata la Ditshelete e dire ka matsetseleko.

Karolo 5

Botsayakarolo jwa balaodi ba lephata la ditshelete le maphata a mangwe a puso mo go tshegetseng tlhomamo ya ditshelete

Tirisanommogo magareng ga Banka ya Resefe le balaodi ba lephata la ditshelete 40 mabapi le tlhomamo ya ditshelete

26. (1) Balaodi ba lephata la ditshelete ba tshwanetse—

(a) go dirisanammogo le go kopana le Banka ya Resefe, le ka bobona, go tshegetsa, sireletsa le go oketsa tlhomamo ya ditshelete;

(b) go neelana ka thuso eo le tshedimosetso go Banka ya Resefe le Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete go tshegetsa kgotsa busetsa tlhomamo ya ditshelete, jaaka go kopile Banka ya Resefe kgotsa Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete;

(c) go bega ka potlako go Banka ya Resefe morero mongwe le mongwe o o lemogwang ke molaodi wa lephata la ditshelete e le o tlisang kgotsa o k a 50 tlisang dikotsi mo tlhomamong ya ditshelete; le

(d) go kgobokanya tshedimosetso go tswa go, kgotsa ka ga, ditheo tsa ditshelete tse di amang tlhomamo ya ditshelete.

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GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

(2) The Reserve Bank must, when exercising its powers in terms of this Chapter, take into account—

(a) any views expressed and any information reported by the financial sector regulators; and

(b) any recommendations of the Financial Stability Oversight Committee.

Memoranda of understanding relating to financial stability

27. (1) The financial sector regulators and the Reserve Bank must, not later than six months after this Chapter takes effect, enter into one or more memoranda of understanding with respect to how they will co-operate and collaborate with, and provide assistance to, each other and otherwise perform their roles and comply with their duties relating to financial stability.

(2) The financial sector regulators and the Reserve Bank must review and update the memoranda of understanding as appropriate, but at least once every three years.

(3) A copy of a memorandum of understanding must, without delay after being entered into or updated, be provided to the Minister and the Cabinet member responsible for consumer credit matters.

(4) The validity of any action taken by a financial sector regulator in terms of a financial sector law, the National Credit Act or the Financial Intelligence Centre Act is not affected by a failure to comply with this section or a memorandum of understanding contemplated in this section.

Roles of other organs of state in relation to financial stability

28. An organ of state, other than a financial sector regulator, must—

(a) in performing its functions, have regard to the implications of its activities on financial stability; and

(b) provide such assistance and information to the Reserve Bank and the Financial Stability Oversight Committee so as to maintain and restore financial stability as the Bank or the Committee may reasonably request.

Part 6 Systemically important financial institutions

Designation of systemically important financial institutions

29. (1) (a) The Governor may, by written notice to a financial institution, designate the institution as a systemically important financial institution.

(b) The power of the Governor in terms of paragraph (a) may not be delegated.

(2) Before designating a financial institution in terms of subsection (1) as a systemically important financial institution, the Governor must—

(a) give the Financial Stability Oversight Committee notice of the proposed designation and a statement of the reasons why the designation is proposed, and invite the Committee to provide advice on the proposal within a specified reasonable period; and

(b) if, after considering the Committee’s advice, the Governor proposes to designate the financial institution in terms of subsection (1), invite the financial institution to make submissions on the matter, and give it a reasonable period to do so.

(3) In deciding whether to designate a financial institution in terms of subsection (1), the Governor must take into account at least the following:

(a) The size of the financial institution;

(b) the complexity of the financial institution and its business affairs;

(d) whether there are readily available substitutes for the financial products and financial services that the financial institution provides or, in the case of a market infrastructure, the market infrastructure;

(e) recommendations of the Financial Stability Oversight Committee;

(f) submissions made by or for the institution; and

(g) any other matters that may be prescribed by Regulation.

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(2) Banka ya Resefe e tshwanetse, fa e diragatsa dithata tsa yona go ya ka Kgaolo eno, go tsaya tsia—

(a) dikkanyo dingwe le dingwe tse di tlhagisitsweng le tshedimosetso nngwe le nngwe e e begilweng ke balaodi ba lephata la ditshelete; le

(b) dikatlanegiso dingwe le dingwe tsa Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete.

Memorantamao wa tumalano o o mabapi le tlhomamo ya ditshelete

27. (1) Balaodi ba lephata la ditshelete le Banka ya Resefe ba tshwanetse, e seng mo sebakeng sa dikgwedi tse thataro morago ga go tsenngwa tirisong ga Kgaolo eno, go tsena mo memorantamong wa tumalano o le esi kgotsa go feta mabapi le ka mokgwa o ba tla dirisanang le go kopana ka teng, le go thusana, le go dira ditiro tsa bona le go ikamanya le ditiro tsa bona tse di amanang le tlhomamo ya ditshelete.

(2) Balaodi ba lephata la ditshelete le Banka ya Resefe ba tshwanetse go tlhathoba le go tlhabolola memorantamo wa tumalano jaaka go tshwanetse, fela bonnye gangwe mo dingwageng tse tharo.

(3) Kgatiso ya memorantamo wa tumalano e tshwanetse ntle le tshenyo ya nako fa go sena go tsenwa mo go yona kgotsa tlhabololwa, go romelwa go Tona le leloko la Kabinete le le rwalang maikarabelo a merero ya sekoloto sa badirisi.

(4) Kamogelesego ya tiro nngwe le nngwe e e dirilweng ke molaodi wa lephata la ditshelete go ya ka molao wa lephata la ditshelete, Molao wa Bosetshaba wa Sekoloto kgotsa Molao wa Senthara ya Botlhodi jwa Ditshelete ga e angwe ke go tlholega go ikamanya le karolo eno kgotsa memorantamo wa tumalano o o kailweng mo karolong eno.

Botsayakarolo jwa maphata a mangwe a puso mabapi le tlhomamo ya ditshelete

28. Lephata la puso, ntle le molaodi wa lephata la ditshelete, le tshwanetse—

(a) mo go direng ditiro tsa lona, go tsaya tsia bokao jwa ditiro tsa lona mo tlhomamong ya ditshelete; le

(b) go neelana ka thuso eo le tshedimosetso go Banka ya Resefe le Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete go tshegetsa le go busetsa tlhomamo ya ditshelete, jaaka Banka kgotsa Komiti e kopa.

Karolo 6

Ditheo tsa ditshelete tse di botlhokwa mo thulaganyong

Go tlhongwa ga ditheo tsa ditshelete tse di botlhokwa tse di rulaganeng

29. (1) (a) Mmusisi o ka, ka kitsiso e e kwaletsweng setheo sa ditshelete, tlhoma setheo jaaka setheo sa ditshelete se se botlhokwa mo thulaganyong.

(b) Thata ya Mmusisi go ya ka temana (a) ga e rolelwe.

(2) Pele go tlhongwa setheo sa ditshelete go ya ka karolotlaleletso (1) jaaka setheo sa ditshelete se se botlhokwa mo thulaganyong, Mmusisi o tshwanetse go—

(a) naya Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete, morago ga moo setheo sa ditshelete, kitsiso ya tlhomo e tshitsintsweng le polelo ya mabaka a gore goreng tlhomo e tshitsintse; le

(b) laletsa setheo sa ditshelete go dira ditlhagiso ka ga morero, le go se naya nako e e lekaneng go dira seo.

(3) Mo go swetseng ka ga go tlhongwa ga setheo sa ditshelete go ya ka karolotlaleletso (1), Mmusisi o tshwanetse go tsaya tsia bonnye tse di latelang:

(a) Bogolo jwa setheo sa ditshelete;

(b) tharaano ya setheo sa ditshelete le merero ya sona ya kgwebo;

(d) a go na le dikemisetso tse di baakantsweng tsa dikuno tsa ditshelete le ditirelo tsa ditshelete tse di tlamelwang ke setheo sa ditshelete;

(e) dikatlanegiso tsa Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete;

(f) ditlhagiso tse di dirilweng ke kgotsa mababi le setheo; le

(g) merero mengwe le mengwe e e ka newang ke Molawana.

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Financial Sector Regulation Act, 2017

(4) (a) If the Governor has determined in terms of section 14(4) that a systemic event has occurred or is imminent, the Governor may designate a financial institution as a systemically important financial institution without complying, or complying fully, with subsection (2) or (3).

(b) If the Governor acts in terms of paragraph (a) and designates a financial institution 5 without complying, or complying fully, with subsection (2) or (3), the financial institution may make submissions on the designation to the Governor within 30 days after being notified of the designation.

(c) The Governor must consider any submissions in terms of paragraph (b) and, by notice to the financial institution, either confirm or revoke the designation. 10

(5) The designation of a financial institution as a systemically important financial institution does not imply, or entitle the financial institution to, a guarantee or any form of credit or other support from any organ of state.

(6) The Governor may, in writing, revoke a designation made in terms of this section.

(7) A designation, and the revocation of a designation, in terms of this section must be 15 published.

Prudential standards and regulator’s directives in respect of systemically important financial institutions

30. (1) To mitigate the risks that systemic events may occur, the Reserve Bank may, after consulting the Prudential Authority, direct the Prudential Authority to impose, 20 either through prudential standards or regulator’s directives, requirements applicable to one or more specific systemically important financial institutions or to such institutions generally in relation to any of the following matters:

(a) Solvency measures and capital requirements, which may include requirements in relation to counter-cyclical capital buffers; 25

(b) leverage ratios;

(d) organisational structures;

(e) risk management arrangements, including guarantee arrangements;

(f) sectoral and geographical exposures; 30

(g) required statistical returns;

(h) recovery and resolution planning; and

(i) any other matter in respect of which a prudential standard or regulator’s directive may be made that is prescribed by Regulations made for this section on the recommendation of the Governor. 35

(2) The Prudential Authority may make prudential standards or issue regulator’s directives as contemplated in subsection (1).

(3) The Prudential Authority must notify the Reserve Bank and the Financial Stability Oversight Committee of any steps taken to enforce a prudential standard made or a regulator’s directive issued in terms of subsection (2), and the effect of those steps. 40

Winding-up and similar steps in respect of systemically important financial institutions

31. (1) None of the following steps may be taken in relation to a systemically important financial institution or a systemically important financial institution within a financial conglomerate without the concurrence of the Reserve Bank: 45

(a) Suspending, varying, amending or cancelling a licence issued to that financial institution;

(b) adopting a special resolution to wind up the financial institution voluntarily;

(d) appointing an administrator, trustee or curator for the financial institution; 50

(e) placing the financial institution under business rescue or adopting a business rescue plan for the financial institution;

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(4) (a) Fa Mmusisi a tlhomamisitse go ya ka karolo 14(4) gore tiragalo e e rulaganeng e diregile kgotsa e ka direga, Mmusisi o ka tlhoma setheo sa ditshelete jaaka setheo sa ditshelete se se botlhokwa mo thulaganyong ntle le go ikamanaya, kgotsa go ikamanya ka gotlhe, le karolotlaleletso (2) kgotsa (3).

(b) Fa Mmusisi a dira go ya ka temana (a) le go tlhoma setheo sa ditshelete ntle le go ikamanya, kgotsa go ikamanya ka gotlhe, le karolotlaleletso (2) kgotsa (3), setheo sa ditshelete se ka dira ditlhagiso ka ga go tlhongwa go Mmusisi mo matsatsing a le 30 morago ga go itsisiwe ka ga go tlhongwa.

(c) Mmusisi o tshwanetse go tsaya tsia ditlhagiso dingwe le dingwe go ya ka temana (b), le ka kitsiso go setheo sa ditshelete, go ka netefatsa kgotsa gogela morago tlhomo. 10

(5) Go tlhongwa ga setheo sa ditshelete jaaka setheo sa ditshelete se se botlhokwa mo thulaganyong ga go kae gore, kgotsa ga go neye setheo sa ditshelete tetla ya, tshireletsego kgotsa mokgwa mongwe le mongwe wa sekoloto kgotsa tshegetso nngwe go tswa go lephata lengwe le lengwe la puso.

(6) Mmusisi o ka, ka go kwala, gape le go ya ka kgato e e tlhokegang, gogela morago 15 tlhomo e e dirilweng go ya ka karolo eno.

(7) Tlhomo, le kgogelomorago ya tlhomo, go ya ka karolo eno e tshwanetse go phasalatswa.

Maemo a a botlhokwa le ditaelo tsa bolaodi mabapi le ditheo tsa ditshelete tse di botlhokwa tse di rulaganeng

30. (1) Go fokotsa dikotsi tsa gore ditiragalo tse di rulaganeng di ka diragala, Banka ya Resefe e ka, morago ga go rerisana le Bothati jwa Tlhokomelo, laela Bothati jwa Tlhokomelo go pateletsa, ka ditaelo kgotsa maemo a tlhokomelo, ditlhokego tse di diragatswang go e le nngwe kgotsa go feta ya ditheo tsa ditshelete tse di botlhokwa mo thulaganyong kgotsa go ditheo tse ka kakaretso mabapi le nngwe le nngwe ya dintlha tse 25 di latelang:

(a) Dilekanyo tsa phutlhamo le ditlhokego tsa khapetele, tse di ka akaretsang ditlhokego mabapi le disireletsi tsa khapetele tse di sa tlwaelegang;

(b) dikamano magareng ga khapetele ya kadimo le disere;

(d) dibopego tsa setheo;

(e) dithulaganyo tsa taolo ya dikotsi, go akaretsa dithulaganyo tsa tshireletsego;

(f) ditlhagiso tsa lephata le kgaolo;

(g) dipoelo tse di tlhokegang tsa dipalopalo;

(h) togamaano ya poelo le tharabololo; le 35

(i) morero mongwe le mongwe o o mabapi le maemo a tlhokomelo kgotsa taelo ya molaodi e e ka dirwang e e neetsweng ka Melawana e e dirilweng mo katlanegisong ya Mmusisi.

(2) Bothati jwa Tlhokomelo bo ka dira maemo a tlhokomelo kgotsa bo ka rebola ditaelo tsa molaodi jaaka go kaibwe mo karolotlaleletsong (1).

(3) Bothati jwa Tlhokomelo bo tshwanetse go itsise Banka ya Resefe le Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete ka ga dikgato dingwe le dingwe tse di tserweng go gatelela taelo e ntshitsweng kgotsa maemo a tlhokomelo a a dirilweng go ya ka karolotlaleletso (2), le ditlamorago tsa dikgato tseo.

Go swetsa le dikgato tse di tshwanang mabapi le ditheo tsa ditshelete tse di botlhokwa tse di rulaganeng

31. (1) Ga go epe ya dikgato tse di latelang e e ka tsewang mabapi le setheo sa ditshelete se se botlhokwa mo thulaganyong kgotsa setheo sa ditshelete se se botlhokwa mo thulaganyong mo gare ga ditheo tsa ditshelete tse di kopantsweng ntle le thebolo ya Banka ya Resefe: 50

(a) Go sekega, go fetola, go tlhabolola kgotsa go phimola laesense e e reboletsweng setheo seo sa ditshelete;

(b) go dirisa tharabololo e e kgethegileng go konotelela setheo sa ditshelete ka boithaopo;

(d) go thapa motsamaisi, motlhokomedi kgotsa motlhomamisi mo setheong sa ditshelete;

(e) go baya setheo sa ditshelete ka fa tlase ga phaloso ya kgwebo kgotsa tiriso ya leano la phaloso ya kgwebo mo setheong sa ditshelete;

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Act No. 9 of 2017

Financial Sector Regulation Act, 2017

(f) entering into an agreement for amalgamation or merger of the financial institution with a company; and

(g) entering into a compromise arrangement with creditors of the financial institution.

(2) A step referred to in subsection (1) that is taken without the Reserve Bank’s concurrence is void.

CHAPTER 3 PRUDENTIAL AUTHORITY

Part 1

Establishment, objective and functions

Establishment

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

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;

(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.

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(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

33. Maitlhomo a Bothati jwa Tlhokomelo ke go—

(a) tsholetsa le go oketsa pabalesego le tshiamo ya ditheo tsa ditshelete tse di tlamelang ka dikuno tsa ditshelete le ditirelo tsa dithoto; 20

(b) tsholetsa le go oketsa pabalesego le itekanelo ya thulaganyetso ya popegotheo ya mmaraka;

(c) sireletsa barekedi ba ditshelete kgatlhanong le kotsi ya gore ditheo tseo tsa ditshelete di ka palelwa ke go fitlhelela ditlamego tsa tsona; le

(d) thusa mo go tshegetseng tlhomamo ya ditshelete. 25

Ditiro

34. (1) Gore bo fitlhele maitlhomo a jona, Bothati jwa Tlhokomelo bo tshwanetse—

(a) go laola le go tlhokomela, go tsamaelana le melao ya lephata la ditshelete—

(i) ditheo tsa ditshelete tse di tlamelang ka dikuno tsa ditshelete kgotsa ditirelo tsa dithoto; le

(ii) dithulaganyetso tsa popegotheo ya mmaraka;

(b) go dirisana mmogo le, le go thusa Banka ya Resefe, Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete, Bothati jwa Boitshwar o jwa Lephata la Ditshelete, Bolaodi jwa Bosetshaba jwa Sekoloto le Senthara ya Botlhodi jwa Ditshelete, jaaka go tlhokega go ya ka Molao ono; 35

(d) go tshegetsa kgaisano ya leruri mo kabelong ya dikuno tsa ditshelete le ditirelo tsa dithoto, go akaretsa le tirisanommogo le kopano le Khomisene ya Kgaisano;

(e) go tshegetsa tsenyeletso ya ditshelete;

(f) thadiso ya ka gale ya modiko le boteng jwa Bolaodi jwa lephata la ditshelete, le go tsaya dikgato go fokotsa dikotsi tse di supilweng mo go fitlheleleng maitlhomo a bona kgotsa mo go direng ditiro tsa bona ka matsetseleko; le

(g) go dira le go phasalatsa patlisiso e tsa malianang le maitlhoma a jona. 45

(2) Bothati jwa Tlhokomelo bo tshwanetse go dira tiro nngwe le nngwe e bo e abetsweng go ya ka kabelo nngwe le nngwe ya Molao ono kgotsa molawana mongwe le mongwe.

(3) Bothati jwa Tlhokomelo bo ka dira sengwe le sengwe se se tlhokegang go fitlhelela maitlhomo a jona, go akaretsa le—

(a) go dirisana mmogo le badiri-ka-bona mo ditaolong tse dingwe; le

(b) go tsaya karolo mo bolaoding jwa boditshabatshaba, botlhokomeding, tsepamong ya ditshelete le mo mekgatlhong e e bayang maemo.

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Financial Sector Regulation Act, 2017

(4) When performing its functions, the Prudential Authority must—

(a) take into account the need for a primarily pre-emptive, outcomes focused and risk-based approach, and prioritise the use of its resources in accordance with the significance of risks to the achievement of its objective; and

(b) to the extent practicable, have regard to international regulatory and supervisory standards set by bodies referred to in subsection (3)(b), and circumstances in the Republic.

(5) The Prudential Authority must perform its functions without fear, favour or prejudice.

Part 2

Governance

Overall governance objective

35. The Prudential Authority must manage its affairs in an efficient and effective way, and establish and implement appropriate and effective governance systems and processes, having regard to, among other things, internationally accepted standards and practices in these matters.

Appointment of Chief Executive Officer

36. (1) The Governor must, with the concurrence of the Minister, appoint a Deputy Governor who has appropriate expertise in the financial sector, other than the Deputy Governor responsible for financial stability, as the Chief Executive Officer of the Prudential Authority.

(2) When appointing a Deputy Governor as the Chief Executive Officer, that Deputy Governor and the Governor must agree, in writing, on—

(a) the performance measures that will be used to assess the Deputy Governor’s performance as the Chief Executive Officer; and

(b) the level of performance to be achieved against those performance measures.

(3) A person may not be appointed or hold office as the Chief Executive Officer if the person—

(a) is a disqualified person; or

(b) is not ordinarily resident in the Republic.

Role of Chief Executive Officer

37. (1) The Chief Executive Officer—

(a) is responsible for the day-to-day management and administration of the Prudential Authority; and

(b) subject to section 42(b), must perform the functions of the Prudential Authority, including exercising the powers and carrying out the duties associated with those functions.

(2) When acting in terms of subsection (1), the Chief Executive Officer must implement the policies and strategies adopted by the Prudential Committee.

Term of office of Chief Executive Officer

38. (1) A person appointed as the Chief Executive Officer—

(a) holds office for a term no longer than five years, as the Governor may determine;

(b) is, at the expiry of that term, eligible for re-appointment for one further term; and

(i) resigns as Chief Executive Officer, by giving at least three months written notice to the Governor, or a shorter period that the Governor may accept;

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(4) Fa bo dira ditiro tsa bona, Bothati jwa Tlhokomelo bo tshwanetse—

(a) go tsaya tsia tlhokego ya tsamaiso e e bonelang pele segolosegolo, e e ikaegileng ka dipoelo le e e itshetlegileng ka mokgwa o o theilweng mo dikotsing, le go baya kwa pele tiriso ya ditlamelwana tsa bona go tsamaelana le botlhokwa jwa dikotsi mo go fitlheleleng maitlhomo a jona; le

(b) go ya ka moo go kgonagalang, go tsaya tsia maemo a taolo le tlhokomelo a boditshabatshaba a a theilweng ke mekgatlho e e kailweng mo karolotlaleletsong (3)(b), le maemo mo Rephaboliking.

(5) Bothati jwa Tlhokomelo bo tshwanetse go dira ditiro tsa jona ntle le poifo, tseoletlhakore le kgobelelo.

Karolo 2

Puso

Maitlhomo ka kakaretso a puso

35. Bothati jwa Tlhokomelo bo tshwanetse go laola merero ya bona ka bokgoni le nonofo, le go tlhoma le go tsenya tirisong dikgato le dithulaganyo tse di maleba e bile di nonofile tsa puso, ka go ela tlhoko, mo gare ga dilo tse dingwe, maemo le ditiragatso tse di amogetsweng boditshabatshaba mo mabakeng ano.

Go thapiwa ga Motlhankedimogolo wa Khuduthamaga

36. (1) Mmusisi o tshwanetse, ka tumalano le Tona, go thapa Motlatsammusisi yo o leng moitseanape mo lephateng la ditshelete, ntle le Motlatsammusisi yo o rwalang maikarabelo a tlhomamo ya ditshelete, jaaka Motlhankedimogolo wa Khuduthamaga wa Bothati jwa Tlhokomelo.

(2) Fa go thapiwa Motlatsammusisi jaaka Motlhankedimogolo wa Khuduthamaga, Motlatsammusisi yoo le Mmusisi ba tshwanetse go dumalana, ka go kwala, ka—

(a) ditekanyetsotiro tse di tshwanetseng go diriswa go lekanyetsa tiro ya Motlatsammusisi jaaka Motlhankedimogolo wa Khuduthamaga; le

(b) boemo jwa tiro jo bo tshwanetseng go fitlhelelwa kgatlhanong le ditekanyetsotiro tseo.

(3) Motho a ka se thapiwe kgotsa go tshwara maemo a Motlhankedimogolo wa Khuduthamaga fa motho—

(a) e le motho yo o ileditsweng; kgotsa

(b) e se moagi wa tlholego wa Rephaboliki.

Botsayakarolo jwa Motlhankedimogolo wa Khuduthamaga

37. (1) Motlhankedimogolo wa Khuduthamaga—

(a) o rwala maikarabelo a taolo ya letsatsi le letsatsi le tsamaiso ya Bothati jwa Tlhokomelo; le

(b) go tsamaelana le karolo 42(b), o tshwanetse go dira ditiro tsa Bothati jwa Tlhokomelo, go akaretsa le go diragatsa dithata le go dira ditiro tse di tsamaelanang le ditiro tseo.

(2) Fa a dira go ya ka karolotlaleletso (1), Motlhankedimogolo wa Khuduthamaga o tshwanetse go diragatsa dipholisi le maano tse di amogetsweng ke Komiti ya Tlhokomelo.

Paka ya tiro ya Motlhankedimogolo wa Khuduthamaga

38. (1) Motho yo o thapilweng jaaka Motlhankedimogolo wa Khuduthamaga—

(a) o thapiwa paka e e sa feteng dingwaga tse tlhano, jaaka Mmusisi a ka tlhomamisa;

(b) o, kwa bokhutlong jwa paka eo, na le tshwanelo ya go ka thapiwa gape sebaka sa paka e le esi e e okeditsweng; le

(i) a rola tiro jaaka Motlhankedimogolo wa Khuduthamaga, ka go naya Mmusisi kitsiso e e kwetsweng ya sebaka sa bonnye dikgwedi tse tharo, kgotsa paka e e khutshwane e e ka amogelwang ke Mmusisi;

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(ii) ceases to hold office as Deputy Governor; or

(iii) is removed from office as Chief Executive Officer.

(2) The Governor must, at least three months before the end of the Chief Executive Officer’s first term of office, inform the Chief Executive Officer whether the Governor proposes to re-appoint the person as Chief Executive Officer.

Removal of Chief Executive Officer

39. (1) The Governor must, subject to due process, remove the Chief Executive Officer from office if the Chief Executive Officer becomes a disqualified person.

(2) The Governor may, with the concurrence of the Minister, remove the Chief Executive Officer from office if an independent inquiry, established by the Governor with the concurrence of the Minister, has found that the Chief Executive Officer—

(a) is unable to perform the duties of office for health or other reasons;

(b) has failed in a material way to achieve the level of performance against the performance measures agreed to in terms of section 36(2);

(c) has failed in a material way to discharge any of the responsibilities of office, including any responsibilities entrusted in terms of legislation; or

(d) has acted in a way that is inconsistent with continuing to hold the office.

(3) If an independent inquiry has been established in terms of subsection (2), the Governor may suspend the Chief Executive Officer from office pending a decision on the removal of the Chief Executive Officer.

(4) Without limiting subsection (2)(c), the Chief Executive Officer must be taken to have failed in a material way to discharge the responsibilities of office if he or she is absent from two consecutive meetings of the Prudential Committee without the leave of the Prudential Committee.

(5) If the Chief Executive Officer is removed from office in terms of subsection (2), the Minister must, within 30 days, submit the report and findings of the independent inquiry to the National Assembly.

Acting Chief Executive Officer

40. The Governor may appoint a senior staff member of the Prudential Authority or a Deputy Governor to act as Chief Executive Officer when the Chief Executive Officer is absent from office, suspended or is otherwise unable to perform the functions of office.

Establishment of Prudential Committee

41. (1) A committee called the Prudential Committee is hereby established for the Prudential Authority.

(2) The Prudential Committee consists of the Governor, the Chief Executive Officer and the other Deputy Governors.

Role of Prudential Committee

42. The Prudential Committee must—

(a) generally oversee the management and administration of the Prudential Authority to ensure that it is efficient and effective; and

(b) act for the Prudential Authority in the following matters:

(i) Authorising the Chief Executive Officer to sign, on behalf of the Prudential Authority, a section 27 or section 77 memorandum of understanding and any amendment to such a memorandum;

(ii) delegating powers of the Prudential Authority to the Financial Sector Conduct Authority in terms of a section 77 memorandum of understanding;

(iii) adopting the regulatory strategy of the Prudential Authority, and any amendment to the strategy;

(iv) adopting the administrative action procedures of the Prudential Authority, and any amendment to those procedures;

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(ii) a tlogela tiro jaaka Motlatsammusisi; kgotsa

(iii) a tlogediswa tiro jaaka Motlhankedimogolo wa Khuduthamaga.

(2) Mmusisi o tshwanetse, bonnye dikgwedi tse tharo pele ga bokhutlo jwa paka ya tiro ya Motlhankedimogolo wa Khuduthamaga, go itsise Motlhankedimogolo wa Khuduthamaga fa e le gore Mmusisi o tshitsinya go thapa motho yoo gape jaaka Motlhankedimogolo wa Khuduthamaga.

Go tloswa ga Motlhankedimogolo wa Khuduthamaga

39. (1) Mmusisi o tshwanetse, go tsamaelana le kgato e e maleba, go tlosa Motlhankedimogolo wa Khuduthamaga mo tirong fa Motlhankedimogolo wa Khuduthamaga a nna motho yo o ileditsweng.

(2) Mmusisi o ka, ka tumalano le Tona, tlosa Motlhankedimogolo wa Khuduthamaga mo tirong fa patlisiso e e ikemetseng, e e tlhomilweng ke Mmusisi ka tumalano le Tona, e fitlheletse gore Motlhankedimogolo wa Khuduthamaga—

(a) ga a kgone go dira ditiro tsa ofisi ka ntlha ya boitekanelo kgotsa mabaka mangwe;

(b) a paletswe ka gotlhe go fitlhelela boemo jwa tiro kgatihanong le ditekanyetsotiro tse go dumalanweng ka tsona go ya ka karolo 36(2);

(c) a paletswe ka gotlhe go diragatsa nngwe le nngwe ya maikarabelo a ofisi, go akaretsa nngwe le nngwe ya maikarabelo ao a neilweng go ya ka molawana; kgotsa

(d) a dirile ka mokgwa o o sa tsamaelaneng le go tswelela go nna mo tirong.

(3) Fa patlisiso e e ikemetseng e tlhomilwe go ya ka karolotlaleletso (2), Mmusisi o ka sekega Motlhankedimogolo wa Khuduthamaga mo tirong fa go sa ntse go letilwe tshwetso ya go tlosa Motlhankedimogolo wa Khuduthamaga.

(4) Ntle le go lekanyetsa karolotlaleletso (2)(c), Motlhankedimogolo wa Khuduthamaga o tshwanetse go tsewa jaaka a paletswe ka gotlhe go diragatsa maikarabelo a tirofa a sa nna teng mo dikopanong tse pedi tse di latelanang tsa Komiti ya Tlhokomelo ntle le khunulogo ya Komiti ya Tlhokomelo.

(5) Fa Motlhankedimogolo wa Khuduthamaga a tlositswe mo tirong go ya ka karolotlaleletso (2), Tona o tshwanetse go romela pegelo le diphitlhelelo tsa patlisiso e e ikemetseng go Kokoano Bosetshaba mo matsatsing a le 30.

Motlhankedimogolo wa Khuduthamaga wa nama-o-tshwere

40. Mmusisi o ka thapa leloko le legolwane la badirammogo ba Bothati jwa Tlhokomelo kgotsa Motlatsammusisi go ka tshwara marapo jaaka Motlhankedimogolo wa Khuduthamaga fa Motlhankedimogolo wa Khuduthamaga a seyo mo tirong, a sekegilwe kgotsa ka gongwe a sa kgone go dira ditiro tsa ofisi.

Go tlhongwa ga Komiti ya Tlhokomelo

41. (1) Komiti e e bidiwang Komiti ya Tlhokomelo e tlhomelwa fano Bothati jwa Tlhokomelo.

(2) Komiti ya Tlhokomelo e na le Mmusisi, Motlhankedimogolo wa Khuduthamaga le Batlatsammusisi ba bangwe.

Botsayakarolo jwa Komiti ya Tlhokomelo

42. Komiti ya Tlhokomelo e tshwanetse—

(a) ka kakaretso go ela tlhoko taolo le tsamaiso ya Bothati jwa Tlhokomelo go netefatsa gore bo na le bokgoni le nonofo; le

(b) go direla Bothati jwa Tlhokomelo mo mabakeng a a latelang:

(i) Go dumelela Motlhankedimogolo wa Khuduthamaga go saena, mo boemong jwa Bothati jwa Tlhokomelo, memorantamo wa tumalano wa karolo 27 kgotsa karolo 77 le tlhabololo nngwe le nngwe ya memorantamo oo;

(ii) go rolela dithata tsa Bothati jwa Tlhokomelo go Bothati jwa Boitshwar o jwa Lephata la Ditshelete go ya ka karolo 77 ya memorantamo wa tumalano;

(iii) go amogela leano la taolo la Bothati jwa Tlhokomelo, le tlhabololo nngwe le nngwe ya leano;

(iv) go amogela ditsamaiso tsa tiro ya tsamaiso ya Bothati jwa Tlhokomelo, le tlhabololo nngwe le nngwe go ditsamaiso tseo;

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(v) appointing members of subcommittees of the Prudential Authority required or permitted by a law, and giving directions regarding the conduct of the work of any subcommittee;

(vi) making prudential standards, joint standards and other regulatory instruments in terms of financial sector laws;

(vii) making determinations of fees in terms of financial sector laws; and

(viii) any other matter assigned in terms of a financial sector law to the Prudential Committee.

Meetings of Prudential Committee

43. (1) (a) The Prudential Committee must meet as often as necessary for the performance of its functions.

(b) An audio or audio-visual conference among a majority of the members of the Prudential Committee, which enables each participating member to hear and be heard by each of the other participating members, must be regarded as a meeting of the Prudential Committee, and each participating member must be regarded as being present at such a meeting.

(2) Meetings of the Prudential Committee are held at times and, except where subsection (1)(b) applies, at places determined by the Governor.

(3) A quorum for a meeting of the Prudential Committee is a majority of its members.

(4) (a) The Governor chairs meetings of the Prudential Committee at which the Governor is present.

(b) If the Governor is not present at a meeting, a Deputy Governor other than the Chief Executive Officer, who is nominated by the Governor, or selected in accordance with a procedure determined by the Governor, chairs the meeting.

(5) The Governor or the Deputy Governor chairing a meeting of the Prudential Committee may invite or allow any other person, including a representative of the Financial Sector Conduct Authority or the National Credit Regulator, to attend a meeting of the Prudential Committee, but a person who is invited has no right to vote at the meeting.

(6) The members may regulate proceedings at Prudential Committee meetings as they consider appropriate.

(7) The Chief Executive Officer must ensure that minutes of each meeting of the Prudential Committee are kept in a manner determined by the Chief Executive Officer.

Decisions of Prudential Committee

44. (1) (a) A proposal before a meeting of the Prudential Committee becomes a decision of the committee if a majority of the members present, or regarded as being present, and voting on the proposal, vote for the proposal.

(b) In the event of an equality of votes on a proposal, the person chairing the meeting has a casting vote in addition to a deliberative vote.

(2) The Prudential Committee may, in accordance with procedures determined by it, make a decision on a proposal outside a meeting of the Prudential Committee.

(3) A decision of the Prudential Committee is not invalid merely because—

(a) there was a vacancy in the office of a member when the decision was taken; or

(b) a person who was not a member participated in the decision, as long as such person did not vote.

Governance and other subcommittees

45. (1) The Prudential Committee must establish—

(a) a subcommittee to review, monitor and advise the Prudential Committee on the risks faced by the Prudential Authority and plans for managing those risks; and

(b) a subcommittee to advise the Prudential Committee on measures that must be taken to ensure that the Prudential Authority complies with its obligations in relation to auditing and financial management.

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(v) go thapa maloko a dikomititaleletso tsa Bothati jwa Tlhokomelo a a tlhokegang kgotsa a dumeletsweng ke mola, le go bontsha tsela mabapi le maitsholo a tiro a komititaleletso nngwe le nngwe;

(vi) go dira maemo a tlhokomelo, maemo a tlhakanelo le didiriswa tse dingwe tsa taolo go latela melao ya lephata la ditshelete;

(vii) go dira ditlhomamiso tsa dituelo go ya ka molao wa lephata la ditshelete; le

(viii) morero mongwe le mongwe o o abetsweng go ya ka molao wa lephata la ditshelete kwa Komiting ya Tlhokomelo.

Dikopano tsa Komiti ya Tlhokomelo

43. (1) (a) Komiti ya Tlhokomelo e tshwanetse go kopana kgapetsakgapetsa fa go tlhokega go dira ditiro tsa yona.

(b) Khonferense ya kutlo kgotsa kutlopono magareng ga bontsi jwa maloko a Komiti ya Tlhokomelo, e e kgontshang leloko lengwe le lengwe le te tsayang karolo go utlwa le go utlwelelwa ke mongwe le mongwe wa maloko a mangwe a a tsayang karolo, e tshwanetse go tsewa jaaka kopano ya Komiti ya Tlhokomelo, e bile leloko lengwe le lengwe le te tsayang karolo le tshwanetse go tsewa jaaka fa le te teng kwa kopanong eo.

(2) Dikopano tsa Komiti ya Tlhokomelo di tshwarwa ka nako le, ntle le moo karolotaleletso (1)(b) e diragatswang, kwa mafelong a a tlhomamisitsweng ke Mmusisi.

(3) Khoramo ya kopano ya Komiti ya Tlhokomelo ke bontsi jwa maloko a yona.

(4) (a) Mmusisi o okamela dikopano tsa Komiti ya Tlhokomelo tse a leng teng mo go tsona.

(b) Fa Mmusisi a se teng kwa kopanong, Motlatsammusisi, yo mongwe yo e seng Motlhankedimogolo wa Khuduthamaga, yo o supilweng ke Mmusisi kgotsa yo o tlhophilweng go ya ka tsamaiso e e tlhomamisitsweng ke Mmusisi, o okamela kopano.

(5) Mmusisi kgotsa Motlatsammusisi yo o okametseng kopano ya Komiti ya Tlhokomelo o ka laletsa kgotsa letla motho mongwe le mongwe, go akaretsa le kemedi ya Bothati jwa Boitshwaro a Lephata la Ditshelete kgotsa Bolaodi jwa Bosetshaba jwa Sekoloto, go tla kopanong ya Komiti ya Tlhokomelo, fela motho yo o laleditsweng ga a na tshwanelo ya go tlhopha kwa kopanong.

(6) Maloko a ka laola ditsamaiso kwa dikopanong tsa Komiti ya Tlhokomelo jaaka ba bona go le maleba.

(7) Motlhankedimogolo wa Khuduthamaga o tshwanetse go netefatsa gore metsotso ya kopano e gatiswa ka mokgwa o o rebotsweng ke Motlhankedimogolo wa Khuduthamaga.

Ditshwetso tsa Komiti ya Tlhokomelo

44. (1) (a) Tshitsinyo e e dirilweng kwa kopanong ya Komiti ya Tlhokomelo e nna tshwetso ya komiti e e kailweng fa bontsi jwa maloko a a tlileng kopanong, kgotsa a a tseetsweng go nna teng kwa kopanong, le ao a ka tsayang karolo mo tshekatshekong ya tshitsinyo, a boutela tshitsinyo.

(b) Mo lebakeng la fa diboutu tsa tshitsinyo di lekana, motho yo o okametseng kopano o dira boutu ya makgaolakgang mo godimo ga boutu ya tlwaelo.

(2) Komiti ya Tlhokomelo e ka, go tsamaelana le ditsamaiso tse di tlhomamisitsweng ke komiti e e kailweng, dira tshwetso ka ga tshitsinyo kwa ntle ga kopano ya komiti.

(3) Tshwetso ya Komiti ya Tlhokomelo ga e tlhoke kamogelesego fela ka ntlha ya gore

(a) go nnile le phatlatiro mo ofising ya leloko fa tshwetso e ne e tsewa; kgotsa

(b) motho yo o neng e se leloko o tsere karolo mo tshwetsong, fa fela motho yoo a sa bouta.

Puso le dikomititaleletso tse dingwe

45. (1) Komiti ya Tlhokomelo e tshwanetse go tlhoma

(a) komititaleletso go sekaseka, lekola le go gakolola Komiti ya Tlhokomelo ka ga dikotsi tse Bothati jwa Tlhokomelo bo lebaganeng le tsona le maano a go laola dikotsi tseo; le

(b) komititaleletso go gakolola Komiti ya Tlhokomelo ka ga dikgato tse di tshwanetseng go tsewa go netefatsa gore Bothati jwa Tlhokomelo bo ikamanya le ditlamego tsa jona mabapi le boruni le taolo ya ditshelete.

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(2) The Prudential Committee may establish one or more other subcommittees for the Prudential Authority, with functions that the Prudential Committee may determine.

(3) (a) The Prudential Committee determines the membership of a subcommittee established in terms of this section.

(b) The majority of the members of a subcommittee established in terms of subsection 5 (1) may not be staff members of the Prudential Authority or the Reserve Bank.

(c) A subcommittee established in terms of subsection (2) may include persons who are neither members of the Prudential Committee nor staff members of the Prudential Authority.

(d) A disqualified person may not be a member of a subcommittee established in 10 terms of this section.

(4) The Prudential Committee may, instead of establishing a subcommittee referred to in subsection (1), assign the subcommittee's function to a committee of the Reserve Bank performing a similar function.

(5) A member of a subcommittee established in terms of this section, including a 15 member who is not in the service of an organ of state, holds office for the period, and on the terms and conditions, and terms regarding remuneration, as determined by the Prudential Committee.

(6) A subcommittee established in terms of subsection (1) must be chaired by a person who is not the Governor, a Deputy Governor, the Chief Executive Officer or a staff 20 member of the Prudential Authority.

(7) A subcommittee established in terms of this section determines its procedures subject to any directions by the Prudential Committee.

(8) The Chief Executive Officer must ensure that minutes of each meeting of each subcommittee established in terms of this section are kept in a manner determined by the 25 Prudential Committee.

Duties of members of Prudential Committee and members of subcommittees

46. (1) A member of the Prudential Committee or of a subcommittee established in terms of section 45(1) must—

(a) act honestly in all matters relating to the Prudential Authority; and 30

(b) perform the functions of office as a member—

(i) in good faith;

(ii) for a proper purpose; and

(iii) with the degree of care and diligence that a reasonable person in the member's position would exercise. 35

(2) A person who is or has been a member of the Prudential Committee or of a subcommittee established in terms of section 45(1) may not use that position or any information obtained as such a member to—

(a) improperly benefit himself or herself or another person;

(b) impede the Prudential Authority's ability to perform its functions; or 40

(3) For the purposes of this section, "benefit" and "detriment" are not limited to financial benefit or detriment.

Regulatory strategy

47. (1) The Prudential Committee must, within six months after the date on which this 45 Chapter takes effect, adopt a regulatory strategy for the Prudential Authority to give general guidance to the Prudential Authority in the achievement of its objective and the performance of its regulatory and supervisory functions.

(2) A regulatory strategy must—

(a) state— 50

(i) the regulatory and supervisory priorities for the Prudential Authority for the next three years; and

(ii) the intended key outcomes of the strategy;

(b) set guiding principles for the Prudential Authority on—

(i) how it should perform its regulatory and supervisory functions; 55

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(2) Komiti ya Tlhokomelo e ka tlhoma komiti e le esi kgotsa go feta e e nang le ditiro tse di tla tlhomamisiwang ke Komiti ya Kelotlhoko ya Bothati jwa Tlhokomelo.

(3) (a) Komiti ya Tlhokomelo e tlhomamisa botokololo jwa komititleletso e e tlhomilweng go ya ka karolo eno.

(b) Bontsi jwa maloko a komititleletso e e tlhomilweng go ya ka karolotlaleletso (1) 5 bo ka se nne badirammogo ba Bothati jwa Tlhokomelo kgotsa Banka ya Resefe.

(c) Komititleletso e e tlhomilweng go ya ka karolotlaleletso (2) e ka akaretsa batho bao e seng maloko a Komiti ya Tlhokomelo kgotsa badirammogo ba Bothati jwa Tlhokomelo.

(d) Motho yo o ileditsweng o ka se nne leloko la komititleletso e e tlhomilweng go 10 ya ka karolo eno.

(4) Komiti ya Tlhokomelo e ka, boemong jwa go tlhma komititleletso e e kailweng mo karolotlaleletsong (1), naya tiro ya komititleletso go komiti ya Banka ya Resefe e e dirang tiro e e tshwanang.

(5) Leloko la komititleletso e e tlhomilweng go ya ka karolo eno, go akaretsa le 15 leloko le le seng mo tirelong ya lephata la puso, o thapiwa mo pakeng, le go ya ka mabaka le dipeelo, le dipeelo tse di amanang le mogolo, jaaka go tlhomamisitse Komiti ya Tlhokomelo.

(6) Komiti e e tlhomilweng go ya ka karolotlaleletso (1) e tshwanetse go okamelwa ke motho yo o seng Mmusisi, Motlatsammusisi, Motlhankedimogolo wa Khuduthamaga 20 kgotsa leloko la badirammogo ba Bothati jwa Tlhokomelo.

(7) Komititleletso e e tlhomilweng go ya ka karolo eno e tlhomamisa ditsamaiso tsa yona go tsamaelana le kaelo ya Komiti ya Tlhokomelo.

(8) Motlhankedimogolo wa Khuduthamaga o tshwanetse go netefatsa gore metsotso ya kopano nngwe le nngwe ya komititleletso nngwe le nngwe e e tlhomilweng go ya 25 ka karolo eno e tsholwa go ya ka mokgwa o o tlhomamisitsweng ke Komiti ya Tlhokomelo.

Ditiro tsa maloko a Komiti ya Tlhokomelo le maloko a dikomititleletso

46. (1) Leloko la Komiti ya Tlhokomelo kgotsa komititleletso e e tlhomilweng go ya ka karolo 45(1) le tshwanetse go—

(a) dira ka botshepegi mo mererong yothe e e amanang le Bothati jwa Tlhokomelo; le

(b) dira ditiro tsa ofisi jaaka leloko—

(i) le le ikanyegang;

(ii) mabapi le maitlhomo a nnete; le 35

(iii) ka tlhokomelo e e tseneletseng le matsetseleko tse motho yo o mo maemong a leloko a ka di diragatsang.

(2) Motho yo e leng kgotsa yo o kileng a nna leloko la Komiti ya Tlhokomelo kgotsa komititleletso e e tlhomilweng go ya ka karolo 45(1) o ka se dirise maemo ao kgotsa tshedimosetso nngwe le nngwe e a e fitleletseng jaaka leloko leo go—

(a) una molemo ka boena kgotsa go dira motho yo mongwe a une molemo ka tsela e e sa siamang;

(b) kgoreletsa Bothati jwa Tlhokomelo go dira tiro ya jona; kgotsa

(3) Mabapi le maitlhomo a karolo eno, “kunomolemo” le “thatafaletso” ga di a 45 lekanyetswa go kunomolemo ya ditshelete kgotsa thatafaletsa ya ditshelete.

Leano la bolaodi

47. (1) Komiti ya Tlhokomelo e tshwanetse, mo dikgweding tse thataro morago ga letla la go tsenngwa tirisong ga Kgaolo eno, go amogela leano la bolaodi gore Bothati jwa Tlhokomelo bo neye kgakololo e e akaretsang go Bothati jwa Tlhokomelo mo go 50 fitheleleng maikaelelo le go dira ditiro tsa jona tsa bolaodi le botlhokomedi.

(2) Leano la bolaodi le tshwanetse go—

(a) tlhagisa—

(i) ditlapele tsa bolaodi le botlhokomedi tsa Bothati jwa Tlhokomelo mo dingwageng tse tharo tse di latelang; le 55

(ii) dipoelo tse di botlhokwa tse di lebeletsweng tsa leano;

(b) tlhama ditheo tsa kaelo boemong jwa Bothati jwa Tlhokomelo ka ga—

(i) mokgwa o bo tshwanetseng go dira ditiro tsa jona tsa bolaodi le botlhokomedi;

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(ii) the matters to which it should have regard in performing those functions;

(iii) its approach to administrative actions; and

(iv) how it should give effect to the requirements applicable to it with respect to—

(aa) transparency;

(bb) openness to consultation; and

(cc) accountability; and

(3) The Prudential Committee must review the regulatory strategy at least annually, and may amend it at any time.

(4) (a) Before the Prudential Committee adopts a regulatory strategy or an amendment to a regulatory strategy, it must—

(i) provide a copy of the draft of the strategy or amendment to the Minister, the Financial Sector Conduct Authority and the National Credit Regulator; and

(ii) invite comments from the Minister, the Financial Sector Conduct Authority and the National Credit Regulator, on the draft, to be made within a period specified by the Prudential Committee.

(b) The period referred to in paragraph (a)(ii) must be at least one month.

(5) In deciding whether to adopt a regulatory strategy or an amendment of a regulatory strategy, the Prudential Authority must have regard to all comments made on the draft.

(6) The Prudential Committee must seek to minimise, to the extent that is practicable and appropriate, inconsistencies between the Prudential Authority’s regulatory strategy and the Financial Sector Conduct Authority’s regulatory strategy.

(7) The Chief Executive Officer must—

(a) provide a copy of the Prudential Authority’s regulatory strategy, and each amendment, as adopted, to the Minister, the Financial Sector Conduct Authority and the National Credit Regulator; and

(b) publish the regulatory strategy and each amendment.

Delegations

48. (1) The Prudential Committee may, in writing—

(a) delegate any power or duty referred to in section 42(b)(viii) to the Chief Executive Officer or another staff member of the Prudential Authority; and

(b) at any time, amend a delegation made in terms of paragraph (a).

(2) The Chief Executive Officer may, in writing—

(a) delegate to a staff member of the Prudential Authority or an official or staff member of the Reserve Bank any power or duty assigned or delegated to the Chief Executive Officer in terms of a financial sector law, except the power to delegate contained in this subsection;

(b) delegate to an administrative action committee the power to impose administrative penalties that are specified in the delegation, if the Prudential Authority establishes an administrative action committee; and

(3) A delegation in terms of subsection (1)(a) or (2)(a) may be to a specific person or to a person holding a specific position.

(4) Any power or duty of the Prudential Authority may be delegated to the Financial Sector Conduct Authority by a section 77 memorandum of understanding in accordance with a framework and system of delegation developed by the financial sector regulators to ensure that any delegation does not constrain the Prudential Authority or the Financial Sector Conduct Authority from achieving their respective objectives as set out in sections 33 and 57.

(5) A delegation in terms of this section—

(a) is subject to the limitations and conditions specified in the delegation;

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(ii) merero e bo tshwanetseng go e ela tlhoko mo go direng ditiro tsa jona;

(iii) itlhagiso ya jona go ditiro tsa tsamaiso; le

(iv) ka moo bo ka neelanang ka ditlhokego tse di maleba go jona mabapi le—

(aa) ponaletshego;

(bb) ditherisano tse di seng bofitlha; le

(cc) boikarabelo; le

(3) Komiti ya Tlhokomelo e tshwanetse go sekaseka leano la bolaodi bonnye ngwaga le ngwaga, le go ka le tlhabolola nako nngwe le nngwe.

(4) (a) Pele ga Komiti ya Tlhokomelo e ka amogela leano la bolaodi kgotsa tlhabololo go leano la bolaodi, e tshwanetse—

(i) go tlamela ka kgatiso ya thalo ya leano kgotsa tlhabololo go Tona, Bothati jwa Boitshwaro jwa Lephata la Ditshelete le Bolaodi jwa Bosetshaba jwa Sekoloto; le

(ii) go laletsa ditshwaelo go tswa go Tona, Bothati jwa Boitshwaro jwa Lephata la Ditshelete le Bolaodi jwa Bosetshaba jwa Sekoloto, ka ga thalo, gore di dirwe mo pakeng e e kailweng ke Komiti ya Tlhokomelo.

(b) Paka e e kailweng mo temaneng (a)(ii) e tshwanetse go nna bonnye kgwedi e le esi.

(5) Mo go swetseng ka ga go amogela leano la bolaodi kgotsa tlhabololo ya leano la bolaodi, Bothati jwa Tlhokomelo bo tshwanetse go tsaya tsia ditshwaelo tsotlhe tse di dirilweng mo thalong.

(6) Komiti ya Tlhokomelo e tshwanetse go leka ka gotlhe go fokotsa, ka moo go kgonagalang e bile go tshwanetse, go sa tsamaelaneng magareng ga leano la bolaodi la Bothati jwa Tlhokomelo le leano la bolaodi la Bothati jwa Boitshwaro jwa Lephata la Ditshelete.

(7) Motlhankedimogolo wa Khuduthamaga o tshwanetse—

(a) go tlamela kgatiso ya leano la bolaodi la Bothati jwa Tlhokomelo, le tlhabololo nngwe le nngwe jaaka e amogetswe, go Tona, Bothati jwa Boitshwaro jwa Lephata la Ditshelete le Bolaodi jwa Bosetshaba jwa Sekoloto; le

(b) go phasalatsa leano le tlhabololo nngwe le nngwe.

Ditholelo

48. (1) Komiti ya Tlhokomelo e ka, ka go kwala—

(a) rolela thata nngwe le nngwe kgotsa tiro e e kailweng mo karolong 42(b)(viii) go Motlhankedimogolo wa Khuduthamaga kgotsa modirammogo mongwe wa Bothati jwa Tlhokomelo; le

(b) ka nako nngwe le nngwe, tlhabolola tholelo e e dirilweng go ya ka temana (a).

(2) Motlhankedimogolo wa Khuduthamaga o ka, ka go kwala—

(a) rolela go modirimmogo wa Bothati jwa Tlhokomelo kgotsa mokantoro kgotsa motlhankedi kgotsa modirammogo wa Banka ya Resefe thata nngwe le nngwe kgotsa tiro e e neilweng kgotsa roletsweng Motlhankedimogolo wa Khuduthamaga go ya ka molao wa lephata la ditshelete, ntle le thata ya tholelo e e umakilweng mo karolotlaleletsong eno;

(b) rolela go komiti ya tiro ya tsamaiso thata ya go pateletsa dikotlhao tsa tsamaiso tse di tsepamisitsweng mo tholelong, fa Bothati jwa Tlhokomelo bo tlhoma komiti ya tiro ya tsamaiso; le

(3) Tholelo go ya ka karolotlaleletso (1)(a) kgotsa (2)(a) e ka dirwa go motho yo o tsepameng kgotsa go motho yo o tshwereng maemo a a tsepameng.

(4) Thata nngwe le nngwe kgotsa tiro ya Bothati jwa Tlhokomelo e ka rolelwa go Bothati jwa Boitshwaro jwa Lephata la Ditshelete ka memorantamo wa tumalano wa karolo 77 go tsamaelana le letlhomeso le thulaganyo ya tholelo e e tlhabolotsweng ke balaodi ba lephata la ditshelete go netefatsa gore tholelo nngwe le nngwe ga e thibele Bothati jwa Tlhokomelo kgotsa Bothati jwa Boitshwaro jwa Lephata la Ditshelete mo go fitlheleleng maithomo a jona a a tlhalositsweng mo dikarolong 33 le 57.

(5) Tholelo go ya ka karolo eno—

(a) e tsamaelana le ditekanyetso le dipeelo tse di tlhalositsweng mo tholelong;

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Act No. 9 of 2017

Financial Sector Regulation Act, 2017

(b) does not divest the Prudential Authority, the Prudential Committee or the Chief Executive Officer of responsibility in respect of the delegated power or duty; and

(c) may be revoked at any time, but a revocation does not affect any rights or liabilities accrued because of the acts of the delegate.

(6) Anything done by a delegate in accordance with a delegation in terms of this section must be regarded as having been done by the Prudential Authority.

(7) This section does not affect a power under a specific financial sector law to delegate a power of the Prudential Authority.

Disclosure of interests

49. (1) A member of the Prudential Committee or of a subcommittee established in terms of section 45(1) must disclose, at a meeting of the Prudential Committee or subcommittee, as the case may be, or in writing to each of the other members of that committee or subcommittee, any interest in any matter that is being or may be considered by the relevant committee that—

(a) the member has; or

(b) a person who is a related party to the member has.

(2) A disclosure referred to in subsection (1) must be given as soon as practicable after the member becomes aware of the interest.

(3) (a) A member who has, or who has a related party who has, an interest that is required to be disclosed in terms of subsection (1), may not participate in the consideration of, or decision on, a matter to which the interest relates unless—

(i) the member has disclosed the interest as required by subsection (1); and

(ii) the other members of the Prudential Committee or subcommittee have decided that the interest does not affect the proper execution of that member’s functions in relation to the matter.

(b) Any consideration of, or decision on, a matter which does not comply with paragraph (a) is void and must be reconsidered or decided without the member present.

(4) (a) Each member of the Prudential Authority’s staff and each person to whom a power or function of the Prudential Authority has been delegated must make timely, proper and adequate disclosure of their interests, including the interests of a related party, that could reasonably be seen as interests that may affect the proper execution of their functions of office or the delegated power.

(b) The Chief Executive Officer must ensure that paragraph (a) is complied with.

(5) For the purposes of this section, it does not matter—

(a) whether an interest is direct, indirect, pecuniary or non-pecuniary; or

(b) when the interest was acquired.

(6) For the purposes of this section, a person does not have to disclose—

(a) the fact that that person, or a person who is a related party to that person, is—

(i) an official or employee of the Reserve Bank; or

(ii) a financial customer of a financial institution; or

(b) an interest that is not material.

(7) A failure by a person to disclose a material interest in accordance with this section and any guidelines that may be prescribed by the Minister in terms of section 288(3) constitutes—

(a) a breach of the duties in section 46 or 52, whichever section is applicable to the person; and

(b) an offence in terms of section 265.

(8) When a person has failed to disclose a material interest in terms of this section, the Prudential Committee must publish a notice on the Prudential Authority’s website that a failure to disclose a material interest occurred, which notice must include the details of the failure.

(9) The Chief Executive Officer must maintain a register of all disclosures made in terms of this section and of all decisions made in terms of this section.

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(b) ga e amoge Bothati jwa Tlhokomelo, Komiti ya Tlhokomelo kgotsa Motlhankedimogolo wa Khuduthamaga maikarabelo mabapi le thata e e roletsweng kgotsa tiro; le

(c) e ka gogelwa morago nako nngwe le nngwe, mme kgogelomorago ga e ame ditshwanelo dipe kgotsa melato tse di bonweng ka ntlha ya ditlamorago tsa tholelo.

(6) Sengwe le sengwe se se dirwang ke moroledi go tsamaelana le tholelo go ya ka karolo eno se tshwanetse go tsewa jaaka se setse se dirilwe ke Bothati jwa Tlhokomelo.

(7) Karolo eno ga e ame thata ka fa tlase ga molao o o rileng wa lephata la ditshelete ya go rolela thata kwa Bothating jwa Tlhokomelo.

Tshenolo ya dikgatlhegelo

49. (1) Leloko la Komiti ya Tlhokomelo kgotsa komititlaleletso e e tlhomilweng go ya ka karolo 45(1) le tshwanetse go senola, kwa kopanong ya Komiti ya Tlhokomelo kgotsa komititlaleletso, go ya ka mabaka, kgotsa ka go kwalela mongwe le mongwe wa maloko a mangwe a komiti eo kgotsa komititlaleletso, kgatlhegelo nngwe le nngwe mo morerong o o tsewang kgotsa o o tla tsewang tsia ke komiti e e maleba ya gore—

(a) leloko le na le yona; kgotsa

(b) motho yo o amanang le leloko o na le yona.

(2) Tshenolo e e kailweng mo karolotlaleletsong (1) e tshwanetse go dirwa ka bonako jo bo kgonagalang morago ga fa leloko le sena go itse ka ga kgatlhegelo.

(3) (a) Leloko le lenang le, kgotsa le wa losika la gagwe a nang le, kgatlhegelo e e tshwanetseng go senolwa go ya ka karolotlaleletso (1), le ka se tseye karolo mo tshekatshekong ya, kgotsa mo tshwetsong ya, morero o kgatlhegelo e amanang le ona ntle le fa—

(i) leloko le senotse kgatlhegelo jaaka go tlhokega go ya ka karolotlaleletso (1); le 25

(ii) maloko a mangwe a komiti eo a sweditse gore kgatlhegelo e ka se tseelwe gore e ama go dira tiro go go siameng ga leloko leo mabapi le morero.

(b) Tshekatsheko nngwe le nngwe ya, kgotsa tshwetso ya, morero o o sa ikamanyeng le temana (a) ga e amogelesege e bile e tshwanetse go sekasekwa gape kgotsa go swetswa ntle le go nna teng ga leloko.

(4) (a) Mongwe le mongwe wa leloko la badiri ba Bothati jwa Tlhokomelo le mongwe le mongwe yo o roletsweng thata ya Bothati jwa Tlhokomelo o tshwanetse go dira tshenolo ya dikgatlhegelo tsa gagwe ka nako, tshiamo le tekano, go akaretsa le dikgatlhegelo tsa letlhakore le a amanang le lona, tseo di ka tsewang jaaka dikgatlhegelo tse di ka ba amang mo go direng ditiro tsa ofisi ka tlhomamo kgotsa thata e e roletsweng. 35

(b) Motlhankedimogolo wa Khuduthamaga o tshwanetse go netefatsa gore temana (a) e a obamelwa.

(5) Mabapi le maitlhomo a karolo eno, ga go kgathalesege—

(a) gore kgatlhegelo ke e e tlhamaletseng, motsopodia, ya tshelete kgotsa e seng ya tshelete; kgotsa 40

(b) gore kgatlhegelo e fitlheletswe leng.

(6) Mabapi le maitlhomo a karolo eno, ga go tlhokege gore motho a senole—

(a) ntlha ya gore motho yoo, kgotsa motho yo e leng letlhakore la kamano go motho yoo, ke —

(i) motlhankedi kgotsa modiri wa Banka ya Resefe; kgotsa 45

(ii) morekedi wa ditshelete wa setheo sa ditshelete; kgotsa

(b) kgatlhegelo e e senang boleng.

(7) Go palelwa ga motho go senola ka ga kgatlhego go tsamaelana le karolo eno le dikaelo dingwe le dingwe tse di ka neelwang ke Tona go ya ka karolo 288(3) go nna le ditlamorago tsa—

(a) tlolo ya ditlamego mo karolong 46 kgotsa 52, karolo nngwe le nngwe e e diragatswang mo mothong; le

(b) tlolo ya molao go ya ka karolo 265.

(8) Fa motho a paletswe ke go senola kgatlhego ya gagwe go ya ka karolo eno, Komiti ya Tlhokomelo e tshwanetse go phasalatsa kitsiso mo webesaeteng ya Bothati jwa 55 Tlhokomelo e e ka ga go diragala ga go palelwa ke go senola kgatlhego.

(9) Motlhankedimogolo wa Khuduthamaga o tshwanetse go tshola rejisetara ya ditshenolo tsotlhe tse di dirilweng go ya ka karolo eno le ya ditshwetso tsotlhe tse di dirilweng go ya ka karolo eno.

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Act No. 9 of 2017

Financial Sector Regulation Act, 2017

Part 3 Staff, resources and financial management

Staff and resources

50. (1) The Prudential Authority must determine the personnel, accommodation, facilities, use of assets, resources and other services that it requires to function effectively.

(2) The Prudential Authority may—

(a) enter into secondment arrangements in respect of persons;

(b) engage persons on contract otherwise than as employees;

(d) acquire or dispose of property;

(e) insure itself against any loss, damage, risk or liability that it may suffer or incur; and

(f) do anything else necessary for the performance of its functions.

(3) The Prudential Authority may not enter into a secondment arrangement in respect of a person, or engage persons on contract, unless the person and the Prudential Authority have agreed in writing on—

(a) the performance measures that will be used to assess that person’s performance; and

(b) the level of performance that must be achieved against those measures.

Resources provided by Reserve Bank

51. (1) The Reserve Bank must provide the Prudential Authority with the personnel, accommodation, facilities, use of assets, resources and other services determined in accordance with section 50(1) and as agreed to by the Reserve Bank.

(2) The Reserve Bank must second the personnel that it provides in terms of subsection (1) to the Prudential Authority.

Duties of staff members

52. (1) A person who is or has been a staff member of the Prudential Authority may not use that position or any information obtained as a staff member to—

(a) improperly benefit himself or herself or another person;

(b) impede the Prudential Authority’s ability to perform its functions; or

(2) For the purposes of this section, “benefit” and “detriment” are not limited to financial benefit or detriment.

Financial management duties of Chief Executive Officer

53. The Chief Executive Officer must—

(a) recommend to the Prudential Committee fees for prudential supervision by, and other services provided by, the Prudential Authority in terms of this Act and other financial sector laws, and levies in terms of levies legislation;

(b) exercise the utmost care to protect the assets and records of the Prudential Authority;

(c) act with fidelity, honesty, integrity and in the best interests of the Authority in managing the financial affairs of the Prudential Authority;

(d) on request, disclose to the Minister or the Governor all material facts relating to the affairs of the Prudential Authority, including those reasonably discoverable, that in any way may influence decisions or actions of the Minister or the Governor;

(e) seek, within the Chief Executive Officer’s sphere of influence, to prevent any prejudice to the financial interests of the Republic;

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Karolo 3

Badiri, ditlamelo le taolo ya ditshelete

Badiri le ditlamelo

50. (1) Bothati jwa Tlhokomelo bo tshwanetse go tlhomamisa badiri, marobalo, didiriswa, tiriso ya dithoto, ditlamelwana le ditirelo tse dingwe tseo bo batlang gore di 5 dire ka nonofo.

(2) Bothati jwa Tlhokomelo bo ka—

(a) tsena mo dithulaganyong tsa go tlatsa mabapi le batho;

(b) go thapa batho jaaka bakonteraka go na le jaaka badiri;

(d) go reka le go rekisa thoto;

(e) go inšora kgatlhanong le ditatlhegelo, ditshenyegelo, kotsi kgotsa molato eo bo ka lebaganang le yona kgotsa ba nna le yona; le

(f) go dira sengwe le sengwe se se tlhokegang go dira ditiro tsa jona.

(3) Bothati jwa Tlhokomelo bo ka se tsene mo thulaganyong ya go tlatsa mabapi le 15 motho, kgotsa go tsenya batho mo konterakeng, ntle le fa motho le Bothati jwa Tlhokomelo ba dumalane ka go kwala ka—

(a) ditekanyetsotiro tse di tla diriswang go lekanyetsa tiro ya motho yoo; le

(b) boemo jwa tiro jo bo tshwanetseng go fitlhelelwa kgatlhanong le ditekanyetso tseo.

Ditlamelo tse di tlamelwang ke Banka ya Resefe

51. (1) Banka ya Resefe e tshwanetse go tlamela Bothati jwa Tlhokomelo ka badiri, marobalo, didiriswa, tiriso ya dithoto, ditlamelwana le ditirelo tse dingwe tse di tlhomatisitsweng go tsamaelana le karolo 50(1) le jaaka go dumetswe ke Banka ya Resefe.

(2) Banka ya Resefe e tshwanetse go tlatsa badiri bao e tlamelanang ka bona go ya ka karolotlaleletso (1) go Bothati jwa Tlhokomelo.

Ditiro tsa maloko a badiri

52. (1) Motho yo e leng kgotsa yo o kileng a nna leloko la badiri ba Bothati jwa Tlhokomelo o ka se dirise maemo ao kgotsa tshedimosetso nngwe le nngwe e e 30 bonweng fa e ne e le leloko la badiri go ka—

(a) una molemo ka boena kgotsa go dira motho yo mongwe a une molemo ka tsela e e sa siamang;

(b) kgoreletsa Bothati jwa Tlhokomelo go dira tiro ya jona; kgotsa

(2) Mabapi le maitlhomo a karolo eno, “kunomolemo” le “thatafaletso” ga di a lekanyetswa go kunomolemo ya ditshelete kgotsa thatafaletsa ya ditshelete.

Ditiro tsa taolo ya ditshelete tsa Motlhankedimogolo wa Khuduthamaga

53. Motlhankedimogolo wa Khuduthamaga o tshwanetse—

(a) go atlanegisa go Komiti ya Tlhokomelo dituelo tsa tlhokomelo ya 40 botlhokomedi ka, le ditirelo tse dingwe tse di tlamelwang ke, Bothati jwa Tlhokomelo go ya ka Molao ono le melao e mengwe ya lephata la ditshelete, le makgethwana go ya ka molawana wa makgethwana;

(b) go bontsha tlhokomelo e kgolo go sireletsa dithoto le direkoto tsa Bothati jwa Tlhokomelo;

(c) go dira ka boskanyego, botshepegi, tshiamo le ka kgatlhegelo e tse neletsseng ya Bothati mo go laoleng merero ya ditshelete ya Bothati jwa Tlhokomelo;

(d) ka kopo, go senolela Tona kgotsa Mmusisi dintlha ka botlalo tse di amanang le Bothati jwa Tlhokomelo, go akaretsa le tseo di ribolotsweng ka mabaka, tseo ka mokgwa mongwe di ka susumetsang ditshwetso kgotsa ditiro tsa Tona 50 kgotsa Mmusisi;

(e) go batla, mo tshusumetsong ya Motlhankedimogolo wa Khuduthamaga, go thibela kgobelelo nngwe le nngwe go dikgatlhegelo tsa ditshelete tsa Rephaboliki;

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Act No. 9 of 2017

Financial Sector Regulation Act, 2017

(f) ensure that the Prudential Authority has and maintains—

(i) effective, efficient and transparent systems of financial and risk management;

(ii) an effective, efficient and transparent system of internal audit; and

(iii) a procurement and provisioning system that is fair, equitable, transparent, competitive and cost-effective;

(g) take appropriate and cost-effective steps to—

(i) collect revenue due to the Prudential Authority;

(ii) prevent losses resulting from criminal conduct and expenditure that is not in accordance with the Prudential Authority’s operational policies; and

(iii) manage available working capital efficiently and economically;

(h) manage and safeguard the assets of the Authority, and manage the revenue, expenditure and liabilities of the Authority;

(i) establish systems and processes to ensure that effective and appropriate disciplinary steps are taken against any staff member of the Authority who—

(i) contravenes a law relevant to the performance of the Authority’s functions; or

(ii) engages in conduct that undermines the financial management and internal control systems of the Authority; and

(j) generally ensure that the Authority complies with its legal obligations.

Information by Chief Executive Officer

54. (1) The Chief Executive Officer must provide the Prudential Committee and the National Treasury with the information, returns, documents, explanations and motivations that may be prescribed by Regulation for this section or that the Prudential Committee or the National Treasury may request.

(2) Subsection (1) does not require or permit the provision of information about persons identifiable from the information.

Annual reports and financial accounts

55. (1) The Chief Executive Officer must—

(a) ensure that full and proper records of the financial affairs of the Prudential Authority are kept and maintained;

(b) prepare financial accounts for the Prudential Authority for each financial year which will form part of the annual report of the Reserve Bank; and

(c) submit to the Minister, within five months after the end of each financial year, for tabling in the National Assembly an annual report on the activities of the Prudential Authority during that financial year, including particulars of any matters that may be prescribed by Regulation for this section.

(2) The financial accounts of the Prudential Authority referred to in subsection (1)(b)—

(a) must be disclosed in the annual report of the Reserve Bank in a manner that reflects the direct costs that accrue to the Prudential Authority; and

(b) may be disclosed in the form of an annexure to the annual report of the Reserve Bank.

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(f) go netefatsa gore Bothati jwa Tlhokomelo bo na le gape bo tshegetsa—

(i) dithulaganyo tsa taolo ya ditshelete le kotsi tse di nonofileng, di na le bokgoni le ponalatsego;

(ii) thulaganyo ya boruni jwa ka fa gare e e nonofileng, e na le bokgoni le ponalatsego; le

(iii) thulaganyo ya tshenkelo le kabelo e e lolameng, lekalekanang, bonalatsegang, gaisanang le tlhotlhwa e e nonofileng;

(g) go tsaya dikgato tse di maleba gape di le tlhotlhwa e e nonofileng go—

(i) kgobokanya lotseno le le kolotwang Bothati jwa Tlhokomelo;

(ii) thibela ditatlhegelo tse di bakilweng ke maitsholo a bosenyi le ditshenyegelo tse di sa tsamaelaneng le dipholisi tsa tsamaiso tsa Bothati jwa Tlhokomelo; le

(iii) laola khapetele ya tiro e e leng teng ka nonofo le tshomarelo;

(h) laola le go sireletsa dithoto tsa Bothati; le go laola lotseno, ditshenyegelo le melato ya Bothati;

(i) tlhoma dithulaganyo le ditsamaiso go netefatsa gore dikgato tsa kgalemo tse di nonofileng e bile di le maleba di a tsewa kgatlhanong le leloko la badirimmogo ba Bothati le le—

(i) tlolang molao o o malebana le tiragatso ya ditiro tsa Bothati; kgotsa

(ii) amegang mo maitsholong a nyenyefatsang taolo ya ditshelete le dithulaganyo tsa ka fa gare tsa taolo tsa Bothati; le

(j) netefatsa ka kakaretso gore Bothati bo ikamanya le ditlamego tsa jona tsa semolao.

Tshedimosetso ka Motlhankedimogolo wa Khuduthamaga

54. (1) Motlhankedimogolo wa Khuduthamaga o tshwanetse go tlamela Komiti ya Tlhokomelo le Matlotlo a Bosetshaba ka tshedimosetso, dipoelo, dikwalo, ditlhaloso le ditshegetso tse di ka neelwang ke Molawana wa karolo eno kgotsa eo e ka kopiwang ke Komiti ya Tlhokomelo kgotsa Matlotlo a Bosetshaba.

(2) Karolotlaleletso (1) ga e tlhoke kgotsa dumelele kabelo ya tshedimosetso ka ga batho ba ba ka supiwang go tswa mo tshedimosetsong.

Dipegelo tsa ngwaga le diakhaonto tsa ditshelete

55. (1) Motlhankedimogolo wa Khuduthamaga o tshwanetse go—

(a) netefatsa gore direkoto tse di feletseng tsa nnete tsa merero ya ditshelete tsa Bothati jwa Tlhokomelo di a tsholwa le go tlhokomelwa;

(b) baakanya diakhanto tsa ditshelete tsa Bothati jwa Tlhokomelo ngwaga mongwe le mongwe wa ditshelete tse di tla nnang karolo ya pegelo ya ngwaga ya Banka ya Resefe; le

(c) romelela Tona mo dikgweding tse tlhano morago ga bokhutlo jwa ngwaga mongwe le mongwe wa ditshelete, mabapi le go di baya fa pele ga Kokoano Bosetshaba pegelo ya ngwaga e e ka ga ditiro tsa Bothati jwa Tlhokomelo mo ngwageng oo wa ditshelete, go akaretsa le dintlha tsa morero mongwe le mongwe tse di ka neelwang ke Molawana wa karolo eno.

(2) Diakhanto tsa ditshelete tsa Bothati jwa Tlhokomelo tse di kailweng mo karolotlaleletsong (1)(b)—

(a) di tshwanetse go senolwa mo pegelong ya Banka ya Resefe ka mokgwa o o bontshang ditshenyegelo ka tlhamalalo tse di tswang kwa Bothating jwa Tlhokomelo; e bile

(b) di ka senolwa ka mokgwa wa mametlelelo go pegelo ya ngwaga ya Banka ya Resefe.

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GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

CHAPTER 4 FINANCIAL SECTOR CONDUCT AUTHORITY

Part 1

Establishment, objective and functions

#### Establishment

56. (1) The Financial Sector Conduct Authority is hereby established, as a juristic person.

(2) The Authority is a national public entity for the purposes of the Public Finance Management Act, and despite section 49(2) of the Public Finance Management Act, the Commissioner is the accounting authority of the Financial Sector Conduct Authority for the purposes of that Act.

#### Objective

57. The objective of the Financial Sector Conduct Authority is to—

(a) enhance and support the efficiency and integrity of financial markets; and

(b) protect financial customers by—

(i) promoting fair treatment of financial customers by financial institutions; and

(ii) providing financial customers and potential financial customers with financial education programs, and otherwise promoting financial literacy and the ability of financial customers and potential financial customers to make sound financial decisions; and

#### Functions

58. (1) In order to achieve its objective, the Financial Sector Conduct Authority must—

(a) regulate and supervise, in accordance with the financial sector laws, the conduct of financial institutions;

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

(d) promote, to the extent consistent with achieving the objective of the Financial Sector Conduct Authority, sustainable competition in the provision of financial products and financial services, including through co-operating and collaborating with the Competition Commission;

(e) promote financial inclusion;

(g) administer the collection of levies and the distribution of amounts received in respect of levies;

(h) conduct and publish research relevant to its objective;

(i) monitor the extent to which the financial system is delivering fair outcomes for financial customers, with a focus on the fairness and appropriateness of financial products and financial services and the extent to which they meet the needs and reasonable expectations of financial customers; and

(j) formulate and implement strategies and programs for financial education for the general public.

(2) In relation to a financial institution that is a credit provider regulated in terms of the National Credit Act, the Financial Sector Conduct Authority may, in addition to regulating and supervising the financial institution in respect of the financial services

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KGAOLO 4

BOTHATI JWA BOITSHWARO JWA LEPHATA LA DITŠHELETE

Karolo 1

Thlomo, maikaelelo le ditiro

Thlomo

56. (1) Bothati jwa Boitshwaro jwa Lephata la Ditshelete bo a tlhongwa, jaaka setheo se se mo molaong.

(2) Bothati ke setheo sa setshaba sa bosetshaba mabapi le maitlhomo a Public Finance Management Act le, ntle le karolo 49(2) ya Public Finance Management Act, le kwa ntle ga karolo 49(2) ya Public Finance Management Act, Khomišenara ke moitseanape yo o ikarabelang wa Bothati jwa Boitshwaro jwa Lephata la Ditshelete mabapi le maitlhomo a Molao ono.

Maikaelelo

57. Maikaelelo a Bothati jwa Boitshwaro jwa Lephata la Ditshelete ke go—

(a) oketsa le go tshegets a nonofo le tshiamo ya thulaganyo ya ditshelete; le

(b) sireletsa barekedi ba ditshelete ka go—

(i) ntshetsa pele tsholo e e lolameng ya badirelwa ba ditshelete ka ditheo tsa ditshelete; le

(ii) tlamela barekedi ba ditshelete le bao ba tla nnang barekedi ba ditshelete ka mananeo a thuto ya tsa ditshelete, le ka go tsholetsa bobuisokwalo jwa tsa ditshelete le bokgoni jwa barekedi ba ditshelete le bao ba tla nnang barekedi ba ditshelete go tsaya ditshwetso tse di nepagetseng tsa ditshelete; le

Ditiro

58. (1) Go fitlhelela maikaelelo a jona, Bothati jwa Boitshwaro jwa Lephata la Ditshelete bo tshwanetse go—

(a) laola le go tlhokomela, go tsamaelana le melao ya lephata la ditshelete, boitshwaro jwa ditheo tsa ditshelete;

(b) dirisana mmogo le, le go thusa, Banka ya Resefe, Komiti ya Kelotlhoko ya Tlhomamo ya Ditshelete, Bothati jwa Tlhokomelo le Bolaodi jwa Bosetshaba jwa Sekoloto, jaaka go tlhokega go ya ka Molao ono;

(d) ntshetsa pele, go fitlhela mo go tsamaisaneng le phitlhelelong ya maikaelelo a Bothati jwa Boitshwaro jwa Lephata la Ditshelete, kgaisano e e tsweletswang mo kabelong ya dikuno tsa ditshelete le ditirelo tsa ditshelete, go akaretsa le ka go dirisana mmogo le go kopana le Khomiišene ya Kgaisano;

(e) ntshetsa pele tsenyeletso ya ditshelete;

(f) tlhatlhoba nako le nako modiko le seelo tsa bolaodi jwa lephata la ditshelete, 40 le go tsaya dikgato go fokotsa dikotsi tse di supilweng go fitlhelela maikaelelo a jona kgotsa tiragatso e e nonofileng ya ditiro tsa jona;

(g) tsamaisa go kgobokanngwa ga makgethwana le go phatlalatsa madi a a amogetsweng mabapi le makgethwana;

(h) dira le go phasalatsa patlisiso e e malebana le maikaelelo a jona;

(i) tlhokomela seelo se thulaganyo ya ditshelete e abelang barekedi ba ditshelete dipoelo tse di lolameng ka teng, ka go tsepama mo tolamong le tshiamong ya dikuno tsa ditshelete le ditirelo tsa ditshelete le seelo seo bo tla fitlhelelang ditlhokego le ditsholofelo tse di amogelsegang tsa barekedi ba ditshelete; le

(j) tlhama le go tsenya tirisong maano le mananeo a a mabapi le thuto ya tsa ditshelete mo setshabeng ka kakaretso.

(2) Mabapi le setheo sa ditshelete seo e leng batlamedi ba sekoloto se se laolwang go ya ka Molao wa Bosetshaba wa Sekoloto, Bothati jwa Boitshwaro jwa Lephata la Ditshelete bo ka, mo godimo ga go laola le go tlhokomela setheo sa ditshelete mabapi

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Act No. 9 of 2017

Financial Sector Regulation Act, 2017

that the financial institution provides, and notwithstanding section 2(1)(g), regulate and supervise the financial institution’s conduct in relation to the provision of credit under a credit agreement only in respect of those matters referred to in section 108.

(3) The Financial Sector Conduct Authority must also perform any other function conferred on it in terms of any other provision of this Act or other legislation. 5

(4) The Financial Sector Conduct 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. 10

(5) When performing its functions, the Financial Sector Conduct Authority must—

(a) take into account the National Credit Act and regulatory requirements for financial institutions that are authorised and regulated under that Act;

(b) take into account the need for a primarily pre-emptive, outcomes focused and risk-based approach, and prioritise the use of its resources in accordance with 15 the significance of risks to the achievement of its objective; and

(c) to the extent practicable, have regard to international regulatory and supervisory standards set by bodies referred to in subsection (4)(b), and circumstances prevalent in the Republic.

(6) The Financial Sector Conduct Authority must perform its functions without fear, 20 favour or prejudice.

Part 2

Governance

Overall governance objective

59. The Financial Sector Conduct Authority must manage its affairs in an efficient and 25 effective way, and establish and implement appropriate and effective governance systems and processes, having regard, among other things, to internationally accepted standards in these matters.

Establishment and role of Executive Committee

60. (1) A committee called the Executive Committee is hereby established for the 30 Financial Sector Conduct Authority.

(2) The Executive Committee consists of the Commissioner and the Deputy Commissioners.

(3) The Executive Committee must—

(a) generally oversee the management and administration of the Financial Sector 35 Conduct Authority to ensure that it is efficient and effective; and

(b) act for the Financial Sector Conduct Authority in the following matters:

(i) Authorising the Commissioner to sign, on behalf of the Financial Sector Conduct Authority, a section 27 or section 77 memorandum of understanding and any amendments to such a memorandum; 40

(ii) delegating powers of the Financial Sector Conduct Authority to the Prudential Authority in terms of a section 77 memorandum of understanding;

(iii) adopting the regulatory strategy of the Financial Sector Conduct Authority, and any amendments to the strategy; 45

(iv) adopting the administrative action procedures of the Financial Sector Conduct Authority, and any amendments to those procedures;

(v) appointing members of subcommittees of the Financial Sector Conduct Authority required or permitted by a law, and giving directions regarding the conduct of the work of any subcommittee; 50

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le ditirelo tsa ditshelete tse di tlamelwang ke setheo sa ditshelete, le go sa nyatswe karolo 2(1)(g), laola le go tlhokomela maitsholo a setheo sa ditshelete mabapi le kabelo ya sekoloto ka fa tlase ga tumalano ya sekoloto fela mabapi le merero e e kailweng mo karolong 108.

(3) Bothati jwa Boitshvaro jwa Lephata la Ditshelete bo tshwanetse gape go dira tiro 5

nngwe le nngwe e bo e neetsweng go ya ka kabelo nngwe le nngwe ya Molao ono kgotsa

molawana mongwe le mongwe.

(4) Bothati jwa Boitshvaro jwa Lephata la Ditshelete bo ka dira sengwe le sengwe se

se tlhokegang go fitlhelela maikaelelo a jona, go akaretsa go—

(a) dirisana mmogo le badirikabona mo ditaolong tse dingwe; le 10

(b) tsaya karolo mo bolaoding jwa boditshabatshaba jo bo maleba, tlhokomelo,

tlhomamo ya ditshelete le mekgatlho e e bayang maemo.

(5) Mo go direng ditiro tsa jona, Bothati jwa Boitshvaro jwa Lephata la Ditshelete bo

tshwanetse go—

(a) tsaya tsia Molao wa Bosetshaba wa Sekoloto le ditlhokego tsa taolo tsa ditheo 15

tsa ditshelete tse di dumeletsweng le go laolwa ka fa tlase ga Molao oo;

(b) tsaya tsia tlhokego ya itlhagiso e bogolo e thibelang, e tsepameng mo

dipoelong le mokgwa o o theilweng mo dikotsing, le go tlisa pele tiriso ya

ditlamelwana tsa jona go tsamaelana le botlhokwa jwa dikotsi mo go

ftlheleling maikaelelo a jona; le 20

maemo a tlhokomelo a a beilweng ke mekgatlho e e kailweng mo

karolotlaleletsong (3)(b), le maemo a a renang mo Rephaboliking.

(6) Bothati jwa Boitshvaro jwa Lephata la Ditshelete bo tshwanetse go dira ditiro tsa

jona ntle le letshogo, tseoletlhakore kgotsa kgobelelo. 25

Karolo 2

Puso

Maithlomo ka Kakaretso a puso

59. Bothati jwa Boitshvaro jwa Lephata la Ditshelete bo tshwanetse go laola merero

ya jona ka nonofo le bokgoni, le go tlhoma le go tsenya mo tirisong dithulaganyo tsa 30

tsamaiso le ditirego tse di maleba gape di na le bokgoni, ka go elwa tlhoko, mo gare ga

tse dingwe, ga maemo a a amogelsegang boditshabatshaba mo mererong eno.

Thlome lebotsayakarolo jwa Komiti Khuduthamaga

60. (1) Komiti e e bidiwang Komiti Khuduthamaga e tlhongwa mabapi le Bothati jwa

Boitshvaro jwa Lephata la Ditshelete. 35

(2) Komiti Khuduthamaga e na le Khomisenara le Batlatsakhominenara.

(3) Komiti Khuduthamaga e tshwanetse go—

(a) baya leitlho ka kakaretso taolo le tsamaiso ya Bothati jwa Boitshvaro jwa

Lephata la Ditshelete go netefatsa gore bo nonofile e bile bo na le bokgoni; le

(b) dira boemong jwa Bothati jwa Boitshvaro jwa Lephata la Ditshelete mo 40

mererong e e latelang:

(i) Go dumelela Khomishenara go saena, mo boemong jwa Bothati jwa

Boitshvaro jwa Lephata la Ditshelete, memorantamo wa tumalano wa

karolo 27 kgotsa karolo 77 le ditlhabololo dingwe le dingwe go

memorantamo oo; 45

(ii) go rolela dithata tsa Bothati jwa Boitshvaro jwa Lephata la Ditshelete go

Bothati jwa Tlhokomelo go ya ka karolo 77 ya memorantamo wa

tumalano;

(iii) go amogela leano la taolo la Bothati jwa Boitshvaro jwa Lephata la

Ditshelete, le ditlhabololo dingwe le dingwe go leano; 50

(iv) go amogela ditsamaiso tsa tiro ya tsamaiso ya Bothati jwa Boitshvaro

jwa Lephata la Ditshelete, le ditlhabololo dingwe le dingwe go

ditsamaiso tseo;

(v) go thapa maloko a dikomiti tsa Bothati jwa Boitshvaro jwa Lephata la

Ditshelete tse di tlhokegang kgotsa letleletsweng ke molao, le go neelana 55

ka dikaelo mabapi le tiragatso ya tiro ya komiti nngwe le nngwe;

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(vi) making conduct standards, joint standards and other regulatory instruments in terms of financial sector laws for which it is the responsible authority;

(vii) granting, varying, suspending and revoking licences in terms of a financial sector law;

(viii) making determinations of fees in terms of financial sector laws;

(ix) any other matter assigned in terms of a financial sector law to the Executive Committee.

Commissioner and Deputy Commissioners

61. (1) The Minister must appoint a person who is fit and proper and has appropriate expertise in the financial sector as the Commissioner of the Financial Sector Conduct Authority.

(2) The Minister must appoint at least two, but no more than four, persons who have appropriate expertise in the financial sector as Deputy Commissioners.

(3) The Commissioner and Deputy Commissioners serve in a full-time executive capacity.

(4) A process for the selection of persons for appointment as Commissioner or Deputy Commissioner must be prescribed by Regulation.

(5) (a) The Commissioner may designate a Deputy Commissioner to act as Commissioner when the Commissioner is absent from office.

(b) If the Commissioner is unable to designate an acting Commissioner in terms of paragraph (a), or if the office of Commissioner is vacant, the Minister may designate a Deputy Commissioner to act as Commissioner during the Commissioner's absence or pending the appointment of a Commissioner.

(6) A person may not be appointed or hold office as Commissioner or Deputy Commissioner if the person—

(a) is a disqualified person; or

(b) is not ordinarily resident in the Republic.

(7) When appointing the Commissioner or Deputy Commissioner, the Minister and the person appointed must agree, in writing, on—

(a) the performance measures that must be used to assess the person's performance; and

(b) the level of performance to be achieved against those performance measures.

Roles of Commissioner and Deputy Commissioners

62. (1) The Commissioner—

(a) is responsible for the day-to-day management and administration of the Financial Sector Conduct Authority; and

(b) subject to section 60(3)(b), must perform the functions of the Financial Sector Conduct Authority, including exercising the powers and carrying out the duties associated with those functions.

(2) The roles of the Deputy Commissioners are determined by the Executive Committee.

(3) When acting in terms of subsection (1) or (2), the Commissioner or a Deputy Commissioner must implement the policies and strategies adopted by the Executive Committee.

Terms of office

63. (1) A person appointed as Commissioner or Deputy Commissioner—

(a) holds office for a term determined by the Minister, which term may not be longer than five years;

(b) is, at the expiry of that term, eligible for re-appointment for one further term; and

(i) resigns by giving at least three months written notice to the Minister, or a shorter period that the Minister may accept; or

(ii) is removed from office as Commissioner or Deputy Commissioner, as the case may be.

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(vi) go dira maemo a boitshwaro kgotsa maemo a kopanelo, le didiriswa tse dingwe tsa bolaodi go ya ka melao ya lephata la ditshelete eo e leng bolaodi jo bo rwalang maikarabelo;

(vii) go neelana, go farologantsha, go sekega le go gogela morago dilaesense go ya ka molao wa lephata la ditshelete;

(viii) go tlhomamisa dituelo go ya ka melao ya lephata la ditshelete;

(ix) morero mongwe le mongwe o o abetsweng go ya ka molao wa lephata la ditshelete go Komiti Khuduthamaga.

Khomisenara le Batlatsakhominenara

61. (1) Tona o tshwanetse go thapa motho yo o nang le boitseanape jo bo maleba mo lephateng la ditshelete jaaka Khomisenara wa Bothati jwa Boitshvaro jwa Lephata la Ditshelete.

(2) Tona o tshwanetse go thapa bonnye batho ba le babedi, mme e seng go feta ba le bane, ba ba nang le boitseanape jo bo maleba mo lephateng la ditshelete jaaka Batlatsakhominenara.

(3) Khomisenara le Batlatsakhominenara ba dira mo maemong a nako e tletseng a khuduthamaga.

(4) Kgato ya go tlhopha batho ba ba tla thapiwang jaaka Khomisenara kgotsa batlatsakhomisenara e ka kaelwa ka Molawana.

(5) (a) Khomisenara o ka thapa Motlatsakhomisenara go tshwara marapo nakwana 20

jaaka Khomisenara fa Khomisenara a seyo mo ofising.

(b) Fa Khomisenara a sa kgone go thapa Khomisenara wa nama-o-tshwere go ya ka temana (a), kgotsa fa go na le phatlhatiro mo ofising ya Khomisenara, Tona o ka thapa Motlatsakhomisenara go tshwara marapo nakwana jaaka Khomisenara ka nako e Khomisenara a seng teng kgotsa go fithela go thapiwa Khomisenara.

(6) Motho a ka se thapiwe, kgotsa go nna go nna mo tirong jaaka, Khomisenara kgotsa Motlatsakhomisenara fa motho

(a) a ileditswe; kgotsa

(b) e se moagi wa Rephaboliki ka tlhago.

(7) Fa a thapa Khomisenara kgotsa Motlatsakhomisenara, Tona le motho yo o thapilweng ba tshwanetse go dumalana, ka go kwala, ka—

(a) ditekanyetsotiro tse di tshwanetseng go diriswa go lekanyetsa tiro ya motho yoo; le

(b) boemo jwa tiro jo bo tshwanetseng go fithelelwa kgatlhanong le ditekanyetsotseo.

Botsayakarolo jwa Khomisenara le Batlatsakhominenara

62. (1) Khomisenara—

(a) o rwala maikarabelo a taolo le tsamaiso ya letsatsi le letsatsi ya Bothati jwa Boitshvaro jwa Lephata la Ditshelete; le

(b) go tsamaelana le karolo 60(3)(b), o tshwanetse go dira ditiro tsa Bothati jwa 40 Boitshvaro jwa Lephata la Ditshelete, go akaretsa le go diragatsa dithata le maikarabelo a a tsamaelanang le ditiro tseo.

(2) Ditiro tsa Batlatsakhomisenara di tlhomamiswa ke Komitikhuduthamaga.

(3) Fa a dira go ya ka karolotlaleletso (1) kgotsa (2), Khomisenara kgotsa Motlatsakhomisenara o tshwanetse go tsenya mo tirisong dipholisi le maano tse di 45 amogetsweng ke Komitikhuduthamaga.

Paka ya ofisi

63. (1) Motho yo o thapilweng jaaka Khomisenara kgotsa Motlatsakhomisenara—

(a) o dira sebaka sa paka e e tlhomamisitsweng ke Tona, paka eo e ka se feteng dingwaga tse tlhano;

(b) o, ka nako ya bokhutlo jwa paka eo ya tiro, na le tshwanelo ya go tlhophiwa gape sebaka sa paka e nngwe gape; le

(i) a rola tiro ka go kwalela Tona kitsiso ya bonnye dikgwedi tse tharo, kgotsa nako e khutshwane e Tona o ka e amogelang; kgotsa

(ii) o beleseditswe mo tirong jaaka Khomisenara kgotsa Motlatsakhomisenara, go ya ka boemo.

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(2) The Minister must, at least three months before the end of a person's first term of office as Commissioner or Deputy Commissioner, inform the person whether the Minister proposes to re-appoint that person as Commissioner or Deputy Commissioner, as the case may be.

Service conditions

64. (1) Subject to this Act, the Commissioner and the Deputy Commissioners hold office on the terms and conditions determined in writing by the Minister.

(2) The terms and conditions of office of the Commissioner or a Deputy Commissioner may not be reduced during that person's term of office.

Removal from office

65. (1) The Minister must, subject to due process, remove the Commissioner from office if the Commissioner becomes a disqualified person.

(2) The Commissioner must, subject to due process and with the concurrence of the Minister, remove a Deputy Commissioner from office if the Deputy Commissioner becomes a disqualified person.

(3) The Minister may remove the Commissioner from office if an independent inquiry established by the Minister has found that the Commissioner—

(a) is unable to perform the duties of office for health or other reasons;

(b) has failed in a material way to achieve the level of performance against the performance measures agreed to in terms of section 61(7);

(c) has failed in a material way to discharge any of the responsibilities of office, including any responsibilities entrusted in terms of legislation; or

(d) has acted in a way that is inconsistent with continuing to hold the office.

(4) If an independent inquiry has been established in terms of subsection (3), the Minister may suspend the Commissioner from office pending a decision on that person's removal from office.

(5) The Commissioner may, with the concurrence of the Minister, remove a Deputy Commissioner from office if an independent inquiry established by the Commissioner, with the concurrence of the Minister, has found that the Deputy Commissioner—

(a) is unable to perform the duties of office for health or other reasons;

(b) has failed in a material way to achieve the level of performance against the performance measures agreed to in terms of section 61(7);

(c) has failed in a material way to discharge any of the responsibilities of office, including any responsibilities entrusted in terms of legislation; or

(d) has acted in a way that is inconsistent with continuing to hold the office.

(6) If an independent inquiry has been established in terms of subsection (5), the Commissioner may suspend the Deputy Commissioner from office pending a decision on that person's removal from office.

(7) Without limiting subsection (3)(c) or (5)(c), the Commissioner or a Deputy Commissioner, as the case may be, must be taken to have failed in a material way to discharge the responsibilities of office if he or she is absent from two consecutive meetings of the Executive Committee without the leave of the Executive Committee.

(8) If the Commissioner or a Deputy Commissioner is removed from office in terms of this section, the Minister must, within 30 days, submit the report and findings of the independent inquiry to the National Assembly.

Meetings of Executive Committee

66. (1) (a) The Executive Committee must meet as often as necessary for the performance of its functions.

(b) An audio or audio-visual conference among a majority of the members of the Executive Committee, which enables each participating member to hear and be heard by each of the other participating members, must be regarded as a meeting of the Executive Committee, and each participating member must be regarded as being present at such a meeting.

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(2) Tona o tshwanetse, bonnye dikgwedi tse tharo pele ga paka ya ntlha ya tiro ya motho jaaka Khomisenara kgotsa Motlatsakhomisenara e ya bokhutlong, go itsise motho yoo fa Tona a thitsinya go mo thapa gape jaaka Khomisenara kgotsa Motlatsakhomisenara kgotsa nnyaa, go ya ka boemo.

Mabaka a tirelo

64. (1) Go tsamaelana le Molao ono, Khomisenara le Motlatsakhomisenara ba thapiwa go ya ka dipeelo le mabaka tse di tihomamisitsweng ka go kwalwa ke Tona.

(2) Dipeelo le mabaka tsa go thapiwa ga Khomisenara kgotsa Motlatsakhomisenara di ka se fokotswe ka paka ya tiro ya motho yoo.

Go tloswa mo ofising

65. (1) Tona o tshwanetse, go tsamaelana le dikgato tse di maleba, go tlosa Khomisenara mo tirong fa Khomisenara a nna motho yo o ileditsweng.

(2) Khomisenara o tshwanetse, go tsamaelana le dikgato tse di maleba le tumalano le Tona, go tlosa Motlatsakhomisenara mo tirong fa Motlatsakhomisenara a nna motho yo o ileditsweng.

(3) Tona o ka tlosa Khomisenara mo tirong fa patlisiso e e ikemetseng e e tlhomilweng ke Tona e fitlheletse gore Khomisenara—

(a) ga a kgone go dira ditiro tse a di thapetsweng ka ntlha ya boitekanelo kgotsa mabaka a mangwe;

(b) o paletswe ka gotlhe go fitlhelela boemo jwa tiro kgatlhanong le ditekanyetsotiro tse go dumalanweng ka tsona go ya ka karolo 61(7);

(c) o paletswe ka gotlhe go diragatsa nngwe le nngwe ya maikarabelo a tiro, go akaretsa nngwe le nngwe ya maikarabelo a a abilweng go ya ka molawana; kgotsa

(d) o dirile ka mokgwa o o sa tsamaelaneng le go ka tswelela pele go dira. 25

(4) Fa patlisiso e e ikemetseng e tlhomilwe go ya ka karolotlaleletso (3), Tona o ka sekega Khomisenara mo tirong go letilwe tshwetso ya go tlosa motho yoo mo tirong.

(5) Khomisenara o ka, ka tumalano le Tona, tlosa Motlatsakhomisenara mo tirong fa patlisiso e e ikemetseng e e tlhomilweng ke Khomisenara, ka tumalano le Tona, e fitlheletse gore Motlatsakhomisenara—

(a) ga a kgone go dira tiro e a e thapetsweng ka ntlha ya boitekanelo kgotsa mabaka a mangwe;

(b) o paletswe ka gotlhe go fitlhelela boemo jwa tiro kgatlhanong le ditekanyetsotiro tse go dumalanweng ka tsona go ya ka karolo 61(7);

(c) o paletswe ka gotlhe go diragatsa nngwe le nngwe ya maikarabelo a tiro, go akaretsa nngwe le nngwe ya maikarabelo a a abilweng go ya ka molawana; kgotsa

(d) o dirile ka mokgwa o o sa tsamaelaneng le go ka tswelela pele go dira.

(6) Fa patlisiso e e ikemetseng e tlhomilwe go ya ka karolotlaleletso (5), Khomisenara o ka emisa Motlatsakhomisenara mo tirong go letilwe tshwetso ya go tlosa motho yoo mo tirong.

(7) Ntle le go lekanyetsa karolotlaleletso (3)(c) kgotsa (5)(c), Khomisenara kgotsa Motlatsakhomisenara, go ya ka maemo, o ka tseelwa gore o paletswe ka gotlhe go diragatsa maikarabelo a tiro fa a sa nna teng kwa dikopanong tse pedi tse di latelanang tsa Komitikhaduthamaga ntle le khunologo ya Komitikhaduthamaga. 45

(8) Fa Khomisenara kgotsa Motlatsakhomisenara a beleseditswe mo tirong go ya ka karolo eno, Tona o tshwanetse; mo matsatsing a le 30, go romela pegelo le diphitlhelelo tsa patlisiso e e ikemetseng go Kokoano Bosetshaba.

Dikopano tsa Komitikhaduthamaga

66. (1) (a) Komitikhaduthamaga e tshwanetse go kopana kgapetsakgapetsa ga go 50 tlhokega go dira ditiro tsa yona.

(b) Khonferense ya kutlo kgotsa kutlopono magareng ga bontsi jwa maloko a Komitikhaduthamaga, e e kgontshang leloko lengwe le lengwe le le tsayang karolo go utlwa le go utlwelelwa ke mongwe le mongwe wa maloko a mangwe a a tsayang karolo, e tshwanetse go tsewa jaaka kopano ya Komiti ya Khuduthamaga, e bile leloko lengwe 55 le lengwe le le tsayang karolo le tshwanetswe go tseelwa gore le teng kwa kopanong eo.

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(2) Meetings of the Executive Committee must be held at times and, except where subsection (1)(b) applies, at places determined by the Commissioner.

(3) A quorum for a meeting of the Executive Committee is a majority of its members.

(4) (a) The Commissioner chairs the meetings of the Executive Committee at which the Commissioner is present.

(b) If the Commissioner is not present at a meeting, a Deputy Commissioner nominated by the Commissioner or selected in accordance with a procedure determined by the Commissioner, chairs the meeting.

(5) The Commissioner or Deputy Commissioner chairing a meeting of the Executive Committee may invite or allow any other person, including a representative of the Prudential Authority, the Reserve Bank, the Financial Intelligence Centre, the Council for Medical Schemes or the National Credit Regulator, to attend the meeting, but a person who is invited has no right to vote at the meeting.

(6) The members may regulate proceedings at Executive Committee meetings as they consider appropriate.

(7) The Commissioner must ensure that minutes of each meeting of the Executive Committee are kept in a manner determined by the Commissioner.

Decisions of Executive Committee

67. (1) (a) A proposal before a meeting of the Executive Committee becomes a decision of the Executive Committee if a majority of the members present, or regarded as being present, and who may participate in the consideration of the proposal, vote for the proposal.

(b) In the event of an equality of votes on a proposal, the person chairing the meeting has a casting vote in addition to a deliberative vote.

(2) The Executive Committee may, in accordance with procedures determined by it, make a decision on a proposal outside a meeting of the Executive Committee.

(3) A decision of the Executive Committee is not invalid merely because—

(a) there was a vacancy in the office of a member when the decision was taken; or

(b) a person who was not a member participated in the decision, as long as such person did not vote.

Governance and other subcommittees

68. (1) The Director-General must establish—

(a) a subcommittee to review, monitor and advise the Executive Committee on the remuneration policy of the Financial Sector Conduct Authority; and

(b) a subcommittee to review, monitor and advise the Executive Committee on the risks faced by the Financial Sector Conduct Authority and plans for managing those risks.

(2) The Executive Committee may establish one or more other subcommittees for the Financial Sector Conduct Authority, with functions that the Executive Committee may determine.

(3) (a) The Director-General determines the membership of each subcommittee established in terms of subsection (1).

(b) The majority of the members of a subcommittee established in terms of subsection (1) may not be staff members of the Financial Sector Conduct Authority.

(d) A subcommittee established in terms of subsection (2) may include persons who are neither members of the Executive Committee nor staff members of the Financial Sector Conduct Authority.

(e) A disqualified person may not be or remain a member of a subcommittee established in terms of this section.

(4) A member of a subcommittee established in terms of this section, including a person who is not in the service of an organ of state, holds office for the period, and on the terms and conditions, including terms regarding remuneration, determined by the Director-General or the Executive Committee, as the case may be, who established the subcommittee.

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(2) Dikopano tsa Komitikhuduthamaga di tshwanetse go tshwarwa ka nako le, ntle le mo karolotlaleletso (1)(b) e diragatswang, kwa mafelong a a tlhomamisitsweng ke Khomisenara.

(3) Khoramo ya kopano ya Komitikhuduthamaga ke bontsi jwa maloko a yona.

(4) (a) Khomisenara o okamela dikopano tsa Komitikhuduthamaga tseo Khomisenara a leng teng kwa go tsona.

(b) Fa Khomisenara a se teng kwa kopanong, Motlatsakhomisenara yo o tlhophilweng ke Khomisenara kgotsa a tlhophilwe go tsamaelana le tsamaiso e e tlhomamisitsweng ke Khomisenara, o okamela kopano.

(5) Khomisenara kgotsa Motlatsakhomisenara yo o okametseng kopano ya 10 Komitikhuduthamaga o ka laletsa kgotsa letlela motho mongwe le mongwe, go akaretsa moemedi wa Bothati jwa Tlhokomelo, Banka ya Resefe, Senthara ya Botlhodi jwa tsa Ditshelete, Khansele ya Dikema tsa Kalafi kgotsa Bolaodi jwa Bosetshaba jwa Sekoloto, go tsenela kopano, mme motho yo o laleditsweng o ka tsaya karolo mme ga a na tshwanelo ya go bouta mo kopanong.

(6) Maloko a ka laola ditsamaiso kwa dikopanong tsa Komitikhuduthamaga jaaka a bona go tshwanetse.

(7) Khomisenara o tshwanetse go netefatsa gore metsotso ya kopano nngwe le nngwe ya Komiti e tsholwa ka mokgwa o tlohomamaisitsweng ke Khomisenara.

Ditshwetso tsa Komitikhuduthamaga

67. (1) (a) Tshitsinyo pele ga kopano ya Komitikhuduthamaga e nna tshwetso ya Komitikhuduthamaga fa bontsi jwa maloko a a leng teng, kgotsa a a tseelwang gore a teng, le ao a ka tsayang karolo mo go sekasekeng tshitsinyo, a boutela tshitsinyo.

(b) Fa go diragala gore diboutu tsa tshitsinyo di lekane, motho yo o okametseng kopano o ka dira boutu e e kgethegileng mo godimo ga boutu e e tlwaelegileng.

(2) Komiti ya Khuduthamaga e ka, go tsamaelana le ditsamaiso tse di tlhomamisitsweng ke Komitikhuduthamaga, tsaya tshwetso ka ga tshitsinyo kwa ntle ga kopano ya Komitikhuduthamaga.

(3) Tshwetso ya Komitikhuduthamaga e amogelsega fela ka ntlha ya

(a) fa go nnile le phatlatiro kwa tirong ya leloko fa tshwetso e ne e tsewa; kgotsa 30

(b) fa motho yo o neng e se leloko a tsere karolo mo tshwetsong, fa fela motho yoo a sa bouta.

Puso le dikomiti tlaleletso dingwe

68. (1) Mokaedikakaretso o tshwanetse go tlhoma—

(a) komititlaleletso go thadisa, lekola le go gakolola Komitikhuduthamaga ka ga pholisi ya moputso ya Bothati jwa Boitshvaro jwa Lephata la Ditshelete; le

(b) komititlaleletso go thadisa, lekola le gakolola Komitikhuduthamaga ka ga dikotsi tse Bothati jwa Boitshvaro jwa Lephata la Ditshelete bo lebaganeng le tsona le maano a go laola dikotsi tseo.

(2) Komitikhuduthamaga e ka tlhomela Bothati jwa Boitshvaro jwa Lephata la 40 Ditshelete komititlaleletso e le nngwe kgotsa go feta, eo ditiro tsa yona di ka tlhomamiswang ke Komitikhuduthamaga.

(3) (a) Mokaedikakaretso o tlhomamisa botokololo jwa komititlaleletso nngwe le nngwe e tthomilweng go ya ka karolotlaleletso (1).

(b) Bontsi jwa maloko a komititlaleletso e etthomilweng go ya ka karolotlaleletso (1) 45 bo ka se nne maloko a badirammogo ba Bothati jwa Boitshvaro jwa Lephata la Ditshelete.

(c) Komitikhuduthamaga e tlhomamisa botokololo jwa komititlaleletso nngwe le nngwe e tthomilweng go ya ka karolotlaleletso (2).

(d) Komititlaleletso e etthomilweng go ya ka karolotlaleletso (2) e ka akaretsa batho 50 bao e seng maloko a Komitikhuduthamaga kgotsa badirammogo ba Bothati jwa Boitshvaro jwa Lephata la Ditshelete.

(e) Motho yo o ileditsweng o ka se nne kgotsa o ka se tswelele go nna leloko la komititlaleletso e etthomilweng go ya ka karolo eno.

(4) Leloko la komititlaleletso e tthomilweng go ya ka karolo eno go akaretsa le 55 motho yo o seng mo tirelong ya lephata la puso, yo o dirang sebaka sa paka, le go ya ka dipeelo le mabaka, le dipeelo mabapi le moputso, tse di tlhomamisitsweng ke Mokaedikakaretso kgotsa Komitikhuduthamaga, jaaka mabaka a ntse, yo o tthomileng komititlaleletso.

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Financial Sector Regulation Act, 2017

(5) A subcommittee established in terms of subsection (1) must be chaired by a person who is not the Commissioner, a Deputy Commissioner or a staff member of the Financial Sector Conduct Authority.

(6) A subcommittee established in terms of this section determines its procedures, subject to any directions of the Director-General or the Executive Committee, as the case may be, who established the subcommittee.

(7) The Commissioner must ensure that minutes of each meeting of each subcommittee established in terms of this section are kept in a manner determined by the Executive Committee.

Duties of Commissioner, Deputy Commissioners and other subcommittee members

69. (1) The Commissioner, each Deputy Commissioner and each member of a subcommittee of the Financial Sector Conduct Authority established as contemplated in section 51(1)(a)(ii) of the Public Finance Management Act or of section 68 of this Act must—

(a) act honestly in all matters relating to the Financial Sector Conduct Authority; and

(b) perform the functions of office as a member—

(i) in good faith;

(ii) for a proper purpose; and

(iii) with the degree of care and diligence that a reasonable person in that person’s position would exercise.

(2) A person who is or has been a person mentioned in subsection (1) must not use the position, or any information obtained because of the position, to—

(a) improperly benefit himself or herself or another person;

(b) impede the Financial Sector Conduct Authority’s ability to perform its functions; or

(3) For the purposes of this section, “benefit” and “detriment” are not limited to financial benefit or detriment.

Regulatory strategy

70. (1) The Executive Committee must, within six months after the date on which this Chapter takes effect, adopt a regulatory strategy for the Financial Sector Conduct Authority to give general guidance in the achievement of its objective and the performance of its regulatory and supervisory functions.

(2) A regulatory strategy must—

(a) state—

(i) the regulatory and supervisory priorities for the Financial Sector Conduct Authority for the next three years; and

(ii) the intended key outcomes of the strategy;

(b) set guiding principles for the Financial Sector Conduct Authority on—

(i) how it should perform its regulatory and supervisory functions;

(ii) the matters which it should have regard to in performing those functions;

(iii) its approach to administrative actions; and

(iv) how it should give effect to the requirements applicable to it with respect to—

(aa) transparency;

(bb) openness to consultation; and

(cc) accountability; and

(3) The Executive Committee must review its regulatory strategy at least annually, and may amend it at any time.

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(5) Komititlaleletso e e tlhomilweng go ya ka karolotlaleletso (1) e tshwanetse go okamelwa ke motho yo o seng Khomisenara, Motlatsakhomisenara kgotsa leloko la badirammogo ba Bothati jwa Boitshvaro jwa Lephata la Ditshelete.

(6) Komititlaleletso e e tlhomilweng go ya ka karolo eno e tlhomamisa tsamaiso ya yona, go tsamaelana le kaelo ya Mokaedikakaretso kgotsa Komitikhuduthamaga, jaaka mabaka a ntse, yo o tlhomileng komititlaleletso.

(7) Khomisenara o tshwanetse go netefatsa gore metso to ya kopano nngwe le nngwe ya komititlaleletso e e tlhomilweng go ya ka karolo eno e tsholwa ka mokgwa o o tlhomamisitsweng ke Komitikhuduthamaga.

Ditiro tsa Khomisenara, Batlatsakhomisenara le maloko a mangwe a komititlaleletso

69. (1) Khomisenara, Motlatsakhomisenara mongwe le mongwe le leloko lengwe le lengwe la komititlaleletso ya Bothati jwa Boitshvaro jwa Lephata la Ditshelete e e tlhomilweng jaaka go kailwe mo karolong 51(1)(a)(ii) ya Public Finance Management Act kgotsa karolo 68 ya Molao ono ba tshwanetse go—

(a) dira ka botshepegi mo mererong yothe e e amanang le Bothati jwa Boitshvaro jwa Lephata la Ditshelete; le

(b) dira ditiro tse ba di thapetsweng jaaka maloko—

(i) a a tshepagalang;

(ii) a maitlhomo a a siameng; le

(iii) a tlhokomelo e e kwa godimo le matsetseleko tse motho yo o mo maemong ao a ka di diragatsang.

(2) Motho yo kaiwang kgotsa yo o kailweng mo karolotlaleletsong (1) ga a tshwanela go dirisa maemo, kgotsa tshedimosetso nngwe le nngwe e a e fitheletseng ka ntlha ya maemo, go—

(a) una molemo ka boena kgotsa go dira motho yo mongwe a une molemo ka tsela e e sa siamang;

(b) go kgoreletsa Bothati jwa Tlhokomelo go dira tiro ya jona; kgotsa

(3) Mabapi le maitlhomo a karolo eno, “kunomolemo” le “thatafaletso” ga di a lekanyetswa go kunomolemo ya ditshelete kgotsa thatafaletsso ya ditshelete.

Leano la bolaodi

70. (1) Komitikhuduthamaga e tshwanetse, mo dikgweding tse thataro morago ga letlha la go tsenngwa tirisong ga Kgaolo eno, go amogela leano la bolaodi la Bothati jwa Boitshvaro jwa Lephata la Ditshelete go neelana ka kaelo ya kakaretso mo go 35 fithele leng maikaelelo a Bothati jwa Boitshvaro jwa Lephata la Ditshelete le go dira ditiro tsa yona tsa bolaodi le botlhokomedi.

(2) Leano la bolaodi le tshwanetse—

(a) go tlhagisa—

(i) ditlapele tsa bolaodi le botlhokomedi tsa Bothati jwa Boitshvaro jwa 40 Lephata la Ditshelete tsa dingwaga tse tharo tse di tlang; le

(ii) dipoelo tse di botlhokwa tse di ikaeletsweng tsa leano;

(b) go tlhagisetsa Bothati jwa Boitshvaro jwa Lephata la Ditshelete ditheo tsa kaelo ka ga—

(i) mokgwa o bo tshwanetseng go dira ditiro tsa bolaodi le botlhokomedi ka 45 ona;

(ii) merero e bo tshwanetseng go e ela tlhoko mo go direng ditiro tseo;

(iii) itlhagiso ya jona go ditiro tsa tsamaiso; le

(iv) ka mokgwa o e tshwanetseng go diragatsa ditlhokego tse di diragatswang go jona mabapi le—

(aa) ponalatshego;

(bb) go kgona go rerisana; le

(cc) boikarabelo; le

(3) Komitikhuduthamaga e tshwanetse go thadisa leano la yona la bolaodi bonnye 55 ngwaga le ngwaga, e bile e ka le tlhabolola nako nngwe le nngwe.

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(4) (a) Before the Executive Committee adopts a regulatory strategy or an amendment to a regulatory strategy, it must—

(i) provide a copy of the draft of the strategy or amendment to the Minister, the Prudential Authority and the National Credit Regulator; and

(ii) invite comments from the Minister, the Prudential Authority and the National Credit Regulator, on the draft, to be made within a period specified by the Executive Committee.

(b) The period referred to in paragraph (a)(ii) must be at least one month.

(5) In deciding whether to adopt a regulatory strategy or an amendment of a regulatory strategy, the Executive Committee must have regard to all comments made on the draft.

(6) If the Minister agrees, the Financial Sector Conduct Authority’s adopted regulatory strategy may be incorporated into its corporate plan in terms of section 52(b) of the Public Finance Management Act.

(7) The Executive Committee must seek to minimise, to the extent that is practicable and appropriate, inconsistencies between the Financial Sector Conduct Authority’s regulatory strategy and the Prudential Authority’s regulatory strategy.

(8) The Commissioner must—

(a) provide a copy of the Financial Sector Conduct Authority’s regulatory strategy, and each amendment, as adopted, to the Minister, the Prudential Authority and the National Credit Regulator; and

(b) publish the regulatory strategy and each amendment.

Delegations

71. (1) The Executive Committee may, in writing—

(a) delegate any power or duty of, or delegated to, the Financial Sector Conduct Authority in terms of a financial sector law to the Commissioner or a Deputy Commissioner, except—

(i) the power to delegate contained in this subsection; and

(ii) the powers referred to in section 60(3)(b)(i) to (viii);

(b) delegate to an administrative action committee the power to impose administrative penalties that are specified in the delegation, if the Financial Sector Conduct Authority establishes an administrative action committee; and

(2) The Commissioner may, in writing—

(a) delegate any power or duty assigned or delegated to the Commissioner in terms of a financial sector law, except the power to delegate contained in this subsection, to—

(i) a Deputy Commissioner; or

(ii) a staff member of the Financial Sector Conduct Authority; and

(b) at any time, amend a delegation made in terms of paragraph (a).

(3) A Deputy Commissioner may, in writing—

(a) delegate any power or duty delegated to that Deputy Commissioner in terms of a financial sector law, except the power to delegate contained in this subsection, to a staff member of the Financial Sector Conduct Authority; and

(b) at any time, amend a delegation made in terms of paragraph (a).

(4) A delegation in terms of subsection (2)(a)(ii) or (3)(a) may be made to a specified person or to a person holding a specified position.

(5) Any power or duty of the Financial Sector Conduct Authority may be delegated to the Prudential Authority by a section 77 memorandum of understanding in accordance with a framework and system of delegation developed by the financial sector regulators to ensure that any delegation does not constrain the Prudential Authority or the Financial Sector Conduct Authority from achieving their respective objectives as set out in sections 33 and 57.

(6) A delegation made in terms this section—

(a) is subject to the limitations and conditions specified in the delegation;

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(4) (a) Pele Komitikhuduthamaga e ka amogela leano la bolaodi kgotsa tlhabololo ya leano la tbolaodi, e tshwanetse go—

(i) tlamela Tona, Bothati jwa Tlhokomelo le Bolaodi jwa Bosetshaba jwa Sekoloto ka kgatiso ya leano kgotsa tlhabololo e e thadilweng; le

(ii) laletsa ditshwaelo go tswa go Tona, Bothati jwa Tlhokomelo le Bolaodi jwa Bosetshaba jwa Sekoloto, ka ga thadiso, tseo di tshwanetseng go dirwa mo pakeng e tsepamisitsweng ke Komitikhuduthamaga.

(b) Paka e e kailweng mo temaneng (a)(ii) e tshwanetse go nna bonnye kgwedi e le esi.

(5) Mo go tseyeng tshwetso ka ga go amogela leano la bolaodi kgotsa tlhabololo ya leano la bolaodi, Komitikhuduthamaga e tshwanetse go tsaya tsia ditshwaelo tsotlhe tse di dirilweng mo thalong.

(6) Fa Tona a dumela, leano la bolaodi la Bothati jwa Boitshvaro jwa Lephata la Ditshelete le amogetsweng le ka tsenyeletswa mo leanong la setlamo go ya ka karolo 52(b) ya Public Finance Management Act.

(7) Komitikhuduthamaga e tshwanetse go isa tlase, go ya ka boemo jo bo kgonagalang e bile bo le maleba, go sa tlhomamang magareng ga leano la bolaodi la Bothati jwa Boitshvaro jwa Lephata la Ditshelete le leano la bolaodi la Bothati jwa Tlhokomelo.

(8) Khomisenara o tshwanetse go—

(a) tlamela Tona, Bothati jwa Tlhokomelo le Bolaodi jwa Bosetshaba jwa Sekoloto ka kgatiso ya leano labolaodi la Bothati jwa Boitshvaro jwa Lephata la Ditshelete; le

(b) phasalatsa leano la bolaodi le tlhabololo nngwe le nngwe.

Ditholelo

71. (1) Komitikhuduthamaga e ka, ka go kwala—

(a) rolela thata nngwe kgotsa tiro ya, kgotsa go rolela go, Bothati jwa Boitshwar o jwa Lephata la Ditshelete go Khomisenara kgotsa Motlatsakhomisenara, ntle le—

(i) thata ya go romeletsa e e tlhagelelang mo karolotaleletsong eno; le

(ii) dithata tse di kailweng mo karolong 60(3)(b)(i) go fitlha go (viii);

(b) rolela go komiti ya tsamaiso ya tiro thata ya go lefisa dikotlhao tsa tsamaiso tse di tsepamisitsweng mo thomeletsong, fa Bothati jwa Boitshwar o jwa Lephata la Ditshelete bo tlhoma komiti ya tsamaiso ya tiro; le

(2) Khomisenara o ka, ka go kwala—

(a) rolela thata kgotsa tiro nngwe le nngwe e e neetsweng kgotsa neetsweng Khomishenara go ya ka molao wa lephata la ditshelete, ntle le thata ya go romeletsa e e tlhagelelang mo karolotaleletsong eno, go—

(i) Motlatsakhomisenara; kgotsa

(ii) leloko la badirimmogo ba Bothati jwa Boitshwar o jwa Lephata la Ditshelete; le

(b) ka nako nngwe le nngwe, tlhabolola tholelo e e dirilweng go ya ka temana (a).

(3) Motlatsakhomisenara o ka, ka go kwala—

(a) rolela thata kgotsa tiro nngwe le nngwe e e roletsweng go Motlatsakhomishenara yoo go ya ka molao wa lephata la ditshelete, ntle le thata ya go romeletsa e e tlhagelelang mo karolotaleletsong eno, go leloko la badirimmogo ba Bothati jwa Boitshwar o jwa Lephata la Ditshelete; le

(b) ka nako nngwe le nngwe, tlhabolola tholelo e e dirilweng go ya ka temana (a).

(4) Tholelo go ya ka karolotaleletso (2)(a)(ii) kgotsa (3)(a) e ka direlwa motho yo o supilweng kgotsa go motho yo o tshwereng maemo a a tsepameng.

(5) Tholelo kgotsa tiro nngwe ya Bothati jwa Boitshwar o jwa Lephata la Ditshelete e ka rolelwa go Bothati jwa Tlhokomelo ka karolo 77 ya memorantamo wa tumalano go tsamaelana la letlhomeso le thulaganyo ya tholelo e e tlhabolotsweng ke balaodi ba lephata la ditshelete go netefatsa gore tholelo nngwe le nngwe ga e thibele Bothati jwa Tlhokomelo kgotsa Bothati jwa Boitshwar o jwa Lephata la Ditshelete gore bo fitlhele maikaelelo a jona jaaka a tlhagisitswe mo dikarolong 33 le 57.

(6) Tholelo e e dirilweng go ya ka karolo eno—

(a) e go ya ka ditekanyetso le dipeelo tse di tlhalositsweng mo tholelong eno;

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(b) does not divest the Financial Sector Conduct Authority, the Commissioner or the Deputy Commissioner concerned of responsibility in respect of the delegated power or duty; and

(c) may be revoked in writing at any time, but a revocation does not affect any rights or liabilities accrued because of the acts of the delegate.

(7) Anything done by a delegate in terms of the delegation must be regarded as having been done by the Financial Sector Conduct Authority.

(8) This section does not affect a power under a specific financial sector law to delegate a power of the Financial Sector Conduct Authority.

Disclosure of interests

72. (1) A member of the Executive Committee must disclose, at a meeting of the Executive Committee, or in writing to each of the other members, any interest in any matter that is being or is intended to be considered by him or her, whether or not at a meeting of the Executive Committee, being an interest that—

(a) the member has; or

(b) a person who is a related party to the member has.

(2) A disclosure in terms of subsection (1) must be given as soon as practicable after the member concerned becomes aware of the interest.

(3) (a) A member referred to in subsection (1) may not perform a function in relation to the matter concerned unless—

(i) the member has disclosed the interest as required by subsection (1); and

(ii) the other members of the Executive Committee have decided that the interest does not affect the proper execution of the member’s functions in relation to the matter.

(b) Any consideration of, or decision on, a matter which does not comply with paragraph (a) is void and must be reconsidered or decided without the member present.

(4) A member of a subcommittee of the Financial Sector Conduct Authority established as contemplated in section 51(1)(a)(ii) of the Public Finance Management Act or section 68(1) of this Act must disclose, at a meeting of the subcommittee, or in writing to each of the other members of that subcommittee, any interest in a matter that is being or is intended to be considered by that subcommittee, being an interest that—

(a) the member has; or

(b) a person who is a related party to the person has.

(5) A disclosure in terms of subsection (4) must be given as soon as practicable after the member concerned becomes aware of the interest.

(6) A member referred to in subsection (4) may not participate in the consideration of or decision on that matter by the subcommittee unless—

(a) the member has disclosed the interest in accordance with subsection (4); and

(b) the other members of that subcommittee have decided that the interest does not affect the proper execution of the member’s functions in relation to the matter.

(7) (a) Each member of the Financial Sector Conduct Authority’s staff and each other person to whom a power or function of the Financial Sector Conduct Authority has been delegated must make timely, proper and adequate disclosure of their interests, including the interests of a related party, that could reasonably be seen as interests that may affect the proper execution of their functions of office or the delegated power.

(b) The Commissioner must ensure that paragraph (a) is complied with.

(8) For the purposes of this section, it does not matter—

(a) whether an interest is direct, indirect, pecuniary or non-pecuniary; or

(b) when the interest was acquired.

(9) For the purposes of this section, a person does not have to disclose—

(a) the fact that that person, or a person who is a related party to that person, is—

(i) an official or employee of the Financial Sector Conduct Authority; or

(ii) a financial customer of a financial institution; or

(b) an interest that is not material.

(10) The Commissioner must maintain a register of all disclosures made in terms of this section and of all decisions made in terms of this section.

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(b) ga e amoge Bothati jwa Boitshvaro jwa Lephata la Ditshelete, Khomisenara kgotsa Motlatsakhomisenara yo o amegang mabapi le thata kgotsa tiro e e roletsweng; le

(c) e ka gogelwa morago ka go kwala nako nngwe le nngwe, go latela ditshwanelo dingwe le dingwe tse di ka tswang di fitheletswe.

(7) Sengwe le sengwe se se dirilweng ke baemedi go ya ka tholelo se tshwanetse go tsewa jaaka se dirilwe ke Bothati jwa Boitshvaro jwa Lephata la Ditshelete.

(8) Karolo eno ga e ame thata e e ka fa tlase ga molao wa lephata la ditshelete o o rileng wa go rolela thata ya Bothati jwa Boitshvaro jwa Lephata la Ditshelete.

Tshenolo ya dikgatlhegelo 10

72. (1) Leloko la Komitikhuduthamaga le tshwanetse go senola, mo kopanong ya Khuduthamaga, kgotsa ka go kwalela go mongwe le mongwe wa maloko, kgatlhego nngwe le nngwe mo morerong o o kgotsa o a ikaeletseng go o tsaya tsia, kwa kopanong kgotsa e seng kwa kopanong ya Komitikhuduthamaga, go ka nna kgatlhegelo e—

(a) leloko le nang le yona; kgotsa 15

(b) motho yo o amanang le leloko a nang le yona.

(2) Tshenolo go ya ka karolotlaleletso (1) e tshwanetse go dirwa ka bonako jo bo kgonagalang morago ga fa leloko le le amegang le sena go lemoga ka kgatlhegelo.

(3) (a) Leloko le le kailweng mo karolotlaleletsong (1) le ka se dire tiro mabapi le morero o kailweng fa fela—

(i) leloko le senotse kgatlhegelo go tsamaelana le karolotlaleletso (1); le

(ii) maloko a mangwe a Komitikhuduthamaga a sweditse gore kgatlhegelo ga e ame ka gope go dira tiro ka matsetseleko ga leloko mabapi le morero o o amegang.

(b) Tshekatsheko nngwe le nngwe ya, kgotsa tshwetso ka ga, morero o o sa ikamanyeng le temana (a) ga e amogelesege e bile e tshwanetse go sekasekwa gape kgotsa go swetswa leloko le se teng.

(4) Leloko la komitltaleletso ya Bothati jwa Boitshvaro jwa Lephata la Ditshelete jo bo tlhomilweng go ya ka karolo 51(1)(a)(ii) ya Public Finance Management Act kgotsa karolo 68(1) ya Molao ono le tshwanetse go senola, kwa kopanong ya komitltaleletso, kgotsa ka go kwalela mongwe le mongwe wa maloko a komitltaleletso, kgatlhegelo nngwe le nngwe mo morerong o o kgotsa o komitltaleletso e ikaelelang go o sekaseka, e le kgatlhego e—

(a) leloko le nang le yona; kgotsa

(b) motho yo o amanang le leloko a nang le yona.

(5) Tshenolo go ya ka karolotlaleletso (4) e tshwanetse go dirwa ka bonako jo bo kgonagalang morago ga fa leloko le le amegang le sena go lemoga ka kgatlhegelo eo.

(6) Leloko le le kailweng mo karolotlaleletsong (4) le ka se tseye karolo mo tshekatshekong ya kgotsa tshwetso ya morero oo ke komitltaleletso fa fela—

(a) leloko le senotse kgatlhegelo go tsamaelana le karolotlaleletso (4); le

(b) maloko a mangwe a komitltaleletso eo a sweditse gore kgatlhegelo eo e ka se ame ka gope go dira ditiro ka matsetseleko ga leloko mabapi le morero o o amegang.

(7) (a) Leloko lengwe le lengwe la badirimmogo ba Bothati jwa Boitshvaro jwa Lephata la Ditshelete le motho mongwe le mongwe yo o amegang mo go direng tiro ya Bothati jwa Boitshvaro jwa Lephata la Ditshelete kgotsa tiragatso ya dithata tsa jona o tshwanetse go senola ka nako, nepagalo le tlhomamo, dikgatlhegelo, go akaretsa le dikgatlhegelo tsa losika, tseo di ka amang go dira ditiro tsa bona ka matsetseleko kgotsa thata e e roletsweng.

(b) Khomisenara o tshwanetse go netefatsa gore temana (a) e a diragatswa.

(8) Mabapi le maitlhomo a karolo eno, ga go kgathalesege—

(a) gore kgatlhegelo e tlhamaletse, ga e a tlhamalala, ya tshelete kgotsa e e seng ya tshelete; kgotsa

(b) fa kgatlhegelo e ne e fithelelwa.

(9) Mabapi le maitlhomo a karolo eno, motho ga a tshwanela go senola—

(a) ntlha ya gore motho yoo, kgotsa motho yo a amanang le ena, ke—

(i) motlhankedi kgotsa mothapiwa wa Bothati jwa Boitshvaro jwa Lephata la Ditshelete; kgotsa

(ii) morekedi wa ditshelete wa setheo sa ditshelete; kgotsa

(b) kgatlhegelo e e seng ya botlhokwa.

(10) Khomisenara o tshwanetse go tshola rejisetara ya ditshenolo tsotlhe tse di dirilweng go ya ka karolo eno le ka ga ditshwetso tsotlhe tse di dirilweng go ya ka karolo eno.

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Part 3 Staff and resources

73. (1) The Financial Sector Conduct Authority may, in accordance with applicable law—

(a) for the work of the Financial Sector Conduct Authority—

(i) appoint persons as employees;

(ii) enter into secondment arrangements; or

(iii) engage persons on contract otherwise than as employees;

(b) enter into contracts;

(d) insure itself against any loss, damage, risk or liability that it may suffer or incur; and

(e) do anything else necessary for the performance of its functions.

(2) The Financial Sector Conduct Authority may not enter into a secondment arrangement in respect of a person, or engage persons as employees or on contract, unless the person and the Authority have agreed in writing on—

(a) the performance measures that must be used to assess that person’s performance; and

(b) the level of performance that must be achieved against those measures.

Duties of staff members

74. (1) A person who is or was a staff member of the Financial Sector Conduct Authority may not use that position or any information obtained as a staff member to—

(a) improperly benefit himself or herself or another person;

(b) impede the Financial Sector Conduct Authority’s ability to perform its functions; or

(2) For the purposes of this section, “benefit” and “detriment” are not limited to financial benefit or detriment.

Information by Commissioner

75. (1) The Commissioner must provide the Executive Committee and the National Treasury with the information, returns, documents, explanations and motivations that may be prescribed by Regulation for this section or that the Executive Committee or the National Treasury may request.

(2) Subsection (1) does not require or permit the provision of information about persons identifiable from the information.

CHAPTER 5 CO-OPERATION AND COLLABORATION

Part 1

Co-operation and collaboration

Co-operation and collaboration between financial sector regulators and Reserve Bank

76. (1) The financial sector regulators and the Reserve Bank must co-operate and collaborate when performing their functions in terms of financial sector laws, the National Credit Act, and the Financial Intelligence Centre Act, and must for this purpose—

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Karolo 3

Badiri le ditlamelwana

73. (1) Bothati jwa Boitshwaro jwa Lephata la Ditshelete bo ka, go tsamaelana le molao o o maleba— 5

(a) mabapi le tiro ya Bothati jwa Boitshwaro jwa Lephata la Ditshelete—

(i) thapa batho jaaka badiri;

(ii) tsena mo thulaganyong ya kadimisano; kgotsa

(iii) rerisana le batho ka ga konteraka fela e seng jaaka bathapiwa;

(b) tsena mo dikonterakeng; 10

(d) inšora kgatlhanong le tatlhegelo, tshenyego, dikotsi kgotsa molato e bo ka e itemogelang kgotsa ya nna ka fa tlase ga yona; le

(e) dira sengwe le sengwe se se tlhokegang go dira ditiro tsa jona.

(2) Bothati jwa Boitshwaro jwa Lephata la Ditshelete bo ka se tsene mo thulaganyong 15 ya kadimisano mabapi le motho, kgotsa go rerisana le batho jaaka bathapiwa kgotsa mo konterakeng, fa fela motho yoo le Bothati ba dumalane ka go kwala ka—

(a) ditekanyetsotiro tse di tshwanetseng go diriswa go tlhatlhoba tiro ya motho yoo; le

(b) boemo jwa tiro jo bo tshwanetseng go fitlhelela wa kgatlhanong le ditekanyetso 20 tseo.

Ditiro tsa maloko a badirimmogo

74. (1) Motho yo e leng kgotsa yo e neng e le leloko la badirimmogo ba Bothati jwa Boitshwaro jwa Lephata la Ditshelete o kase dirise maemo ao kgotsa tshedimosetso nngwe le nngwe e a e boneng jaaka leloko la badirimmogo go— 25

(a) una molemo ka boena kgotsa go dira motho yo mongwe a une molemo ka tsela e e sa siamang;

(b) kgoreletsa Bothati jwa Tlhokomelo go dira tiro ya jona; kgotsa

(2) Mabapi le maitlhomo a karolo eno, “kunomolemo” le “thatafaletso” ga di a 30 lekanyetswa go kunomolemo ya ditshelete kgotsa thatafaletso ya ditshelete.

Tshedimosetso ka Khomisenara

75. (1) Khomisenara o tshwanetse go tlamela Komitikhuduthamaga le Matlotlo a Bosetshaba ka tshedimosetso, dipoelo, dikwalo, ditlhaloso le ditshegetso tse di ka neelwang ke Molawana mabapi le karolo eno kgotsa tshedimosetso e Komiti 35 Khuduthamaga kgotsa Matlotlo a Bosetshaba a ka e kopang.

(2) Karolotlaleletso (1) ga e tlhoke kgotsa neye tetla kabelo ya tshedimosetso ka ga batho ba ba ka supiwang go tswa mo tshedimosetsong.

KGAOLO 5

TIRISANOMMOGO LE KOPANO

Karolo 1

Tirisanommogo le kopano

Tirisanommogo le kopano magareng ga balaodi ba lephata la ditshelete le Banka ya Resefe

76. (1) Balaodi ba lephata la ditshelete le Banka ya Resefe ba tshwanetse go 45 dirisanammogo le go kopana fa ba dira ditiro tsa bona go ya ka melao ya lephata la ditshelete, Molao wa Bosetshaba wa Sekoloto, le Financial Intelligence Centre Act, ba tshwanetse mabapi le maitlhomo ano—

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(a) generally assist and support each other in pursuing their objectives in terms of financial sector laws, the National Credit Act and the Financial Intelligence Centre Act;

(b) inform each other about, and share information about, matters of common interest;

(d) co-ordinate, to the extent appropriate, actions in terms of financial sector laws, the National Credit Act and the Financial Intelligence Centre Act, including in relation to—

(i) standards and other regulatory instruments, including similar instruments provided for in terms of the National Credit Act and the Financial Intelligence Centre Act;

(ii) licensing;

(iii) supervisory on-site inspections and investigations;

(iv) actions to enforce financial sector laws, the National Credit Act and the Financial Intelligence Centre Act;

(v) information sharing;

(vi) recovery and resolution; and

(vii) reporting by financial institutions, including statutory reporting and data collection measures;

(e) minimise the duplication of effort and expense, including by establishing and using, where appropriate, common or shared databases and other facilities;

(f) agree on attendance at relevant international forums; and

(g) develop, to the extent that is appropriate, consistent policy positions, including for the purpose of presentation and negotiation at relevant South African and international forums.

(2) The financial sector regulators and the Reserve Bank must, at least annually as part of their annual reports, or on request, report to the Minister, the Cabinet member responsible for administering the National Credit Act and the National Assembly on measures taken to co-operate and collaborate with each other.

Memoranda of understanding

77. (1) The financial sector regulators and the Reserve Bank, must, as soon as practicable but not later than six months after the date on which this Chapter comes into effect, enter into one or more memoranda of understanding to give effect to their obligations in terms of section 76.

(2) A delegation of a power or duty by a financial sector regulator to another financial sector regulator must be effected by a memorandum of understanding entered into in terms of this section.

(3) The validity of any action taken by a financial sector regulator, the Reserve Bank or the Governor in terms of a financial sector law, the National Credit Act and the Financial Intelligence Centre Act is not affected by a failure to comply with this section or a memorandum of understanding in terms of this section.

(4) The financial sector regulators and the Reserve Bank must review the memoranda of understanding at least once every three years and amend them as appropriate.

(5) The financial sector regulators and the Reserve Bank must provide a copy of each memorandum of understanding entered into in terms of this section, and each amendment of such a memorandum of understanding, to the Minister and the Cabinet member responsible for administering the National Credit Act.

(6) The financial sector regulators and the Reserve Bank must each publish each memorandum of understanding in terms of this section and each amendment thereof.

Other organs of state

78. (1) An organ of state that has a regulatory or supervisory function in relation to financial institutions must, to the extent practicable, consult the financial sector regulators and the Reserve Bank in relation to the performance of that function.

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(a) ka kakaretso go thusana le go tshegetsana mo go fitheleleng maikaelelo a bona go ya ka melao ya lephata la ditshelete le, Molao wa Bosetshaba wa Sekoloto le Financial Intelligence Centre Act;

(b) go sedimosetsana ka, le go arogana tshedimosetso ka merero ya kgatlhego e e tshwanang;

(c) go leka ka thata go amogela maano a taolo a a tlhomameng, go akaretsa le go rarabolola dikgwetlho tsa taolo le tlhokomelo;

(d) go rulaganya, ka mokgwa o o maleba, ditiro mabapi le melao ya lephata la ditshelete, Molao wa Bosetshaba wa Sekoloto le Financial Intelligence Centre Act, go akaretsa mabapi le—

(i) maemo le didiriswa tse dingwe tsa taolo, go akaretsa didiriswa tse di tshwanang le tse di tlametsweng go ya ka, Molao wa Bosetshaba wa Sekoloto le Financial Intelligence Centre Act;

(ii) kabo ya dilaesense;

(iii) ditlhatlhobo tsa botlhokomedi tsa kwa tirong le dipatlisiso;

(iv) ditiro tsa go gatelela melao ya lephata la ditshelete le Molao wa Bosetshaba wa Sekoloto;

(v) karogano ya tshedimosetso;

(vi) pusetso le tharabololo; le

(vii) pegelo ka ditheo tsa ditshelete, go akaretsa pegelosemolao le mekgwa ya go kgobokanya tshedimosetso;

(e) go isa tlase sebedi sa matsapa le ditshenyegelo, go akaretsa le go tlhoma le go dirisa, mo go tshwanetseng, dideithabeise tse di tshwanang kgotsa tse di aroganwang le dibebofatsi tse dingwe;

(f) go dumalana ka go nneng teng kwa diforamong tsa boditshabatshaba tse di maleba; le

(g) go tlhabolola, go ya ka mokgwa o o maleba, maemo a a tlhomameng a pholisi, go akaretsa mabapi le tlhagiso le therisano kwa diforamong tse di maleba tsa Aforikaborwa le tsa boditshabatshaba.

(2) Balaodi ba lephata la ditshelete le Banka ya Resefe ba tshwanetse, bonnye ka ngwaga, jaaka karolo ya dipegelo tsa bona tsa ngwaga kgotsa go kopilwe, go begela Tona, maloko a Kabinete a a diragatsang Molao wa Bosetshaba wa Sekoloto le Kokoano Bosetshaba ka ga dikgato tse di tserweng go dirisana mmogo le go kopana.

Memorantamo wa tumalano

77. (1) Balaodi ba lephata la ditshelete le Banka ya Resefe, ba tshwanetse, ka bonako jo bo kgonagalang fela e seng morago ga dikgwedi tse thataro tsa go tsenngwa tirisong ga Kgaolo eno, go dira memorantamo wa tumalano o le esi kgotsa go feta go diragatsa ditlamego tsa bona go ya ka karolo 76.

(2) Tholelo ya thata kgotsa tiro ke molaodi wa lephata la ditshelete go molaodi yo mongwe wa lephata la ditshelete go tshwanetse go tsenngwa tirisong ka memorantamo wa tumalano o o dirilweng go ya ka karolo eno.

(3) Kamogelesego ya kgato nngwe le nngwe e e tserweng ke molaodi, Banka ya Resefe kgotsa Mmusisi go ya ka molao wa lephata la ditshelete kgotsa Molao wa Bosetshaba wa Sekoloto le Financial Intelligence Centre Act ga e angwe ke go palelwa ke go ikamanya le karolo eno kgotsa memorantamo wa tumalano go ya ka karolo eno.

(4) Balaodi ba lephata la ditshelete le Banka ya Resefe ba tshwanetse go thadisa memorantamo wa tumalano bonnye gangwe mo dingwageng dingwe le dingwe tse tharo le go o tlhabolola jaaka go tshwanetse.

(5) Balaodi ba lephata la ditshelete le Banka ya Resefe ba tshwanetse go tlamela Tona le maloko a Kabinete a a tsamaisang Molao wa Bosetshaba wa Sekoloto ka kgatiso ya memorantamo wa tumalano mongwe le mongwe o o dirilweng go ya ka karolo eno, le tlhabololo nngwe le nngwe ya memorantamo oo wa tumalano.

(6) Balaodi ba lephata la ditshelete le Banka ya Resefe ba tshwanetse go phasalatsa memorantamo mongwe le mongwe wa tumalano o ba o dirileng le tlhabololo nngwe le nngwe ya ona.

Maphata a mangwe a puso

78. (1) Lephata la puso le le nang le tiro ya bolaodi kgotsa botlhokomedi mabapi le ditheo tsa ditshelete le tshwanetse, ka mokgwa o o kgonagalang, go rerisana le balaodi ba lephata la ditshelete mabapi le go dira tiro eo.

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(2) A financial sector regulator or the Reserve Bank may, in writing, request an organ of state referred to in subsection (1) to provide information about any action that the organ of state has taken or proposes to take in relation to a financial institution specified in the request.

(3) The organ of state must comply with a request in terms of subsection (2), but this subsection does not require or permit an organ of state to do something that contravenes a law.

Part 2 Financial System Council of Regulators

Financial System Council of Regulators 10

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

(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

81. (1) The Financial System Council of Regulators must establish working groups or 45 subcommittees in respect of the following matters:

(a) Enforcement and financial crime;

(b) financial stability and resolution;

(d) standard-setting; 50

(e) financial sector outcomes;

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(2) Molaodi wa lephata la ditshelete kgotsa Banka ya Resefe o ka, ka go kwala, kopa lephata la puso le le kailweng mo karolotlaleletsong (1) go neelana ka tshedimosetso ka ga kgato nngwe le nngwe e e tserweng ke lephata la puso kgotsa e le tshitsinyang go ka e tsaya mabapi le setheo sa ditshelete se se tsepamisitsweng mo kopong.

(3) Lephata la puso le tshwanetse go ikamanya le kopo go ya ka karolotlaleletso (2), mme karolotlaleletso eno ga e tlhoke kgotsa neye tetla lephata la puso go dira sengwe se se kgatlhanong le molao.

Karolo 2

Khansele ya Balaodi ba Thulaganyo ya Ditshelete

Khansele ya Balaodi ba Thulaganyo ya Ditshelete 10

79. (1) Khansele ya Balaodi ba Thulaganyo ya Ditshelete e a tlhongwa.

(2) Maikaelelo a Khansele ya Balaodi ba Thulaganyo ya Ditshelete ke go nolofatsa tirisanommogo le kopano, le, mo go tlhokegang, tlhomamo ya tiro, magareng ga ditheo tse di emetsweng mo Khanseleng ya Balaodi ba Thulaganyo ya Ditshelete ka go abelana ka foramo ya baemedi ba bagolo ba ditheo tseo go buisana, le go itshedimosa ka, merero 15 ya kgatlhego e tshwanang.

(3) Khansele ya Balaodi ba Thulaganyo ya Ditshelete e tshwanetse go nna le maloko a a latelang:

(a) Mokaedikakaretso;

(b) Mokaedikakaretso wa Lefapha la Kgwebisano le Madirelo; 20

(d) Motlhankedimogolo wa Khuduthamaga;

(e) Khomisenara;

(f) Motlhankedimogolo wa Khuduthamaga wa Bolaodi jwa Bosetshaba jwa Sekoloto; 25

(g) Mokwadisi wa Dikema tsa Kalafi;

(h) Mokaedi wa Senthara ya Botlhodi jwa Ditshelete;

(i) Khomisenara wa Khomisen e ya Bosetshaba ya Badirisi;

(j) Khomisenara wa Khomisen e ya Kgaisano;

(k) Motlatsammusisi yo o rweleng maikarabelo a merero ya tlhomamo ya 30 ditshelete; le

(l) tlhogo, ka mokgwa o e tlhalositsweng, ya lephata lengwe le lengwe la puso kgotsa mokgatlho mongwe o Tona a ka o tlhomamisang.

Dikopano

80. (1) Dikopano tsa Khansele ya Balaodi ba Thulaganyo ya Ditshelete di tshwanetse go tshwarwa bonnye gabedi mo ngwageng, kgotsa kgapetsakgapetsa jaaka go tlhomamisitswe ke Mokaedikakaretso.

(2) Mokaedikakaretso, kgotsa mongwe yo o tlhophilweng ke Mokaedikakaretso, o okamela dikopano tsa Khansele ya Balaodi ba Thulaganyo ya Ditshelete.

(3) Mokaedikakaretso o tshwanetse go tshwara kopano ka kopo ya leloko la Khansele 40 ya Balaodi ba Thulaganyo ya Ditshelete.

(4) Leloko la Khansele ya Balaodi ba Thulaganyo ya Ditshelete le ka, ka tumalano le Mokaedikakaretso, tlhopha motlhankedi yo mogolo wa setheo sa leloko go dira jaaka morefosani wa leloko.

(5) Dikopano tsa Khansele ya Balaodi ba Thulaganyo ya Ditshelete di tshwanetse go 45 tshwarwa go tsamaelana le ditsamaiso tse di tlhomamisitsweng ke yona.

Ditlhopha tse didirang

81. (1) Khansele ya Balaodi ba Thulaganyo ya Ditshelete e tshwanetse go tlhoma ditlhopha tsa tiro tse di kwa thoko kgotsa dikomititlaleletso mabapi le merero e e latelang:

(a) Kgatelelo le bosenyi jwa ditshelete;

(b) tlhomamo ya ditshelete le tharabololo;

(d) peo ya maemo;

(e) dipoelo tsa lephata la ditshelete; 55

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(f) financial inclusion;

(g) transformation of the financial sector; and

(h) any other matter that the Director-General may determine after consulting the other members of the Financial System Council of Regulators.

(2) The Financial System Council of Regulators must determine the membership, terms of reference and procedure of a working group or subcommittee. 5

Support for Financial System Council of Regulators

82. (1) The Financial Sector Conduct Authority must provide administrative support and other resources for the Financial System Council of Regulators and its working groups and subcommittees. 10

(2) The Financial Sector Conduct Authority must ensure that minutes of each meeting of the Financial System Council of Regulators, and of each meeting of a working group or subcommittee, are kept in a manner determined by the Financial Sector Conduct Authority.

Part 3 Financial Sector Inter-Ministerial Council

83. (1) The Financial Sector Inter-Ministerial Council is hereby established.

(2) The objective of the Inter-Ministerial Council is to facilitate co-operation and collaboration between Cabinet members responsible for administering legislation 20 relevant to the regulation and supervision of the financial sector by providing a forum for discussion and consideration of matters of common interest.

(3) The members of the Inter-Ministerial Council are—

(a) the Minister;

(b) the Cabinet members responsible for consumer protection and consumer 25 credit matters;

(d) the Cabinet member responsible for economic development.

Meetings

84. (1) Meetings of the Inter-Ministerial Council take place at times and places 30 determined by the Minister.

(2) The Minister, or another Cabinet member nominated by the Minister, chairs the meetings of the Inter-Ministerial Council.

(3) The Minister must convene a meeting at the request of a member of the Inter-Ministerial Council. 35

(4) A member of the Inter-Ministerial Council may nominate a Deputy Minister to act as alternate for the member at a particular meeting of the Inter-Ministerial Council.

(5) The Minister may invite any Cabinet member who is not a member of the Inter-Ministerial Council to attend a meeting of the Inter-Ministerial Council.

(6) Meetings of the Inter-Ministerial Council are conducted in accordance with 40 procedures determined by it.

Protection for financial customers in terms of financial sector laws, National Credit Act and Consumer Protection Act

85. (1) The Cabinet members responsible for consumer protection and consumer credit matters may request the Inter-Ministerial Council to consider whether or not a 45 provision in a financial sector law, or in a proposed financial sector law, Regulation or regulatory instrument, provides or would provide for a standard of protection for financial customers that is equivalent to, or higher than, the protection provided for them in terms of the National Credit Act or the Consumer Protection Act.

(2) The Inter-Ministerial Council—

(a) must comply with the request; and

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(f) tsenyeletso ya ditshelete; le

(g) phetolo ya lephata la ditshelete; le

(h) morero mongwe le mongwe o o ka tlhomamiswang ke Mokaedikakaretso morago ga go rerisana le maloko a mangwe a Khansele ya Balaodi ba Thulaganyo ya Ditshelete.

(2) Khansele ya Balaodi ba Thulaganyo ya Ditshelete e tshwanetse go tlhomamisa botokololo, mabaka a kaelo le tsamaiso ya setlhopha sa tiro kgotsa komititlaleletso.

Tshegetso go Khansele ya Balaodi ba Thulaganyo ya Ditshelete

82. (1) Bothati jwa Boitshwaro jwa Lephata la Ditshelete bo tshwanetse go tlamela ka tshegetso ya tsamaiso le ditlamelo tse dingwe go Khansele ya Balaodi ba Thulaganyo ya Ditshelete le ditlhopha tsa yona tsa tiro le dikomititaleletso.

(2) Bothati jwa Boitshwaro jwa Lephata la Ditshelete bo tshwanetse go netefatsa gore metsotso ya kopano nngwe le nngwe ya Khansele ya Balaodi ba Thulaganyo ya Ditshelete, le ya kopano nngwe le nngwe ya setlhopha sa tiro kgotsa komititaleletso, e tsholwa ka mokgwa o o tlhomamisitsweng ke Bothati jwa Boitshwaro jwa Lephata la Ditshelete.

Karolo 3

Khansele ya Ditona ya Lephata la Ditshelete

83. (1) Khansele ya Ditona ya Lephata la Ditshelete e a tlhongwa.

(2) Maikaelelo a Khansele ya Ditona ya Lephata la Ditshelete ke go nolofatsa tirisanommogo le kopano magareng ga maloko a Kabinete a a tsamaisang molao o o maleba go taolo le tlhokomelo ya lephata la ditshelete ka go tlamela ka foramo ya dipuisano le tshekatsheko ya merero ya kgatlhegelo e e tshwanang.

(3) Maloko a Khansele ya Ditona ya Lefapha la Ditshelete ke—

(a) Tona;

(b) maloko a Kabinete a a rwalang maikarabelo a tshireletso ya badirisi le merero ya sekoloto sa badirisi;

(d) leloko la Kabinete le le rwalang maikarabelo a tlhabololo ya ikonomi. 30

Dikopano

84. (1) Dikopano tsa Khansele ya Ditona ya Lefapha la Ditshelete di diragala ka dinako le kwa mafelong a a tlhomamisitsweng ke Tona.

(2) Tona, kgotsa leloko le lengwe la Kabinete le le tlhophilweng ke Tona, le okamela dikopanotsa Khansele ya Ditona.

(3) Tona o tshwanetse go bitsa kopano ka kopo ya leloko la Khansele ya Ditona.

(4) Leloko la Khansele ya Ditona le ka tlhopha Motlatsamoporesidente go dira jaaka morefosani go leloko kwa kopanong e e rileng ya Khansele ya Ditona.

(5) Tona o ka laletsa leloko lengwe le lengwe la Kabinete leo e seng leloko la Khansele ya Ditona go tla kopanong ya Khansele ya Ditona.

(6) Dikopano tsa Khansele ya Ditona di tshwarwa go tsamaelana le ditsamaiso tse di tlhomamisitsweng ke yona.

Tshireletso ya barekedi ba ditshelete go ya ka melao ya lephata la ditshelete, Molao wa Bosetshaba wa Sekoloto le Molao wa Tshireletso ya Badirisi

85. (1) Maloko a Kabinete a a rwalang maikarabelo a merero ya tshireletso ya badirisi le sekoloto sa badirisi a ka kopa Khansele ya Ditona go sekaseka fa ka gongwe kabelo e e maleba mo molaong wa lephata la ditshelete, kgotsa mo molaong o o tshitsintsweng wa lephata la ditshelete, Molawana kgotsa sediriso sa taolo, se tlamela kgotsa se tla tlamela ka maemo a tshireletso go barekedi ba ditshelete a a lekanang, kgotsa a a fetang, tshireletso e ba e tlametsweng go ya ka Molao wa Bosetshaba wa Sekoloto kgotsa Molao wa Tshireletso ya Badirisi.

(2) Khansele ya Ditona

(a) e tshwanetse go ikamanya le kopo; le

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(b) may, if it considers that the provision does not provide for such a standard of protection for financial customers, make recommendations to amend the provision, or to take other lawful and appropriate action, to ensure that the protection is at least equivalent.

Independent evaluation of effectiveness of co-operation and collaboration

86. (1) (a) The Inter-Ministerial Council must, as soon as practicable following the expiration of the six month period described in section 77(1), commission an independent evaluation of the establishment of co-operative and collaborative mechanisms between the financial sector regulators, the Reserve Bank, the Financial Intelligence Centre, the Council for Medical Schemes and the Competition Commission.

(b) The Inter-Ministerial Council must, every two years after the initial independent evaluation referred to in paragraph (a), commission an independent evaluation of the effectiveness of co-operative and collaborative mechanisms between the financial sector regulators, the Reserve Bank, the Financial Intelligence Centre, the Council for Medical Schemes and the Competition Commission.

(2) An evaluation in terms of this section must at least contain an analysis and evaluation of the memoranda of understanding required in terms of section 77, the outcome of any and all consultations in terms of section 78, and compliance with those sections.

(3) The Inter-Ministerial Council may on its own initiative, or at the request of a financial sector regulator, at any time commission an independent evaluation of the effectiveness of co-operation and collaboration between the financial sector regulators, the Reserve Bank, the Financial Intelligence Centre, the Council for Medical Schemes and the Competition Commission.

(4) When a financial sector regulator makes a request for an evaluation, the Inter-Ministerial Council must consider the request and the concerns raised in the request regarding the effectiveness of co-operation and collaboration, and, if the Council rejects the request, provide the financial sector regulator that made the request with the reasons for rejecting the request.

(5) Any evaluation commissioned by the Inter-Ministerial Council in terms of this section must be tabled in Parliament immediately following the Council's consideration of the evaluation, and must be accompanied by a report from the Council on the evaluation's contents.

CHAPTER 6 ADMINISTRATIVE ACTIONS

Part 1 Administrative action committees

Establishment and membership

87. (1) A financial sector regulator may establish an administrative action committee to consider and make recommendations to the financial sector regulator on matters that are referred to it by that financial sector regulator.

(2) The members of an administrative action committee—

(a) must include—

(i) a retired judge; or

(ii) an advocate or attorney with at least 10 years relevant legal experience; and

(b) may include persons who are not members of the Prudential Committee or the Executive Committee or staff members of the financial sector regulator.

(3) A person referred to in subsection (2)(a) must be appointed as chairperson of an administrative action committee.

(4) A disqualified person may not be appointed to, or remain a member of, an administrative action committee.

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(b) e ka, fa e tsaya gore kabelo e e maleba ga e tlamèle maemo ao a tshireletso go badirisi ba ditshelete, dira dikatlanegiso go tlhabolola kabelo e e maleba, kgotsa go tsaya dikgato tse dingwe tsa semolao tse di matshwanedi, go netefatsa gore bonnye tshireletso e lekane.

Tekanyetso e ikemetseng ya nonofo ya tirisanommogo le kopano

86. (1) (a) Khansele ya Ditona e tshwanetse, ka bonako jo bo kgonegang go latela go ya bokhutlong ga paka ya dikgwedi tse thataro e e tlhalositsweng mo karolong 77(1), go dira tshekatsheko e e ikemetseng ya tlhomo ya mekgwa ya tirisanommogo le kopano magareng ga balaodi ba lephata la ditshelete, Banka ya Resefe, Senthara ya Botlhodi jwa Ditshelete, Khansele ya Dikema tsa Kalafi le Khomisene ya Kgaisano.

(b) Khansele ya Ditona e tshwanetse, mo dingwageng dingwe le dingwe tse pedi morago ga tshekatsheko ya ntlha e e ikemetseng e e kailweng mo temaneng (a), go dira tshekatsheko e e ikemetseng ya nonofo ya mekgwa ya tirisanommogo le kopano magareng ga balaodi ba lephata la ditshelete, Banka ya Resefe, Senthara ya Botlhodi jwa Ditshelete, Khansele ya Dikema tsa Kalafi le Khomisene ya Kgaisano.

(2) Tshekatsheko go ya ka karolo eno e tshwanetse go nna le bonnye kanoko le tshekatsheko ya memorantamo wa tumalano o o tlhokegang go ya ka karolo 77, ditlamorago tsa ditherisano dingwe le dingwe tsotlhe go ya ka karolo 78, le boikamanyo le dikarolo tseo.

(3) Khansele ya Ditona ka boitlhamedi jwa yona, kgotsa ka kopo ya molaodi wa lephata la ditshelete, ka nako nngwe le nngwe e ka dira tshekatsheko e e ikemetseng ya nonofo ya mekgwa ya tirisanommogo le kopano magareng ga balaodi ba lephata la ditshelete, Banka ya Resefe, Senthara ya Botlhodi jwa Ditshelete, Khansele ya Dikema tsa Kalafi le Khomisene ya Kgaisano.

(4) Fa bolaodi jwa lefapha la ditshelete bo dira kopo ya tshekatsheko, Khansele ya Ditona e tshwanetse go tsaya tsia kopo le matshwenyego a a tlhagisitsweng mo kopong mabapi le nonofo ya tirisanommogo le kgolagano, e bile, fa Khansele e gana kopo, go tlamela bolaodi jwa lephata la ditshelete jo bo dirileng kopo ka mabaka a go gana kopo.

(5) Tshekatsheko nngwe le nngwe e e dirilweng ke Khansele ya Ditona go ya ka karolo eno e tshwanetse go tlhagiswa kwa Palamenteng ka bonako go latela tshekatsheko ya kanoko, e bile e tshwanetse go patwa ke pegelo go tswa kwa Khanseleng ya tshekatsheko ya diteng.

KGAOLO 6

DITIRO TSA TSAMAISO

Karolo 1

Dikomiti tsa tiro ya tsamaiso

Go tlhongwa le botokololo

87. (1) Molaodi wa lephata la ditshelete o ka tlhama komiti ya tiro ya tsamaiso go sekaseka le go dira dikatlanegiso go molaodi wa lephata la ditshelete ka ga ditiro tsa tsamaiso tse di rometsweng go ena ke molaodi wa lephata la ditshelete.

(2) Maloko a komiti ya tiro ya tsamaiso—

(a) a tshwanetse go akaretsa-

(i) moatlhodi yo o rotseng tiro; kgotsa

(ii) mmueledi kgotsa ramolao a le esi yo o nang le maitemogelo a molao a a maleba a dingwaga tse 10; le

(b) a ka akaretsa batho ba e seng maloko a Komiti ya Tlhokomelo kgotsa Komiti Khuduthamagga kgotsa maloko a badirammogo a bolaodi jwa lephata la ditshelete.

(3) Motho yo o kailweng mo karolotlaleletsong (2)(a) o tshwanetse go thapiwa jaaka modulasetilo wa komiti ya tiro ya tsamaiso.

(4) Motho yo o ileditsweng a ka se thapiwe go, kgotsa go nna leloko la, komiti ya tiro ya tsamaiso.

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Terms of membership

88. (1) A person appointed as a member of a financial sector regulator’s administrative action committee who is not a member of the Prudential Committee, the Executive Committee or a staff member of a financial sector regulator holds office for a period not exceeding five years, and on the terms, including terms regarding remuneration, determined by the financial sector regulator.

(2) A member of an administrative action committee whose term expires may be reappointed.

(3) The financial sector regulator that established an administrative action committee may, subject to due process, remove a member of the administrative action committee from office if the member—

(a) is unable to perform the functions of the office effectively;

(b) has failed in a material way to discharge any of the responsibilities of the office; or

(4) Without limiting subsection (3)(b), a member must be taken to have failed in a material way to discharge the responsibilities of office if he or she is absent from two consecutive meetings of the administrative action committee without the leave of the administrative action committee.

Meetings

89. (1) A meeting of an administrative action committee—

(a) is convened by the chairperson of the committee; and

(b) is chaired by the chairperson or, in the chairperson’s absence, by another member designated by the chairperson or the remaining members.

(2) An administrative action committee determines its procedures, subject to any directions of the financial sector regulator that established the administrative action committee.

(3) The financial sector regulator must ensure that written minutes of each meeting of its administrative action committee are kept in a manner determined by the financial sector regulator.

Application of Part to Ombud Council

90. This Part applies, with the necessary changes required by the context, in relation to the Ombud Council.

Part 2 Administrative justice

Applicability of Promotion of Administrative Justice Act to administrative action by financial sector regulators

91. The Promotion of Administrative Justice Act applies to any administrative action taken by a financial sector regulator in terms of this Act or a specific financial sector law.

Procedures for specific administrative action in terms of Act

92. (1) A financial sector regulator may, by notice in the Register, determine procedures for administrative action to be taken by it in terms of a financial sector law, which procedures must—

(a) be aimed at promoting a fair and consistent approach to administrative action taken by the financial sector regulator in terms of the financial sector laws; and

(b) be consistent with—

(i) the principles of the Promotion of Administrative Justice Act; and

(ii) any applicable requirements of a financial sector law.

(2) If it is reasonable and justifiable in the circumstances, procedures for administrative action may depart from specific requirements of the Promotion of Administrative Justice Act, in accordance with sections 3(4), 4(4) and 5(4) of that Act.

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111 Dipeelo tsa botokololo

88. (1) Motho yo o thapilweng jaaka leloko la komiti ya tiro ya tsamaiso ya bolaodi jwa lephata la ditshelete yo e seng leloko la Komiti ya Tlhokomelo, Komiti Khuduthamaga kgotsa leloko la badirimmogo ba bolaodi jwa lephata la ditshelete o thapiwa sebaka se se sa feteng dingwaga tse tlhano, le ka dipeelo, go akaretsa le dipoelo tse di amanang le tuelo, tse di tlhomamisitsweng ke bolaodi jwa lephata la ditshelete.

(2) Leloko la komiti ya tiro ya tsamaiso yo paka ya gagwe e yang bokhutlong o ka thapiwa gape.

(3) Molaodi jwa lephata la ditshelete yo o tlhomileng komiti ya tiro ya tsamaiso o ka, go tsamaelana le kgato e e maleba, tlosa leloko la komiti ya tiro ya tsamaiso mo ofising fa leloko le—

(a) sa kgone go dira tiro e le e thapetsweng ka nonofo;

(b) paletswe ka gotlhe go diragatsa nngwe ya maikarabelo a tiroi; kgotsa

(4) Ntle le go lekanyetsa karolotlaleletso (3)(b), leloko le tshwanetse go tseelwa gore le paletswe ka gotlhe go diragatsa maikarabelo a ofisi fa le ka se nne teng mo dikopanong tse pedi tse di latelanang tsa komiti ya tiro ya tsamaiso ntle le khunulogo ya komiti ya tiro ya tsamaiso.

Dikopano

89. (1) Kopano ya komiti ya tiro ya tsamaiso—

(a) e kokoanngwa ke modulasetilo wa komiti; le

(b) e okamelwa ke modulasetilo kgotsa, fa modulasetilo a se teng, ke leloko le lengwe le le thapilweng ke modulasetilo kgotsa maloko a a setseng.

(2) Komiti ya tiro ya tsamaiso e tlhomamisa ditsamaiso tsa yona, go tsamaelana le dikaelo tsa molaodi wa lephata la ditshelete yo o tlhomileng komiti ya tiro ya tsamaiso.

(3) Molaodi wa lephata la ditshelete o tshwanetse go netefatsa gore metsotso e e kwetsweng ya kopano nngwe le nngwe ya komiti ya bona ya tiro ya tsamaiso e a tsholwa.

Tiriso ya Karolo go Khansele ya Ombud

90. Karolo eno e diragatswa, ka diphetogo tse di tlhokegang go ya ka bokao, mabapi le Khansele ya Ombud.

Karolo 2

Bosiamisi jwa tsamaiso

Tirego ya Promotion of Administrative Justice Act go tiro ya tsamaiso ka balaodi ba lephata la ditshelete

91. Promotion of Administrative Justice Act e diragatswa mo tirong nngwe le nngwe ya tsamaiso e e dirilweng ke molaodi wa lephata la ditshelete go ya ka Molao ono kgotsa molao o o tsepameng wa lephata la ditshelete.

Ditsamaiso mabapi le tiro ya tsamaiso e tsepameng go ya ka Molao

92. (1) Bolaodi jwa lephata la ditshelete bo ka, ka kitsiso mo Rejisetareng, tlhomamisa ditsamaiso tsa tiro ya tsamaiso e e dirilweng ke jona go ya ka molao wa lephata la ditshelete, o o tshwanetseng—

(a) go ikaelela go tsweletsa pele kgato e e lolameng le go tlhomama mo tirong ya tsamaiso e e dirilweng ke bolaodi jwa lephata la ditshelete go ya ka melao ya lephata la ditshelete; le

(b) go tlhomama mabapi le—

(i) meono ya Promotion of Administrative Justice Act; le

(ii) ditlhokego dingwe le dingwe tse di maleba tsa molao wa lephata la ditshelete.

(2) Fa go utlwalega e bile go na le lebaka mo maemong, ditsamaiso mabapi le tiro ya tsamaiso di ka tswa mo ditlhokegong tse di tsepameng tsa Promotion of Administrative Justice Act, go tsamaelana le karolo 3(4), 4(4) le 5(4) ya Molao oo.

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(3) Different procedures may be determined for different types of administrative actions and different circumstances.

Processes for determining or amending administrative action procedures

93. (1) Before a financial sector regulator determines or amends an administrative action procedure in terms of section 92, the financial sector regulator must—

(a) publish on its website—

(i) a draft of the proposed procedure or amendment; and

(ii) a notice calling for written public comment within a period stated in the notice, which must be at least 30 days from the date of publication of the notice;

(b) submit a draft of the proposed procedure or amendment to the Director-General and the other financial sector regulator; and

(2) If a financial sector regulator intends to make an administrative action procedure or amendment that is materially different in form from the draft procedure or amendment that was previously published in terms of subsection (1), the regulator must, before making the procedure or amendment, repeat the process referred to in subsection (1).

Review of administrative action procedures

94. A financial sector regulator must review its administrative action procedures at least once every three years.

Revocation of decisions

95. (1) A financial sector regulator may, by notice to a person in relation to whom the regulator made a decision in terms of a financial sector law (or, if more than one such person, all of them), revoke the decision if—

(a) the decision was made as a result of fraud or illegality;

(b) the information on which the decision was made was inaccurate or incomplete and the financial sector regulator would not have made the decision if it had had accurate and complete information; or

(2) A revocation of a decision in terms of subsection (1) has effect from the date on which the revoked decision was made.

(3) A financial sector regulator may not take action in terms of subsection (1)—

(a) if the action would adversely affect the existing or accrued rights of any person (except the person in relation to whom the regulator made the decision); or

(b) if—

(i) the financial sector regulator has been notified that an application to the Tribunal or a court in relation to the decision will be made; or

(ii) proceedings have commenced in the Tribunal or a court in relation to the decision.

(4) Before a financial sector regulator takes action in terms of subsection (1), it must—

(a) notify its intention to do so to the person in relation to whom the regulator made a decision; and

(b) give the person a reasonable period, of at least 14 days, to make submissions to the regulator.

(5) In determining whether to take action in terms of subsection (1), the financial sector regulator must take into account all the submissions received during the period referred to in subsection (4)(b).

Interpretation

96. In this Part “financial sector regulator” includes the Ombud Council.

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(3) Ditsamaiso tse di farologaneng di ka tlhomamisetswa ditiro tse di farologaneng tsa tsamaiso.

Dikgato tsa go tlhomamisa kgotsa go tlhabolola ditsamaiso tsa tiro ya tsamaiso

93. (1) Pele molaodi wa lephata la ditshelete a tlhomamisa kgotsa tlhabolola tsamaiso ya tiro ya tsamaiso go ya ka karolo 92, bolaodi jwa lephata la ditshelete bo tshwanetse go—

(a) phasalatsa mo webesaeteng ya jona—

(i) thalo ya tsamaiso kgotsa tlhabololo e e tshitsintsweng; le

(ii) kitsiso e e laletsang tshwaelo e e kwetsweng ya setshaba mo pakeng e e neetsweng mo kitsisong, eo e tshwanetseng go nna bonnye matsatsi a le 30 go simolola ka letsatsi la phasalatso ya kitsiso;

(b) gorosa thalo ya tsamaiso kgotsa tlhabololo e e tshitsintsweng go Mokaedika-karetso le molaodi yo mongwe jwa lephata la ditshelete; le

(2) Fa bolaodi jwa lephata la ditshelete bo ikaelela go dira tsamaiso kgotsa tlhabololo ka mokgwa o o farologaneng go tswa go tsamaiso e e thadilweng kgotsa tlhabololo e e phasaladitsweng go ya ka karolotlaleletso (1), molaodi o tshwanetse, pele a dira tsamaiso kgotsa tlhabololo, go boeletsa dikgato tse di kailweng mo karolotlaleletsong (1).

Thadiso ya ditsamaiso tsa kgato ya tsamaiso

94. Bolaodi ba lephata la ditshelete bo tshwanetse go thadisa ditsamaiso tsa jona tsa tiro bonnye gangwe mo dingwageng dingwe le dingwe tse tharo.

Kgogelomorago ya ditshwetso

95. (1) Bolaodi jwa lephata la ditshelete bo ka, ka kitsiso go motho wa kamano yo bolaodi bo dirileng tshwetso ka ena go ya ka molao wa lephata la ditshelete (kgotsa, fa batho bao ba feta bongwe, botlhe), gogela morago tshwetso fa—

(a) tshwetso e dirilwe ka ntlha ya tsietso kgotsa e seng ka molao;

(b) tshedimosetso e tshwetso e dirilweng ka yona e ne e sa nepagala kgotsa e sa felela e bile bolaodi jwa lephata la ditshelete bo ne bo ka se dire tshwetso fa bo ne bo na le tshedimosetso e e nepagetseng e bile e feletse; kgotsa

(2) Kgogelomorago ya tshwetso go ya ka karolotlaleletso (1) e tsena mo tirisong go simolola ka letlha le tshwetso e e gogetsweng morago ka lona.

(3) Molaodi wa lephata la ditshelete o ka se tseye kgato go ya ka karolotlaleletso (1)—

(a) fa kgato e ka ama bobe ditshwanelo tse di leng teng kgotsa tse di bonweng tsa motho mongwe le mongwe (ntle le motho yo molaodi a dirileng tshwetso mabapi le ena); kgotsa

(b) fa

(i) bolaodi jwa lephata la ditshelete bo itsisitswe gore kopo go Lekgotla kgotsa kgotlatshekelo mabapi le tshwetso e tla dirwa; kgotsa

(ii) ditsamaiso di simolotse kwa Lekgotleng kgotsa kgotlatshekelong mabapi le tshwetso.

(4) Pele bolaodi jwa lephata la ditshelete bo tsaya kgato go ya ka karolotlaleletso (1), bo tshwanetse go—

(a) itsise ka ga maikaelelo a jona a go dira jalo go motho yo tshwetso e dirilweng mabapi le ena; le

(b) naya motho sebaka se se lekaneng, sa bonnye matsatsi a le 14, go dira ditlhagiso kwa bolaoding.

(5) Mo go tlhomamiseng gore kgato e tsewe go ya ka karolotlaleletso (1), bolaodi jwa lephata la ditshelete bo tshwanetse go tsaya tsia ditlhagiso tsotlhe tse di amogetsweng ka nako e e kailweng mo karolotlaleletsong (4)(b).

Tthaloso

96. Mo Karolong eno “molaodi wa lephata la ditshelete” o akaretsa Khansele ya Ombud.

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CHAPTER 7 REGULATORY INSTRUMENTS

Part 1

#### Regulatory instruments

**Interpretation**

97. In this Part, “maker”, in relation to a regulatory instrument, means the person that proposes to make the regulatory instrument.

**Process for making regulatory instruments**

98. (1) A regulatory instrument must not be made unless the maker—

(a) has published—

(i) a draft of the regulatory instrument;

(ii) a statement explaining the need for and the intended operation of the regulatory instrument;

(iii) a statement of the expected impact of the regulatory instrument; and

(iv) a notice inviting submissions in relation to the regulatory instrument and stating where, how and by when submissions are to be made; and

(b) has, once submissions referred to in paragraph (a)(iv) have been received and considered, submitted the regulatory instrument to Parliament in terms of section 103(1).

(2) The period allowed for making submissions referred to in subsection (1)(a)(iv) must be at least six weeks.

(3) If the maker is a financial sector regulator, the maker must, when complying with subsection (1)(a), provide a copy of the documents referred to in that paragraph to—

(a) the other financial sector regulator, the Reserve Bank, the National Credit Regulator, the Council for Medical Schemes and the Director-General; and

(b) if the regulatory instrument would impose requirements on providers of securities services, the market infrastructure that has the function of licensing those providers in terms of a financial sector law.

(4) If the maker is the Ombud Council, the maker must, when complying with subsection (1)(a), provide a copy of the documents referred to in that subsection to the financial sector regulators, the Council for Medical Schemes, the National Credit Regulator and the Director-General.

**Substantially different regulatory instrument**

99. If a maker of a regulatory instrument intends, whether or not as a result of a consultation process, to make a regulatory instrument in a materially different form from the draft regulatory instrument published in terms of section 98, the maker must, before making the regulatory instrument, repeat the process referred to in section 98.

**Urgent regulatory instruments**

100. (1) If the maker of a regulatory instrument determines that compliance with section 98 or 99 is likely to lead to prejudice to financial customers or harm to the financial system, or defeat the object of the proposed regulatory instrument, the maker must before making the instrument—

(a) publish—

(i) a draft of the regulatory instrument and a statement explaining the need for and the intended operation of the regulatory instrument;

(ii) a notice inviting submissions in relation to the regulatory instrument and stating where, how and by when submissions are to be made; and

(iii) a statement of the reasons why the delay involved in complying with sections 98 and 99 is considered likely to lead to prejudice to financial

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KGAOLO 7

DIDIRISWA TSA BOLAODI

Karolo 1

Didiriswa tsa bolaodi

Tlhaloso

97. Mo Karolong eno “modiri”, mabapi le sediriswa sa bolaodi, o kaya motho yo o tshitsinyang go dira sediriswa sa bolaodi.

Dikgato tsa go dira didiriswa tsa bolaodi

98. (1) Sediriswa sa bolaodi ga se a tshwanela go dirwa ntle le fa modiri

(a) a phasaladitse—

(i) thalo ya sediriswa sa bolaodi;

(ii) polelo e e tlhalosang tlhokego ya le tiro e e ikaeletsweng ya sediriswa sa bolaodi;

(iii) polelo ya kutlwalo e e solofetsweng ya sediriswa sa bolaodi; le

(iv) kitsiso e e laletsang ditlhagiso mabapi le didiriswa tsa bolaodi le tlhaloso ya gore ditlhagiso di ka dirwa kae, jang le gore leng; le

(b) a, fa ditlhagiso tse di kailweng mo temaneng (a)(iv) di sena go amogelwa le go sekasekwa, rometse sediriswa sa bolaodi kwa Palamenteng go ya ka karolo 103(1).

(2) Paka e e dumeletsweng ya go dira ditlhagiso e e kailweng mo karolotlaleletsong (1)(a)(iv) e tshwanetse go nna bonnye dibeke tse thataro.

(3) Fa modiri e le molaodi wa lephata la ditshelete, modiri o tshwanetse go, fa a ikamanya le karolotlaleletso (1)(a), neelana ka kgatiso ya dikwalo tse di kailweng mo temaneng eo go—

(a) molaodi yo mongwe wa lephata la ditshelete, Banka ya Resefe, Bolaodi jwa Bosetshaba jwa Sekoloto, Khansele ya Dikema tsa Kalafi le Mokaedikakaretso; le

(b) fa sediriswa sa bolaodi se ka gobelela ditlhokego mo batlameding ba ditirelo tsa dithoto, dithulaganyetso tsa popegotheo ya mmaraka tse di nang le tiro.

(4) Fa modiri e le Khansele ya Ombud, modiri o tshwanetse, fa a ikamanya le karolotlaleletso (1)(a), tlamela kgatiso ya dikwalo tse di kailweng mo karolotlaleletsong eo go balaodi ba lephata la ditshelete, Bolaodi jwa Bosetshaba jwa Sekoloto le Mokaedikakaretso.

Didiriswa tsa bolaodi tsa pharologano e kgolo

99. Fa modiri wa sediriswa sa bolaodi a ikaelela, e le ka ntlha ya kgato ya therisano kgotsa nnyaa, go dira sediriswa sa bolaodi ka mokgwa o o farologaneng thata go tswa mo sedirisong sa bolaodi se se thadilweng se se phasaladitsweng go ya ka karolo 98, modiri o tshwanetse, pele a dira sediriswa sa bolaodi, go boeletsa kgato ya therisano e e kailweng mo karolong 98.

Didiriswa tsa bolaodi tsa Potlako

100. (1) Fa modiri wa sediriswa sa bolaodi a tlhomamisa gore go ikamanya le karolo 98 kgotsa 99 go na le bokgoni jwa go isa kwa kgobeelong ya barekedi ba ditshelete kgotsa go ka ama segolo thulaganyo ya ditshelete, kgotsa go fenya maitlhomo a sediriswa sa bolaodi se se tshitsintsweng, modiri o tshwanetse go, pele a dira sediriswa—

(a) phasalatsa—

(i) thalo ya sediriso sa bolaodi le polelo e e tlhalosang tlhokego ya le tiriso e e ikaeletsweng ya sediriswa sa boaodi;

(ii) kitsiso e e laletsang ditlhagiso mabapi le sediriswa sa bolaodi le tlhaloso ya gore ditlhagiso di ka dirwa kae, jang le gore leng; le

(iii) polelo ya mabaka a a tlhalosang gore goreng go nnile le tiego mo go ikamanyeng le dikarolo 98 le 99 e tseelelwa gore e ka isa kwa

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customers or harm to the financial system, or defeat the object of the proposed regulatory instrument; and

(b) submit the regulatory instrument to Parliament in terms of section 103(2).

(2) The period allowed for making submissions in terms of subsection (1)(a)(ii) must be at least seven days.

(3) A maker must, after making an instrument pursuant to subsection (1), as soon as possible, but not later than within 30 days of making the instrument—

(a) submit to Parliament a report of the consultation process, which report must include a general account of the issues raised in the submissions and a response to the issues raised in the submissions.

(b) if the maker is a financial sector regulator, provide a copy of the documents referred to in paragraph (a) to—

(i) the other financial sector regulator, the Reserve Bank, the National Credit Regulator, the Council for Medical Schemes and the Director-General; and

(ii) if the regulatory instrument would impose requirements on providers of securities services, the market infrastructure that has the function of licensing those providers in terms of a financial sector law.

(c) if the maker is the Ombud Council, provide a copy of the documents referred to in that subsection to the financial sector regulators, the National Credit Regulator and the Director-General.

Part does not limit other consultation

101. This Part does not prevent a maker of a regulatory instrument from engaging in consultations in addition to those required in terms of this Part.

Making, publication and commencement of regulatory instruments

102. (1) In deciding whether to make a regulatory instrument, the maker must take into account all submissions received by the expiry of the period referred to in section 98(2) or 100(2) and any deliberations of Parliament.

(2) A regulatory instrument must be published in the Register after it is made.

(3) A regulatory instrument comes into effect—

(a) on the date the instrument is published in the Register; or

(b) if the instrument provides that it comes into effect on a later date, on the later date.

Submission of regulatory instruments to Parliament

103. (1) Before making a regulatory instrument in terms of section 98 or 99, the maker of the regulatory instrument must submit the regulatory instrument to Parliament, for a period of at least 30 days while Parliament is in session, together with—

(a) the documents mentioned in section 98(1)(a); and

(b) a report on the consultation process referred to in section 104.

(2) Before making a regulatory instrument in terms of section 100, the maker of the regulatory instrument must submit to Parliament, whether in session or not, the documents mentioned in section 100(1)(a) for a period of at least seven days (which period may run concurrently with the seven days referred to in section 100(2)).

Reports on consultation processes

104. (1) With each regulatory instrument, the maker must publish a consultation report.

(2) A consultation report must include—

(a) a general account of the issues raised in the submissions made during the consultation; and

(b) a response to the issues raised in the submissions.

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kgobelelong ya barekedi ba ditshelete kgotsa e ka ama segolo thulaganyo ya ditshelete, kgotsa ya fenya maitlhomo a sediriswa sa bolaodi se se tshitsintsweng; le

(b) romela sediriswa sa bolaodi kwa Palamenteng go ya ka karolo 103(2).

(2) Nako e e letlelewang go dira ditlhagiso go ya ka karolotlaleletso (1)(a)(ii) e tshwanetse go nna bonnye matsatsi a le supa.

(3) Modiri o tshwanetse, morago ga go dira sediriso se se tsamaelanang le karolotlaleletso (1), ka bonako jo kgonagalang, fela e seng morago ga mo matsatsing a le 30 a go dira sediriswa—

(a) go romelela Palamente pegelo ya kgato ya therisano, eo e tshwanetseng go akaretsa maikarabelo ka kakaretso a morero o o tlhagisitsweng mo ditlhagisong le tsibogelo go merero e e tlhagisitsweng mo ditlhagisong;

(b) fa modiri e le bolaodi jwa lephata la ditshelete, go tlamela ka kgatiso ya makwalo a a kailweng mo temaneng (a) kwa—

(i) bolaoding jo bongwe jwa ditshelete, Banka ya Resefe, Bolaodi jwa Bosetshaba jwa Sekoloto, Khansele ya Dikema tsa Kalafi le Mokaedikakakaretso; le

(ii) fa sediriso sa bolaodi se ka pateletsa ditlhokego mo batlameding ba ditirelo tsa dithoto, thulaganyetso ya popegotheo ya mmaraka e e nang le maikarabelo a go abela batlamedi bao ka dilaesense go ya ka molao wa lephata la ditshelete.

(c) fa modiri e le Khansele ya Ombud, go tlamela ka kgatiso ya makwalo a a kailweng mo karolotlaleletsong eo go balaodi ba lephata la ditshelete, Molaodi wa Bosetshaba wa Sekoloto le Mokaedikakaretso.

Karolo ga e lekanyetse ditherisano tse dinngwe 25

101. Karolo eno ga e thibele modiri wa sediriswa sa boaodi mo go rerisaneng le mo godimo ga tseo di tlhokegang go ya ka Karolo eno.

Go dira, phasalatso le tshimologo ya didiriswa tsa bolaodi

102. (1) Mo go swetseng ka ga go dira sediriswa sa bolaodi, modiri o tshwanetse go ela tlhoko ditlhagiso tsotlhe tse di amogetsweng ka nako ya go ya bokhutlong gap aka e e kailweng mo karolotlaleletsong 98(2) kgotsa 100(2) le dipuisano dingwe le dingwe tsa Palamente.

(2) Sediriswa sa bolaodi se tshwanetse go phasalatswa mo Rejisetareng fa se sena go dirwa.

(3) Sediriswa sa bolaodi se tsena mo tirisong—

(a) ka letlha le sediriswa si phasaladitsweng mo Rejisetareng ka lona, kgotsa

(b) fa sediriswa se tlamela gore se tsenngwa mo tirisong mo letlheng le le kwa moragnyana, ka letlha le le kwa moragonyana.

Thomelo ya didiriswa tsa bolaodi kwa Palamenteng

103. (1) Pele go dirwa sediriswa sa bolaodi go ya ka karolo 98 kgotsa 99, modiri wa sediriswa sa bolaodi o tshwanetse go romela sediriswa sa bolaodi kwa Palamenteng, mo matsatsing a le 30 fa Palamente e kokoane, mmogo le—

(a) makwalo a a kailweng mo karolong 98(1)(a); le

(b) pegelo ka ga kgato ya therisano e e kailweng mo karolong 104.

(2) Pele go dirwa sediriswa sa bolaodi go ya ka karolo 100, modiri wa sediriswa sa bolaodi o tshwanetse go romelela Palamente, e kokoane kgotsa e sa kokoana, makwalo a a kailweng mo karolong 100(1)(a) mo matsatsing a le supa (paka e e tsamaelanang mmogo le matsatsi a le supa a a kailweng mo karolong 100(2)).

Dipegelo ka ga kgato tsa therisano

104. (1) Ka sediriswa sengwe le sengwe sa bolaodi, modiri o tshwanetse go phasalatsa pegelo ya kgato ya ditherisano.

(2) Pegelo ya ditherisano e tshwanetse go akaretsa—

(a) karabelo ka kakaretso ya merero e e tlhagisitsweng mo ditlhagisong tse di dirilweng ka nako ya ditherisano; le

(b) tsibogelo go merero e e tlhagisitsweng mo ditlhagisong.

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(3) If the maker did not comply with section 98 or 99 for the reason stated in section 100, the consultation report must be published 30 days after the instrument was made and the report must include a statement of the reasons why the delay involved in complying, or complying fully, with sections 98 and 99 was considered likely to lead to prejudice to financial customers or harm to the financial system, or defeat the object of the regulatory instrument.

Part 2 Standards

Prudential standards

105. (1) The Prudential Authority may make prudential standards for, or in respect of—

(a) financial institutions that provide financial products or securities services;

(b) financial institutions that are market infrastructures; and

(2) A prudential standard must be aimed at one or more of the following: 15

(a) Ensuring the safety and soundness of those financial institutions;

(b) reducing the risk that those financial institutions and key persons engage in conduct that amounts to, or contributes to, financial crime; and

(3) Without limiting subsection (1), a prudential standard may be made on any of the following matters:

(a) Financial soundness requirements, including requirements in relation to capital adequacy, minimum liquidity and minimum asset quality;

(b) matters on which a regulatory instrument may be made by the Prudential Authority in terms of a specific financial sector law; 25

(c) matters that may in terms of any other provision of this Act be regulated by prudential standards, including matters as contemplated in section 30; and

(d) any other matter that is appropriate and necessary for achieving any of the aims set out in subsection (2).

Conduct standards

106. (1) The Financial Sector Conduct Authority may make conduct standards for or in respect of—

(a) financial institutions;

(b) representatives of financial institutions;

(d) contractors.

(2) A conduct standard must be aimed at one or more of the following:

(a) Ensuring the efficiency and integrity of financial markets;

(b) ensuring that financial institutions and representatives treat financial customers fairly; 40

(d) reducing the risk that financial institutions, representatives, key persons and contractors engage in conduct that is or contributes to financial crime; and

(e) assisting in maintaining financial stability. 45

(3) Without limiting subsections (1) and (2), a conduct standard may be made on any of the following matters:

(a) Efficiency and integrity requirements for financial markets;

(b) measures to combat abusive practices;

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(3) Fa modiri a sa ikamanya le karolo 98 kgotsa 99 ka mabaka a a tlhalositsweng mo karolong 100, pegelo ya ditherisano e tshwanetse go phasalatswa mo matsatsing a la 30 morago ga go dirwa ga sediriswa e bile pegelo e tshwanetse go akaretsa polelo ya mabaka a gore goreng go diega mo go ikamanyeng, kgotsa go ikamanyeng ka botlalo, le dikarolo 98 le 99 go tseetswe gore go ka isa kwa kgobelelong ya morekedi wa ditshelete kgotsa go ama bobe thulaganyo ya ditshelete, kgotsa go fenya maitlhomo a sediriswa sa bolaodi.

Karolo 2

Maemo

Maemo a tlhokomelo 10

105. (1) Bothati jwa Tlhokomelo bo ka dira maemo a tlhokomelo mabapi le, kgotsa malebana le—

(a) ditheo tsa ditshelete ts di tlamelang ka dikuno tsa ditshelete kgotsa ditirelo tsa dithoto;

(b) ditheo tsa ditshelete tse e leng dithulaganyetso tsa popegotheo ya mmaraka; le 15

(2) Maemo a tlhokomelo e tshwanetse go nna le maikaelelo a e le nngwe kgotsa go feta ya tse di latelang:

(a) Go netefatsa polokego le tolamo ya ditheo tseo tsa ditshelete;

(b) fokotsa kotsi ya gore ditheo tseo tsa ditshelete, le batho ba ba botlhokwa ba 20 itshotse ka mokgwa o o ka tlisang, kgotsa o o bakang, bosenyi jwa ditshelete; le

(3) Ntle le go lekanyetsa karolotlaleletso (1), maemo a tlhokomelo a ka dirwa mo go nngwe le nngwe ya merero e e latelang: 25

(a) Ditlhokego tsa ditshelete tse di nepagetseng, go akaretsa ditlhokego mabapi le tekano ya khapetele, maemotlase a thekiso le theko ya dithoto le maemotlase a boleng jwa dithoto;

(b) merero e mo go yona go ka dirwang sediriso sa bolaodi ke Bothati jwa Tlhokomelo go ya ka molao wa ditshelete o o tsepamisitsweng; 30

(c) merero e go ya ka kabelo nngwe le nngwe ya Molao ono e ka laolwang ke maemo a tlhokomelo, go akaretsa le merero e e kailweng mo karolong 30; le

(d) morero mongwe le mongwe o o maleba le botlhokwa go fitlhelela nngwe le nngwe ya maikaelelo a a tlhagisitsweng mo karolotlaleletsong (2).

Maemo a boitshwar 35

106. (1) Bothati jwa Boitshwaro jwa Lephata la Ditshelete bo ka dira maemo a boitshwaro go, kgotsa mabapi le—

(a) ditheo tsa ditshelete;

(b) dikemedi tsa ditheo tsa ditshelete;

(d) bakonteraka.

(2) Maemo a boitshwaro a tshwanetse go nna le maikaelelo a e le nngwe kgotsa go feta ya tse di latelang:

(a) Go netefatsa nonofo le tshiamo ya mebaraka ya ditshelete;

(b) go netefatsa gore ditheo tsa ditshelete le baemedi ba tshola barekedi ba 45 ditshelete ka tolamo;

(c) go netefatsa gore mananeo a thuto ya tsa ditshelete, kgotsa ditiro tse dingwe tse di tsweletsang kitso ya tsa ditshelete di nepagetse;

(d) go fokotsa kotsi ya gore ditheo tsa ditshelete, dikemedii, batho ba ba botlhokwa le bakonteraka ba tsaya karolo mo boitshwarong jwa kgotsa jo bo 50 nang le seabe mo bosenying jwa ditshelete; le

(e) go thusa mo go tshegetseng tlhomamo ya ditshelete.

(3) Ntle le go lekanyetsa dikarolotlaleletso (1) le (2), maemo a boitshwar o ka dirwa mo go nngwe le nngwe ya mereo e e latelang:

(a) Ditlhokego tsa nonofo le tshiamo tsa mebaraka ya ditshelete; 55

(b) mekgwa ya go lwantsha ditiragatso tse di botlhaswa;

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(i) the design and suitability of financial products and financial services;

(ii) the promotion, marketing and distribution of, and advice in relation to, those products and services;

(iii) the resolution of complaints and disputes concerning those products and services, including redress;

(iv) the disclosure of information to financial customers; and

(v) principles, guiding processes and procedures for the refusal, withdrawal or closure of a financial product or a financial service by a financial institution in respect of one or more financial customers, taking into consideration relevant international standards and practices, and subject to the requirements of any other financial sector law or the Financial Intelligence Centre Act, including—

(aa) disclosures to be made to the financial customer; and

(bb) reporting of any refusal, withdrawal or closure to a financial sector regulator;

(d) the design, suitability, implementation, monitoring and evaluation of financial education programs, or other initiatives promoting financial literacy;

(e) matters on which a regulatory instrument may be made by the Financial Sector Conduct Authority in terms of a specific financial sector law;

(f) matters that may in terms of any other provision of this Act be regulated by conduct standards; and

(g) any other matter that is appropriate and necessary for achieving any of the aims set out in subsection (2).

(4) A conduct standard may declare specific conduct in connection with a financial product or a financial service to be unfair business conduct if the conduct—

(a) is or is likely to be materially inconsistent with the fair treatment of financial customers;

(b) is deceiving, misleading or is likely to deceive or mislead financial customers;

(c) is unfairly prejudicing or is likely to unfairly prejudice financial customers or a category of financial customers; or

(d) impedes in any other way the achievement of any of the objectives of a financial sector law.

(5) (a) In relation to a credit provider regulated in terms of the National Credit Act, a conduct standard may only be made in relation to a financial service provided in relation to a credit agreement and matters provided for in section 108.

(b) A conduct standard referred to in paragraph (a) may only be made after consultation with the National Credit Regulator.

Joint standards

107. The Prudential Authority and the Financial Sector Conduct Authority may make joint standards on any matter in respect of which either of them have the power to make a standard.

Additional matters for making standards

108. (1) To achieve the respective objectives of the financial sector regulators as set out in sections 33 and 57, the standards referred to in sections 105, 106 or 107 may be made on any of the following additional matters:

(a) Fit and proper person requirements, including in relation to—

(i) personal character qualities of honesty and integrity;

(ii) competence, including experience, qualifications and knowledge; and

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(i) go tlhangwa le go tshwanela ga dikuno tsa ditshelete le ditirelo tsa ditshelete;

(ii) tsweletso pele, papatso le phatlalatso ya, le kgakololo mabapi le, dikuno tseo le ditirelo;

(iii) tharabololo ya dingongorego le dithulano mabapi le dikuno tseo le ditirelo, go akaretsa le go busetsa mo maemong;

(iv) tshenolo ya tshedimosetso go barekedi ba ditshelete; le

(v) meono e e kaelang dikgato le ditsamaiso mabapi le go ganwa, go gogelwa morago kgotsa go tswalwa ga tlhagiso ya ditshelete kgotsa tirelo ya ditshelete ka setheo sa ditshelete mabapi le morekedi a le esi kgotsa go feta wa ditshelete, go etswe tlhoko maemo a a maleba a boditshabatshaba le ditiragatso, le go latela ditlhokego tsa molao mongwe le mongwe wa lephata la ditshelete kgotsa Financial Intelligence Centre Act, go akaretsa le—

(aa) ditshenolo tse di tshwanetseng go dirwa kwa morekeding wa ditshelete; le

(bb) pegelo ya kgano nngwe le nngwe, kgogelomorago kgotsa tswalo go molaodi wa lephata la ditshelete; 20

(d) tlhamo, tshwanelo, tsenyotirisong, tlhokomelo le tekanyetso ya mananeo a thuto ya tsa ditshelete, kgotsa mananeo a mangwe a a tsweletsang kitso ya tsa ditshelete;

(e) merero e mo go yona sediriswa sa bolaodi se ka dirwang ke Bothati jwa Boitshwar o jwa Lephata la Ditshelete go ya ka molao o o tsepameng wa lephata la ditshelete;

(f) merero e go ya ka kabelo nngwe le nngwe ya Mola o no e ka laolwang ke maemo a boitshwar o; le

(g) morero mongwe le mongwe o o maleba le botlhokwa mo go fitlheleleng nngwe le nngwe ya maikaelelo a a tlhalositsweng mo karolotlaleletsong (2). 30

(4) Maemo a boitshwar o a ka tlhomamisa boitshwar o jo bo tsepameng mabapi le kuno ya ditshelete kgotsa tirelo ya ditshelete go nna boitshwar o jwa kgwebo jo bo sa lolamang fa boitshwar o joo—

(a) bo kgotsa bo ka tlhoka tlhomamo ya botlhokwa ka go tshola barekedi ba ditshelete ka tolamo; 35

(b) bo tsietsa kgotsa bo faposa kgotsa bo ka tsietsa kgotsa bo ka faposa barekedi ba ditshelete;

(c) bo gobelela e seng ka tolamo kgotsa bo ka gobelela e seng ka tolamo barekedii ba ditshelete kgotsa setlhopha sa badirisi ba ditshelete; kgotsa

(d) bo kgoreletsa ka mokgwa ofe phitlhelelo ya nngwe ya maikaelelo a molao wa lephata la ditshelete.

(5) (a) Mabapi le motlamedi wa sekoloto yo o laolwang ke Molao wa Bosetshaba wa Sekoloto, maemo a boitshwar o a ka dirwa fela mabapi le tirelo ya ditshelete e e tlametsweng mabapi le tumalano ya sekoloto le merero e e tlametsweng mo karolong 108.

(b) Maemo a boitshwar o a a kailweng mo temaneng (a) a ka dirwa fela morago ga therisano le Molaodi wa Bosetshaba wa Sekoloto.

Maemo a a kopantsweng

107. Bothati jwa Tlhokomelo le Bothati jwa Boitshwar o jwa Lephata la Ditshelete bo ka dira maemo a a kopantsweng mo morerong mongwe le mongwe mabapi le gore mongwe le mongwe wa bona o na le thata ya go ka dira maemo.

Mereto ya tlaleletso ya go dira maemo

108. (1) Go fitlhelela maemo a a kailweng a bolaodi jwa lephata la ditshelete jaaka a tlhagisitswe mo dikarolong 33 le 57, maemo a a kailweng mo dikarolong 105, 106 kgotsa 107 a ka dirwa mo go nngwe le nngwe ya dintlha tse di latelang tsa tlaleletso:

(a) Ditlhokego tsa motho yo o itekanetseng a le matshwanedi, go akaretsa mabapi le—

(i) boleng jwa semelo sa motho jwa boikanyego le tshiamo;

(ii) bokgoni, go akaretsa le maitemogelo, borutegi le kitso; le

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(iii) financial standing;

(b) governance, including in relation to—

(i) the composition, membership and operation of governing bodies and of substructures of governing bodies; and

(ii) the roles and responsibilities of governing bodies and their substructures; 5

(c) the appointment, duties, responsibilities, remuneration, reward, incentive schemes and, subject to applicable labour legislation, the suspension and dismissal of, members of governing bodies and of their substructures;

(d) the appointment, duties, responsibilities, remuneration, reward, incentive schemes and, subject to applicable labour legislation, the suspension and dismissal of, key persons;

(e) the operation of, and operational requirements for, financial institutions;

(f) financial management, including—

(i) accounting, actuarial and auditing requirements;

(ii) asset, debt, transaction, acquisition and disposal management; and 15

(iii) financial statements, updates on financial position, and public reporting and disclosures;

(g) risk management and internal control requirements;

(h) the control functions of financial institutions, including the outsourcing of control functions; 20

(i) record-keeping and data management by financial institutions and representatives;

(j) reporting by financial institutions and representatives to a financial sector regulator;

(k) outsourcing by financial institutions; 25

(l) insurance arrangements, including reinsurance, of financial institutions;

(m) the amalgamation, merger, acquisition, disposal and dissolution of financial institutions;

(n) recovery, resolution and business continuity of financial institutions;

(o) requirements for identifying and managing conflicts of interest; 30

(p) requirements for the safekeeping of assets, including requirements pertaining to the approval and supervision of nominees and custodians.

(2) A standard may—

(a) provide for a financial sector regulator or the Reserve Bank to make determinations, in accordance with procedures defined in a standard, for the purposes of the standard; and 35

(b) impose requirements for approval by a financial sector regulator in respect of specified matters.

(3) A standard made by a financial sector regulator may amend or revoke another standard made by the financial sector regulator. 40

Standards requiring concurrence of Reserve Bank

109. (1) The Financial Sector Conduct Authority may not make a standard that imposes requirements on providers of payment services without the concurrence of the Reserve Bank.

(2) A financial sector regulator may not make a standard aimed at assisting in 45 maintaining financial stability without the concurrence of the Reserve Bank.

General

110. (1) Different standards may be made for, or in respect of—

(a) different categories of financial institutions, representatives, contractors or key persons; or 50

(b) different circumstances.

(2) A standard may be made applicable to existing actions, activities, transactions, policies and appointments.

(3) A standard must be published on the maker's website.

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123

(iii) kemo ya ditshelete;

(b) puso, go akaretsa mabapi le—

(i) popego, botokololo le tsamaiso ya mokgatlho o o busang le wa ditlhophatlaleletso tsa mekgatlho e e busang; le

(ii) ditiro le maikarabelo a mekgatlho e e busang le ditlhophatlaleletso tsa yona;

(c) go thapiwa, ditiro, maikarabelo, tuelo, tebogo, dikema tsa thotloetso, le go ya ka melawana ya tiro, go sekegwa le go belesetswa ga maloko a mekgatlho ya puso le ditlhophatlaleletso tsa yona;

(d) go thapiwa, ditiro, maikarabelo, tuelo, tebogo, dikema tsa thotloetso, le go ya ka melawana ya tiro, go sekegwa le go belesetswa ga batho ba ba botlhokwa;

(e) tiro ya, le ditlhokego tsa tiro tsa, ditheo tsa ditshelete;

(f) taolo ya ditshelete, go akaretsa le—

(i) ditlhokego tsa palotlotlo, bogakolodi le boruni;

(ii) taolo ya dithoto, sekoloto, tirisano, kgobokanyo le tatlho; le 15

(iii) dikanego tsa ditshelete, dipeonakong tsa maemo a ditshelete, le pegelo go setshaba le ditshenolo;

(g) taolo ya dikotsi le ditlhokego tsa taolo ya ka fa gare;

(h) ditiro tsa taolo tsa ditheo tsa ditshelete, go akaretsa le go batla tirelo ya konteraka ya ditiro tsa taolo go tswa kwa ntle; 20

(i) tsholo ya direkoto le taolo ya tshedimosetso ke ditheo tsa ditshelete le dikemedi;

(j) pegelo ka ditheo tsa ditshelete le dikemedi go bolaodi jwa lephata la ditshelete;

(k) dithulaganyo tsa go bona tirelo ya konteraka go tswa kwa ntle ke ditheo tsa 25 ditshelete;

(l) dithulaganyo tsa inšorense, go akaretsa le go inšorwa gape, ga ditheo tsa ditshelete;

(m) kopano, tlhakano, tirisano, tatlho le phatalatso ya ditheo tsa ditshelete;

(n) namolo ya kgwebo le tswelelo ya ditheo tsa ditshelete; 30

(o) ditlhokego tsa go supa le go laola thulano ya dikgatlhego; le

(p) ditlhokego tsa go boloka dithoto ka tshireletsego, go akaretsa le ditlhokego mabapi le thebolo le tlhokomelo ya ba ka kgethilweng le badisi.

(2) Maemo a ka—

(a) tlamela mabapi le bolaodi jwa lephata la ditshelete kgotsa Banka ya Resefe go 35 dira ditlhomamiso, go tsamaelana le ditsamaiso tse di tlhalositsweng mo maemong, mabapi le maitlhomo a maemo; le

(b) pateletsa ditlhokego mabapi le thebolo ka bolaodi jwa lephata la ditshelete mabapi le merero e tsepamisitsweng.

(3) Maemo a a dirilweng ke bolaodi jwa lephata la ditshelete a ka tlhabolola kgotsa a 40 gogela morago maemo a mangwe a a dirilweng ke bolaodi jwa lephata la ditshelete.

Maemo a a tlhokang tumelelo ya Banka ya Resefe

109. (1) Bothati jwa Boitshvaro jwa Lephata la Ditshelete bo ka se dire maemo a a gobelelang ditlhokego mo batlameding ba ditirelo tsa tuelo ntle le tumalano ya Banka ya Resefe. 45

(2) Molaodi wa lephata la ditshelete o ka se dire maemo a a ikaelelang go thusa go tshegetsa tlhomamo ya ditshelete ntle le tumalano ya Banka ya Resefe.

Kakaretso

110. (1) Maemo a a farologaneng a ka direlwa, kgotsa mabapi le—

(a) ditlhopha tse di farologaneng tsa ditheo tsa ditshelete, baemedi, beng ba ba 50 botlhokwa, bakonteraka kgotsa batho ba ba botlhokwa; kgotsa

(b) mabaka a a farologaneng.

(2) Maemo a ka dirwa go tsamaelana le dikgato, ditiro, ditirisano, dipholisi le dithapo.

(3) Maemo a tshwanetse go phasalatswa mo webesaeteng ya modiri.

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No. 41060

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Act No. 9 of 2017

Financial Sector Regulation Act, 2017

124

CHAPTER 8 LICENSING

Part 1

#### Licensing requirements

Licence requirement in respect of providers of financial products and financial services, and market infrastructures 5

111. (1) A person may not provide, as a business or part of a business, a financial product, financial service or market infrastructure except—

(a) in accordance with a licence in terms of a specific financial sector law, the National Credit Act or the National Payment System Act; or

(b) if no specific financial sector law provides for such a licence, in accordance with a licence in terms of this Act.

(2) A person may not provide, as a business or part of a business, a financial product designated in terms of section 2, or a financial service designated in terms of section 3, except in accordance with a licence in terms of this Chapter. 15

(3) Subsections (1) and (2) only apply to a contractor if a responsible authority specifically, in a standard, requires that contractor to be licensed.

(4) A person may not describe or hold itself out as being licensed in terms of a financial sector law, including being licensed to provide particular financial products, financial services or market infrastructure, unless that person is so licensed.

(5) A person may not permit another person to identify the first person as licensed in terms of a financial sector law, including licensed in terms of a financial sector law to provide particular financial products, financial services or market infrastructure, unless the first person is so licensed.

(6) For the purposes of subsections (4) and (5), a person whose licence has been suspended or revoked is not licensed.

(7) Except to the extent expressly provided by this Act, this Act does not affect the provisions of the specific financial sector laws with respect to licensing in relation to financial products, financial services and market infrastructures.

Part 2

#### Licences required in terms of section 111(1)(b) or (2) or section 162

##### Interpretation

112. In this Part—

“application” means an application for a licence required in terms of section 111(1)(b) or (2) or section 162; 35

“licence” means a licence required in terms of section 111(1)(b) or (2) or section 162;

“licensee” means a person licensed in terms of section 111(1)(b) or (2) or section 162.

##### Power to grant licences

113. (1) The responsible authority may, on application, grant a licence.

(2) The application must—

(a) be in writing and in a form approved or accepted by the responsible authority; and

(b) include or be accompanied by the information and documents— 45

(i) required in the form; or

(ii) required by the responsible authority.

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KGAOLO 8

KABO YA LAESENSE

Karolo 1

Ditlhokego tsa kabo ya laesense

Tlhokego ya laesense mabapi le batlamedi ba dikuno tsa ditshelete, ditirelo tsa ditshelete, le dithulaganyetso tsa popegotheo ya mmaraka

111. (1) Motho o ka se tlamele, jaaka kgwebo kgotsa karolo ya kgwebo, kuno ya tshelete, tirelo ya tshelete kgotsa thulaganyetso ya popegotheo ya mmaraka ntle le—

(a) go tsamaelana le laesense go ya ka molao o o tsepameng wa lephata la ditshelete kgotsa Molao wa Bosetshaba wa Sekoloto kgotsa National Payment System Act; kgotsa

(b) fa go se molao o o tsepameng wa lephata la ditshelete o o tlamelang ka laesense eo, go tsamaelana le laesense go ya ka Molao ono.

(2) Motho o ka se tlamela, jaaka kgwebo kgotsa karolo ya kgwebo, kuno ya ditshelete e e thapilweng go ya ka karolo 2, kgotsa kuno ya ditshelete e tthomilweng go ya ka karolo 3, ntle le go tsamaelana le laesense go ya ka Kgaolo eno.

(3) Dikarolotlaleletso (1) le (2) di diriswa fela go mokonteraka fa bothati jo bo rwalang maikarabelo ka tsepamo, mo maemong, bo tlhoka gore mokonteraka a abelwe laesense.

(4) Motho o ka se itlhalose kgotsa ga tsewa gore o abetswe laesense go ya ka molao wa lephata la ditshelete, go akaretsa le go abelwa laesense go tlamela ka dikuno tse di rileng tsa ditshelete, ditirelo tsa ditshelete kgotsa thulaganyetso ya popegotheo ya mmaraka, fa fela motho yoo a abetswe laesense jalo.

(5) Motho o ka se letle motho yo mongwe go supa motho wa ntlha jaaka yo o abetsweng laesense go ya ka molao wa lephata la ditshelete, go akaretsa le go abelwa laesense go ya ka molao wa lephata la ditshelete go tlamela ka dikuno tse di rileng tsa ditshelete, ditirelo tsa ditshelete kgotsa thulaganyetso ya popegotheo ya mmaraka, ntle le fa motho wa ntlha a abetswe laesense jalo.

(6) Mabapi le maitlhomo a dikarolotlaleletso (4) le (5), motho yo laesense ya gagwe e sekegilweng kgotsa phimotsweng ga a abelwa laesense.

(7) Ntle le ka moo go tlametsweng ka tlhamalalo ke Molao ono, Molao ono ga o ame dikabelo tsa melao e tsepameng ya lephata la ditshelete mabapi le kabo ya laesense e e amanang le dikuno tsa ditshelete le ditirelo tsa ditshelete le thulaganyetso ya popegotheo ya mmaraka.

Karolo 2

Laesense e tthokegang go ya ka karolo 111(1)(b) kgotsa (2) kgotsa karolo 162

Tlhaloso

112. Mo Karolong eno—

“kopo” e kaya kopo ya laesense e e tlhokegang go ya ka karolo 111(1)(b) kgotsa (2) kgotsa karolo 162;

“laesense” e kaya laesense e e tlhokegang go ya ka karolo 111(1)(b) kgotsa (2) kgotsa karolo 162;

“moabelwalaesense” o kaya motho yo o abetsweng laesense go ya ka karolo 111(1)(b) kgotsa (2) kgotsa karolo 162.

Thata ya go aba dilaesense

113. (1) Bothati jo bo rwalang maikarabelo bo ka, ka kopo, aba laesense.

(2) Kopo e tshwanetse—

(a) go kwalwa le go nna mo foromong e e rebotsweng kgotsa amogetsweng ke bothati jo bo rwalang maikarabelo; le

(b) go akaretsa kgotsa go romelwa le tshedimosetso le dikwalo—

(i) tse di tlhokwang mo foromong; kgotsa

(ii) tse di tlhokwang ke bothati jo bo rwalang maikarabelo.

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Request for further information or documents by responsible authority

114. (1) The responsible authority may, by notice in writing, require an applicant for a licence to—

(a) give the responsible authority additional information or documents specified by the responsible authority; and

(b) verify any information given by the applicant in connection with the application in a manner specified by the responsible authority.

(2) The responsible authority need not deal further with the application until the applicant has complied with the notice.

Relevant matters for application for licence

115. The matters to be taken into account in relation to an application for a licence include—

(a) the objective of the responsible authority as set out in section 33 or 57;

(b) the financial and other resources of and available to the applicant;

(c) fit and proper person requirements applicable to the applicant and to any key person or significant owner of the applicant;

(d) the governance and risk management arrangements of the applicant; and

(e) whether the applicant made a statement that is false or misleading, including by omission, in or in relation to the application.

Determination of applications

116. (1) The responsible authority to which an application for a licence has been made must determine the application by—

(a) granting the application and issuing a licence to the applicant; or

(b) refusing the application and notifying the applicant accordingly.

(2) The responsible authority may not grant a licence to an applicant unless satisfied 25 that—

(a) the applicant has or has available to it sufficient resources and capacity to ensure that it will comply with the requirements of financial sector laws in relation to the licence; and

(b) issuing the licence to the applicant will not be contrary to the interests of 30 financial customers, the financial sector or the public interest.

(3) (a) The responsible authority must determine an application as contemplated in subsection (1) and notify the applicant within three months after the application is made.

(b) The responsible authority may, by notice to the applicant, extend the period of three months in paragraph (a) for one or more further periods, but the total period may 35 not be more than nine months.

(c) In working out when the period mentioned in paragraph (a) or (b) expires, any period between the responsible authority giving the applicant a notice in terms of section 114 and the requirements in the notice being satisfied is not to be counted.

Reporting obligations of licensee

117. (1) A licensee must promptly report any of the following to the responsible authority that issued the licence:

(a) The fact that the licensee has contravened or is contravening, in a material way—

(i) a financial sector law;

(ii) a regulator's directive or a directive in terms of section 202;

(iii) an enforceable undertaking;

(iv) an order of a court made in terms of a financial sector law; or

(v) a decision of the Tribunal;

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Kopo ya tshedimosetso e nngwe kgotsa dikwalo ka bothati jo bo rweleng maikarabelo

114. (1) Bothati jo bo rwalang maikarabelo bo ka, ka kitsiso e e kwetsweng, kopa modirakopo ya laesense go—

(a) neela bothati jo bo rwalang maikarabelo tshedimosetso e nngwe kgotsa dikwalo tse di tsepamisitsweng ke bothati jo bo rwalang maikarabelo; le

(b) netefatsa tshedimosetso nngwe le nngwe e e neilweng ke modirakopo mabapi le kopo ka mokgwa o o tsepamisitsweng ke bothati jo bo rwalang maikarabelo.

(2) Bothati jo bo rwalang maikarabelo bo ka nna jwa se sekegele kopo tsebe go 10 fithela modirakopo a ikamanya le kitsiso.

Merero e e maleba ya go dira

115. Dintlha tse di tshwanetseng go tsewa tsia mabapi le kopo ya kabelo ya laesense di akaretsa—

(a) maikaelelo a bothati jo bo rwalang maikarabelo jaaka go tlhagisitswe mo 15 karolong 33 kgotsa 57;

(b) ditlamelo tsa ditshelete le tse dingwe tsa, le tse di leng teng go, modirakopo;

(c) ditlhokego tsa batho ba ba itekanetseng e bile ba le matshwanedi tse di diragatswang go modirakopo le go motho mongwe le mongwe yo o botlhokwa kgotsa mong yo o botlhokwa wa modirakopo;

(d) dithulaganyo tsa puso le taolo ya dikotsi tsa modirakopo; le

(e) gore a modirakopo o dirile polelo e e fosagetseng kgotsa e e timetsang, go akaretsa le ka tlogelo, ka kgotsa mabapi le kopo.

Tlhomamiso ya dikopo

116. (1) Bothati jo bo maleba mabapi le kopo ya laesense bo tshwanetse go 25 tlhomamisa kopo ka go—

(a) sekegela kopo le go rebola laesense go modirakopo; kgotsa

(b) sa amogele kopo le go itsise modirakopo ka tshwanelo.

(2) Bothati jo bo rwalang maikarabelo bo ka se abele modirakopo laesense ntle le fa bo kgotsofetse gore—

(a) modirakopo o na le ditlamelo tse di lekaneng le bokgoni go netefatsa gore o tla ikamanya le ditlhokego tsa melao ya lephata la ditshelete mabapi le laesense; le

(b) go rebolela modirakopo laesense go ka se nne kgatlhanong le dikgatlhego tsa barekedi ba ditshelete kgotsa lephata la ditshelete kgotsa dikgatlhego tsa 35 setshaba.

(3) (a) Bothati jo bo rwalang maikarabelo bo tshwanetse go go tlhomamisa kopo jaaka go tlhalositswe mo karolotlaleletsong (1) le go itsise modirakopo mo dikgweding tse tharo morago ga fa kopo e sena go dirwa.

(b) Bothati jo bo rwalang maikarabelo bo ka, ka kitsiso go modirakopo, oketsa paka 40 ya dikgwedi tse tharo mo temaneng (a) go paka ele nngwe kgotsa go feta, fela paka yothe e se fete dikgwedi tse robongwe.

(c) Mo go batleng go itse gore paka e e kailweng mo temaneng (a) kgotsa (b) e ya bokhutlong leng, paka nngwe le nngwe magareng ga nako e bothati jo bo rwalang maikarabelo bo nayang modirakopo kitsiso go ya ka karolo 114 le nako e ditlhokego tse 45 di mo kitsisong di kgotsofatswang ka yona ga e balellwe.

Go bega Ditlamego tsa moabelwalaesense

117. (1) Moabelwalaesense o tshwanetse go begela bothati jo bo rwalang maikarabelo jo bo rebotseng laesense ka potlako nngwe le nngwe ya tse di latelang:

(a) Ntlha ya gore laesense e tlotse kgotsa e tlola, ka mokgwa o o fetang tekano— 50

(i) molao wa lephata la ditshelete;

(ii) taelo ya molaodi kgotsa taelo go ya ka karolo 202;

(iii) tumalano e e gatelelwang;

(iv) taelo ya kgotlatshekelo e e dirilweng go ya ka molao wa lephata la ditshelete; kgotsa

(v) tshwetso ya Lekgotla;

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128 No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

CONTINUES ON PAGE 130 - PART 2

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Page 129

![img-2.jpeg]([7] 2017 01 01 Financial Sector Regulation Act 9 of 2017 (English Sepedi).assets/page-0129-image-00-img-2.jpeg)

Government Gazette

REPUBLIC OF SOUTH AFRICA

Vol. 626

Cape Town

Kaapstad

22 August 2017

No. 41060

PART 2 OF 5

THE PRESIDENCY

No. 853

22 August 2017

It is hereby notified that the President has assented to the following Act, which is hereby published for general information:—

Act No. 9 of 2017: Financial Sector Regulation Act, 2017

MO-PRESIDENTE

No. 853

22 August 2017

Mo go tsebiswa gore Mo-Presidente o dumetse molao o latelago, wona o tla gatiswa e le tsebiso ya kakaretso:—

Nmr 9 ya 2017: Mola o wa Taolo ya Lephata la Ditshelete, 2017

ISSN 1682-5843

![img-3.jpeg]([7] 2017 01 01 Financial Sector Regulation Act 9 of 2017 (English Sepedi).assets/page-0129-image-01-img-3.jpeg)

AIDS HELPLINE: 0800-0123-22 Prevention is the cure

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No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

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(b) the fact that the licensee has become aware that information given in connection with the application for the licence was false or misleading.

(2) Subsection (1) also applies in relation to events and circumstances that occur while a licence is suspended.

(3) Information that is reported in terms of this section is not admissible in evidence in any criminal proceedings, except in criminal proceedings for perjury. 5

Licences not transferable

118. A licence is not transferable from the licensee to another person.

Variation of licences

119. (1) The responsible authority that issued a licence may, by notice to the licensee, 10 vary the licence if to do so will assist in achieving the objective of the responsible authority as set out in section 33 or 57.

(2) A variation of a licence may include—

(a) removing or varying a condition of the licence, or adding a condition; and

(b) changing the categories of financial products, financial services or financial 15 customers to which the licence relates.

(3) A variation of a licence takes effect on a date of the notice in terms of subsection (1) or, if a later date is specified in the notice, the later date.

Suspension of licences

120. (1) The responsible authority that issued a licence may, by notice to the licensee, 20 suspend the licence, for the period specified in the notice, if—

(a) the licensee applies for suspension of the licence;

(b) a condition of the licence has been contravened or not been complied with in a material way;

(i) a financial sector law;

(ii) a prudential standard, a conduct standard or a joint standard;

(iii) a regulator’s directive or a directive in terms of section 202;

(iv) an enforceable undertaking;

(v) an order of a court made in terms of a financial sector law; or 30

(vi) a decision of the Tribunal;

(d) the licensee has in a foreign country contravened in a material way a law of that country that corresponds to a financial sector law;

(e) information provided in or in relation to an application in relation to the licence was false or misleading (including by omission) in a material way; 35

(f) the suspension is necessary to prevent—

(i) a serious contravention of a financial sector law; or

(ii) financial customers of the licensee suffering material prejudice; or

(g) fees in respect of the licence, a levy or an administrative penalty payable by the licensee, including any interest, are unpaid and have been unpaid for at least 30 days. 40

(2) The responsible authority may refuse to suspend a licence in terms of subsection (1)(a) if the suspension—

(a) would not be in the best interests of financial customers; or

(b) would frustrate the objects of a financial sector law applicable to the licence. 45

(3) The responsible authority that suspended a licence may at any time revoke the suspension.

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(b) ntlha ya gore moabelwalaesense o itse gore tshedimosetso e eneilweng mabapi le kopo ya laesense e fosagetse kgotsa e a timetsa.

(2) Karolotlaleletso (1) e diragatswa mabapi le ditiragalo le mabaka a a diragalang fa laesense e emisitswe.

(3) Tshedimosetso e e begilweng go ya ka karolo eno ga e amogelesege mo bopaking 5

mo ditsamaisong dingwe le dingwe tsa bosenyi, ntle le mo ditsamaisong tsa bosenyi mabapi le go bua maaka ka fa tlase ga maikano.

Dilaesense tse di sa fetisiweng

118. Laesense ga e fetisiwe go tswa go moabelwalaesense go ya go motho yo mongwe. 10

Pharologantsho ya dilaesense

119. (1) Bothati jo bo rwalang maikarabelo jo bo rebotseng laesense bo ka, ka kitsiso go moabelwalaesense, farologanya laesense fa go dira jalo go tla thusa ka phitlhelelo ya maikaelelo a bothati jo bo rwalang maikarabelo jaaka go tlhagisitswe mo karolong 33 kgotsa 57.

(2) Pharologanyo ya laesense e ka akaretsa go—

(a) tlosa kgotsa farologanya lebaka la laesense, kgotsa go tsenya lebaka; le

(b) fetola ditlhopha tsa dikuno tsa ditshelete kgotsa ditirelo tsa ditshelete tseo laesense e amanang le tsona.

(3) Pharologanyo ya laesense e tsena mo tirisong ka letlha la kitsiso go ya ka 20 karolotlaleletso (1) kgotsa, fa letlha le kwa morago le tsepamisitswe mo kitsisong, letlha le kwa morago.

Tshekego ya dilaesense

120. (1) Bothati jo bo rwalang maikarabelo jo bo rebotseng laesense bo ka, ka kitsiso go moabelwalaesense, sekega laesense fa, sebaka se se tsepamisitsweng mo kitsisong, 25 fa—

(a) moabelwalaesense a dira kopo ya tshekego ya laesense;

(b) lebaka la laesense le tlotswe kgotsa go sa ikamanngwa le lona ka tlotlo yotlhe;

(i) molao wa lephata la ditshelete; 30

(ii) maemo a tlhokomelo, maemo a boitshwaro, maemo a kopanetsweng kgotsa taolo ya Khansele ya Bolaodi jwa Ombud;

(iii) taelo ya molaodi kgotsa taelo go ya ka karolo 202;

(iv) tumalano e e gatelelwang;

(v) taelo ya kgotlatshekelo e e dirilweng go ya ka molao wa lephata la 35 ditshelete; kgotsa

(vi) tshwetso ya Lekgotla;

(d) moabelwalaesense a tlotse molao thata kwa nageng ya boditshaba o o tsamaelanang le molao wa lephata la ditshelete;

(e) tshedimosetso e e tlametsweng ka kgotsa mabapi le kopo e e amanang le 40 laesense e fosagetse kgotsa e timetsa (go akaretsa le ka tlogelo) thata;

(f) tshekego e botlhokwa go thibela—

(i) tlolomolao e e masisi ya molao wa lephata la ditshelete; kgotsa

(ii) barekedi ba ditshelete ba moabelwalaesense ba le ka fa tlase ga kgobelelo; kgotsa 45

(g) dituelo mabapi le laesense, lekgethwana kgotsa kotlhao ya tsamaiso e e duelwang ke moabelwalaesense, e akaretsa le morokotso mongwe le mongwe, ga di a duelwa e bile di ntse di sa duelwa bonnye matsatsi a le 30.

(2) Bothati jo bo rwalang maikarabelo bo ka gana go sekega laesense go ya ka karolotlaleletso (1)(a) fa tshekego—

(a) e ka senne mo kgatlhegong ya barekedi ba ditshelete; kgotsa

(b) e tla dira gore maikaelelo a molao wa lephata la ditshelete a a diragatswang mo laesenseng a tsielege.

(3) Bothati jo bo rwalang maikarabelo jo bo sekegileng laesense bo ka nako nngwe le nngwe phimola tshekego eo. 55

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(4) The suspension of a licence takes effect on the date of the notice in terms of subsection (1) or, if a later date is specified in the notice, the later date.

(5) The suspension of a licence does not affect an obligation of the licensee that it has in terms of a financial sector law.

Revocation of licences

121. (1) The responsible authority that issued a licence may, by notice to the licensee, revoke the licence—

(a) if the licensee applies for revocation of the licence;

(b) on any of the bases on which it may suspend the licence, as set out in section 120(1)(b) to (g); or

(2) The responsible authority may refuse to revoke a licence in terms of subsection (1)(a) if the revocation—

(a) would not be in the best interests of financial customers; or

(b) would frustrate the objects of a financial sector law applicable to the licence.

(3) Revocation of a licence takes effect on the date of the notice in terms of subsection (1) or, if a later date is specified in the notice, the later date.

Continuation of licensed activity despite suspension or revocation of licence

122. (1) The responsible authority that suspended or revoked a licence may, by notice to the licensee, on conditions specified in the licence, allow the licensee to carry out the licensed activity to the extent, and for the period, specified in the notice to facilitate the orderly suspension or termination of the activity.

(2) Conditions in terms of subsection (1) must be aimed at—

(a) ensuring that financial customers of the licensee are treated fairly; or

(b) the orderly suspension or termination of the licensed activity.

(3) Carrying out the licensed activity in accordance with the requirements of a notice in terms of subsection (1) is not a contravention of section 111 or 162.

Procedure for varying, suspending and revoking licences

123. (1) (a) Before the responsible authority varies, suspends or revokes a licence, it must—

(i) give the licensee notice of the proposed action and a statement of the reasons for it; and

(ii) invite the licensee to make submissions on the matter, and give it a reasonable period to do so.

(b) The period referred to in paragraph (a)(ii) must be at least one month.

(c) The responsible authority need not comply with paragraph (a) if the licensee has applied for the proposed action to be taken.

(2) In deciding whether to vary, suspend or revoke a licence, the responsible authority must take into account all submissions made within the period specified in the notice in terms of subsection (1)(a)(ii).

(3) If the delay involved in complying, or complying fully, with subsection (1)(a) in respect of a proposed action is likely to prejudice financial customers, prejudicially affect financial stability or defeat the object of the action, the responsible authority may take the action without having complied, or complied fully, with that subsection.

(4) (a) If the responsible authority takes action without having complied, or complied fully, with subsection (1)(a) for the reason set out in subsection (3), the responsible authority must give the licensee a written statement of the reasons why that subsection was not complied with.

(b) The licensee may make submissions to the responsible authority within one month after being provided with the statement.

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(4) Go sekegwa ga laesense go tsenngwa mo tirisong ka letlha la kitsiso go ya ka karolotlaleletso (1) kgotsa, fa letlha le le kwa morago le tsepamisitswe, letlha le le kwa morago.

(5) Go sekegwa ga laesense ga go ame ka gope tlamego e moabelwalaesense a nang le yona go ya ka molao wa lephata la ditshelete.

Phediso ya dilaesense

121. (1) Bothati jo bo rwalang maikarabelo jo bo rebotseng laesense, ka kitsiso go moabelwalaesense, bo ka phimola laesense—

(a) fa moabelwalaesense a dirile kopo ya phimolo ya laesense;

(b) mo mabakeng mangwe le mangwe ao bo ka emisang laesense, jaaka go 10 tlhalositswe mo karolong 120(1)(b) go fitlha go (g); kgotsa

(2) Bothati jo bo rwalang maikarabelo bo ka gana go phimola laesense go ya ka karolotlaleletso (1)(a) fa phimolo—

(a) e ka se nne mo kgatlhegong ya barekedi ba ditshelete; kgotsa 15

(b) e tla dira gore maikaelelo a molao wa lephata la ditshelete a a diragatswang mo laesenseng a tsielege.

(3) Phimolo ya laesense e tsenngwa mo tirisong ka letlha la kitsiso go ya ka karolotlaleletso (1) kgotsa, fa letlha le le kwa morago le tsepamisitswe mo kitsisong, letlha le le kwa morago. 20

Go tswela pele ga tiro e e abetsweng laesense go sa kgathalasege tshekego kgotsa phediso ya laesense

122. (1) Bothati jo bo rwalang maikarabelo jo bo sekegileng kgotsa phimotseng laesense bo ka, ka kitsiso go moabelwalaesense, go ya ka mabaka a a tsepamisitsweng mo laesenseng, dumelela moabelwalaesense go tswelela ka ditiro tse di abetsweng 25 laesense go fitlhela, le ka paka e tsepamisitsweng mo kitsisong, go nolofatsa kemiso e e rulaganeng kgotsa khutliso ya tiro.

(2) Mabaka go ya ka karolotlaleletso (1) a tshwanetse go lebiswa mo go—

(a) netefatseng gore barekedi ba ditshelete ba moabelwalaesense ba tshwarwa ka tolamo; kgotsa 30

(b) kemiso e erulaganeng kgotsa khutliso ya tiro e e abetsweng laesense.

(3) Go dira tiro e e abetsweng laesense go tsamaelana le ditlhokego tsa kitsiso go ya ka karolotlaleletso (1) ga se tlolo ya karolo 111 kgotsa 162.

Tsamaiso Mapapi le go farologanya, go sekega le go fedisa dilaesense

123. (1) (a) Pele bothati jo bo rwalang maikarabelo bo farologanya, sekega kgotsa 35 phimola laesense, bo tshwanetse go—

(i) naya moabelwalaesense kitsiso ya kgato e tshitsintsweng le polelo ya mabaka a yona; le

(ii) laletsa moabelwalaesense go dira ditlhagiso ka ga ntlha eno, le go mo naya nako e e lekaneng go dira jalo. 40

(b) Paka e e kailweng mo temaneng (a)(ii) e tshwanetse go nna bonnye kgwedi e le esi.

(c) Bothati jo bo rwalang maikarabelo ga bo tlhoke go ikamanya le temana (a) fa moabelwalaesense a dirile kopo ya kgato e tshitsintsweng gore e tsewe.

(2) Mo go swetseng ka go farologanya, sekega kgotsa phimola laesense, bothati jo bo rwalang maikarabelo bo tshwanetse go tsaya tsia ditlhagiso tsotlhe tse di dirilweng mo 45 pakeng e tsepamisitsweng mo kitsisong go ya ka karolotlaleletso (1)(a)(ii).

(3) Fa tiego e tsa maelana ng le go ikamanya, kgotsa go ikamanya ka gotlhe, le karolotlaleletso (1)(a) mabapi le kgato e tshitsintsweng e na le bokgoni jwa go gobelela barekedi ba ditshelete, ya ama tlhomamo ya ditshelete ka kgobelelo kgotsa ya fenya maikaelelo a kgato, bothati jo bo rwalang maikarabelo bo ka tsaya kgato ntle le go 50 ikamanya, kgotsa go ikamanya ka botlalo, le karolotlaleletso eo.

(4) (a) Fa bothati jo bo rwalang maikarabelo bo tsaya kgato ntle le go ikamanya, kgotsa go ikamanya ka botlalo, le karolotlaleletso (1)(a) go ya ka mabaka a a kailweng mo karolotlaleletsong (3), moabelwalaesense o tshwanetse go abelwa polelo e e kwetsweng ya mabaka a gore goreng go sa ikamanngwa le karolotlaleletso eo. 55

(b) Moabelwalaesense o ka dira ditlhagiso go bothati jo bo rwalang maikarabelo mo kgweding e le esi morago ga go abelwa polelo.

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(c) The responsible authority must consider the submissions, and notify the licensee, as soon as practicable, whether the responsible authority proposes to amend or revoke the variation, suspension or revocation.

Applications for licences

124. (1) The responsible authority may, in writing, determine procedures and requirements for applications. 5

(2) Requirements determined in terms of subsection (1) may include requirements with respect to—

(a) the institutional form of an applicant;

(b) an applicant’s business activities; 10

(d) fit and proper person requirements; and

(e) an applicant’s operational, management, governance and risk management arrangements.

(3) An application to the responsible authority for the purposes of this Part must be made in accordance with the relevant procedures in terms of subsection (1). 15

(4) The responsible authority must publish requirements determined in terms of subsection (1).

Part 3

Provisions relating to all licences under financial sector laws 20

Application

125. This Part applies in relation to licences in terms of all financial sector laws.

Concurrence of financial sector regulators on licensing matters

126. (1) The responsible authority may not take any of the actions specified in subsection (2) unless— 25

(a) the other financial sector regulator has concurred; and

(b) if the action relates to or affects a systemically important financial institution, the Reserve Bank has also concurred.

(2) The actions are—

(a) issuing a licence; 30

(b) varying, suspending or revoking a licence, however these are described in the relevant financial sector law; and

Compulsory disclosure of licences

127. (1) A licensed financial institution must comply with the applicable requirements of a prudential standard, a conduct standard and a joint standard in relation to the identification of relevant licences under financial sector laws in business documentation, including advertisements and other promotional material. 35

(2) A licensed financial institution must make its licence or a copy of its licence available at no cost to any person on request. 40

Publication

128. (1) Each licence must be published by the responsible authority that issues it.

(2) Each variation, suspension and revocation of a licence must be published by the responsible authority that takes the action.

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(c) Bothati jo bo rwalang maikarabelo bo tshwanetse go sekaseka ditlhagiso, le go itsise moabelwalaesense, ka bonako jo bo kgonagalang, fa bothati jo bo rwalang maikarabelo bo tshitsinya go tlhabolola kgotsa phimola pharologanyo, tshekego kgotsa phimolo.

Go dira kopo ya dilaesense

124. (1) Bothati jo bo rwalang maikarabelo bo ka, ka go kwala, tlhomamisa ditsamaiso le ditlhokego tsa dikopo.

(2) Ditlhokego tse di tlhomamisitsweng go ya ka karolotlaleletso (1) di ka akaretsa ditlhokego mabapi le—

(a) foromo ya setheo ya modirakopo;

(b) ditiro tsa kgwebo tsa modirakopo;

(d) ditlhokego tsa motho yo o itekanetseng le e bile a siame; le

(e) dithulaganyo tsa modirakopo tsa puso le taolo ya dikotsi.

(3) Kopo go bothati jo bo rwalang maikarabelo mabapi le maitlhomo a Karolo eno e tshwanetse go dirwa go tsamaelana le ditsamaiso tse di maleba go ya ka karolotlaleletso (1).

(4) Bothati jo bo rwalang maikarabelo bo tshwanetse go phasalatsa ditlhokego tse di tlhomamisitsweng go ya ka karolotlaleletso (1).

Karolo 3

Dikabelo tse di amanang le dilaesense tsotlhe tse di ka fa tlase ga melao ya lephata la ditshelete

Tiragatso

125. Karolo eno e diriswa mababi le dilaesense go ya ka melao yotlhe ya lephata la ditshelete.

Tumalano ya balaodi ba lephata la ditshelete ka ga meroro ya kabo ya laesense

126. (1) Bothati jo bo rwalang maikarabelo bo ka se tseye epe ya dikgato tse di tsepamisitsweng mo karolotlaleletsong (2) ntle le fa—

(a) bothati jo bongwe jwa ditshelete bo dumetse; le

(b) kgato e amana le kgotsa e ama setheo sa ditshelete se se botlhokwa mo thulaganyong, Banka ya Resefe le yona e dumetse.

(2) Dikgato tseo ke—

(a) go aba laesense;

(b) go farologanya, emisa kgotsa fedisa laesense (mme fela di tlhalositswe mo molaong o o maleba wa lephata la ditshelete); le

Tshenolo ya pateletso ya dilaesense

127. (1) Setheo sa ditshelete se se abetsweng laesense se tshwanetse go ikamanya le ditlhokego tse di diriswang tsa maemo a tlhokomelo, maemo a boitshvaro le maemo a kopanetsweng mabapi le tshupo ya dilaesense tse di maleba ka fa tlase ga melao ya lephata la ditshelete mo makwalong a kgwebo, go akaretsa le dipapatso le materiale o mongwe wa tsweletso.

(2) Setheo se se abetsweng laesense sa ditshelete se tshwanetse go dira gore laesense ya sona kgotsa kgatiso ya laesense ya sona e fitlhelege ntle le tuelelo epe go mongwe le mongwe ka kopo.

Phasalatso

128. (1) Laesense nngwe le nngwe e tshwanetse go phasalatswa ke bothati jo bo rwalang maikarabelo jo bo e rebotseng.

(2) Pharologanyo, tshekego kgotsa phimolo nngwe le nngwe ya laesense e tshwanetse go phasalatswa ke bothati jo bo rwalang maikarabelo jo bo tsayang kgato.

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CHAPTER 9 INFORMATION GATHERING, SUPERVISORY ON-SITE INSPECTIONS AND INVESTIGATIONS

Part 1

Application and interpretation

Application and interpretation of Chapter

129. (1) This Chapter applies to information gathering, supervisory on-site inspections and investigations by the Prudential Authority or the Financial Sector Conduct Authority.

(2) The Council for Medical Schemes may exercise powers in terms of this Chapter 10 in respect of powers and functions set out in the Medical Schemes Act, and powers and functions granted to it in this Act.

(3) In relation to the exercise of the powers in terms of this Chapter by the Council for Medical Schemes in respect of a medical scheme, a reference in this Chapter to—

(a) a financial sector regulator or the responsible authority must be read as 15 including a reference to the Council for Medical Schemes;

(b) the head of a financial sector regulator must be read as including a reference to the Registrar of Medical Schemes appointed in terms of section 18 of the Medical Schemes Act;

(c) a financial sector law must be read as including a reference to regulatory instruments and to the Medical Schemes Act; and

(d) a licensed financial institution must be read as including a reference to a medical scheme registered in terms of the Medical Schemes Act or an administrator of a medical scheme approved in terms of the Medical Schemes Act. 25

Legal professional privilege

130. (1) (a) A person does not have to answer a question asked, or comply with a requirement to produce a document or information, in terms of this Chapter to the extent that the person is entitled to claim legal professional privilege in relation to the answer, contents of the document or the information. 30

(b) If the person contemplated in paragraph (a) is a legal practitioner, the person is entitled or required to claim that privilege on behalf of a client of the person.

(2) Subsection (1) does not limit any right of a person.

Part 2

Information gathering

131. (1) (a) The responsible authority for a financial sector law may, by written notice to any person, request the person to provide specified information or a specified document in the possession of, or under the control of, the person that is relevant to assisting the responsible authority to perform its functions in terms of a financial sector 40 law.

(b) A supervised entity that has been given a notice in terms of paragraph (a) must comply with the requirements in the notice.

(2) (a) The responsible authority for a financial sector law may, by written notice to a supervised entity, require the supervised entity to provide specified information or a specified document in the possession of, or under the control of, the entity that is relevant to the responsible authority's assessment of compliance by a supervised entity with, or risk of contraventions by a supervised entity of—

(i) a financial sector law;

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KGAOLO 9

KGOBOKANYO YA TSHEDIMOSETSO, DITLHATLHOBO TSA BOTLHOKOMEDI TSA KWA TIRONG LE DIPATLISISO

Karolo 1

#### Tiragetso le tlhaloso

Tiragetso le tlhaloso ya Kgaolo

129. (1) Kgaolo eno e diriswa mo kgobokanyong ya tshedimosetso, ditlhatlhobo tsa botlhokomedi tsa kwa tirong le dipatlisiso ke Bothati jwa Tlhokomelo kgotsa Bothati jwa Boitshvaro jwa Lephata la Ditshelete.

(2) Khansele ya Dikema tsa Kalafi e ka diragatsa dithata go ya ka Kgaolo eno mabapi 10 le dithata le ditiro tse di tlhagisitsweng mo Medical Schemes Act, le dithata le ditiro tse e di abetsweng mo Molaong ono.

(3) Mabapi le tiragatso ya dithata go ya ka Kgaolo eno ka Khansele ya Dikema tsa Kalafi mabapi le sekema sa kalafi, tshupetso mo Kgaolong eno go—

(a) molaodi wa lephata la ditshelete kgotsa bothati jo bo rwalang maikarabelo bo 15 tshwanetse go buiswa jaaka bo akaretsa tshupetso go Khansele ya Dikema tsa Kalafi;

(b) tlhogo ya molao wa lephata la ditshelete e tshwanetse go tseelwa gore e akaretsa tshupetso go Mokwadisi wa Sekema sa Kalafi yo o thapilweng go latela karolo 18 ya Medical Schemes Act; 20

(c) molao wa lephata la ditshelete o tshwanetse go tseelwa gore o akaretsa tshupetso go didiriswa tsa taolo le go Medical Schemes Act; le

(d) setheo sa ditshelete se se abetsweng laesense se tshwanetse go buiswa jaaka se akaretsa tshupetso go sekema sa kalafi se se kwadisitsweng go ya ka Medical Schemes Act kgotsa motsamaisi wa sekema sa kalafi se se rebotsweng go ya ka Medical Schemes Act. 25

Tshwanelo ya badiredi ba Semolao

130. (1) (a) Motho ga a tshwanela go araba potso e e boditsweng, kgotsa go ikamanya le tlhokego ya go tlhagisa lokwalo kgotsa tshedimosetso, go ya ka Kgaolo eno go ya ka moo motho a tshwanetsweng ke go tleleima tshwanelo ya boithutelo jwa molao mabapi 30 le karabo, diteng tsa lokwalo kgotsa tshedimosetso.

(b) Fa motho yo o kailweng mo temaneng (a) e le modirakamolao, motho o na le tshwanelo ya go tleleima tshwanelo eo mo boemong jwa modirelwa wa motho.

(2) Karolotlaleletso (1) ga e lekanyetse tshwanelo epe ya motho.

Karolo 2

#### Kgobokanyo ya tshedimosetso

Kgobokanyo ya tshedimosetso

131. (1) (a) Bothati jo bo rwalang maikarabelo a molao wa lephata la ditshelete bo ka, ka kitsiso e e kwetsweng go mongwe le mongwe, kopa motho go tlamela ka tshedimosetso kgotsa lokwalo le tepamisitsweng le te tshotsweng ke, kgotsa le le ka 40 fa tlase ga taolo ya, motho yo o leng maleba mo go thuseng bothati jo bo rwalang maikarabelo go dira ditiro tsa jona go ya ka molao wa lephata la ditshelete.

(b) Setheo se se tlhokometsweng se se neilweng kitsiso go ya ka temana (a) se tshwanetse go ikamanya le ditlhokego tse di mo kitsisong.

(2) (a) Bothati jo bo rwalang maikarabelo mabapi le molao wa lephata la ditshelete bo 45 ka, ka kitsiso e e kwaletsweng setheo se se tlhokometsweng, kopa setheo se se tlhokometsweng go tlamela ka tshedimosetso e tepamisitsweng kgotsa lokwalo le tepamisitsweng leo se le tshotseng la, kgotsa le le ka fa tlase ga taolo ya sona ya, setheo se se maleba go tekanyetso ya bothati jo bo rwalang maikarabelo ya go ikamanya ka setheo se se tlhokometsweng ka, kgotsa kotsi ya ditlolo ka setheo se se tlhokometsweng sa—

(i) molao wa lephata la ditshelete;

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(ii) a regulator’s directive issued by the responsible authority; or

(iii) an enforceable undertaking accepted by the responsible authority.

(b) The responsible authority may require the information or document to be verified as specified in the notice, including by an auditor approved by the responsible authority.

(c) A supervised entity that has been given a notice in terms of paragraph (a) or (b) 5 must comply with the requirements in the notice.

(3) The responsible authority for a financial sector law may, for the purpose of gathering information relevant to its functions, engage in the activity commonly called “mystery shopping” in respect of financial products or financial services, and similar activities. 10

Part 3 Supervisory on-site inspections

Powers to conduct supervisory on-site inspections

132. (1) A financial sector regulator may conduct a supervisory on-site inspection at the business premises of a supervised entity with prior notification to the supervised 15 entity and, if the business premises of a supervised entity is a private residence, with the prior agreement of—

(a) the person apparently in control of the business reasonably believed to be conducted at the private residence; and

(b) the occupant of the private residence or the part of the private residence to be 20 inspected.

(2) The purpose for which a financial sector regulator may conduct a supervisory on-site inspection of a supervised entity is to—

(a) check compliance by the entity with a financial sector law for which the financial sector regulator is the responsible authority, a regulator’s directive 25 issued by the financial sector regulator or an enforceable undertaking accepted by the financial sector regulator;

(b) determine the extent of the risk posed by the entity of contraventions of a financial sector law for which the financial sector regulator is the responsible authority; and 30

(3) (a) A financial sector regulator may determine the time and place of a supervisory on-site inspection, provided that the supervisory on-site inspection must be done at a reasonable time within ordinary business hours. 35

(b) A financial sector regulator must conduct a supervisory on-site inspection with strict regard to—

(i) an affected person’s right to—

(aa) dignity;

(bb) freedom and security;

(cc) privacy; and

(dd) other constitutional rights; and

(ii) decency and good order as the circumstances require, in particular by—

(aa) conducting the supervisory on-site inspection discreetly and with due decorum; 45

(bb) causing as little disturbance as possible; and

(cc) concluding the supervisory on-site inspection as soon as possible.

(4) (a) An official of a financial sector regulator, when conducting a supervisory on-site inspection, may do any of the following:

(i) Request any person who has a specified business document that is relevant to the 50 inspection in his, her or its possession or under his, her or its control to produce that document and examine, make extracts from and copy any business document on the premises;

(ii) question any person on the premises to find out information relevant to the inspection;

(iii) give the supervised entity a written directive to produce to the financial sector regulator, at a time and place and in a manner specified in the directive, a

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(ii) taelo ya molaodi wa lephata la ditshelete e e rebotsweng ke bothati jwa lephata la ditshelete; kgotsa

(iii) tumalano e e gatelelwang e e amogetsweng ke bothati jo bo maleba.

(b) Bothati jo bo rwalang maikarabelo bo ka kopa tshedimosetso kgotsa lokwalo go netefatswa jaaka go tsepamisitswe mo kitsisong, go akaretsa le ka moruni yo o rebotsweng ke bothati jo bo rwalang maikarabelo.

(c) Setheo se se tlhokometsweng se se neetsweng kitsiso go ya ka temana (a) kgotsa (b) se tshwanetse go ikamanya le ditlhokego tse di mo kitsisong.

(3) Bothati jo bo rwalang maikarabelo jwa lephata la ditshelete bo ka, mabapi le maitlhomo a go kgobokanya tshedimosetso e e malebana le ditiro tsa jona, tsaya karolo mo tirong e e itsegeng ka “theko e e makatsang” mabapi le dikuno tsa ditshelete kgotsa ditirelo tsa ditshelete, le ditiro tse di tshwanang.

Karolo 3

Dithathobo tsa botlhokomedi tsa tirong

Dithata tsa go dira ditathathobo tsa botlhokomedi tsa tirong 15

132. (1) Bolaodi jwa lephata la ditshelete bo ka dira ditathathobo tsa botlhokomedi kwa tirong kwa mafelong a kgwebo a setheo se se tlhokometsweng ka kitsiso e e dirilweng pele kwa setheong se se tlhokometsweng e bile, fa mafelo a kgwebo a setheo se se tlhokometsweng e le a poraefete, ka tumalano ya pele le—

(a) motho yo go tsewang gore o mo taolong ya kgwebo e ka mabaka go dumelwang gore e dirwa kwa lefelong la poraefete; le

(b) badirisi ba lefelo leo la poraefete kgotsa karolo ya lefelo la poraefete le le tla tithathobiwang.

(2) Maitlhomo a bolaodi jwa lephata la ditshelete a go ka dira tithathobo ya botlhokomedi kwa tirong ya setheo se se tlhokometsweng ke go—

(a) tlhola go ikamanya ga setheo le molao wa lephata la ditshelete o molaodi wa lephata la ditshelete a rwalang maikarabelo a ona kgotsa tumalano e e gatelelwang e e amogetsweng ke molaodi wa lephata la ditshelete;

(b) tlhomatisa ka moo kotsi e tlisitsweng ke setheo ka ditlo to tsa molao wa lephata la ditshelete o molaodi wa lephata la ditshelete a rwalang maikarabelo a ona; le

(3) (a) Molaodi wa lephata la ditshelete o ka tlhomatisa nako le lefelo la tithathobo ya botlhokomedi kwa tirong, fa fela tithathobo ya botlhokomedi kwa tirong e dirwa ka nako e e maleba e e welang ka fa tlase ga nako e e tlwaelegileng ya tiro.

(b) Molaodi wa lephata la ditshelete o tshwanetse go dira tithathobo ya botlhokomedi kwa tirong ka keletlhoko e kgolo go—

(i) tshwanelo ya motho yo o amegang ya—

(aa) seriti;

(bb) kgololosego le tshireletsego;

(cc) sephiri; le

(dd) ditshwanelo tse dingwe tsa semolaotheo; le

(ii) tlotlego le tolamo jaaka maemo a tlhoka, segolosegolo ka go—

(aa) dira tithathobo ya botlhokomedi kwa tirong ka bofitlha le ka manontlhotlho;

(bb) dira gore go se nne le kgoreletsego e kgolo; le

(cc) konosetsa tithathobo ya botlhokomedi kwa tirong ka bonako jo bo kgonegang.

(4) (a) Motlhankedi wa bolaodi jwa lephata la ditshelete, fa a dira tithathobo ya botlhokomedi kwa tirong, o ka dira nngwe le nngwe ya tse di latelang:

(i) Kopa motho mongwe le mongwe yo o tshotseng kgotsa yo o neng a tshotse lokwalo la kgwebo le tepamisitsweng le le leng malebana le tithathobo go tthagisa lokwalo leo le go le sekaseka, go dira ditswa le go dira khopi go tswa mo lokwalong lengwe le lengwe la kgwebo mo lefelong;

(ii) botsa motho mongwe le mongwe mo lefelong go batla tshedimosetso e e malebana le tithathobo;

(iii) naya setheo se se tlhokometsweng kgotsa motho yo o mo lefelong taelo e e kwetsweng ya go tthagisa go bolaodi jwa lephata la ditshelete, ka nako, kwa

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specified business document that is relevant to the inspection and is in the possession or under the control of the supervised entity;

(iv) when a business document is produced as required by a directive in terms of subparagraph (iii), examine, make extracts from and copy the document;

(v) if, as a result of the inspection, the official or the financial sector regulator 5 suspects on reasonable grounds that a contravention of a financial sector law has occurred or is likely to occur—

(aa) give a written directive to the supervised entity or the person apparently in control of the premises to ensure that no person removes from the premises, or conceals, destroys or otherwise interferes with, any business document; 10 or

(bb) take possession of, and remove from the premises, a business document for the purpose of preventing another person from removing, concealing, destroying or otherwise interfering with the document.

(b) A directive in terms of paragraph (a)(iii) or (v)(aa) is effective if given to a person 15 apparently in control of the premises.

(c) The financial sector regulator must ensure that the person apparently in control of the premises is given a written receipt for the business documents taken as mentioned in paragraph (a)(v)(bb).

(d) The financial sector regulator must ensure that any business document removed as 20 contemplated in paragraph (a)(v)(bb) is returned to the supervised entity when retention of the business document is no longer necessary to achieve the object of a financial sector law.

(e) The supervised entity from whose premises a document was removed as contemplated in paragraph (a)(v)(bb), or its authorised representative, may, during 25 normal office hours and under the supervision of the financial sector regulator, examine, copy and make extracts from the document.

Interference with supervisory on-site inspections

133. A person may not intentionally or negligently interfere with or hinder the conduct of a supervisory on-site inspection. 30

Part 4 Investigations

Investigators

134. (1) A financial sector regulator may, in writing, appoint a person as an investigator and may appoint any person to assist the investigator in carrying out an 35 investigation.

(2) A person appointed as an investigator must —

(a) not be a disqualified person;

(b) not have any conflict of interest in respect of the subject matter of the investigation; and 40

(3) The financial sector regulator must issue an investigator appointed in terms of subsection (1) with a certificate of appointment, which must be in the possession of the investigator when an investigator exercises any power or performs any duty in terms of this Act, and such investigator must produce the certificate of appointment at the request 45 of any person in respect of whom such power is being exercised.

Powers to conduct investigations

135. (1) A financial sector regulator may instruct an investigator appointed by it to conduct an investigation in terms of this Part in respect of any person, if the financial sector regulator—

(a) reasonably suspects that a person may have contravened, may be contravening or may be about to contravene, a financial sector law for which the financial sector regulator is the responsible authority; or

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lefelong le ka mokgwa o o tsepamisitsweng mo taelong, lokwalo la kgwebo le le tsepamisitsweng le le malebana le tlhatlhobo e bile le mo diatleng tsa kgotsa ka fa tlase ga taolo ya setheo se se tlhokometsweng;

(iv) fa lokwalo la kgwebo le tlhagisitswe jaaka go kopilwe ka taelo go ya ka temanatlaleletso (iii), tlhatlhoba, dira ditswa go tswa go lona le go gatisa lokwalo;

(v) fa, go ya ka ditlamorago tsa tlhatlhobo, motlhankedi kgotsa molaodi wa lephata la ditshelete a belaela ka mabaka a utlwalang gore tlolo ya molao wa lephata la ditshelete e diragetse kgotsa e ka diragala—

(aa) neela taelo e e kwetsweng go setheo se se tlhokometsweng kgotsa motho yo o laolang lefelo gore a se ntshe mo lefelong, kgotsa fitlha, senya kgotsa ka gongwe go tshwenyana le, lokwalo le tepamisitsweng la kgwebo; kgotsa

(bb) go itseela, le go tlosa mo lefelong, lokwalo la kgwebo mabapi le maitlhomo a go thibela motho yo mongwe go tlosa, fitlha, senya kgotsa ka gongwe go tshwenyana le lokwalo.

(b) Taelo go ya ka temana (a)(iii) kgotsa (v)(aa) e tsenngwa mo tirisong fa e neilwe motho yo a ka tswang a laola lefelo.

(c) Molaodi wa lephata la ditshelete o tshwanetse go netefatsa gore motho yo o ka tswang a laola lefelo o newa rasiti e e kwetsweng mabapi lelokwalo lengwe le lengwe la kgwebo le le tlositsweng jaaka go kailwe mo temaneng (a)(v)(bb).

(d) Bolaodi jwa lephata la ditshelete bo tshwanetse go netefatsa gore lokwalo lengwe le lengwe la kgwebo le le tlositsweng jaaka go tlhalositswe mo temaneng (a)(v)(bb) le busetswa kwa setheong se se tlhokometsweng fa pusetso ya lokwalo la kgwebo e sa tlhole e tlhokega go fitlhelela maitlhomo a molao wa lephata la ditshelete.

(e) Setheo se se tlhokometsweng se kwa lefelong la sona go tlositsweng lokwalo jaaka go kailwe mo temaneng (a)(v)(bb), kgotsa moemedi wa sona yo o letleletsweng, se ka, ka nako e e tlwaelegileng ya diura tsa tiro le ka fa tlase ga tlhokomelo ya molaodi wa lephata la ditshelete, tlhatlhoba, gatisa le go dira ditswa go tswa go lokwalo.

Go Itshunyatshunya mo dithlathobong tsa botlhokomedi tsa tirong 30

133. Motho o ka se tshwenyane le kgotsa kgoreletse go dirwa ga tlhatlhobo ya kwa tirong ya botlhokomedi ka maikemisetso kgotsa botlhaswa.

Karolo 4

Dipatlisiso

Babatlisisi 35

134. (1) Molaodi wa lephata la ditshelete o ka, ka go kwala, thapa motho jaaka mmatlisisi le go ka thapa motho mongwe le mongwe go thusa mmatlisisi mo go direng patlisiso.

(2) Motho yo o thapilweng jaaka motlhatlhobi o tshwanetse—

(a) gore a bo a se motho yo o ileditsweng;

(b) gore a bo a sena kgotlhang ya dikgatlhego mabapi le morero o o batlisiswang; e bile

(3) Molaodi wa lephata la ditshelete o tshwanetse go abela mmatlisisi yo o thapilweng go ya ka karolotlaleletso (1) setifieite sa go thapiwa, seo se tshwanetseng go tsholwa ke mmatlisisi fa mmatlisisi a diragatsa thata nngwe le nngwe kgotsa a dira tiro nngwe go ya ka Molao ono, e bile mmatlisisi yoo o tshwanetse go tlhagisa setifieite sa go thapiwa ka kopo ya motho mongwe le mongwe mabapi le yoo thata e diragatswang mo go ena.

Dithata tsa go dira dipatlisiso

135. (1) Molaodi wa lephata la ditshelete o ka laela mmatlisisi yo a mo thapileng go dira patlisiso go ya ka Karolo eno mabapi le motho mongwe le mongwe, fa molaodi wa lephata la ditshelete —

(a) ka lebaka, a belaela gore motho oka tswa a tlotse, kgotsa o tlola kgotsa o ka tswa a le gaufi le go tlola, molao wa lephata la ditshelete o molaodi wa lephata la ditshelete a rwalang maikarabelo a ona; kgotsa

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(b) reasonably believes that an investigation is necessary to achieve the objects referred to in section 251(3)(e) pursuant to a request by a designated authority in terms of a bilateral or multilateral agreement or memorandum of understanding contemplated in that section.

(2) The responsible authority may investigate any matter relating to an offence or contravention referred to in sections 78, 80 and 81 of the Financial Markets Act, including insider trading in terms of the Insider Trading Act, 1998 (Act No. 135 of 1998), and the offences referred to in Chapter VIII of the Securities Services Act, 2004 (Act No. 36 of 2004), committed before the repeal of those Acts.

Powers of investigators to question and require production of documents or other items

136. (1) (a) An investigator may, for the purposes of conducting an investigation, do any of the following:

(i) By written notice, require any person who the investigator reasonably believes may be able to provide information relevant to the investigation to appear before the investigator, at a time and place specified in the notice, to be questioned by an investigator;

(ii) by written notice, require any person who the investigator reasonably believes may be able to produce a document or item relevant to the investigation, to—

(aa) produce the document or item to an investigator, at a time and place specified in the notice; or

(bb) produce the document or item to an investigator, at a time and place specified in the notice, to be questioned by an investigator about the document or item;

(iii) question a person who is complying with a notice in terms of subparagraph (i) or (ii)(bb);

(iv) require a person being questioned as mentioned in subparagraph (i) or (ii)(bb) to make an oath or affirmation, and administer such an oath or affirmation;

(v) examine, copy or make extracts from any document or item produced to an investigator as required in terms of this paragraph;

(vi) take possession of, and retain, any document or item produced to an investigator as required in terms of this paragraph; and

(vii) give a directive to a person present while the investigator is exercising powers in terms of this section, to facilitate the exercise of such powers.

(b) An investigator who takes a document or item in terms of paragraph (a)(vi) must give the person producing it a written receipt.

(c) Subject to paragraph (d), the investigator must ensure that a document or item taken in terms of paragraph (a)(vi) is returned to the person who produced it when—

(i) retention of the document or item is no longer necessary to achieve the object of the investigation; or

(ii) all proceedings arising out of the investigation have been finally disposed of.

(d) A document or item need not be returned to the person who produced it if —

(i) the document or item has been handed over to a designated authority; or

(ii) it is not in the best interest of the public or any member or members of the public for the document or item to be returned.

(e) A person otherwise entitled to possession of a document or item taken in terms of paragraph (a)(vi), or its authorised representative, may, during normal office hours and under the supervision of the financial sector regulator, examine, copy and make extracts from the document, or inspect the item.

(2) A person being questioned in terms of this section is entitled to have a legal practitioner present at the questioning to assist the person.

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(b) a dumela ka mabaka gore patlisiso e tlhokega go fitlhelela maikaelelo a a kailweng mo karolong 251(3)(e) go ikamanya le kopo ya bothati jo bo kopang go ya ka tumalano ya sebedi kgotsa bontsi kgotsa memorantamo wa tumalano o o tlhalositsweng mo karolong eo.

(2) Bolaodi jo bo rwalang maikarabelo bo ka batlisisa morero mongwe o o amarang le molato kgotsa tlolomolao e e kailweng mo dikarolong 78, 80 le 81 tsa Financial Markets Act, go akaretsa le go gweba go go seng mo molaong ga motho yo o nang le tshedimosetso e e bofitlha go ya ka Insider Trading Act, 1998 (Molao 135 wa 1998), le melato e e kailweng mo Kgaolong VIII ya Securities Services Act, 2004 (Molao 36 wa 2004), e e dirilweng pele ga go phimolwa ga Melao eo.

Dithata tsa babatlisi tsa botsolotsa le go kopa go thlagiswa ga makwalo kgotsa dilo dingwe

136. (1) (a) Mmatlisisi o ka, ka maitlhomo a go dira patlisiso, dira nngwe le nngwe ya tse di latelang:

(i) Ka kitsiso e e kwetsweng, kopa motho mongwe le mongwe yo mmatlisi a dumelang ntle le pelaelo gore o ka kgona go tlamela ka tshedimosetso e e maleba go patlisiso go itlhagisa fa pele ga mmatlisi, ka nako le kwa lefelong le le tepamisitsweng mo kitsisong, go botsolotswa ke mmatlisi;

(ii) ka kitsiso e e kwetsweng, kopa motho mongwe le mongwe yo mmatlisi a dumelang ntle le pelaelo gore o ka kgona go tlhagisa lokwalo kgotsa sengwe se se maleba go patlisiso, go—

(aa) tlhagisa lokwalo kgotsa ntlha go mmatlisi, ka nako le kwa lefelong le tepamisitsweng mo kitsisong; kgotsa

(bb) tlhagisa lokwalo kgotsa selo go mmatlisi, ka nako le kwa lefelong le tepamisitsweng mo kitsisong, go botsolotswa ke mmatlisi ka ga lokwalo kgotsa sengwe;

(iii) botsa motho yo o ikamanyang le kitsiso go ya ka temanataleletso (i) kgotsa (ii)(bb);

(iv) kopa motho yo o botswang dipotso jaaka go kailwe mo temanataleletsong (i) kgotsa (ii)(bb) go dira maikano kgotsa tlhomamiso, le go tsamaisa maikano ao kgotsa tlhomamiso eo;

(v) tlhatlhoba, gatisa kgotsa dira ditswa go tswa mo lokwalong lengwe le lengwe kgotsa selong se se tlhagisitsweng go mmatlisi jaaka go tlhokega go ya ka temana eno (a);

(vi) go itseela, le go tlosa mo lefelong, lokwalo lengwe le lengwe kgotsa selo se se tlhagisitsweng go mmatlisi jaaka go tlhokega go ya ka temana eno (a); le

(vii) neela taelo go motho yo o leng teng fa mmatlisi a diragatsa dithata go ya ka karolo eno, go nolofatsa tiragatso ya dithata tseo.

(b) Mmatlisisi yo o tsayang lokwalo kgotsa selo go ya ka temana (a)(vi) o tshwanetse go naya motho yo o le tlhagisang rasiti e e kwetsweng.

(c) Go latela temana (d), mmatlisi o tshwanetse go netefatsa gore lokwalo kgotsa sengwe se se tserweng go ya ka temana (a)(vi) se busetswa kwa mothong yo a se tlhagisitseng fa—

(i) pusetso ya lokwalo kgotsa sengwe e sa tlhole e tlhokega go fitlhelela maitlhomo a patlisiso; kgotsa

(ii) ditsamaiso tsotlhe tse di tlhageletseng go tswa mo patlisisong di lalthilwe kwa bokhutlong.

(d) Lokwalo kgotsa sengwe se tshwanetse go busetswa kwa mothong yo o se tlhagisitseng fa—

(i) lokwalo kgotsa sengwe se gorositswe kwa bothating jo bo tlhophilweng; kgotsa

(ii) ka mogopolo wa Khomisenara, go se mo kgatlhegong ya setshaba kgotsa leloko lengwe le lengwe kgotsa maloko a setshaba gore dikwalo kgotsa dingwe di buswe.

(e) Motho yo ka gongwe a tshwanetsweng go nna mong wa lokwalo kgotsa sengwe se se tserweng go ya ka temana (a)(vi), kgotsa moemedi yo o letleletsweng, o ka, ka nako ya diura tsa tiro e e tlwaelegileng le ka fa tlase ga tlhokomelo ya bolaodi jwa lephata la ditshelete, tlhatlhoba, gatisa le go dira ditswa go tswa mo lokwalong, kgotsa go tlhatlhoba selo.

(2) Motho yo o botswang go ya ka karolo eno o tshwanetse ke go emelwa ke moitseanape wa semolao yo o leng teng kwa potsolotsong go mo thusa.

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Powers of investigators to enter and search premises

137. (1) An investigator may, for the purposes of conducting an investigation, do any of the following:

(a) Enter any premises—

(i) with the prior consent of—

(aa) in the case of a private residence, the person apparently in control of the business reasonably believed to be conducted at the private residence, and the occupant of the private residence or the part of the private residence to be entered; or

(bb) in the case of any other premises, the person apparently in control of the premises,

after informing that person that—

(AA) granting consent will enable the investigator to enter the premises and for the investigator to subsequently search the premises as referred to in paragraph (b) or (c), and to do anything contemplated in subsection (6); and

(BB) he or she is under no obligation to admit the investigator in the absence of a warrant; or

(ii) without prior consent and without prior notice to any person—

(aa) if the entry is authorised by a warrant; or

(bb) with the prior authority of the head of a financial sector regulator or a senior staff member of the financial sector regulator delegated to perform the function, if the head of a financial sector regulator or senior staff member on reasonable grounds believes that—

(AA) a warrant will be issued under section 138(1) if applied for;

(BB) the delay in obtaining the warrant is likely to defeat the purpose for which entry of the premises is sought; and

(CC) it is necessary to enter the premises to conduct the investigation and search the premises as referred to in paragraph (b) or (c), and to do anything contemplated in subsection (6);

(b) if the investigation is one referred to in section 135(1)(a), search the premises for evidence of a contravention of a financial sector law; or

(c) if the investigation is one referred to in section 135(1)(b), search the premises pursuant to the request, subject to section 251.

(2) The authority of an investigator in terms of subsection (1)(a) to enter a premises also provides authority for the investigator to subsequently search the premises as referred to in subsection (1)(b) or (c), and to do anything contemplated in subsection (6).

(3) An investigator exercising powers in terms of this section must do so with strict regard to—

(a) an affected person’s right to—

(i) dignity;

(ii) freedom and security;

(iii) privacy; and

(iv) other constitutional rights; and

(b) decency and good order as the circumstances require, in particular by—

(i) entering and searching only such areas or objects as are reasonably required for the purposes of the investigation;

(ii) conducting the search discreetly and with due decorum;

(iii) causing as little disturbance as possible; and

(iv) concluding the search as soon as possible.

(4) An entry or search of premises in terms of this Part must be done, at a reasonable time within ordinary business hours,—

(a) unless the warrant authorising it expressly authorises entry at night; or

(b) in the case of a search contemplated in subsection (1)(a)(ii)(bb), if the investigator on reasonable grounds believes that the purpose for which the entry and search is sought, is likely to be defeated by a delay, as close to ordinary business hours as the circumstances reasonably permit.

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Dithata tsa babatlisi tsa go tsena le go batla mo mafelong

137. (1) Mmatlisisi o ka, ka maitlhomo a go dira patlisiso, dira nngwe ya tse di latelang:

(a) Go tsena mo lefelong lengwe le lengwe—

(i) ka tumelelo ya pele ya—

(aa) mabapi le tulo ya poraefete, motho yo onnang mo tulong ya poraefete kgotsa karolo ya tulo ya poraefete e go tla tsenwang mo go yona; kgotsa

(bb) mo lebakeng la ditulo dingwe le dingwe, motho yo o ka tswang a le mo taolong ya ditulo,

morago ga go itsise motho yoo gore—

(AA) go abelana ka tumelelo go tla kgontsha mmatlisisi go tsena mo tulong le gore mmatlisisi a phuruphutse ditulo jaaka go kailwe mo temanataleletsong (b) kgotsa (c), le go dira sengwe le sengwe se se tlhalositsweng mo karolotaleletsong (6); le

(BB) ga a patelesege go amogela mmatlisisi fa thebolo e seyo; kgotsa

(ii) ntle le tumelelo eo le ntle le tumelelo ya pele go motho mongwe le mongwe—

(aa) fa go tsena go letleletswe ka thebolo; kgotsa

(bb) ka taolo ya pele ya tlhogo ya bolaodi jwa lephata la ditshelete kgotsa modirimmogo yo mogolo wa bolaodi jwa lephata la ditshelete yo o romilweng go dira tiro, fa tlhogo ya bolaodi jwa lephata la ditshelete kgotsa modirimmogo yo mogolo a dumela ka mabaka a a utlwalang gore—

(AA) thebolo e tla rebolwa ka fa tlase ga karolo 138(1) fa e diretswe kopo;

(BB) tiego mo go fitlhelelng thebolo e ka ama maitlhomo a kopo e e dirilweng mabapi le go tsena mo ditulong; le

(CC) go botlhokwa go tsena mo ditulong go dira dipatlisiso le diphuruphutso jaaka go kailwe mo temaneng (b) kgotsa (c), le go dira sengwe le sengwe se se tlhalositsweng mo karolotaleletsong (6);

(b) fa patlisiso e le e e kailweng mo karolong 135(1)(a), go phuruphutsa lefelo go batla sengwe le sengwe se se ka thusang ka bosupi jwa tlolo ya molao wa lephata la ditshelete; kgotsa

(2) Taolo ya mmatlisisi go ya ka karolotaleletso (1)(a) go tsena mo lefelong e tlamela gape ka taolo ya mmatlisisi ya go phuruphutsa mo mafelong jaaka go tlhalositswe mo karolotaleletsong (1)(b) kgotsa (c), le go dira sengwe le sengwe se se kailweng mo karolotaleletsong (6).

(3) Mmatlisisi yo o dirisang dithata go ya ka karolo eno o tshwanetse go dira seno ka keletlhoko e kgolo go—

(a) tshwanelo ya moamegi ya—

(i) seriti;

(ii) kgololosego le tshireletsego;

(iii) bosephiri jwa bowena; le

(iv) ditshwanelo tse dingwe tsa semolaotheo; le

(b) tshiamo le tolamo jaaka maemo a letla, segolosegolo ka—

(i) go tsena le go phuruphutsa felo mo mafelong ao le maikaelelo ao jaaka go tlhokega ka mabaka mabapi le maitlhomo a patlisiso;

(ii) go phuruphutsa ka tidimalo le ka nepagalo e e maleba;

(iii) go dira gore go se nne le kgoreletsego e kgolo; le

(iv) go konosetsa patlisiso ka bonako jo bo kgonegang.

(4) Tseno kgotsa phuruphotso mo lefelong go ya ka Karolo eno e tshwanetse go dirwa ka nako e e maleba mo dinakong tse di tlwaelegileng tsa tiro—

(a) ntle le fa thebolo e e nayang tetla e letleela gore go tsenwe bosigo; kgotsa

(b) mo lebakeng la phuruphutso e e tlhalositsweng mo karolotaleletsong (1)(a)(ii)(bb), fa mmatlisisi ka mabaka a a utlwalang a dumela gore maitlhomo a tseno kgotsa phuruphutso e a diretsweng, a ka angwa ke tiego, mo nakong e e gaufi le dinako tse di tlwaegileng tsa tiro jaaka maemo a letla go ya ka mabaka.

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(5) An investigator may be accompanied and assisted during the entry and search of any premises for an investigation by a police officer or a person appointed in terms of section 134.

(6) (a) While on the premises in terms of this section, an investigator, for the purpose of conducting the investigation, has the right of access to any part of the premises and to any document or item on the premises, and may do any of the following:

(i) Open or cause to be opened any strongroom, safe, cabinet or other container in which the investigator reasonably suspects there is a document or item that may afford evidence of the contravention concerned or be relevant to the request;

(ii) examine, make extracts from and copy any document on the premises;

(iii) question any person on the premises to find out information relevant to the investigation;

(iv) require a person on the premises to produce to the investigator any document or item that is relevant to the investigation and is in the possession or under the control of the person;

(v) require a person on the premises to operate any computer or similar system on or available through the premises to—

(aa) search any information in or available through that system; and

(bb) produce a record of that information in any media that the investigator reasonably requires;

(vi) if it is not practicable or appropriate to make a requirement in terms of subparagraph (v), operate any computer or similar system on or available through the premises for a purpose set out in that subparagraph; and

(vii) take possession of, and take from the premises, a document or item that may afford evidence of the contravention concerned or be relevant to the request.

(b) An investigator must give the person apparently in charge of the premises a written receipt for documents or items taken as mentioned in paragraph (a)(vii).

(c) Subject to paragraph (d), the investigator must ensure that any document or item taken by the investigator as mentioned in paragraph (a)(vii) is returned to the person when—

(i) retention of the document or item is no longer necessary to achieve the object of the investigation; or

(ii) all proceedings arising out the investigation have been finally disposed of.

(d) A document or item need not be returned to the person who produced it if —

(i) the document or item has been handed over to a designated authority; or

(ii) it is not in the best interest of the public or any member or members of the public for the documents or items to be returned.

(e) A person from whose premises a document or item was taken as mentioned in paragraph (a)(vii), or its authorised representative, may, during normal office hours and under the supervision of the financial sector regulator, examine, copy and make extracts from the document or item.

(7) An investigator, and any person assisting an investigator as mentioned in subsection (5), may use reasonable force to exercise any power in terms of this section.

Warrants

138. (1) (a) A judge or magistrate who has jurisdiction may issue a warrant for the purposes of this Part on application by an investigator.

(b) The judge or magistrate may issue a warrant in terms of this section—

(i) on written application by the investigator setting out under oath or affirmation why it is necessary to enter and investigate the premises; and

(ii) if it appears to the magistrate or judge from the information under oath or affirmation that—

(aa) in the case of an investigation under section 135(1)(a), that—

(AA) there are reasonable grounds for suspecting that a contravention of a financial sector law has occurred, may be occurring or may be about to occur;

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(5) Mmatlisisi o ka patwa le go thuswa ka nako ya tseno le patlo ya lefelo lengwe le lengwe go ya go dira patlisiso ke motlhankedi wa sepodisi kgotsa motho yo thapilweng go ya ka karolo 134.

(6) (a) Fa a le kwa lefelong go ya ka karolo eno mmatlisisi, ka maitlhomo a go dira patlisiso, o na le tshwanelo ya go tsena mo karolong nngwe le nngwe ya lefelo le go lokwalo lengwe le lengwe kgotsa sengwe le sengwe e bile o ka dira nngwe le nngwe ya tse di latelang:

(i) Bula kgotsa a dira gore go bulwe kamore ya polokelo, polokelo, kobotlo kgotsa setshelo sengwe se mmatlisisi a ka belaelang ka mabaka a a utlwalang gore se na le lokwalo kgotsa sengwe se se ka nnang bopaki jwa tlolo e e amegang;

(ii) tthatlhoba, dira ditswa le go gatisa lokwalo lengwe le lengwe mo lefelong;

(iii) botsa motho mongwe le mongwe mo lefelong go batlisisa tshedimosetso e e malebana le patlisiso;

(iv) kopa motho mo lefelong go tlhagisetsa mmatlisisi lokwalo lengwe le lengwe kgotsa sengwe se se malebana le patlisiso e bile se tshotswe kgotsa se le mo tlase ga taolo ya motho;

(v) kopa motho yo o mo lefelong go dirisa khomputara nngwe le nngwe kgotsa thulaganyo e e tshwanang le e e leng teng mo lefelong go—

(aa) batla tshedimosetso nngwe le nngwe e eleng teng ka tiriso ya thulaganyo eo; le

(bb) tlhagisa rekoto ya tshedimosetso eo mo tlhaeletsanong e e tlhokwang ke mmatlisisi;

(vi) fa go sa kgonege kgotsa go le matshwanedi go dira tlhokego go ya ka temanataleletso (v), dirisa khomputara nngwe le nngwe kgotsa thulaganyo e e tshwanang e e ka ga kgotsa e e leng teng mo lefelong ka maitlhomo a a kailweng mo temanataleletsong eo; le

(vii) itseela, le go go tsaya go tswa mo lefelong, lokwalo kgotsa sengwe seo se ka nnang bopaki jwa tlolo e e amegang kgotsa seo se ka nnang maleba mo kopong.

(b) Mmatlisisi o tshwanetse go naya motho yo ka ponalo a rwalang maikarabelo a lefelo rasiti e e kwetsweng ya lokwalo lengwe le lengwe kgotsa sengwe se se tserweng ke mmatlisisi jaaka go kailwe mo temaneng (a)(vii).

(c) Go latela temana (d), mmatlisisi o tshwanetse go netefatsa gore lokwalo lengwe le lengwe kgotsa sengwe se se tserweng ke mmatlisisi jaaka go kailwe mo temaneng (a)(vii) se busetswa kwa mothong fa—

(i) go tsholwa ga lokwalo kgotsa sengwe go sa tlhole go tlhokega go fitlhelela 35 maitlhomo a patlisiso; kgotsa

(ii) ditsamaiso tsotlhe tse di tlhageletseng go tswa mo patlisisong di latlhilwe kwa bokhutlong.

(d) Lokwalo kgotsa sengwe se tshwanetse go busetswa kwa mothong yo o se tlhagisitseng fa—

(i) lokwalo kgotsa sengwe se sena go newa bothati jo bo tlhomilweng; kgotsa

(ii) go se mo kgatlhegong ya setshaba kgotsa leloko kgotsa maloko a setshaba gore dikwalo kgotsa dinngwe di buswe.

(e) Motho yo lokwalo kgotsa sengwe se tserweng kwa lefelong la gagwe jaaka go kailwe mo temaneng (a)(vii), kgotsa kemedi ya gagwe e e dumeletsweng, o ka, ka 45 dinako tsa tiro tse di tlwaelegileng tsa tiro le ka fa tlase ga tlhokomelo ya molaodi wa lephata la ditshelete, tthatlhoba, gatisa le go dira ditswa go tswa mo lokwalong kgotsa sengweng.

(7) Mmatlisisi, le motho mongwe le mongwe yo o thusang mmatlisisi jaaka go tlhalositswe mo karolotaleletsong (5), o ka dirisa kgatelelo go diragatsa thata nngwe le 50 nngwe go ya ka karolo eno.

Dithebolelo

138. (1) (a) Moatlhodi kgotsa magiseterata yo o nang le taolo o ka rebola thebolo mabapi le maitlhomo a Karolo eno mo kopong ya mmatlisisi.

(b) Moatlhodi kgotsa magiseterata o ka rebola thebolo go ya ka karolo eno— 55

(i) ka kopo e e kwetsweng ke mmatlisisi e e tlhalosang ka fa tlase ga maikano kgotsa netefatso gore goreng go tlhokega go tsena le go batlisisa kwa mafelong; le

(ii) fa go tswa mo tshedimosetsong e e ikanetsweng kgotsa netefaditsweng magiseterata kgotsa moatlhodi a lemoga gore—

(aa) mo lebakeng la patlisiso e e ka fa tlase ga karolo 135(1)(a), go—

(AA) na le mabaka a a utlwalang a go belaela gore molao wa lephata la ditshelete o tlotswe, o ka tswa o tlolwa kgotsa o ka tlolwa;

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(BB) entry and investigation of the premises are likely to yield information pertaining to the contravention; and

(CC) entry and investigation of those premises is reasonably necessary for the purposes of the investigation;

(bb) in the case of an investigation under section 135(1)(b), that there are reasonable grounds to believe that the investigation is necessary to comply with a request referred to in that section.

(2) A warrant issued in terms of this section must be signed by the judge or magistrate issuing it.

(3) An investigator who enters premises under the authority of a warrant must—

(a) if there is apparently no one in charge of the premises when the warrant is executed, fix a copy of the warrant on a prominent and accessible place on the premises; and

(b) on reasonable demand by any person on the premises, produce the warrant or a copy of the warrant.

Interference with investigations

139. (1) A person may not intentionally or negligently interfere with or hinder the conduct of an investigation.

(2) Subject to section 140, a person who is given a notice or directive in terms of this Part must comply with the requirements in the notice or directive, as the case may be.

(3) Subject to section 140, a person who is asked a question in terms of this Part must answer the question fully and truthfully, to the best of the person's knowledge.

(4) A person may not, except with a lawful excuse, refuse or fail to comply with any reasonable request by an investigator in connection with the conduct of an investigation.

(5) A person may not give an investigator any information that is false or misleading, including by omission, and is relevant to an investigation, if the person knew that the information was false or misleading, including by omission.

Part 5 Protections

140. (1) (a) A person who is questioned, or required to produce a document or information, during a supervisory on-site inspection contemplated in section 132, or by an investigator in terms of Part 4 of this Chapter, whether in response to a notice contemplated in section 136, or when an investigator is exercising the powers contemplated in section 137(6)(a)(iii) to (v), may object to answering the question or to producing the document or the information on the grounds that the answer, the contents of the document or the information may tend to incriminate the person.

(b) On such an objection, the official of the financial sector regulator conducting the supervisory on-site inspection or the investigator may require the question to be answered or the document or information to be produced, in which case the person must answer the question or produce the document.

(c) An incriminating answer given, and an incriminating document or information produced, as required in terms of paragraph (b), is not admissible in evidence against the person in any criminal proceedings, except in criminal proceedings for perjury or in which that person is tried for a contravention of section 273 based on the false or misleading nature of the answer.

(2) An official of the financial sector regulator conducting a supervisory on-site inspection or an investigator must inform the person of the right to object in terms of this section at the commencement of the supervisory on-site inspection or the investigation.

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(BB) tseno le patlisiso mo mafelong e ka tlisa tshedimosetso e e mabapi le tlolo;

(CC) tseno le patlisiso mo mafelong ao e tlhokega ka mabaka mabapi le maitlhomo a patlisiso;

(bb) mo lebakeng la patlisiso e e ka fa tlase ga karolo 135(1)(b), go na le mabaka a a utlwalang go dumela gore patlisiso e a tlhoka go ikamanya le kopo e e kailweng mo karolong eo.

(2) Thebolo e e rebotsweng go ya ka karolo eno e tshwanetse go saenwa ke moatlhodi kgotsa magiseterata yo o e rebolang.

(3) Mmatlisisi yo o tsenang kwa lefelong ka fa tlase ga tumelelo ya thebolo o tshwanetse—

(a) fa ka ponalo go se ope yo o rwalang maikarabelo a lefelo fa thebolo e diragatswa, go baya kgatiso ya thebolo mo lefelong le le bonalang e bile le fitlhelega; le

(b) ka topo e e utlwalang ya motho mongwe le mongwe mo lefelong, go tlhagisa thebolo kgotsa kgatiso ya thebolo.

Go itshunyatshunya mo dipatlisisong

139. (1) Motho o ka se itshunye ka maikaelelo kgotsa boatla mo kgotsa o ka se thibele go dirwa ga patlisiso.

(2) Go ya ka karolo 140, motho yo o neetsweng kitsiso kgotsa taelo go ya ka Karolo eno o tshwanetse go ikamanya le ditlhokego tse di mo kitsisong kgotsa taelong, jaaka go le maleba.

(3) Go ya ka karolo 140, motho yo o boditsweng potso go ya ka Karolo eno o tshwanetse go araba potso ka botlalo le ka bonnete, go ya ka kitso ya gagwe.

(4) Motho o ka se, ntle le lebaka la semolao, gane kgotsa palelwe ke go ikamanya le kopo e e utlwalang ya mmatlisisi mabapi le go dirwa ga patlisiso.

(5) Motho o ka se neye mmatlisisi tshedimosetso e e fosagetseng kgotsa e e timetsang, go akaretsa le ka tlogelo, e bile e le maleba mo patlisisong, fa motho a ne a itse gore tshedimosetso e fosagetse kgotsa e a timetsa, go akaretsa le ka tlogelo.

Karolo 5

Ditshireletso

140. (1) (a) Motho yo o botsolotswang kgotsa yo o tlhokegang go tlhagisa lokwalo kgotsa tshedimosetso, ka nako ya tlhatlhobo ya botlhokomedi kwa tirong e e tlhalositsweng mo karolong 132, kgotsa ka mmatlisisigo ya ka Karolo 4 ya Kgaolo eno, e ka tswa e le ka tsibogelo ya kitsiso e e tlhalositsweng mo karolong 136, kgotsa fa mmatlisisi a diragatsa dithata tse di tlhalositsweng mo karolong 137(6)(a)(iii) go fitlha go (v), o ka ema kgatihanong le go araba dipotso kgotsa go tlhagisa lokwalo kgotsa tshedimosetso ka mabaka a gore karabo, diteng tsa lokwalo kgotsa tshedimosetso e ka baya motho molato.

(b) Mo kemokgatlhanong eo, motlhankedi wa bolaodi jwa lephata la ditshelete yo o dirang tlhatlhobo ya botlhokomedi kwa lefelong kgotsa mmatlisisi o ka kopa gore potso e arabiwe kgotsa lokwalo kgotsa tshedimosetso e tlhagisiwe, e mo lebakeng le motho a tshwanetseng go araba potso kgotsa go tlhagisa lokwalo.

(c) Karabo e e bofelelang e e neilweng, le lokwalo le le bofelelang kgotsa tshedimosetso e e tlhagisitsweng, jaaka go tlhokega go ya ka temana (b), ga e amogelesege mo bopaking kgatlhanong le motho mo tsamaisong nngwe le nngwe ya bosenyi, ntle le fa mo tsamaisong ya bosenyi mabapi le maikano a maaka kgotsa e mo go yona motho a sekisetswang go tlola karolo 273 go ikaegilwe mo mofuteng wa karabo e e fosagetseng kgotsa e e timetsang.

(2) Motlhankedi wa bolaodi jwa lephata la ditshelete yo o dirang tlhatlhobo ya botlhokomedi kwa tirong kgotsa mmatlisisi o tshwanetse go itsise motho ka tshwanelo ya go ema kgatihanong go ya ka karolo eno kwa tshimologong ya tlhatlhobo ya botlhokomedi kwa lefelong kgotsa patlisiso.

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CHAPTER 10 ENFORCEMENT

Part 1 Guidance notices and interpretation rulings

Guidance notices

141. (1) The responsible authority for a financial sector law may publish guidance notices on the application of the financial sector law.

(2) Guidance notices are for information, and are not binding.

Interpretation rulings

142. (1) The responsible authority for a financial sector law may publish a statement 10 (an “interpretation ruling”) regarding the interpretation or application of a specified provision of that law, in circumstances specified in the statement.

(2) The purpose of an interpretation ruling is to promote clarity, consistency and certainty in the interpretation and application of financial sector laws.

(3) The responsible authority must interpret and apply the provision of the financial 15 sector law to which the interpretation ruling relates in accordance with the interpretation ruling.

(4) An interpretation ruling ceases to be effective if—

(a) a provision of the financial sector law that was the subject of the interpretation ruling is repealed or amended in a manner that materially affects the 20 interpretation ruling, in which case the interpretation ruling will cease to be effective from the date that the repeal or amendment is effective; or

(b) a court overturns or modifies an interpretation of the financial sector law on which the interpretation ruling is based, in which case the interpretation ruling will cease to be effective from the date of judgment unless— 25

(i) the decision is under appeal;

(ii) the decision is fact-specific and the general interpretation upon which the interpretation ruling was based is unaffected; or

(iii) the reference to the interpretation upon which the interpretation ruling was based did not form a part of the reasoning on which the judgment of 30 the court was based.

(5) The responsible authority that issues an interpretation ruling may amend or revoke the interpretation ruling if it is necessary to do so because of a judicial decision or a change in the law.

(6) An interpretation ruling ceases to be effective upon the occurrence of any of the 35 circumstances described in subsection (4), whether or not the responsible authority publishes a notice of withdrawal or modification of the interpretation ruling.

(7) Before the responsible authority issues an interpretation ruling, it must publish—

(a) a draft of the proposed interpretation ruling; and

(b) a notice calling for written public comments within a period specified in the 40 notice, which period must be at least one month from the date of publication of the notice.

(8) The responsible authority is not obliged to comply with subsection (7) in relation to an amendment to, or a revocation of, an interpretation ruling.

(9) The responsible authority that issues an interpretation ruling must publish it. 45

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KGAOLO 10

KGATELELO

Karolo 1

Dikitsiso tsa kaelo le ditshwetso tsa thaloso

Dikitsiso tsa kaelo

141. (1) Bothati jo bo rwalang maikarabelo mo molaong wa lephata la ditshelete bo ka phasalatsa dikitsiso tsa kaelo mo tirisong ya molao wa lephata la ditshelete.

(2) Dikitsiso tsa kaelo ke tsa tshedimosetso, e bile ga di tlame.

Ditshwetso tsa tlhaloso

142. (1) Bothati jo bo rwalang maikarabelo mo molaong wa lephata la ditshelete bo ka phasalatsa polelo (“tshwetso ya tlhaloso”) mabapi le tlhaloso kgotsa tiriso kabelo e tsepamisitsweng ya molao oo, mo mabakeng a a tsepamisitsweng mo polelong.

(2) Maitlhomo a tlhaloso ya tshwetso ya tlhaloso ke go ntshetsa pele tlhalosetso, tsepamo le tlhomamo mo go tlhaloseng le tirisong ya melao ya lephata la ditshelete.

(3) Bothati jo bo rwalang maikarabelo bo tshwanetse go tlhalosa le go dirisa kabelo ya molao wa lephata la ditshelete e e amanang le tshwetso ya tlhaloso go tsamaelana le tshwetso ya tlhaloso.

(4) Tlhaloso e e tlamang e khutla go diriswa fa—

(a) kabelo ya molao wa lephata la ditshelete eo e neng e le yona morero wa tshwetso ya tlhaloso e phimolwa kgotsa e tlhabololwa ka mokgwa o o amang segolo tshwetso ya tlhaloso, fa go le jalo tshwetso ya tlhaloso e tla khutlisa go dira go tloga ka letlha la go tsenngwa tirisong ga phimolo kgotsa tlhabololo; kgotsa

(b) kgotlatshekelo e phimola kgotsa fetola tlhaloso ya molao wa lephata la ditshelete o tshwetso ya tlhaloso e theilweng mo go ona, fa go le jalo tshwetso ya tlhaloso e tla khutla go dira go tloga ka letsatsi la katlholo ntle le fa—

(i) tshwetso e le ka fa tlase ga boikuelo;

(ii) tshwetso e tsepamisitswe mo ntlheng e bile tlhaloso ya kakaretso eo tshwetso ya tlhaloso e theilweng mo go yona ga e a amega; kgotsa

(iii) tshupetso go tlhaloso eo tshwetso ya tlhaloso e neng e theilwe mo go yona e ne e se karolo ya neo ya mabaka eo katlholo ya kgotlatshekelo e neng e theilwe mo go yona.

(5) Bothati jo bo rwalang maikarabelo jo bo rebolang tshwetso yathaloso bo ka tlabolola kgotsa phimola tshwetso ya tlhaloso fa go tlhokega gore go dirwe jalo ka ntlha ya phetogo mo molaong kgotsa tshwetso ya boathodi.

(6) Tlhaloso e e tlamang e khutla go diriswa fa go diragala nngwe ya mabaka a a tlhalositsweng mo karolotaleletsong (4), fa bothati jo bo rwalang maikarabelo bo phasaladitse kgotsa bo sa phasalatsa kitsiso ya kgogelomorago kgotsa phetolo ya tlhaloso e tlamang.

(7) Pele bothati jo bo rwalang maikarabelo bo rebola tshwetso ya tlhaloso, bo tshwanetse go phasalatsa—

(a) thalo ya tshwetso ya tlhaloso e tshitsintsweng; le

(b) kitsiso e e laletsang ditshwaelo tsa setshaba tse di kwetseng mo pakeng e tsepamisitsweng mo kitsisong, paka eo tshwanetse go nna bonnye kgwedi e le esi go tloga ka letlha la phasalatso ya kitsiso.

(8) Bothati jo bo rwalang maikarabelo ga bo patelesege go ikamanya le karolotaleletso (7) mabapi le tlhabololo go, kgotsa phimolo ya, tshwetso ya tlhaloso.

(9) Bothati jo bo rwalang maikarabelo jo bo rebolang tshwetso ya tlhaloso bo tshwanetse go e phasalatsa.

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Part 2 Directives by financial sector regulators

Directives by Prudential Authority

143. (1) The Prudential Authority may issue to either of the following persons:

(a) A financial institution that provides a financial product or securities services, or that is a market infrastructure; and

(b) a key person of a financial institution,

a written directive requiring the person to take action specified in the directive if—

(i) the financial institution is conducting its business in an improper or financially unsound way and, as a result, there is a risk that the financial institution may not be able to comply with its obligations; or

(ii) the financial institution or key person of a financial institution—

(aa) has contravened or is likely to contravene a financial sector law for which the Prudential Authority is the responsible authority;

(bb) has not complied with an enforceable undertaking accepted by the Prudential Authority;

(cc) is involved or is likely to be involved in financial crime; or

(dd) is causing or contributing to instability in the financial system, or is likely to do so.

(2) The Prudential Authority may issue to a holding company of a financial conglomerate a written directive requiring the holding company to take action specified in the directive, if the holding company or another company in the financial conglomerate concerned—

(a) is conducting its business in an improper or financially unsound way and, as a result, there is a risk that an eligible financial institution in the conglomerate will not be able to comply with its obligations under a financial sector law or in relation to a financial product or financial service that it provides or offers to provide;

(b) has not complied with an enforceable undertaking accepted by the Prudential Authority;

(d) is involved or is likely to be involved in financial crime; or

(e) is causing or contributing to instability in the financial system, or is likely to do so.

(3) A directive in terms of subsection (1) or (2) must be aimed at achieving the objective of the Prudential Authority set out in section 33 and—

(a) reducing any risks referred to in subsection (1)(b)(i) or (2)(a);

(b) ensuring that the financial institution or the directed person complies with the enforceable undertaking that was accepted by the Prudential Authority;

(c) stopping the financial institution or company from contravening applicable financial sector laws, or reducing the risk of such contraventions;

(d) stopping the financial institution or company from being involved in financial crime, and reducing the risk that it may be so involved;

(e) reducing the risk that a systemic event may occur; or

(f) remedying the effects of a contravention of a financial sector law or the person's involvement in financial crime.

(4) The Prudential Authority may not issue a directive to a financial institution on the basis set out in subsection (1)(b)(ii)(dd) unless it has been directed in terms of section 18 to do so or with the concurrence of the Reserve Bank.

(5) Action that may be specified in a directive in terms of subsection (1) includes the following:

(a) The financial institution ceasing offering or providing a specific financial product;

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Karolo 2

Ditaelo tsa balaodi ba lephata la ditshelete

Ditaelo ka Bothati jwa Tlhokomelo

143. (1) Bothati jwa Tlhokomelo bo ka rebola go mongwe wa batho ba ba latelang:

(a) Setheo sa ditshelete se se tlamelang ka kuno ya ditshelete kgotsa ditirelo tsa dithoto, kgotsa ba e leng thulaganyetso ya popegotheo; le

(b) motho yo o botlhokwa wa setheo sa ditshelete,

taelo e e kwetsweng e e tlhokang motho go tsaya kgato e e tsepamisitsweng mo taelong fa—

(i) setheo sa ditshelete se dira tiro ya sona ka mokgwa o o sa siamang kgotsa wa tsamaiso ya ditshelete e e sokameng le, ka ntlha ya seo, go na le kotsi ya gore setheo sa ditshelete se ka se kgone go ikamanya le ditlamego tsa sona; kgotsa

(ii) setheo sa ditshelete kgotsa motho wa botlhokwa wa setheo sa ditshelete—

(aa) a tlotse kgotsa a ka tlola molao wa lephata la ditshelete o Bothati jwa Tlhokomelo bo tsayang maikarabelo a ona;

(bb) a sa ikamanyang le tumalano e e gatelelwang e e amogetsweng ke Bothati jwa Tlhokomelo;

(cc) yo o amanang kgotsa o o ka amanang le bosenyi jwa ditshelete; kgotsa

(dd) o dira kgotsa o na le seabe mo go sa tsepamang ga thulaganyo ya ditshelete, kgotsa o ka dira jalo.

(2) Bothati jwa Tlhokomelo bo ka rebolela kgwebo e e okameng tse dingwe taelo e e kwetsweng e e lopang kgwebo e e okameng tse dingwe go tsaya kgato e tsepamisitsweng mo taelong fa kgwebo e e okameng tse dingwe kgotsa setlamo se sengwe mo dikgwebong tsa ditshelete tse di tlhakaneng—

(a) se dira tiro ya sona ka mokgwa o o sa siamang kgotsa wa tsamaiso ya ditshelete e e sokameng le, ka ntlha ya seo, go na le kotsi ya gore setheo sa ditshelete se se mo ditheong tse di tlhakaneng se ka se kgone go ikamanya le ditlamego tsa jona;

(b) se sa ikamanya le tumalano e e gatelelwang e e amogetsweng ke Bothati jwa Tlhokomelo;

(d) se amega kgotsa se ka amega mo bosenying jwa ditshelete; kgotsa

(e) se tlisa kgotsa se na le seabe mo go sa tsepamang ga thulaganyo ya ditshelete, kgotsa se ka dira jalo.

(3) Taelo go ya ka karolotlaleletso (1) kgotsa (2) e tshwanetse go lebiswa mo go dithheleleng maikaelelo a Bothati jwa Tlhokomelo a a tlhagisitsweng mo karolong 33 le—

(a) go fokotsa dikotsi dingwe le dingwe tse di kailweng mo karolotlaleletsong (1)(b)(i) kgotsa (2)(a);

(b) go netefatseng gore setheo sa ditshelete kgotsa motho yo o laetsweng o ikamanya le tumalano e e gatelelwang e e amogetsweng ke Bothati jwa Tlhokomelo;

(c) go thibela setheo tsa ditshelete kgotsa setheo se se tlolang melao e e diriswang; ya lephata la ditshelete, kgotsa go fokotsa kotsi ya ditlolo tseo;

(d) go thibela setheo sa ditshelete kgotsa setlamo mo go amegeng mo bosenying jwa ditshelete, le go fokotsa kotsi ya gore se ka amega jalo;

(e) go fokotsa kotsi ya gore tiragalo e e rulagantsweng e ka diragala; kgotsa

(f) go namola ditlamorago tsa tlolo ya molao wa ditshelete kgotsa botsayakarolo jwa motho mo bosenying jwa ditshelete.

(4) Bothati jwa Tlhokomelo bo ka se rebole taelo go setheo sa ditshelete go ya ka mabaka a a tlhalositsweng mo karolotlaleletsong (1)(b)(ii)(dd) ntle le fa bo laetswe jalo go ya ka karolo 18 kgotsa go ya ka tumalano ya Banka ya Resefe.

(5) Tiro e e ka tsepamiswang mo taelong go ya ka karolotlaleletso (1) e akaretsa tse di latelang:

(a) Setheo sa ditshelete se se khutlisang go neelana kgotsa go tlamela ka kuno e tsepameng ya ditshelete;

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(b) the financial institution modifying a specific financial product or the terms on which it is provided;

(d) the financial institution not paying a dividend or a specified bonus or performance payment;

(e) the financial institution not entering into a specific transaction or undertaking a specific obligation, contingent or otherwise;

(f) the financial institution remedying the effects of a contravention of a financial sector law.

(6) In addition to its powers to issue regulator’s directives, if a person is engaging, or is proposing to engage, in conduct that contravenes a financial sector law for which the Prudential Authority is the responsible authority, the Prudential Authority may issue a written directive to the person requiring the person to cease engaging, or not to engage, in the conduct.

Directives by Financial Sector Conduct Authority

144. (1) The Financial Sector Conduct Authority may issue to a financial institution a written directive requiring the financial institution to take action specified in the directive if—

(a) the financial institution is conducting its business in a way that poses a material risk to the efficiency and integrity of financial markets;

(b) the financial institution’s treatment of its financial customers is such that the institution will not be able to comply with its obligations in relation to the fair treatment of financial customers;

(c) the financial institution is providing financial education in a manner that is not in accordance with relevant conduct standards;

(d) the financial institution or a key person, representative or contractor of the financial institution—

(i) has contravened or is likely to contravene a financial sector law for which the Financial Sector Conduct Authority is the responsible authority;

(ii) has not complied with an enforceable undertaking accepted by the Financial Sector Conduct Authority;

(iii) is involved or is likely to be involved in financial crime; or

(iv) is causing or contributing to instability in the financial system, or is likely to do so.

(2) The Financial Sector Conduct Authority may issue to a key person, a representative or a contractor of a financial institution (in this section, a “directed person”) a written directive requiring the directed person to take action specified in the directive if the financial institution or the directed person—

(a) has contravened or is likely to contravene a financial sector law for which the Financial Sector Conduct Authority is the responsible authority;

(b) has not complied with an enforceable undertaking accepted by the Financial Sector Conduct Authority;

(d) is causing or contributing to instability in the financial system, or is likely to do so.

(3) A directive in terms of subsection (1) or (2) must be aimed at achieving the objective of the Financial Sector Conduct Authority set out in section 57 and—

(a) stopping the financial institution or the directed person from contravening applicable financial sector laws, or reducing the risk of such contraventions;

(b) ensuring that the financial institution or the directed person complies with the enforceable undertaking that was accepted by the Financial Sector Conduct Authority;

(c) stopping the financial institution or the directed person from being involved in financial crime, and reducing the risk that it may be so involved;

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(b) setheo sa ditshelete se se fetolang kuno e tsepameng ya ditshelete kgotsa dipeelo tseo e tlametsweng ka tsona;

(d) setheo sa ditshelete se se sa dueleng karolelo kgotsa bonase e tsepamisitsweng kgotsa tuelo ya tiro;

(e) setheo sa ditshelete se se sa tseneng mo tirisanong e tsepameng kgotsa se se sa direng tumalano ya tlamego e tsepameng, ya tshoganyetso kgotsa ka mokgwa mongwe;

(f) setheo sa ditshelete se se namolang ditlamorago tsa tlolo ya molao wa lephata la ditshelete.

(6) Mo godimo ga dithata tsa jona tsa go rebola ditaelo tsa molaodi, fa motho a dira, kgotsa a tshitsinya go dira, tlolo ya maitsholo jwa molao wa lephata la ditshelete o Bothati jwa Tlhokomelo e leng bothati jo bo rwalang maikarabelo a ona, Bothati ba Tlhokomelo bo ka rebolela motho taelo e kwetsweng e e lopang motho go emisa go dira kgotsa go se direng, maitsholo ao.

Ditaelo ka Bothati jwa Boitshvaro jwa Lephata la Ditshelete

144. (1) Bothati jwa Boitshvaro jwa Lephata la Ditshelete bo ka rebolela setheo sa ditshelete taelo e kwetsweng e e lopang gore setheo sa ditshelete se tseye kgato e tsepamisitsweng mo taelong fa—

(a) setheo sa ditshelete se dira ditiro tsa sona ka mokgwa o o bayang bokgoni le tshiamo ya mebaraka ya ditshelete mo kotsing;

(b) tsholo ya setheo sa ditshelete ya barekedi ba ditshelete ba sona e ka mokgwa o e leng gore setheo se ka se kgone go ikamanya le ditlamego tsa sona mabapi le tsholo e e lolameng ya barekedi ba ditshelete;

(c) setheo sa ditshelete se palelwa ke go tlamela ka mananeo a a maleba a thuto ya tsa ditshelete le ditiro tse dingwe go tsweletsa kitso ya tsa ditshelete;

(d) setheo sa ditshelete kgotsa motho yo o botlhokwa, kemedi kgotsa mokonteraka wa setheo sa ditshelete—

(i) se tlotse kgotsa se ka tlola molao wa lephata la ditshelete o Bothati jwa Bitshvaro jwa Lephata la Ditshelete e leng bothati jo bo rwalang maikarabelo a ona;

(ii) se sa ikamanyang le tumalano e e gatelelwang e e amogetsweng ke Bothati jwa Boitshvaro jwa Lephata la Ditshelete;

(iii) se amegang kgotsa se ka amega mo bosenying jwa ditshelete; kgotsa

(iv) se tlisang kgotsa se nang le seabe mo go sa tsepamang ga thulaganyo ya ditshelete, kgotsa se ka dira jalo.

(2) Bothati jwa Boitshvaro jwa Lephata la Ditshelete bo ka rebolela motho yo o botlhokwa, kemedi kgotsa mokonteraka wa setheo sa ditshelete (mo karolong eno, “motho yo o laelwang”) taelo e e kwetsweng e e lopang motho yo o laelwang go tsaya kgato e tsepamisitsweng mo taelong fa setheo sa ditshelete kgotsa motho yo o laelwang—

(a) se tlotse kgotsa se ka tlola molao wa lephata la ditshelete o Bothati jwa Boitshvaro jwa Lephata la Ditshelete e leng jona bothati jo bo rwalang maikarabelo a ona;

(b) ga se a ikamanya le tumalano e e gatelelwang e e amogetsweng ke Bothati jwa Boitshvaro jwa Lephata la Ditshelete;

(d) se dira kgotsa se dira kgotsa se na le seabe mo go sa tlhomamang mo thulaganyong ya ditshelete, kgotsa se ka dira jalo.

(3) Taelo go ya ka karolotlaleletso (1) kgotsa (2) e tshwanetse go lebiswa mo go fitlhelelng maitlhomo a Bothati jwa Boitshvaro jwa Lephata la Ditshelete a a tlhagisitsweng mo karolong 57 le—

(a) go thibela setheo sa ditshelete kgotsa motho yo o laelwang mo go tloleng melao e e diragatswang ya lephata la ditshelete, kgotsa fo fokotsa kotsi ya ditlolo tseo;

(b) go netefatsa gore setheo sa ditshelete kgotsa motho yo o laelwang o ikamanya le tumalano e gatelelwang e e amogetsweng ke Bothati jwa Boitshvaro jwa Ditshelete;

(c) go thibela setheo sa ditshelete kgotsa motho yo o laolwang mo go amegeng mo bosenying jwa ditshelete, le go fokotsa kotsi ya go amega mo go jona;

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(d) reducing the risk that a systemic event may occur; or

(e) remedying the effects of a contravention of a financial sector law or the person's involvement in financial crime.

(4) The Financial Sector Conduct Authority may not issue a directive on the basis set out in subsection (1)(d)(iv) unless it has been directed in terms of section 18 to do so or with the concurrence of the Reserve Bank.

(5) Action that may be specified in a directive in terms of subsection (1) includes the following:

(a) The financial institution ceasing offering or providing a specific financial product or financial service;

(b) the financial institution modifying a specific financial product or financial service or the terms on which it is provided;

(d) the financial institution not paying a specified bonus or performance payment; and

(e) the financial institution remedying the effects of a contravention of a financial sector law.

(6) The Financial Sector Conduct Authority may not issue a directive in terms of subsection (5)(a) or (b) to a systemically important financial institution without the concurrence of the Prudential Authority.

(7) Action that may be specified in a directive in terms of subsection (2) must be aimed at achieving the objective of the Financial Sector Conduct Authority and ensuring that the key person, representative or contractor performs its function in compliance with the applicable financial sector laws.

(8) In addition to its powers to issue regulator's directives, if a person is engaging, or is proposing to engage, in conduct that contravenes a financial sector law for which the Financial Sector Conduct Authority is the responsible authority, the Financial Sector Conduct Authority may issue a written directive to the person requiring the person to cease engaging, or not to engage, in the conduct.

Removal of person from position

145. A financial sector regulator may not issue a directive in terms of this Part that requires the removal of a person from a specified position or function in or in relation to the financial institution unless the person—

(a) has contravened a financial sector law;

(b) has been involved in financial crime;

(i) a contravention of a financial sector law by the financial institution; or

(ii) the financial institution being involved in financial crime; or

(d) no longer complies with applicable fit and proper person requirements.

Consultation requirements

146. (1) Before issuing a regulator's directive in terms of this Part, the financial sector regulator must—

(a) give the financial institution or person to whom it is proposed to issue the directive a draft of the proposed directive and a statement of the reasons why it is proposed to issue it, including a statement of the relevant facts and circumstances; and

(b) invite the financial institution or person to make submissions on the matter, and give it a specified period, which must be reasonable, to do so.

(2) If the directive requires removing a person from a specified position or function in or in relation to the financial institution, the financial sector regulator must also—

(a) give the person a draft of the proposed directive and a statement of the reasons why it is proposed to issue it, including a statement of the relevant facts and circumstances; and

(b) invite the person to make submissions on the matter within the period specified in terms of subsection (1)(b).

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(d) go fokotsa kotsi ya go diragala ga tiragalo e e rulagantsweng; kgotsa

(e) go namola ditlamorago tsa tlolo ya molao wa lephata la ditshelete kgotsa kamego ya motho mo bosenying jwa ditshelete.

(4) Bothati jwa Boitshvaro jwa Lephata la Ditshelete bo ka se rebole taelo go ya ka mabaka a a tlhalositsweng mo karolotlaleletsong (1)(d)(iv) ntle le fa go laetswe gore go dirwe jalo go ya ka karolo 18 kgotsa ka tumalano ya Banka ya Resefe.

(5) Tiro e e ka tsepamiswangmo taelong go ya ka karolotlaleletso (1) e akaretsa tse di latelang:

(a) Setheo sa ditshelete se se khutlisang go neelana kgotsa go tlamela ka kuno e e tsepameng ya ditshelete kgotsa tirelo ya ditshelete;

(b) setheo sa ditshelete se se fetolang kuno e tsepameng ya ditshelete kgotsa tirelo ya ditshelete kgotsa dipeelo tseo e tlametsweng ka tsona;

(d) setheo sa ditshelete se se sa dueleng bonase e tsepamisitsweng kgotsa tuelo ya tiro; le

(e) setlamo sa ditshelete se se namolang ditlamorago tsa tlolo ya molao wa lephata la ditshelete.

(6) Bothati jwa Boitshvaro jwa Lephata la Ditshelete bo ka se rebole taelo go ya ka karolotlaleletso (5)(a) kgotsa (b) go setheo sa thulaganyo ya botlhokwa ntle le tumalano ya Bothati Jwa Tlhokomeloto.

(7) Tiro e e ka tsepamiswang mo taelong go ya ka karolotlaleletso (2) e tshwanetse go lebiswa mo go fitlheleleng maikaelelo a Bothati jwa Boitshvaro jwa Lephata la Ditshelete le go netefatsa gore motho yo o botlhokwa, moemedi kgotsa mokonteraka o dira tiro ya gagwe go tsamaelana le melao e ediragatswang ya lephata la ditshelete.

(8) Mo go tlatseng dithata tsa jona tsa go rebola ditaelo tsa molaodi, fa motho a dira, kgotsa a tshitsinya go dira, boitshvaro jo bo tlolang molao wa lephata la ditshelete jo Bothati jwa Boitshvaro jwa Lephata la Ditshelete e leng bothati jo bo rwalang maikarabelo, Bothati jwa Boitshvaro jwa Ditshelete bo ka rebolela motho taelo e e kwetsweng e e laelang motho go emisa go dira, kgotsa go se dire, boitshvaro.

Go ntshiwa ga batho mo maemong

145. Bolaodi jwa lephata la ditshelete bo ka se rebole taelo go ya ka Karolo eno e e lopang go tloswa ga motho mo maemong a a tsepamisitsweng kgotsa tiro mo kgotsa mabapi le setheo sa ditshelete ntle le fa motho—

(a) a tlotse molao wa lephata la ditshelete;

(b) a amegile mo bosenying jwa ditshelete;

(c) a rwala maikarabelo a, kgotsa ka mokgwa mongwe a tsere karolo mo, kgotsa a paletswe ke, go tsaya dikgato tse di leng teng tse di ikaeletseng go thibela—

(i) tlolo ya molao wa lephata la ditshelete ka setheo sa ditshelete; kgotsa

(ii) setheo sa ditshelete se amega mo bosenying jwa ditshelete; kgotsa

(d) a sa tlhole a ikamanya le ditlhokego tsa go itekanelela tiro le tshiamo.

Ditlhokego tsa ditherisano

146. (1) Pele go rebolwa taelo ya bolaodi go ya ka Karolo eno, molaodi wa lephata la ditshelete o tshwanetse go—

(a) naya setheo sa ditshelete kgotsa motho yo a tshitsinyang go mo naya taelo thalo ya taelo e tshitsintsweng le polelo ya mabaka a gore goreng e le ntlha e tshitsintsweng, go akaretsa le polelo ya dintlha tse di maleba le mabaka; le

(b) laletsa setheo sa ditshelete kgotsa motho go dira ditlhagiso ka ga morero, le go se naya nako e tsepamisitsweng, e e amogelesegang, go dira jalo.

(2) Fa taelo e laela gore motho a tloswe mo maemong a a tsepamisitsweng kgotsa mo tirong ya kgotsa e e mabapi le setheo sa ditshelete, molaodi wa lephata la ditshelete o tshwanetse gape go—

(a) naya motho thalo ya taelo e tshitsintsweng le polelo ya mabaka a gore goreng go tshitsintse gore e rebolwe, le go akaretsa le polelo ya dintlha tse di maleba le mabaka; le

(b) laletsa motho go dira ditlhagiso ka ga morero mo pakeng e tsepamisitsweng go ya ka karolotlaleletso (1)(b).

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(3) In deciding whether to issue the directive, the financial sector regulator must take into account all submissions received by the end of the period referred to in subsection (1)(b) or (2)(b).

(4) If the delay involved in complying, or complying fully, with subsections (1) and (2) in respect of a proposed directive is likely to lead to prejudice to financial customers, prejudicially affect financial stability or defeat the object of the directive, the financial sector regulator may issue the directive without having complied, or complied fully, with those subsections.

(5) (a) If a financial sector regulator issues a directive without having complied, or complied fully, with subsections (1) and (2), the person to whom it was issued, and, where subsection (2) applies, the person referred to in that subsection must be given a written statement of the reasons why those subsections were not complied with.

(b) A person to whom the statement was given may make submissions to the financial sector regulator within one month after being provided with the statement.

(c) The financial sector regulator must consider the submissions, and notify the person, as soon as practicable, whether the financial sector regulator proposes to revoke the directive.

Period for compliance

147. A regulator’s directive must specify a reasonable period for compliance, where applicable.

Revoking directives

148. A financial sector regulator may at any time revoke a regulator’s directive it has issued by written notice to the person to whom it was issued.

Compliance with directives

149. (1) A financial institution, key person, representative or contractor to which a regulator’s directive in terms of this Part has been issued must comply with the directive.

(2) The High Court may, on application by a party to a contract with a financial institution, other than the financial institution, make an order relating to the effect of a directive in terms of this Part on the contract.

(3) (a) Without limiting what the order may do, the order may require the financial institution to—

(i) perform its obligations under the contract; or

(ii) compensate the applicant, as specified in the order.

(b) An order in terms of paragraph (a) may not require a person to take action that would contravene the directive of a financial sector regulator.

Application and interpretation

150. This Part applies in addition to any power in a specific financial sector law that relates to the issuing of directives by a financial sector regulator.

Part 3 Enforceable undertakings

151. (1) A person may give a written undertaking to the responsible authority concerning that person’s future conduct in relation to a matter regulated by a financial sector law, and that undertaking, upon its acceptance by the responsible authority, becomes enforceable by the responsible authority as contemplated in this Act.

(2) A written undertaking referred to in subsection (1) may include an undertaking to provide specified redress to financial customers.

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(3) Mo go swetseng ka ga go rebola kgotsa go se rebole taelo, molaodi wa lephata la ditshelete o tshwanetse go tsaya tsia ditlhagiso tsotlhe tse di amogetsweng ka bokhutlo jwa paka e e kailweng mo karolotlaleletsong (1)(b) kgotsa (2)(b).

(4) Fa tiego e e amanang le go ikamanya, kgotsa go ikamanya ka botlalo, le dikarolotlaleletso (1) le (2) mabapi le taelo e e tshitsintsweng e ka isa kwa kgobelelong ya barekedi ba ditshelete, ya ama tlhomamo ya ditshelete setlhogo kgotsa ya fenya maikaelelo a taelo, molaodi wa lephata la ditshelete o ka rebola taelo ntle le go ikamanya, kgotsa go ikamanya ka botlalo, le dikarolotlaleletso tseo.

(5) (a) Fa molaodi wa lephata la ditshelete a rebola taelo ntle le go ikamanya, kgotsa go ikamanya ka botlalo, le dikarolotlaleletso (1) le (2), motho yo a e reboletsweng, le, mo karolotlaleletso (2) e dirisitsweng, motho yo o kailweng mo karolotlaleletsong eo o tshwanetse go newa polelo e e kwetsweng ya mabaka a gore goreng go sa ikamanngwa le dikarolotlaleletso tseo.

(b) Motho yo o neilweng polelo o ka dira ditlhagiso go molaodi wa lephata la ditshelete mo kgweding e le esi morago ga go tlamelwa ka polelo.

(c) Molaodi wa lephata la ditshelete o tshwanetse go sekaseka ditlhagiso, le go itsise motho, ka bonako jo bo kgonegang, fa e le gore molaodi wa lephata la ditshelete o tshitsinya go goela morago taelo.

Paka ya go ikamanya

147. Taelo ya molaodi e tshwanetse go tsepamisa paka e e amogelelsegang ya go ikamanya, fa go kgonega.

Kgogelomorago ya ditaelo

148. Molaodi wa lephata la ditshelete o ka, ka nako nngwe le nngwe, phimola taelo e a e rebotseng ka kitsiso e e kwetsweng go motho yo o neng a e reboletswe.

Boikomanyo le ditaelo

149. (1) Setheo sa ditshelete, motho yo o botlhokwa, moemedi kgotsa mokonteraka yo o reboletsweng taelo go ya ka Karolo eno o tshwanetse go ikamanya le taelo.

(2) Kgotlatshekelokgolo e ka, ka kopo ya moamegi mo konterakenga le setheo sa ditshelete, ntle le setheo sa ditshelete, dira taelo e e amanang le ditlamorago tsa taelo go ya ka Karolo eno mo konterakeng.

(3) (a) Go sa lekanyetswe se taelo e ka se dirang, taelo e ka lopa setheo sa ditshelete go—

(i) dira ditlamego tsa sona ka fa tlase ga konteraka; kgotsa

(ii) duela modirakopo, jaaka go tsepamisitswe mo taelong.

(b) Taelo go ya temana (a) e ka se lope motho go tsaya kgato e tla tlolang taelo ya molaodi wa lephata la ditshelete.

Tiragatso le tlhaloso

150. Karolo eno e diriswa mo godimo ga thata nngwe le nngwe mo molaong o o tsepameng wa lephata la ditshelete o o amanang le thebolo ya ditaelo ka molaodi wa lephata la ditshelete.

Karolo 3

Ditumalano tse di gatelewang

151. (1) Motho o ka neelana ka tumalano e e kwetsweng go bothati jo bo rwalang maikarabelo mabapi le boitshvaro jwa nako e e tlang jwa motho mabapi le ntlha e e 45 laolwang ke molao wa lephata la ditshelete, le tumalano eo, fa e amogelwa ke bothati jo bo maleba, e nna sediriso sa molao se se gatelewang ke bothati jo bo rwalang maikarabelo jaaka go kailwe mo Molaong ono.

(2) Tumalano e e kwetsweng e e kailweng mo karolotlaleletsong (1) e ka akaretsa tumalano go tlamela ka pusetso e tsepamisitsweng ya maemo kwa tlwaelong go 50 barekedi ba ditshelete.

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(3) The person who gave an enforceable undertaking may, with the consent of the responsible authority, vary or withdraw the undertaking at any time, except if the undertaking is already a subject of enforcement.

(4) If a financial institution licensed under a specific financial sector law that gave an enforceable undertaking breaches a term of the undertaking, the responsible authority may suspend or withdraw the licence.

(5) The responsible authority must publish each enforceable undertaking that it accepts, and each variation or withdrawal of an enforceable undertaking.

(6) If the Tribunal is satisfied, on application by the responsible authority, that a person has contravened an enforceable undertaking, the Tribunal may make any one or more of the following orders:

(a) An order directing the person to comply with the undertaking;

(b) if the undertaking relates to a past contravention of the financial sector law, an order directing the person to perform a specified act, or refrain from performing a specified act, for one or both of the following purposes:

(i) to remedy the effects of the contravention;

(ii) to ensure that the person does not contravene the undertaking again;

(7) The responsible authority may file with the registrar of a competent court a certified copy of an order in terms of subsection (6), if—

(a) the order has not been complied with; and

(b) either—

(i) no proceedings in a court in relation to the making of the order have been commenced by the end of the period for lodging such appeals; or

(ii) if such proceedings have been commenced, they have been finally disposed of.

(8) The order, on being filed, has the effect of a civil judgment, and may be enforced as if lawfully given in that court.

Part 4 Court orders

Compliance with financial sector laws

152. (1) The responsible authority for a financial sector law may commence proceedings against a person in the High Court for an order to ensure compliance with the financial sector law.

(2) The High Court may make an order in terms of subsection (1)—

(a) if it appears to the High Court that the person is engaging, or proposes to engage, in conduct contravening a financial sector law;

(b) if the person has previously engaged in such conduct;

(c) if there is a danger of substantial or irreparable damage, prejudice or harm if the person engages in conduct contravening a financial sector law; or

(d) even if another remedy is available.

(3) The High Court may not require the responsible authority to give any undertaking as to damages in connection with the application for an order in terms of this section.

(4) The responsible authority must publish each court order, other than interlocutory orders, that it obtains in terms of this section.

Part 5 Debarment

153. (1) The responsible authority for a financial sector law may make a debarment order in respect of a natural person if the person has—

(a) contravened a financial sector law in a material way;

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(3) Motho yo o neetseng tumalano e e gatelelwang o ka, ka tumelelo ya bothati jo bo rwalang maikarabelo, farologantsha kgotsa gogela morago tumalano ka nako nngwe le nngwe, ntle le fa tumalano e setse e le ntlha e e gatelelwang.

(4) Fa setheo sa ditshelete se abetswe laesense ka fa tlase ga molao o o tsepameng wa lephata la ditshelete o o neetseng tumalano e e gatelelwang se tlola peelo ya tumalano, bothati jo bo rwalang maikarabelo bo ka emisa kgotsa gogela morago laesense.

(5) Bothati jo bo rwalang maikarabelo bo tshwanetse go phasalatsa tumalano nngwe le nngwe e gatelwang eo bo e amogelang, le pharologantsho nngwe le nngwe kgotsa kgogelomorago ya tumalano e gatelwang.

(6) Fa Lekgotla le kgotsofetse, mo tirisong ka bothati jo bo rwalang maikarabelo, gore 10 motho o tlotse tumalano e gatelwang, Lekgotla le ka dira e le nngwe kgotsa go feta ya ditaelo tse di latelang:

(a) Taelo e e laelang motho go ikamanya le tumalano;

(b) fa tumalano e amana le tlolo e e fetileng ya molao wa lephata la ditshelete, taelo e e laelang motho go dira tiro e tsepamisitsweng, ka e le nngwe ya 15 kgotsa ka bobedi jwa maitlhomo a a latelang:

(i) go namola ditlamorago tsa tlolo;

(ii) go netefatsa gore motho ga a tlole tumalano gape;

(7) Bothati jo bo rwalang maikarabelo bo ka faela le mokwadisi wa kgotlatshekelo e 20 e nang le bokgoni kgatiso e e kanetsweng ya taelo go ya ka karolotlaleletso (6), fa—

(a) go sa ikamanngwa le taelo; le

(b) ka gongwe—

(i) go se ditsamaiso tse di dirilweng kwa kgotlatshekelong tsa boikuelo kgatihanong le tiragatso ya taelo mo bokhutlong jwa paka e e neilweng 25 mabapi le go dira boikuelo joo; kgotsa

(ii) fa boikuelo joo bo setse bo dirilwe, kwa bokhutlong boikuelo bo diragaditswe.

(8) Taelo, mo go faelweng, e na le poelo mo katlholong ya selegae, e bile e ka gatelelwa jaaka e kete e neilwe semolao kwa kgotlatshekelong eo. 30

Karolo 4

Ditaelo tsa Kgotlatshekelo

Go ikamanya le molao ya lephata la ditshelete

152. (1) Bothati jo bo rwalang maikarabelo a molao wa lephata la ditshelete bo ka simolola ditsamaiso kgatihanong le motho kwa Kgotlatshekelokgolo mabapi le taelo ya 35 go netefatsa ikamanya le molao wa lephata la ditshelete.

(2) Kgotlatshekelokgolo e ka dira taelo go ya ka karolotlaleletso (1)—

(a) fa Kgotlatshekelo e lemoga gore motho o dira, kgotsa o tshitsinya go dira, boitshwarjo jo bo tlolang molao wa lephata la ditshelete;

(b) fa motho a kile a dira boitshwarjo joo mo nakong e e fetileng; 40

(c) fa go na le kotsi kgotsa tshenyego e kgolo kgotsa e e sa baakanyegeng, kgobelelo kgotsa e ka tlhola kotsi fa motho a dira boitshwarjo jwa tlolo ya molao wa lephata la ditshelete; kgotsa

(d) le fa namolo e nngwe e le teng.

(3) Kgotlatshekelokgolo e ka se tlhoke bothati jo bo rwalang maikarabelo go dira 45 tumalano ka ga ditshenyegelo tse di mabapi le kopo ya taelo go ya ka karolo eno.

(4) Bothati jo bo rwalang maikarabelo bo tshwanetse go phasalatsa taelo nngwe le nngwe ya kgotlatshekelo, ntle le ditaelo tsa puisano, tseo bo di fitlhelelang go ya ka karolo eno.

Karolo 5 50

Kganelo

153. (1) Bothati jo bo rwalang maikarabelo a molao wa lephata la ditshelete bo ka dira taelo ya kganelo mabapi le motho ka esi fa motho ka esi a—

(a) tlotse molao wa lephata la ditshelete ka tsenelelo e kgolo; 55

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(b) contravened in a material way an enforceable undertaking that was accepted by the responsible authority in terms of section 151(1);

(c) attempted, or conspired with, aided, abetted, induced, incited or procured another person to contravene a financial sector law in a material way; or

(d) contravened in a material way a law of a foreign country that corresponds to a financial sector law.

(2) A debarment order prohibits the natural person, for the period specified in the debarment order, from—

(a) providing, or being involved in the provision of, specified financial products or financial services, generally or in circumstances specified in the order; 10

(b) acting as a key person of a financial institution; or

(3) A debarment order in respect of a natural person takes effect from—

(a) the date on which it is served on the person; or 15

(b) if the order specifies a later date, the later date.

(4) (a) A natural person who is subject to a debarment order may not engage in conduct that, directly or indirectly, contravenes the debarment order.

(b) Without limiting paragraph (a), a natural person who is subject to a debarment order contravenes that paragraph if the natural person enters into an arrangement with 20 another person to engage in the conduct that directly or indirectly contravenes a debarment order on behalf of, or in accordance with the directions, instructions or wishes of, the natural person who is subject to the debarment order.

(5) A licensed financial institution that becomes aware that a debarment order has been made in respect of a natural person employed or engaged by the financial 25 institution must take all reasonable steps to ensure that the debarment order is given effect to.

(6) The responsible authority that made a debarment order may, by order and on application by the debarred natural person—

(a) reduce the period of the debarment order; or 30

(b) revoke the debarment order.

(7) The responsible authority must publish each debarment order, and each order under subsection (6), that it makes.

Consultation requirements

154. (1) Before making a debarment order in respect of a natural person, the 35 responsible authority must—

(a) give a draft of the debarment order to the person and to the other financial sector regulator, along with reasons for and other relevant information about the proposed debarment; and

(b) invite the person to make submissions on the matter, and give the person a 40 reasonable period to do so.

(2) The period contemplated in terms of subsection (1)(b) must be at least one month.

(3) In deciding whether or not to make a debarment order in respect of a natural person, the responsible authority must take into account at least—

(a) any submission made by, or on behalf of, the person; and 45

(b) any advice from the other financial sector regulator.

Where person cannot be located

155. If a responsible authority after taking all reasonable steps, including through electronic means, cannot locate a person to be given a document or information under section 154 or a debarment order, delivering the document or information to the person's 50 last known e-mail or physical business or residential address will be sufficient.

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(b) tlotse ka tsenelelo e kgolo tumalano e e gatelelwang e e neng e amogetswe ke bothati jo bo rwalang maikarabelo go ya ka karolo 151(1);

(c) lekile, logile maano a bosenyi le, thusitse, rotloeditse, potlakisitse, tthotlheleditse kgotsa fitlheletse motho yo mongwe go tlola molao wa lephata la ditshelete ka tsenelelo e kgolo; kgotsa

(d) tlotse ka tsenelelo e kgolo molao wa naga e sele o o tsamaelanang le molao wa lephata la ditshelete.

(2) Taelo ya kganelo e thibela motho ka esi, mo nakong e tsepamisitsweng, jaaka go tsepamisitswe mo taelong ya kganelo, mo go—

(a) tlameleng, kgotsa mo go tseyeng karolo mo kabelong ya, dikuno tse di tsepamisitsweng tsa ditshelete kgotsa ditirelo tsa ditshelete, ka kakaretso kgotsa mo mabakeng a a tsepamisitsweng mo taelong;

(b) direng jaaka motho wa botlhokwa wa setheo sa ditshelete; kgotsa

(c) tlameleng ditirelo tse di tsepamisitsweng go setheo sa ditshelete, ka gongwe ka fa tlase ga dithulaganyo tsa go bona tirelo go tswa kwa ntle kgotsa ka mokgwa mongwe.

(3) Taelo ya kganelo mabapi le motho ka esi e simolola go dira—

(a) ka letlha leo e neetsweng motho ka esi; kgotsa

(b) fa taelo e tsepamisa letlha la morago, letlha la morago.

(4) (a) Motho ka esi yo o neetsweng taelo ya kganelo o ka se amege mo boitshwarong jo bo, ka tlhamalalo kgotsa e seng ka tlhamalalo, tlolang taelo ya kganelo.

(b) Go sa lekanyetswe temana (a), motho ka esi o tlola temana eo fa motho ka esi a dira tumalano le motho yo mongwe ya go amega mo boitshwarong jo ka tlhamalalo kgotsa e seng ka tlhamalalo bo tlolang taelo ya kganelo, mo boemong jwa, kgotsa go tsamaelana le dintlha, ditaelo kgotsa dikeletso tsa, motho ka esi.

(5) Setheo sa ditshelete se se abetsweng laesense se se lemogang gore taelo ya kganelo e dirilwe mabapi le motho ka esi yo o thapilweng kgotsa yo o diriswang ke setheo sa ditshelete se tshwanetse go tsaya dikgato tse di maleba go netefatsa gore taelo ya kganelo e a diragatswa.

(6) Bothati jo bo rwalang maikarabelo jo bo dirileng taelo ya kganelo bo ka, ka taelo le ka tiriso ka motho ka esi—

(a) fokotsa paka ya taelo ya kganelo; kgotsa

(b) gogela morago taelo ya kganelo.

(7) Bothati jo bo rwalang maikarabelo bo tshwanetse go phasalatsa taelo nngwe le nngwe ya kganelo, le taelo nngwe le nngwe ka fa tlase ga karolo (6), e bo e dirang.

Ditlhokego tsa therisano

154. (1) Pele go dirwa taelo ya kganelo mabapi le motho ka esi, bothati jo bo rwalang maikarabelo bo tshwanetse go—

(a) naya motho ka esi thalo ya taelo ya kganelo le go molaodi yo mongwe wa lephata la ditshelete, mmogo le mabaka a le tshedimosetso e nngwe e e maleba ka ga, kganelo e tshitsintsweng; le

(b) laletsa motho ka esi go dira ditlhagiso ka ga ntlha eo, le go mo naya nako e e lekaneng go dira jalo.

(2) Nako e e kailweng go ya ka karolotlaleletso (1)(b) e tshwanetse go nna bonnye kgwedi e le esi.

(3) Mo go swetseng ka ga go dira kgotsa go se dire taelo ya kganelo mabapi le motho ka esi, bothati jo bo rwalang maikarabelo bo tshwanetse go tsaya tsia bonnye—

(a) tlhagiso nngwe le nngwe e e dirilweng ke, kgotsa mo boemong jwa, motho ka esi; le

(b) kgakololo nngwe le nngwe go tswa kwa molaoding yo mongwe wa lephata la ditshelete.

Fa motho a sa kgone go fitlhelelwa

155. Fa bothati jo bo rwalang maikarabelo morago ga go tsaya dikgato tse di maleba, go akaretsa le ka mokgwa wa seeleketeroniki, bo sa kgone go fitlhelela motho gore a newe lokwalo kgotsa tshedimosetso ka fa tlase ga karolo 154 kgotsa taelo ya kganelo, thomelo ya lokwalo kgotsa tshedimosetso kwa atereseng ya motho e e itsegeng ya bofelo ya imeile kgotsa ya kgwebo kgotsa ya bodulo e tla lekana.

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Part 6 Leniency agreements

156. (1) The responsible authority for a financial sector law may, in exchange for a person's co-operation in an investigation or in proceedings in relation to conduct that contravenes or may contravene that law, enter into a leniency agreement with the person, which may provide that the responsible authority undertakes not to impose an administrative penalty on the person in respect of the conduct.

(2) A leniency agreement with a person may provide that the agreement also applies to—

(a) specified persons in the service of, or acting on behalf of, the person; or

(b) specified partners and associates of the person.

(3) The responsible authority may not enter into a leniency agreement with a person unless it is satisfied that it is appropriate to do so, having regard, among other matters, to—

(a) the nature and effect of the contravention concerned;

(b) the nature and extent of the person's involvement in the contravention; and

(4) The responsible authority that enters into a leniency agreement must publish it, unless the responsible authority determines that the publication may—

(a) create an unjustifiable risk to the safety of a person; or

(b) prejudice an investigation into a contravention of a law.

(5) The responsible authority that enters into a leniency agreement may, by notice to the person with whom it entered into the agreement, terminate the agreement—

(a) if the person agrees;

(b) if the person gave the responsible authority false or misleading information in relation to entering into the agreement;

(d) in circumstances specified in the agreement.

CHAPTER 11 SIGNIFICANT OWNERS

Part 1 Significant owners

157. (1) Subject to subsections (3) and (4), a person is a significant owner of a financial institution if the person, directly or indirectly, alone or together with a related or inter-related person, has the ability to control or influence materially the business or strategy of the financial institution.

(2) Without limiting subsection (1), a person has the ability referred to in that subsection if—

(a) the person, directly or indirectly, alone or together with a related or inter-related person, has the power to appoint 15% of the members of the governing body of the financial institution;

(b) the consent of the person, alone or together with a related or inter-related person, is required for the appointment of 15% of the members of a governing body of the financial institution; or

(c) the person, directly or indirectly, alone or together with a related or inter-related person, holds a qualifying stake in the financial institution.

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Karolo 6

Ditumalano tsa kutlwelobotlhoko

156. (1) Bothati jo bo rwalang maikarabelo a molao wa lephata la ditshelete bo ka, mo kananyong ya tirisanommogo ya motho mo patlisisong kgotsa mo ditsamaisong tse di amanang le boitshwaro jo bo tlolang kgotsa jo bo ka tlolang molao oo, bo tsena mo tumalanong ya kutlwelobotlhoko le motho, e e ka tlamelang ka gore bothati jo bo rwalang maikarabelo bo ikana go se pateletse kotlhao ya tsamaiso mo mothong mabapi le boitshwaro.

(2) Tumalano ya kutlwelobotlhoko le motho e ka tlamela ka gore tumalano e diragatswa gape go—

(a) batho ba ba tsepamisitsweng mo tirelong ya, kgotsa go direng mo boemong jwa, motho; kgotsa

(b) badirisani ba ba tsepamisitsweng le batsalani ba motho.

(3) Bothati jo bo rwalang maikarabelo bo ka se tsene mo tumalanong ya kutlwelobotlhoko le motho ntle le fa bo kgotsofetse gore go matshwanedi go dira jalo, ka go ela tlhoko, magareng ga merero e mengwe—

(a) tlholego le ditlamorago tsa tlolo e e kaiwang;

(b) tlholego le bogolo jwa botsayakarolo jwa motho mo tlolong; le

(4) Bothati jo bo rwalang maikarabelo jo bo tsenang mo tumalanong bo tshwanetse go e phasalatsa ntle le fa bothati jo bo rwalang maikarabelo bo tlhomamisa gore phasalatso e ka—

(a) tlhola kotsi e e sa siamang mo tshireletsegong ya motho; kgotsa

(b) gobelela patlisiso go tlolo ya molao.

(5) Bothati jo bo rwalang maikarabelo jo bo tsenang mo tumalanong ya kutlwelobotlhoko bo ka, ka kitsiso go motho yo bo dirileng tumalano nae, khutlisa tumalano—

(a) fa motho a dumela;

(b) fa motho a neetse bothati jo bo rwalang maikarabelo tshedimosetso e e fosagetseng kgotsa e e timetsang mabapi le go tsena mo tumalanong;

(d) mo mabakeng a a tsepamisitsweng mo tumalanong.

KGAOLO 11

BENG BA BA BOTLHOKWA

Karolo 1

Beng ba ba botlhokwa

157. (1) Go latela dikarolotlaleletso (3) le (4), motho ke mong yo o botlhokwa wa setheosa ditshelete fa motho, ka tlhamalalo kgotsa e seng ka tlhamalalo, ka nosi kgotsa mmogo le motho yo a amanang kgotsa ka kamano ya segareng le motho, a na le bokgoni jwa go laola le go tlhotheletsa segolo kgwebo kgotsa leano la setheo sa ditshelete.

(2) Ntle le go lekanyetsa karolotlaleletso (1), motho o na le bokgoni jo bo kailweng mo karolotlaleletsong eo fa—

(a) motho, ka tlhamalalo kgotsa e seng ka tlhamalalo, ka nosi kgotsa mmogo le motho yo a amanang kgotsa ka kamano ya segareng le motho, a na le thata ya go thapa 15% ya maloko a mokgatho o o busang wa setheo sa ditshelete;

(b) tumelelo ya motho, ka nosi kgotsa mmogo le motho yo o amanang kgotsa ka kamano ya segareng le motho, e a tlhokega mo go thapiweng ga 15% ya maloko a mokgatho o o busang wa setheo sa ditshelete; kgotsa

(c) motho, ka tlhamalalo kgotsa e seng ka tlhamalalo, ka nosi kgotsa mmogo le motho yo o amanang kgotsa ka kamano ya segareng le motho, o fithelela ditlhokego tsa go nna karolo ya setheo sa ditshelete.

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(3) The Minister, the Reserve Bank and a financial sector regulator are not, in those capacities, significant owners of a financial institution.

(4) (a) A financial sector regulator may, with the concurrence of the other financial sector regulator and on application, declare a person not to be a significant owner of—

(i) an eligible financial institution;

(ii) the manager of a collective investment scheme; or

(iii) a financial institution prescribed in terms of Regulations made for the purposes of this paragraph.

(b) A financial sector regulator may not make a declaration or give its concurrence to a declaration in terms of paragraph (a), unless the financial sector regulator is satisfied that—

(i) the declaration will not prejudice the achievement of the financial sector regulator’s objective as set out in either section 33 or 57; and

(ii) it is not necessary to apply the requirements of this Chapter to the person.

(c) A financial sector regulator may, with the concurrence of the other financial sector regulator, revoke a declaration that it made in terms of paragraph (a).

(d) Before a financial sector regulator revokes a declaration that was made in terms of paragraph (a), the financial sector regulator must—

(i) give the person who has been declared not to be a significant owner a notice of the proposed action and a statement of the reasons for it; and

(ii) invite the person to make submissions on the matter, and give the person a reasonable period to do so.

(e) The period referred to in paragraph (d)(ii) must be at least one month.

(f) In deciding whether to revoke a declaration, the financial sector regulators must take into account all submissions made within the period specified in the notice in terms of paragraph (d)(ii).

(g) If the delay involved in complying, or complying fully, with paragraph (d) in respect of a proposed revocation is likely to prejudice financial customers, prejudicially affect financial stability or defeat the object of the revocation, the financial sector regulators may revoke the declaration without having complied, or complied fully, with that paragraph.

(h) If the financial sector regulators revoke a declaration in terms of paragraph (a) without having complied, or complied fully, with paragraph (d) for the reason set out in paragraph (g), they must give the person a written statement of the reasons why paragraph (d) was not complied with.

(i) The person may make submissions to the financial sector regulator within one month after being provided with the statement.

(j) The financial sector regulators must consider the submissions, and notify the person, as soon as practicable, whether they propose to make another declaration in terms of paragraph (a) in relation to the person and the financial institution.

(k) A declaration, and a revocation of a declaration, in terms of this subsection must be published.

Approvals and notifications relating to significant owners

158. (1) For the purposes of this section, a financial institution refers only to—

(a) an eligible financial institution;

(b) a manager of a collective investment scheme; and

(2) A person may not effect any arrangement that will result in the person, alone or together with a related or inter-related person, becoming a significant owner of a financial institution, without the prior written approval of the responsible authority for the financial sector law in terms of which the financial institution is required to be licensed.

(3) A significant owner of a financial institution—

(a) which has been designated as a systemically important financial institution, may not, without having obtained the prior written approval of the responsible authority for the financial sector law in terms of which the financial institution is required to be licensed, effect any arrangement that will result in the person,

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(3) Tona, Banka ya Resefe le bolaodi jwa lephata la ditshelete ga se, mo maemong ao, beng ba ba botlhokwa ba setheo sa ditshelete.

(4) (a) Molaodi wa lephata la ditshelete o ka, ka tumalano le bolaodi jo bongwe jwa lephata la ditshelete le ka kopo, swetsa gore motho ga se mong yo o botlhokwa wa—

(i) setheo sa ditshelete se se matshwanedi;

(ii) molaodi sekema sa peeletsommogo; kgotsa

(iii) setheo sa ditshelete se se neetsweng go ya ka Melawana e e dirilweng mabapi le maitlhomo a temana eno.

(b) Molaodi wa lephata la ditshelete o ka se dire tlhomamiso kgotsa go se dumelele tlhomamiso go ya ka temana (a), ntle le fa molaodi wa lephata la ditshelete a kgotsofetse gore—

(i) tlhomamiso e ka se gobelele phitlhelelo ya maikaelelo a molaodi wa lephata la ditshelete jaaka go tlhagisitswe mo karolong 33 kgotsa 57; le

(ii) ga go tlhokege go dirisa ditlhokego tsa Kgaolo eno mo mothong.

(c) Molaodi wa lephata la ditshelete o ka, ka tumalano le bolaodi jo bongwe jwa lephata la ditshelete, gogela morago tlhomamiso e a e dirileng go ya ka temana (a).

(d) Pele ga molaodi wa lephata la ditshelete a gogela morago tlhomamiso mabapi le motho e e dirilweng go ya ka temana (a), molaodi wa lephata la ditshelete o tshwanetse go—

(i) naya motho yo o tlhomamisitsweng go se nne mong yo o botlhokwa kitsiso ya kgato e tshitsintsweng le polelo ya mabaka a yona; le

(ii) laletsa motho go dira ditlhagiso ka ga morero, le go naya motho nako e e lekaneng go dira jalo.

(e) Paka e e kailweng mo temaneng (d)(ii) e tshwanetse go nna bonnye kgwedi e le esi.

(f) Mo go swetseng ka ga go gogela morago tlhomamiso, balaodi ba lephata la ditshelete ba tshwanetse go tsaya tsia ditlhagiso tsotlhe tse di dirilweng mo pakeng e tsepamisitsweng mo kitsisong go ya ka temana (d)(ii).

(g) Fa tiego e e amanang le go ikamanya, kgotsa go ikamanya ka botlalo, le temana (d) mabapi le kgogelomorago e tshitsintsweng e lebega e kete e tla kgobelela barekedi ba ditshelete, e tla amam ka kgobelelo tsepamo ya ditshelete kgotsa ya fenya maikaelelo a kgogelomorago, balaodi ba lephata la ditshelete b aka gogela morago tlhomamiso ntle le go ikamanya, kgotsa go ikamanya ka botlalo, le temana eo.

(h) Fa balaodi ba lephata la ditshelete ba gogela morago tlhomamiso go ya ka temana (a) ntle le go ikamanya, kgotsa go ikamanya ka botlalo, le temana (d) ka lebaka le le tlhagisitsweng mo temaneng (g), ba tshwanetse go naya motho polelo e e kwetsweng ya mabaka a gore goreng go sa ikamangwa le temana (d).

(i) Motho o ka dira ditlhagiso kwa molaoding wa lephata la ditshelete mo kgweding e le esi morago ga go newa polelo.

(j) Balaodi ba lephata la ditshelete ba tshwanetse go sekaseka ditlhagiso, le go itsise batho, ka bonako jo bo kgonegang, gore a ba tshitsinya go dira tlhomamiso e nngwe go ya ka temana (a) mabapi le motho le setheo sa ditshelete.

(k) Tlhomamiso, le kgogelomorago ya tlhomamiso, go ya ka karolotlaleletso eno di tshwanetse go phasalatswa.

Dithebolo le dikitsiso tse di amanang le beng ba ba botlhokwa

158. (1) Mabapi le maitlhomo a karolo eno, setheo sa ditshelete se kaya fela—

(a) setheo sa ditshelete se se matshwanedi;

(b) molaodi wa sekema sa tsadisommogo; le

(2) Motho o ka se lere ditlamorago mo thulaganyong tse di ka dirang gore, motho, ka nosi kgotsa mmogo le motho yo a amanang kgotsa ka kamano ya segareng, e nne mong yo o botlhokwa wa setheo sa ditshelete, ntle le thebelo e e kwetsweng ya pele ya bothati jo bo rwalang maikarabelo mabapi le molao wa lephata la ditshelete o go ya ka ona setheo sa ditshelete se tlhokegang go abelwa laesense.

(3) Mong yo o botlhokwa wa setheo sa ditshelete—

(a) se se sa tlhongwang jaaka setheo sa thulaganyetso ya botlhokwa, se ka se, ntle le go fithelela thebolo e e kwetsweng ya pele ya bothati jo bo rwalang maikarabelo mabapi le molao wa lephata la ditshelete o ka ona ditheo tsa ditshelete di tshwanetseng go abelwa dilaesense, diragatse thulaganyo epe e ka nnang le ditlamorago tsa, motho, ka nosi kgotsa mmogo le motho yo o

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alone or together with a related or inter-related person, ceasing to be a significant owner of the financial institution; and

(b) which has not been designated as a systemically important financial institution, may not, without prior notification to the responsible authority for the financial sector law in terms of which the financial institution is required to be licensed, effect any arrangement that will result in the person, alone or together with a related or inter-related person, ceasing to be a significant owner of the financial institution.

(4) A person may not effect any arrangement that will result in the person, alone or together with a related or inter-related person, increasing or decreasing the extent of the ability of the person, alone or together with a related or inter-related person, to control or influence materially the business or strategy of the financial institution—

(a) without having obtained the prior written approval of the responsible authority for the financial sector law in terms of which the financial institution is required to be licensed, if the responsible authority on granting of an approval referred to in subsection (2), required its prior written approval of any such increase or decrease; or

(b) without the prior notification to the responsible authority for the financial sector law in terms of which the financial institution is required to be licensed, if the responsible authority on granting of an approval referred to in subsection (2), did not require its prior written approval of any such increase or decrease.

(5) An arrangement referred to in subsection (2), (3) or (4) need not involve the acquisition of, or disposition of, shares or other interests or property.

(6) If a person enters into an arrangement in contravention of subsection (2), (3) or (4), the arrangement, in so far as it has an effect mentioned in the relevant subsection, is void.

(7) An approval in terms of subsection (2), (3) or (4) may not be given unless the responsible authority is satisfied that—

(a) the person becoming a significant owner, or the arrangement, or any increase or decrease in the extent of the ability of the significant owner to control or influence the business or strategy of the financial institution will not prejudicially affect or is not likely to affect the prudent management and the financial soundness of the financial institution; and

(b) the person meets and is reasonably likely to continue to meet applicable fit and proper person requirements.

(8) The Financial Sector Conduct Authority may not give approval in terms of subsection (2) or (4) in respect of an eligible financial institution that is a market infrastructure without the concurrence of the Prudential Authority and the Reserve Bank.

(9) A prudential standard, a conduct standard or a joint standard may prescribe procedures in respect of applications for approvals and notifications in terms of this section.

(10) This section does not affect any other requirement in terms of a financial sector law to obtain approval or consent in respect of an acquisition or disposal.

Standards in respect of, and regulator's directives to, significant owners

159. (1) In addition to the powers in Part 2 of Chapter 7 to make standards,—

(a) a financial sector regulator must make standards, that must be complied with by significant owners of financial institutions, with respect to fit and proper person requirements, including in relation to—

(i) personal character qualities of honesty and integrity;

(ii) competence, including experience, qualifications and knowledge; and

(iii) financial standing; and

(b) the financial sector regulators must make joint standards specifying what constitutes, “an increase or a decrease in the extent of the ability of the person, alone or together with a related or inter-related person, to control or influence

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amanang kgotsa motho wa kamano ya segareng, a emisang go nna mong yo o botlhokwa wa setheo sa ditshelete; le

(b) se se sa tlhongwang jaaka setheo sa thulaganyetso ya botlhokwa, se ka se, ntle le go itsise pele bothati jo bo rwalang maikarabelo mabapi le molao wa lephata la ditshelete o ka ona ditheo tsa ditshelete di tshwanetseng go abelwa dilaesense, diragatse thulaganyo epe e ka nnang le ditlamorago tsa, motho, ka nosi kgotsa mmogo le motho yo o amanang kgotsa motho wa kamano ya segareng, a emisang go nna mong yo o botlhokwa wa setheo sa ditshelete.

(4) Motho o ka se diragatse thulaganyo epe e e ka nnang le ditlamorago tse mo go tsona motho, ka nosi ka nosi kgotsa mmogo le motho yo o amanang kgotsa motho wa kamano ya segareng, a fokotsang kgotsa godisang bogolo jwa bokgoni jwa motho, ka nosi kgotsa mmogo le motho yo o amanang kgotsa motho wa kamano ya segareng, jwa go go laola kgotsa go tlhotheletsa ka maatla kgwebo kgotsa leano la setheo sa ditshelete—

(a) ntle le go fithelela thebolo e e kwetsweng ya pele ya bothati jo bo rwalang maikarabelo mabapi le molao wa lephata la ditshelete o go ya ka ona setheo sa ditshelete se tlhokabg go abelwa laesense, fa bothati jo bo rwalang maikarabelo fa o abelana ka thebolo e e kailweng mo karolotlaleletsong (2), bo tlhoka thebolo e e kwetsweng ya pele ya koketso kgotsa phokotso nngwe le nngwe eo; kgotsa

(b) ntle le thebolo e e kwetsweng ya pele ya bothati jo bo rwalang maikarabelo mabapi le molao wa lephata la ditshelete o go ya ka ona setheo sa ditshelete se tlhokabg go abelwa laesense, fa bothati jo bo rwalang maikarabelo fa o abelana ka thebolo e e kailweng mo karolotlaleletsong (2), ga bo tlhoke thebolo e e kwetsweng ya pele ya koketso kgotsa phokotso nngwe le nngwe eo.

(5) Thulaganyo e e kailweng mo dikarolotlaleletsong (2), (3) kgotsa (4) ga di tlhoke go akaretsa phitlhelelo ya, kgotsa thulaganyo ya disere kgotsa merokotso e mengwe kgotsa thoto

(6) Fa motho a dira thulaganyo e e tlolang dikarolotlaleletso (2), (3) kgotsa (4), thulaganyo, jaaka go tlhalositswe gore e na le ditlamorago mo dikarolotlaleletsong tse di maleba, ga e dire.

(7) Thebolo go ya ka dikarolotlaleletso (2), (3) kgotsa (4) e ka se dirwe ntle le fa bothati jo bo rwalang maikarabelo bo netefaditse gore—

(a) motho yo o nnang mong yo o botlhokwa, kgotsa thulaganyo, kgotsa koketsego kgotsa phokotsego mo bogolong jwa bokgoni jwa mong yo o botlhokwa jwa go laola kgotsa go tlhotheletsa kgwebo kgotsa leano la setheo sa ditshelete o ka se ame ka kgobelelo kgotsa o ka ama taolo ya botlhokwa le tlhomamo ya ditshelete ya setheo; le

(b) motho o fithelela e bile o ka tswelela go fithelela ditlhokego tse di maleba tsa motho yo o itekanetseng ka nepagalo.

(8) Bothati jwa Boitshwaro jwa Lephata la Ditshelete bo ka se rebole go ya ka karolotlaleletso (2) kgotsa (4) mabapi le setheo sa ditshelete se se matshwanedi seo e leng thulaganyetso ya popegotheo ya mmaraka ntle le tumelelo ya Bothati jwa Tlhokomelo le Banka ya Resefe.

(9) Maemo a tlhokomelo, maemo boitshwaro kgotsa maemo a kopanelo a ka nelana ditsamaiso mabapi le dikopo mabapi le dithebolo le dikitsiso go ya ka karolo eno.

(10) Karolo eno ga e ame tlhokego epe go ya ka molao wa lephata la ditshelete ya go fithelela thebolo kgotsa tumelelo mabapi le phitlhelelo kgotsa thulaganyo.

Maemo mabapi le, le ditaelo tsa bolaodi go beng ba ba botlhokwa

159. (1) Mo tlaleletsong ya dithata mo Karolong 2 ya Kgaolo 7 tsa go dira maemo—

(a) molaodi wa lephata la ditshelete o tshwanetse go dira maemo, ao beng ba ba botlhokwa ba da ditheo tsa ditshelete ba tshwanetseng go ikamanya le ona, mabapi le ditlhokego tsa batho ba ba itekanetseng ka nepagalo, go akaretsa le mabapi le—

(i) dinonofo tsa botho jwa motho tsa boikanyego le tshiamo;

(ii) bokgoni, go akaretsa le nonofo, boithutelo le kitso; le

(iii) kemo ya tsa ditshelete; le

(b) balaodi ba lephata la ditshelete ba tshwanetse go dira maemo a kopantsweng a a tsepamisang popego ya, "koketsego kgotsa phokotsego mo bogolong jwa bokgoni jwa motho, ka nosi kgotsa mmogo le motho yo o amanang kgotsa wa

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materially the business or strategy of the financial institution”, as referred to in section 157(1) and section 158(4).

(2) (a) A financial sector regulator may issue to a significant owner of a financial institution a written directive requiring the significant owner to take action specified in the directive if the institution has contravened or is likely to contravene a financial sector law for which the financial sector regulator is the responsible authority.

(b) A directive in terms of paragraph (a) must be aimed at stopping the institution from contravening the financial sector law, or reducing the risk of such a contravention.

(3) In addition to subsection (2), a financial sector regulator may issue a directive to a significant owner of a financial institution, and to the financial institution, requiring them—

(a) to prepare and submit to the financial sector regulator a plan that is satisfactory to the financial sector regulator, under which the significant owner will, within a period that is acceptable to the financial sector regulator, cease to be a significant owner of the financial institution; and

(b) on the financial sector regulator’s approval of the plan, to implement the plan.

CHAPTER 12

FINANCIAL CONGLOMERATES

Designation of financial conglomerates

160. (1) The Prudential Authority may designate members of a group of companies as a financial conglomerate.

(2) A financial conglomerate designated in terms of subsection (1) must include both an eligible financial institution and a holding company of the eligible financial institution, but need not include all the members of the group of companies.

(3) Without detracting from section 3(3) and (4) of the Promotion of Administrative Justice Act, and despite section 3(5) of that Act, before designating members of a group of companies as a financial conglomerate in terms of subsection (1), the Prudential Authority must—

(a) give the holding company of the eligible financial institution notice of the proposed designation and a statement of the purpose of and the reasons why the designation is proposed; and

(b) invite the holding company to make submissions on the matter, and give a reasonable period to do so.

(4) The Prudential Authority must consult the Financial Sector Conduct Authority in connection with any designation in terms of subsection (1).

(5) A designation in terms of subsection (1) must be for the purpose of facilitating the prudential supervision of the eligible financial institution.

(6) In deciding whether to designate members of a group of companies as a financial conglomerate in terms of subsection (1), the Prudential Authority must take into account all relevant considerations, including at least the following:

(a) The risk to effective prudential supervision of the eligible financial institution from the structure of the group of companies;

(b) submissions made by or for the holding company; and

(7) The Prudential Authority may designate members of a group of companies as a financial conglomerate in terms of subsection (1) without having complied, or complied fully, with subsection (3) if it is reasonable and justifiable in the circumstances as contemplated in section 3(4)(a) and (b) of the Promotion of Administrative Justice Act and the delay involved in complying, or complying fully, with that subsection in respect of a proposed action is likely to lead to material prejudice to financial customers, prejudicially affect financial stability or defeat the object of the designation.

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kamano ya segareng, go laola kgotsa go tihotlheletsa segolo kgwebo kgotsa leano la setheo sa ditshelete”, jaaka go kailwe mo karolong 157(1) le mo karolong 158(4).

(2) (a) Molaodi wa lephata la ditshelete o ka rebolela mong yo o botlhokwa wa setheo sa ditshelete taelo e e kwetsweng e e laelang mong yo o botlhokwa go tsaya kgato e tsepamisitsweng mo taelong fa setheo se tlotse kgotsa se ka tlola molao wa lephata la ditshelete o molaodi wa lephata la ditshelete e leng bothati jo bo rwalang maikarabelo.

(b) Taelo go ya ka temana (a) e tshwanetse go lebiswa kwa go thibeleng setheo sa ditshelete mo go tloleng molao wa lephata la ditshelete, kgotsa go fokotsa kotsi ya tlolo eo.

(3) Mo go tlatseng karolotlaleletso (2), molaodi wa lephata la ditshelete o ka rebola taelo go mong yo o botlhokwa wa setheo sa ditshelete, le kwa setheong sa ditshelete, a kopa gore di—

(a) baakanye le go romelela molaodi wa lephata la ditshelete leano le kgotsofatsang molaodi wa lephata la ditshelete, leo ka fa tlase ga lona mong yo o botlhokwa a tla, mo nakong e e amogelesegang go ya ka molaodi wa lephata la ditshelete, khutlisa go nna mong yo o botlhokwa wa setheo sa ditshelete; le

(b) ka thebolo ya molaodi ya leano, go tsenya leano mo tirisong.

KGAOLO 12

DITHEO TSA DI KOPANTSWENG TSA DITŠHELETE

Go thapiwa ga ditheo tsa ditshelete tse di

160. (1) Bothati jwa Tlhokomelo bo ka supa maloko a setlhopha sa ditlamo jaaka setheo se se kopantsweng sa ditshelete.

(2) Setheo se se kopantsweng sa ditshelete se se supilweng go ya ka karolotlaleletso (1) se tshwanetse go akaretsa ka bobedi setheo se se matshwanedi sa ditshelete le setlamo se se laolang sa setheo se se matshwanedi sa ditshelete, mme ga se tlhoke go akaretsa maloko othe a setlhopha sa ditlamo.

(3) Ntle le go fapoga mo karolong 3(3) le (4) ya Molao wa Tsweletso ya Tshiamo ya Tsamaiso, le ntle le karolo 3(5) ya Molao, pele go supiwa maloko a setlhopha sa ditlamo jaaka setheo se se kopantsweng sa ditshelete go ya karolotlaleletso (1), Bothati jwa Tlhokomelo bo tshwanetse go—

(a) naya setlamo se se okameng tse dingwe sa setheo se se matshwanedi sa ditshelete kitsiso ya tshupo e tshitsintsweng le polelo ya maitlhomo a le mabaka a gore goreng tshupo e tshitsintsw; le

(b) laletsa setlamo se se okameng tse dingwe go dira ditlhagiso ka ga morero, le go neelana ka nako e e lekaneng go dira jalo.

(4) Bothati jwa Tlhokomelo bo tshwanetse go rerisana le Bolaodi jwa Boitshwaro jwa Lephata la Ditshelete mabapi le tshupo nngwe le nngwe go ya ka karolotlaleletso (1).

(5) Tshupo go ya ka karolotlaleletso (1) e tshwanetse go nna ya maitlhomo a go nolofatsa tlhokomelo e e manontlhotlho ya setheo se se matshwanedi sa ditshelete.

(6) Mo go swetseng ka ga go supa maloko a setlhopha sa ditlamo jaaka ditheo tse di kopantsweng tsa ditshelete go ya ka karolotlaleletso (1), Bothati jwa Tlhokomelo bo tshwanetse go ela tlhoko ditshekatsheko tsotlhe, go akaretsa le bonnye tse di latelang:

(a) Kotsi ya tihatlhobelo e e nonofileng ya setheo se se matshwanedi sa ditshelete go tswa mo popegong ya setlhopha sa ditlamo;

(b) ditlhagiso tse di dirilweng ke kgotsa mabapi le setlamo se se okameng tse dingwe; le

(7) Bothati jwa Tlhokomelo bo ka supa maloko a setlhopha sa ditlamo jaaka setheo se se kopantsweng sa ditshelete go ya ka karolotlaleletso (1) ntle le go ikamanya, kgotsa go ikamanya ka botlalo, le karolotlaleletso (3) fa go utlwagala kgotsa ka mabaka mo maemong jaaka go tlhalositswe mo karolong 3(4)(a) le (b) ya Molao wa Tsweletso ya Tshiamo ya Tsamaiso le tiego e e nnileng teng mo go ikamanyeng, kgotsa mo go ikamanyeng ka botlalo, le karolotlaleletso eomabapi le kgato e tshitsintsweng e ka lere kgobelelo e tseineletseng mo barekeding ba ditshelete, ya ama ka kgobelelo tsepamo ya ditshelete kgotsa maitlhomo a tshupo.

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(8) (a) If the Prudential Authority designates members of a group of companies as a financial conglomerate in terms of subsection (1) without having complied, or complied fully, with subsection (3), the holding company of the designated financial conglomerate must be given a written statement of the reasons why that subsection was not complied with.

(b) The holding company may make submissions to the Prudential Authority within one month after being provided with the statement.

(c) The Prudential Authority must have regard to the submissions, and notify the holding company, as soon as practicable, whether the Prudential Authority proposes to amend or revoke the designation.

(9) The Prudential Authority must continually reassess designations made, or any decision not to make a designation, in terms of subsection (1), and consider making a designation or reconsider the terms of any designation made if the Prudential Authority becomes aware of a change in the risk profile of the members of a group of companies or a designated financial conglomerate.

(10) (a) Without detracting from section 3(3) and (4) of the Promotion of Administrative Justice Act, and despite section 3(5) of that Act, the Prudential Authority may amend or revoke a designation in terms of subsection (1) by notice to—

(i) the holding company of a financial conglomerate; and

(ii) any companies that are not currently designated as part of a financial conglomerate, but which it is proposed to include as part of a currently designated financial conglomerate.

(b) A notice referred to in paragraph (a) must—

(i) include a statement of the purpose of and the reasons why the amendment to or revocation of the designation is proposed; and

(ii) invite the entities referred to in paragraph (a) to make submissions on the matter, and give a reasonable period to do so.

(11) The Prudential Authority must publish each designation made in terms of this section, and each amendment and revocation of a designation.

Notification by eligible financial institution

161. (1) An eligible financial institution must, within 30 days of becoming part of a group of companies, notify the Prudential Authority of that event.

(2) A notification in terms of subsection (1) must be in the form determined by the Prudential Authority, completed in accordance with the instructions on the form, and be accompanied by any information that the Prudential Authority may determine.

(3) If an eligible financial institution contravenes subsection (1), the holding company of the financial institution commits the same contravention.

Licensing requirements for holding companies of financial conglomerates

162. (1) (a) The Prudential Authority may, by notice to a holding company of a financial conglomerate, require the holding company to be licensed in terms of this Act.

(b) A notice referred to in paragraph (a) must—

(i) include a statement of the purpose of and the reasons why the requirement for the holding company to be licensed is proposed; and

(ii) invite the holding company to make submissions on the matter, and give a reasonable period to do so.

(2) Subsection (1) does not apply to a holding company that is licensed in terms of a financial sector law.

(3) A requirement in terms of subsection (1) must be for the purpose of enabling the Prudential Authority to exercise its powers with respect to the financial conglomerate, to enhance the safety and soundness of the eligible financial institution.

(4) A holding company given a notice in terms of subsection (1) must comply with the requirements of the notice.

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(8) (a) Fa Bothati jwa Tlhokomelo bo supa maloko a setlhopha sa ditlamo jaaka setheo se se kopantsweng go ya ka karolotlaleletso (1) ntle le go ikamanya, kgotsa go ikamanya ka botlalo, le karolotlaleletso (3), setlamo se se okameng sa setheo se se kopantsweng sa ditshelete se se supilweng se tshwanetse go abelwa polelo e e kwetsweng ya mabaka a gore goreng go sa ikamanngwa le karolotlaleletso eo.

(b) Setlamo se se okameng tse dingwe se ka direla Bothati jwa Tlhokomelo ditlhagiso mo kgweding e le esi morago ga go abelwa polelo.

(c) Bothati jwa Tlhokomelo bo tshwanetse gotsaya ditlhagiso tsia, le go itsise setlamo se se okameng tse dingwe, ka bonako jo bo kgonegang, gore a Bothati jwa Tlhokomelo bo tshitsinya go tlhabolola kgotsa go gogela morago tshupo.

(9) Bothati jwa Tlhokomelo bo tshwanetse go sekasekagape nako le nako ditshupo tse di dirilweng, kgotsa tshwetso nngwe le nngwe ya go se dire tshupo, go ya ka karolotlaleletso (1), le go akanya ka go dira tshupo kgotsa go sekasekagape dipeelo tsa tshupo e e dirilweng fa Bothati jwa Tlhokomelo bo lemoga ka phetogo mo porofaeleng ya kotsi ya ditokololo tsa setlhopha sa ditlamo kgotsa ditheo tse di kopantsweng tsa ditshelete tse di supilweng.

(10) (a) Ntle le go fapoga mo karolong 3(3) le (4) ya Molao wa Tsweletso ya Tshiamo ya Tsamaiso, le ntle le karolo 3(5) ya Molao, Bothati jwa Tlhokomelo bo ka tlhabolola kgotsa gogela morago tshupo go ya ka karolotlaleletso (1) ka kitsiso go—

(i) setlamo se se okameng sa setheo se se kopantsweng sa ditshelete; le

(ii) ditlamo dingwe le dingwe tse ga jaana di sa supiwang jaaka karolo ya setheo se se kopantsweng sa ditshelete, mme tse go tshitsintsweng gore di ka akaretswa jaaka karolo ya setheo se se kopantsweng sa ditshelete sa ga jaana.

(b) Kitsiso e e kailweng mo temaneng (a) e tshwanetse go—

(i) akaretsa polelo ya maithomo a mabaka a goreng tlhabololo kgotsa kgogelomorago e tshitsintse; le

(ii) laletsa ditheo tse di kailweng mo temaneng (a) go dira ditlhagiso ka ga morero, le go neelana ka nako e e lekaneng go dira jalo.

(11) Bothati jwa Tlhokomelo bo tshwanetse go phasalatsa tshupo nngwe le nngwe e e dirilweng go ya ka karolo eno, le tlhabololo nngwe le nngwe le kgogelomorago ya tshupo.

Kitsiso ka setheo sa ditshelete se se matshwanedi

161. (1) Setheo se se matshwanedi sa ditshelete se tshwanetse, mo matsatsing a le 30 a go nna karolo ya setlhopha sa ditlamo, go itsise Bothati jwa Tlhokomelo ka ga tiragalo eo.

(2) Kitsiso go ya ka karolotlaleletso (1) e tshwanetse go nna mo foromong e e tlhomamisitsweng ke Bothati jwa Tlhokomelo, e tladitswe go tsamaelana le ditaelo tse di mo foromong, le go romelwa le tshedimosetso nngwe le nngwe e e ka tlhomamiswang ke Bothati jwa Tlhokomelo.

(3) Fa setheo se se matshwanedi sa ditshelete se tlola karolotlaleletso (1), setlamo se se okameng tse dingwe sa setheo sa ditshelete se dira tlolo e e tshwanang le eo.

Tlhokego ya kabo ya laesense go dikwebo tse di okameng tse dinge tsa ditheo tsa ditshelete tse dikopaneng

162. (1) (a) Bothati jwa Tlhokomelo bo ka, ka kitsiso go setlamo se se laolang sa setheo se se kopantsweng sa ditshelete, lopa gore setlamo se se laolang se abelwe laesense go ya ka Molao ono.

(b) Kitsiso e e kailweng mo temaneng (a) e tshwanetse go—

(i) akaretsa polelo ya maithomo a le mabaka a gore goreng go tlhokega gore setlamo se se okameng se abelwe laesense a tshitsintse; le

(ii) laletsa setlamo se se okameng go dira ditlhagiso ka ga morero, le go neelana ka nako e e lekaneng go dira jalo.

(2) Karolotlaleletso (1) ga e dirisiwe mo setlamong se se laolang se se abetsweng laesense go ya ka molao wa lephata la ditshelete.

(3) Tlhokego go ya ka karolotlaleletso (1) e tshwanetse go nna ya maithomo a go dira gore Bothati jwa Tlhokomelo bo diragatse dithata tsa jona mabapi le setheo se se kopantsweng sa ditshelete, go oketsa polokego le itekanelo ya setheo se se matshwanedi sa ditshelete.

(4) Setlamo se se laolang se se neilweng kitsiso go ya ka karolotlaleletso (1) se tshwanetse go ikamanya le ditlhokego tsa kitsiso.

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(5) (a) If—

(i) the Prudential Authority gives a holding company a notice in terms of subsection (1); or

(ii) a holding company is licensed in terms of a financial sector law, each other member of the group of companies in the financial conglomerate, including the eligible financial institution, must, on demand by the holding company, provide any information to the holding company that is needed to enable the holding company to comply with its obligations in terms of this Act or a specific financial sector law.

(b) To give effect to paragraph (a), a holding company of a financial conglomerate must impose binding corporate rules on, or enter into a binding agreement with, members of the conglomerate, that includes terms regarding the processing of information, including personal information, within the financial conglomerate.

Non-operating holding companies of financial conglomerates

163. (1) (a) The Prudential Authority may, by notice to a holding company of a financial conglomerate, require that the holding company be a non-operating company. 15

(b) A notice referred to in paragraph (a) must—

(i) include a statement of the purpose of and the reasons why the requirement for the holding company to be a non-operating company is proposed; and

(ii) invite the holding company to make submissions on the matter, and give a reasonable period to do so. 20

(2) A requirement in terms of subsection (1) must be for the purpose of managing more effectively risks to the safety and soundness of the eligible financial institution arising from the other members of the financial conglomerate.

(3) In deciding whether to impose a requirement that a holding company be a non-operating company in terms of subsection (1), the Prudential Authority must take into account all relevant considerations, including at least the following:

(a) The risks to the safety and soundness of the eligible financial institution arising from the other members of the financial conglomerate;

(b) submissions made by or for the holding company; and

(4) A holding company that is given a notice in terms of subsection (1) must comply with the requirements of the notice.

Standards for financial conglomerates

164. (1) The power of the Prudential Authority to make prudential standards extends to making prudential standards that must be complied with by holding companies of 35 financial conglomerates.

(2) In addition to the matters referred to in sections 105 and 108, a prudential standard contemplated in subsection (1) may include requirements with respect to—

(a) financial or other exposures of companies within financial conglomerates;

(b) the governance and management arrangements for holding companies of 40 financial conglomerates;

(d) reducing or managing risks to the safety and soundness of an eligible financial institution arising from the other members of the financial conglomerate. 45

(3) The power of the Financial Sector Conduct Authority to make conduct standards extends to making such standards to be complied with by holding companies of financial conglomerates.

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(5) (a) Fa—

(i) Bothati jwa Tlhokomelo bo ka naya setlamo se se laolang kitsiso go ya ka karolotlaleletso (1); kgotsa

(ii) setlamo se se laolang se abetswe laesense go ya ka molao wa lephata la ditshelete,

leloko lengwe le lengwe la setlhopha sa ditlamo mo setheong se se kopantsweng sa ditshelete, (go akaretsa le setheo sa ditshelete se se matshwanedi) le tshwanetse, ka pateletso ka setlamo se se laolang, go tlamela setlamo se se laolang ka tshedimosetso nngwe le nngwe e e tlhokegang go kgontsha setlamo se se laolang go ikamanya le le ditlamego tsa sona go ya ka Mola o ono kgotsa molao o o tsepameng wa lephata la ditshelete.

(b) Go tsenya mo tirisong temana (a), setlamo se se laolang sa setheo se se kopantsweng sa ditshelete se tshwanetse go pateletsa melawana e tlamang ya ditlamo ka ga, kgotsa go dira tumalano e e tlamang le, maloko a setheo se se kopantsweng sa ditshelete, e e akaretsang dipeelo mabapi le tiragatso ya tshedimosetso, go akaretsa tshedimosetso ya bowena, mo setheong sa ditshelete se se kopantsweng.

Dikgwebo tse di okameng tse dingwe tse di sa direng tsa ditheo tsa ditshelete tse di kopaneng

163. (1) (a) Bothati jwa Tlhokomelo bo ka, ka kitsiso go setlamo se se laolang sa setheo se se kopantsweng sa ditshelete, lopa setheo se se laolang go nna setheo se se sa direng.

(b) Kitsiso e e kailweng mo temaneng (a) e tshwanetse go—

(i) akaretsa polelo ya maithomo a le mabaka a goreng go dirilwe tshitsinyo ya gore setlamo se se laolang se nne setheo se se sa direng; le

(ii) laletsa setlamo se se laolang gore se dire ditlhagiso ka ga morero oo, le go tlamela ka nako e e lekaneng go dira jalo.

(2) Tlhokego go ya ka karolotlaleletso (1) e tshwanetse go nna ya maithomo a go laola dikotsi go polokego le itekanelo ya setheo se se matshwanedi sa ditshelete go tswa go maloko a mangwe a setheo se se kopantsweng sa ditshelete, ka nonofo.

(3) Mo go swetseng ka go pateletsa kgotsa go se pateletse tlhokego ya gore setheo se se okameng se nne setheo se se sa direng go ya ka karolotlaleletso (1), Bothati jwa Tlhokomelo bo tshwanetse go ela tlhoko ditshekatsheko tsotlhe tse di maleba, go akaretsa le bonnye tse di latelang:

(a) Dikotsi go pabalesego le tshiamo ya ditheo tsa ditshelete tse di matshwanedi tse di tswang mo ditokololong tse dingwe tsa ditheo tse di kopantsweng tsa ditshelete;

(b) ditlhagiso tse di dirilweng ke kgotsa tse di diretsweng setheo se se okameng; le

(4) Setheo se se laolang sa ditshelete se se neilweng kitsiso go ya ka karolotlaleletso (1) se tshwanetse go ikamanya le ditlhokego tsa kitsiso.

Maemo a ditheo tse di kopaneng tsa ditshelete

164. (1) Thata ya Bothati jwa Tlhokomelo ya go dira maemo a a manontlhotlho e atolosetswa mo go direng maemo a tlhokomelo a go tshwanetseng go ikamanngwa le ona ke ditlamo tse di laolang tsa ditheo tse di kopantsweng tsa ditshelete.

(2) Mo go tlaleletseng dintlha tse di kailweng mo karolong 105, maemo a tlhokomelo a a kailweng mo karolotlaleletsong (1) a ka akaretsa ditlhokego mabapi le—

(a) ditshelete kgotsa dipeo mo pontsheng tse dingwe tsa ditlamo tse di mo teng ga ditheo tse di kopantsweng tsa ditshelete;

(b) dithulaganyo tsa puso le taolo tsa ditlamo tse di laolang kgotsa ditheo tse di kopantsweng tsa ditshelete;

(c) go bega tshedimosetso ka ga ditlamo tse di mo teng ga ditheo tse di kopantsweng tsa ditshelete tse o e seng ditheo tsa ditshelete; le

(d) go fokotsa kgotsa go laola dikotsi go polokego le itekanelo ya setheo se se matshwanedi sa ditshelete go tswa mo malokong a mangwe a setheo se se kopantsweng sa ditshelete.

(3) Thata ya Bothati jwa Boitshwaro jwa Lephata la Ditshelete ya go dira maemo a boitshwaro e atolosetswa mo go direng maemo ao gore go ikamanngwe le ona ke ditlamo tse di laolang tsa ditheo tse di kopantsweng tsa ditshelete.

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Directives to holding companies

165. (1) The power of the Prudential Authority to issue a directive in terms of section 143 extends to issuing a directive to the holding company of a financial conglomerate imposing requirements on the holding company to manage and otherwise mitigate risks to the prudent management or financial soundness of an eligible financial institution in the conglomerate arising from other members of the conglomerate.

(2) (a) Requirements that a directive contemplated in subsection (1) may impose, include requirements with respect to restructuring the financial conglomerate in accordance with a plan submitted to the Prudential Authority by the holding company, and approved by the Prudential Authority within a period agreed by the Prudential Authority.

(b) The Prudential Authority may only issue a directive imposing requirements with respect to restructuring the financial conglomerate if the Authority is objectively satisfied that another type of directive will not achieve the result sought to be attained by requiring restructuring of the financial conglomerate.

(c) In deciding whether to issue a directive imposing requirements with respect to restructuring the financial conglomerate, the Prudential Authority must take into account all relevant considerations, including at least the following:

(i) The extent to which the existing structure of the financial conglomerate is hindering or is likely to hinder the effective supervision of the financial conglomerate concerned;

(ii) whether the restructuring of the financial conglomerate is reasonably necessary and appropriate to remedy impediments to the effective supervision of the financial conglomerate; and

(iii) submissions made by or for the holding company.

(3) The power of the Financial Sector Conduct Authority to issue a directive in terms of section 144 extends to issuing a directive to the holding company of a financial conglomerate requiring the holding company to ensure that a financial institution in the conglomerate complies with a financial sector law for which the Financial Sector Conduct Authority is the responsible authority.

Approval and prior notification of acquisitions and disposals

166. (1) (a) A holding company of a financial conglomerate may not acquire or dispose of a material asset as defined in prudential standards made for this section, without the approval of the Prudential Authority.

(b) A prudential standard made under this subsection must clearly identify what constitutes a material asset.

(2) The Prudential Authority may not give an approval in terms of subsection (1), unless the Authority is satisfied that the acquisition or disposal will not prejudicially affect—

(a) the prudent management and the financial soundness of an eligible financial institution within the financial conglomerate;

(b) the ability of the Prudential Authority to determine —

(i) how the different types of business of the financial conglomerate are conducted;

(ii) the risks of the financial conglomerate and each person that is part of that financial conglomerate; or

(iii) the manner in which the governance framework is organised and conducted for the financial conglomerate.

(3) (a) If the Prudential Authority contemplates refusing to grant approval of an acquisition or disposal referred to in subsection (1), prior to taking a decision, the Prudential Authority must notify the holding company of the proposed refusal to grant approval.

(b) A notice referred to in paragraph (a) must—

(i) include a statement of the reasons for the refusal to grant approval; and

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Ditaelo go ditlamo tse di laolang

165. (1) Thata ya Bothati jwa Tlhokomelo ya go ntsha taelo go ya ka karolo 143 e atolosetswa mo go reboleng taelo eo go setlamo se se laolang sa setheo se se kopantsweng sa ditshelete se se diragatsang ditlhokego mo setheong se se laolang go laola le ka mokgwa mongwe go fokotsa dikotsi go bolaodi jwa tlhokomelo kgotsa tlhomamo ya ditshelete ya setheo se se matshwanedi sa ditshelete mo setheong se se kopantsweng go tswa mo malokong a mangwe a setheo se se kopantsweng.

(2) (a) Ditlhokego tsa gore taelo e e kailweng mo karolotlaleletsong (1) e ka pateletsa go ya ka karolotlaleletso (1) e akaretsa ditlhokego mabapi le go baakanya seswa setheo se se kopantsweng go tsamaelana le leano le le neetsweng Bothati jwa Tlhokomelo ke setlamo se se okameng, le go rebolwa ke Bothati jwa Tlhokomelo mo pakeng e go dumalanweng ka yona ke Bothati jwa Tlhokomelo, le go rebolwa ke Bothati jwa Tlhokomelo.

(b) Bothati jwa Tlhokomelo bo ka rebola fela taelo e e pateletsang ditlhokego mabapi le go rulaganngwa seswa gape ga ditheo tse di kopantsweng tsa ditshelete fa Bothati bo kgotsofaditswe ka maikaelelo ke gore mofuta o mongwe wa taelo o ka se fithelele ditlamorago tse di ikaeletsweng ka go tlhoka gore setheo se se kopantsweng sa ditshelete se ganelwe.

(c) Mo go swetseng gore go rebolwe kgotsa go se rebolwe taelo e e pateletsang ditlhokego mabapi le go rulaganngwa seswa ga setheo se se kopantsweng sa ditshelete, Bothati jwa Tlhokomelo bo tshwanetse go ela tlhoko ditshekatsheko tsotlhe tse di maleba, go akaretsa le bonnye tse di latelang:

(i) Bogolo jo popego ya gajaana ya setheo sa ditshelete e kgoreletsang kgotsa e ka kgoreletsang tlhokomelo e e nonofileng ya setheo se se kopantsweng sa ditshelete se se amegang;

(ii) gore a thulaganyoseswa ya setheo se se kopantsweng sa ditshelete e a tlhokega ka mabaka le gore a e siametse go ka namola dikgoreletsi tsa tlhokomelo e e nonofileng ya setheo se se kopantsweng sa ditshelete; le

(iii) ditlhagiso tse di dirilweng ke kgotsa mabapi le setlamo se se okameng.

(3) Thata ya Bothati jwa Boitshvaro jwa Lephata la Ditshelete ya go neelana ka taelo go ya ka karolo 144 e atolosetswa mo go reboleng taelo go setlamo se se laolang sa setheo se se kopantsweng sa ditshelete e e lopang setlamo se se laolang go netefatsa gore setheo sa ditshelete mo setheong se se kopantsweng se ikamanya le molao wa lephata la ditshelete o Bothati jwa Boitshvaro jwa Lephata la Ditshelete e leng bolaodi jo bo rwalang maikarabelo a ona.

Thebolo le kitsiso ya pele ya diphitlhelelo le dilatlhwa

166. (1) (a) Setlamo se se laolang sa setheo se se kopantsweng sa ditshelete se ka se fithelele kgotsa phimole dithoto tse di botlhokwa jaaka go tlhalositswe mo maemong a tlhokomelo a a diretsweng karolo eno, ntle le thebolo ya Bothati jwa Tlhokomelo.

(b) Maemo a botlhokwa a a dirilweng ka fa tlase ga karolotlaleletso eno a tshwanetse go tlhagisa ka botlalotse di tlhamang thoto e e botlhokwa.

(2) Bothati jwa Tlhokomelo bo ka se neelane ka thebolo go ya ka karolotlaleletso (1), ntle le fa Bothati bo kgotsofetse gore phitlhelelo kgotsa phimolo e ka se ame ka kgobeleo—

(a) bolaodi jwa tlhokomelo le itekanelo ya ditshelete ya setheo se se matshwanedi sa ditshelete mo teng ga setheo se se kopantsweng sa ditshelete;

(b) bokgoni jwa Bothati jwa Tlhokomelo jwa go tlhomamisa—

(i) ka moo mefuta e e farologaneng ya dikgwebo e tsamaiswang ka teng;

(ii) dikotsi tsa setheo se se kopantsweng sa ditshelete le motho mongwe le mongwe yo e leng karolo ya setheo se se kopantsweng seo sa ditshelete; kgotsa

(iii) mokgwa o letlhomeso la puso rulagantsweng le go tsamaiswang ka teng mabapi le setheo se se kopantsweng sa ditshelete.

(3) (a) Fa Bothati jwa Tlhokomelo bo akanya go se letle thebolo ya phitlhelelo kgotsa phimolo e e kailweng mo karolotlaleletsong (1), pele ga go tsaya tshwetso, Bothati jwa Tlhokomelo bo tshwanetse go itsise setlamo se se okameng ka ga go se letlwe go go tshitsintsweng ga thebolo.

(b) Kitsiso e e kailweng mo temaneng (a) e tshwanetse go—

(i) akaretsa polelo ya mabaka a gore goreng thebolo e sa letlwa; le

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(ii) invite the holding company to make submissions on the matter, and give a reasonable period to do so.

(4) In deciding whether to grant or refuse a request for approval in terms of subsection (1), the Prudential Authority must take into account all relevant considerations, including at least the following:

(a) Whether the acquisition or disposal will not prejudicially affect the matters referred to in subsection (2); and

(b) submissions made in relation to the application for approval, including any submissions made in response to a request for submissions referred to in subsection (3).

(5) An acquisition or disposal in contravention of subsection (1) is void.

CHAPTER 13

ADMINISTRATIVE PENALTIES

Administrative penalties

167. (1) The responsible authority for a financial sector law may, by order served on 15 a person, impose on the person an appropriate administrative penalty, that must be paid to the financial sector regulator, if the person—

(a) has contravened a financial sector law; or

(b) has contravened an enforceable undertaking accepted by the responsible authority.

(2) In determining an appropriate administrative penalty for particular conduct—

(a) the matters that the responsible authority must have regard to include the following:

(i) The need to deter such conduct;

(ii) the degree to which the person has co-operated with a financial sector regulator in relation to the contravention; and

(iii) any submissions by, or on behalf of, the person that is relevant to the matter, including mitigating factors referred to in those submissions; and

(b) without limiting paragraph (a), the matters that the responsible authority may have regard to include the following:

(i) The nature, duration, seriousness and extent of the contravention;

(ii) any loss or damage suffered by any person as a result of the conduct;

(iii) the extent of any financial or commercial benefit to the person, or a juristic person related to the person, arising from the conduct;

(iv) whether the person has previously contravened a financial sector law;

(v) the effect of the conduct on the financial system and financial stability;

(vi) the effect of the proposed penalty on financial stability;

(vii) the extent to which the conduct was deliberate or reckless.

(3) An administrative penalty may include an amount to reimburse the responsible authority for reasonable costs incurred by the responsible authority in connection with 40 the contravention.

(4) The responsible authority may not impose an administrative penalty on a person if a prosecution of the person for an offence arising out of the same set of facts has been commenced.

(5) An administrative penalty order is not a previous conviction as contemplated in 45 Chapter 27 of the Criminal Procedure Act, 1977 (Act No. 51 of 1977).

(6) The responsible authority that makes an administrative penalty order must publish the order.

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(ii) laletsa setlamo se se okameng go dira ditlhagiso ka ga morero, le go neelana ka nako e e lekaneng ya go dira jalo.

(4) Mo go swetseng ka go letla kgotsa kgotsa go se letle kopo ya thebolo go ya ka karolotlaleletso (1), Bothati jwa Tlhokomelo bo tshwanetse go ela tlhoko ditshekatsheko tsotlhe, go akaretsa bonnye tse di latelang:

(a) Gore a phitlhelelo kgotsa phimolo e ka se ame ka kgobelelo merero e e kailweng mo karolotlaleletsong (2); le

(b) ditlhagiso tse di dirilweng mabapi le kopo ya thebolo, go akaretsa le ditlhagiso dingwe le dingwe tse di dirilweng ka tsibogelo go kopo ya ditlhagiso e e kailweng mo karolotlaleletsong (3).

(5) Phitlhelelo kgotsa phimolo e e tlolang karolotlaleletso (1) ga e na ditlamorago tsa semolao.

KGAOLO 13

DIKOTLHAO TSA TSAMAISO

Dikotlhao tsa tsamaiso 15

167. (1) Bothati jo bo rwalang maikarabelo a molao wa lephata la ditshelete bo ka, ka taelo e e neetsweng motho, diragatsa mo mothong kotlhao ya tsamaiso e e maleba, eo e tshwanetseng go duelwa go molaodi wa lephata la ditshelete mo pakeng e e tsepamisitsweng mo taelong, fa motho—

(a) a tlotse molao wa lephata la ditshelete; kgotsa 20

(b) a tlotse tumalano e e gatelelwang e e amogetsweng ke bothati jo bo rwalang maikarabelo.

(2) Mo go tlhomamiseng kotlhao e e maleba ya tsamaiso ya boitshwaro jo bo rileng—

(a) merero e bothati jo bo rwalang maikarabelo bo tshwanetseng go e ela tlhoko e akaretsa tse di latelang:

(i) Tlhokego ya go thibela boitshwaro joo;

(ii) ka moo motho a dirisaneng mmogo le molaodi wa lephata la ditshelete ka gona mabapi le tlolo; le

(iii) ditlhagiso dingwe le dingwe ka, kgotsa mo boemong jwa, motho yo o maleba go morero, go akaretsa le mabaka a phokotso a a kailweng mo ditlhagisong tseo; le

(b) ntle le go lekanyetsa temana (a), merero e bothati jo bo rwalang maikarabelo bo tshwanetseng go e ela tlhoko e akaretsa tse di latelang:

(i) Tlhago, nako, bomasisi le bogolo jwa tlolo;

(ii) tatlhegelo kgotsa tshenyegelo nngwe le nngwe e motho mongwe le mongwe a e itemogetseng ka ntlha ya boitshwaro;

(iii) bogolo jwa kunomolemo ya ditshelete kgotsa kgwebo mo mothong, kgotsa setheo se se amanang le motho, go tswa mo boitshwarong;

(iv) ka gongwe motho o kile a tlola molao wa lephata la ditshelete mo malobeng;

(v) ditlamorago tsa boitshwaro mo thulaganyong ya ditshelete le tlhomamong ya ditshelete;

(vi) ditlamorago tsa kotlhao e tshitsintsweng mo tlhomamong ya ditshelete;

(vii) bogolo jo boitshwaro bo neng bo le jwa ka bomo kgotsa jwa botlhaswa.

(3) Taelo ya kotlhao ya tsamaiso e ka akaretsa tuelo ya go busetsa bothati jo bo rwalang maikarabelo madi a ditshenyegelo tse di utlwagalang tse di bonweng ke bothati jo bo rwalang maikarabelo mabapi le go batlisisa tlolo.

(4) Bothati jo bo rwalang maikarabelo bo ka se duedise motho kotlhao ya tsamaiso fa katlholo ya motho mabapi le molato o o tswang mo seteng e tshwanang ya dintlha e setse e simolotswe.

(5) Taelo ya kotlhao ya tsamaiso ga se ponomolato ya pele jaka go kailwe mo Kgaolong 27 ya Criminal Procedure Act, 1977 (Molao 51 wa 1977).

(6) Bothati jo bo rwalang maikarabelo jo bo dirang taelo ya kotlhao ya tsamaiso bo tshwanetse go phasalatsa taelo.

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Act No. 9 of 2017

Financial Sector Regulation Act, 2017

Payment

168. An amount payable in terms of an administrative penalty order is due and payable as set out in Regulations made for this Chapter.

Interest

169. Interest, at the rate prescribed for the time being in terms of the Prescribed Rate of Interest Act, 1975 (Act No. 55 of 1975), is payable in respect of the unpaid portion of the amount payable as an administrative penalty until it is fully paid.

Enforcement

170. (1) The responsible authority that makes an administrative penalty order may file with the registrar of a competent court a certified copy of the order if—

(a) the amount payable in terms of the order has not been paid as required by the order; and

(b) either—

(i) no application for reconsideration of the order in terms of a financial sector law, or for judicial review in terms of the Promotion of Administrative Justice Act of the Tribunal’s decision, has been lodged by the end of the period for making such applications; or

(ii) if such an application has been made, proceedings on the application have been finally disposed of.

(2) The order, on being filed, has the effect of a civil judgment, and may be enforced as if lawfully given in that court.

Application of amounts paid as administrative penalties

171. All amounts recovered by a responsible authority as administrative penalties must be applied—

(a) first, to reimburse the responsible authority for its costs and expenses reasonably and properly incurred in connection with the relevant contravention, making the order and enforcing it; and

(b) then, the balance after applying the amount in accordance with paragraph (a) must be paid into the National Revenue Fund.

Administrative penalty taken into account in sentencing

172. When determining the sentence to impose on a person convicted of an offence in terms of a financial sector law, a court must take into account any administrative penalty order made in respect of the same set of facts.

Remission of administrative penalties

173. The responsible authority that imposed an administrative penalty on a person may, on application by the person, by order, remit all or some of the administrative penalty, and all or some of the interest payable in terms of section 169.

Prohibition of indemnity for administrative penalties

174. (1) Except in circumstances prescribed by a joint standard, a person may not undertake to indemnify or compensate another person, directly or indirectly, wholly or partly, in respect of a payment made or liability incurred by the other person in connection with an administrative penalty order imposed on the other person.

(2) An undertaking in terms of subsection (1) is void.

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Tuelo

168. Madi a a duelwang go ya ka taelo ya kotlhao ya tsamaiso a a tshwanetseng go duelwa le go duediswa jaaka go tlhalositswe mo Melawaneng e e diretsweng Kgaolo eno.

Morokotso

169. Morokotso, ka kelo e e neetsweng nakwana go ya ka Prescribed Rate of Interest Act, 1975 (Molao 55 wa 1975), o duelwa mabapi le karolo e e sa duelwang ya tlhotlhwa e e duelwang jaaka kotlhao ya tsamaiso go fitlhela o duetswe ka botlalo.

Kgatelelo

170. (1) Bothati jo bo rwalang maikarabelo jo bo dirang taelo ya kotlhao ya tsamaiso bo ka faela kgatiso e e kanetsweng ya taelo le mokwadisi wa kgotlatshekelo e e nang le bokgoni fa—

(a) madi a a duediswang go ya ka taelo a sa duelwa jaaka go tlhokega go ya ka taelo; le

(b) gongwe—

(i) go se kopo ya tshekatsheko morago mabapi le molao wa lephata la ditshelete kgatlhanong le go dirwa ga taelo e e dirilweng ka nako ya bokhutlo jwa paka ya go dira dikopo tseo; kgotsa

(ii) fa kopo eo e dirilwe, tshekatsheko morago e fedisitswe kwa bofelong.

(2) Taelo, fa e faelwa, e na le ditlamorago tsa katlholo ya selegae, e bile e ka gatelelwa jaaka e kete go neilwe semolao kwa kgotlatshekelong eo.

Tiriso ya madi a a duetsweng jaaka dikotlhao tsa tsamaiso

171. Madi othe a a bonweng ke bothati jo bo rwalang maikarabelo jaaka dikotlhao tsa tsamaiso a tshwanetse go diriswa—

(a) pele, go busetsa bothati jo bo rwalang maikarabelo madi a jona a dituelo le ditshenyegelo tseo bo di iponetseng ka mabaka le tshiamo mo go batlisiseng tlolo e e maleba, go dira taelo le go e gatelela; le

(b) mme morago, tshalelo nngwe le nngwe morago ga tiriso ya madi go tsamaelana le temana (a) e tshwanetse go duelwa mo Letloleng la Lotseno la Bosetshaba.

Kotlhao ya tsamaiso e e tserweng mo katlholong

172. Fa go tlhomamiswa katlholo e e ka newang motho yo o bonweng molato go ya ka molao wa lephata la ditshelete, kgotlatshekelo e tshwanetse go ela tlhoko taelo ya kotlhao nngwe le nngwe ya tsamaiso e e dirilweng mabapi le sete e tshwanang ya dintlha.

Tebalelo melato ya dikotlhao tsa tsamaiso

173. Bothati jo bo rwalang maikarabelo jo bo duedisang motho kotlhao ya tsamaiso bo ka, mo kopong ka motho, ka taelo, phimola dikotlhao tsotlhe kgotsa dingwe tsa dikotlhao tsa tsamaiso, le morokotso othe kgotsa nngwe ya morokotso o o duelwang go ya ka karolo 169.

Thibelo ya polokego mabapi dikotlhao tsa tsamaiso

174. (1) Ntle le mo mabakeng a a neetsweng ke maemo a a kopantsweng, motho o ka se dumalane go se tseye maikarabelo kgotsa go duela motho yo mongwe, ka tlhamalalo kgotsa e seng ka tlhamalalo, ka botlalo kgotsa e seng ka botlalo, mabapi le tuelo e e dirilweng kgotsa molato o o iponetsweng ke motho yo mongwe mabapi le tuelo ya kotlhao ya tsamaiso e e pateleditsweng motho yo mongwe.

(2) Tumalano go ya ka karolotlaleletso (1) ga e na ditlamorago dipe.

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CHAPTER 14 OMBUDS

Part 1 Ombud Council

175. (1) The Ombud Council is hereby established.

(2) The Ombud Council is a juristic person.

(3) The Ombud Council is a national public entity for the purposes of the Public Finance Management Act, and notwithstanding section 49(2) of the Public Finance Management Act, the Chairperson of the Ombud Council is the accounting authority of the Ombud Council for the purposes of that Act. 10

Objective

176. The objective of the Ombud Council is to assist in ensuring that financial customers have access to, and are able to use, affordable, effective, independent and fair alternative dispute resolution processes for complaints about financial institutions in relation to financial products, financial services, and services provided by market infrastructures. 15

Functions of Ombud Council

177. (1) In order to achieve its objective, the Ombud Council must—

(a) recognise, in accordance with this Chapter, industry ombud schemes; 20

(b) promote co-operation between, and co-ordination of, the activities of ombuds;

(d) promote public awareness of ombuds and ombud schemes and the services they provide;

(e) take steps to facilitate access by financial customers to appropriate ombuds; 25

(f) publicise ombud schemes, including publicising the kinds of complaints that different ombud schemes deal with;

(g) resolve, in accordance with this Act, overlaps of the jurisdictional coverage of different ombud schemes;

(h) monitor the performance of ombud schemes, including the extent to which they comply with the requirements of this Chapter and specific financial sector laws; and

(i) support financial inclusion.

(2) The Ombud Council must also perform any other function conferred on it in terms of any other provision of this Act or other applicable legislation. 35

(3) The Ombud Council may do anything else reasonably necessary to achieve its objective.

(4) The Ombud Council must perform its functions without fear, favour or prejudice.

Overall governance objective

178. The Ombud Council must— 40

(a) manage its affairs in an efficient and effective way; and

(b) establish and implement appropriate and effective governance systems and processes.

Board of Ombud Council

179. (1) A Board for the Ombud Council is hereby established. 45

(2) The Board consists of—

(a) the Chief Ombud;

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KGAOLO 14

OMBUDS

Karolo 1

Khansele ya Ombud

175. (1) Khansele ya Ombud e a tlhongwa.

(2) Khansele ya Ombud ke setheo se se mo molaong.

(3) Khansele ya Ombud ke setheo sa setshaba sa bosetshaba mabapi le maitlhomo a Public Finance Management Act le, go sa nyatswe karolo 49(2) ya Public Finance Management Act, Modulasetilo wa Khansele ya Ombud ke molaodi yo o rwalang maikarabelo wa Khansele ya Ombud mabapi le maitlhomo a Molao ono. 10

Maithlomo

176. Maikaelelo a Khansele ya Ombud ke go thusa mo go netefatseng gore badirisi ba ditshelete ba kgona go fithelela, le go kgona go dirisa, dikgato tse dingwe tsa tharabololo ya dithulano tse di tuelo tlase, nonofileng, ikemetseng le lolameng mo dingongoregong tse di ka ga ditheo tsa ditshelete mabapi le dikuno tsa ditshelete, ditirelo tsa ditshelete, le ditirelo tse di tlamelwang ke dithulaganyetso tsa popego ya mmaraka. 15

Ditiro tsa Khansele ya Ombud

177. (1) Gore e fithelele maikaelelo a yona, Khansele ya Ombud e tshwanetse go—

(a) amogela, go tsamaisana le Karolo eno, dikema tsa ombud tsa bodirelo; 20

(b) tsweletsa pele tirisanommogo magareng, le thulaganyo ya ditiro tsa ombuds;

(d) tsweletsa pele temoso ya setshaba ka ga ombuds le dikema tsa ombud le ditirelo tse ba di tlamelang;

(e) tsaya dikgato go nolofatsa phithelelo ya barekedi ditshelete go ombuds tse di maleba;

(f) itsise setshaba ka ga sekema sa ombud, go akaretsa go bega ka mefuta ya dingongorego tse diombud tse di farologaneng di samaganeng le tsona;

(g) rarabolola, go tsamaelana le Molao ono, ditshelepano tsa phithelelo ya lefelotaolo la dikema tse di farologaneng tsa ombud; 30

(h) tlhokomela tiro ya dikema tsa ombud, go akaretsa le bogolo jo di ikamanyang le ditlhokego tsa Kgaolo eno ka jona le melao e e tsepameng ya lephata la ditshelete; le

(i) tsweletsa pele tsenyeletso ya ditshelete.

(2) Khansele ya Ombud e tshwanetse gape go dira tiro nngwe le nngwe e e e 35 roletsweng go ya ka kabelo nngwe le nngwe ya Molao ono kgotsa molawana mongwe le mongwe o o maleba.

(3) Khansele ya Ombud e ka dira sengwe le sengwe gape se se tlhokegang ka mabaka go fithelela maikaelelo a yona.

(4) Khansele ya Ombud e tshwanetse go dira tiro ya yona ntle le letshogo, 40 tseoletlhakore kgotsa kgobelelo.

Maithlomo ka kakaretso puso

178. Khansele ya Ombud e tshwanetse go—

(a) laola merero ya yona ka bokgoni le; le

(b) tlhoma le go diragatsa ditsamaiso tsa puso le dikgato tse di maleba e bile di na 45 le bokgoni.

Boto ya Khansele ya Ombud

179. (1) Boto ya Khansele ya Ombud e a tlhongwa.

(2) Boto e bopilwe ka—

(a) Ombud yo Mogolo; 50

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(b) the Commissioner; and

(3) The Commissioner does not have a vote on a question being considered by the Board.

Appointment of Board members

180. (1) The members of the Board are appointed by the Minister.

(2) (a) The Minister must appoint a member as Chairperson and another member as Deputy Chairperson.

(b) The Commissioner and the Chief Ombud may not be appointed as Chairperson or Deputy Chairperson.

(3) The Deputy Chairperson acts as Chairperson when the Chairperson is absent from office or is otherwise unable to perform his or her functions.

(4) A person may not be appointed to, or hold office as, a member of the Board if the person is—

(a) an ombud;

(b) a member of the governing body or staff of an ombud scheme;

(d) a disqualified person;

(e) not ordinarily resident in the Republic; or

(f) engaged in—

(i) the business of a financial institution; or

(ii) the provision of financial products or financial services to financial customers.

Terms of office of Board members

181. (1) A person appointed as a member of the Board—

(a) holds office for a term of no longer than five years, as the Minister may determine;

(b) is, at the expiry of that term of office, eligible for re-appointment for one further term; and

(i) resigns by giving at least three months written notice to the Minister, or a shorter period that the Minister may accept; or

(ii) is removed from office.

(2) The Minister must, at least three months before the end of a person’s first term of office, inform the person whether or not the Minister intends to re-appoint the person as a member of the Board.

Service conditions of Board members

182. A member of the Board holds office on the terms and conditions, including terms and conditions relating to remuneration, that are determined by the Minister.

Removal of Board members

183. (1) The Minister must, subject to due process, remove a member of the Board from office if the member becomes a disqualified person.

(2) The Minister may remove a member of the Board from office if an independent inquiry established by the Minister has found that the member—

(a) is unable to perform the duties of office for health or other reasons;

(b) has failed in a material way to discharge any of the responsibilities of office; or

(3) Without limiting subsection (2)(b), a member of the Board must be taken to have failed in a material way to discharge the responsibilities of office if he or she is absent from two consecutive meetings of the Board without the leave of the Board.

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(b) Khomisenara; le

(3) Khomisenara ga a na boutu mo potsong e e sekasekwang ke Boto.

Go thapiwa ga maloko a Boto

180. (1) Maloko a Boto a athapiwa ke Tona. 5

(2) (a) Tona o tshwanetse go thapa leloko jaaka Modulasetilo le leloko le lengwe jaaka Motlatsamodulasetilo.

(b) Khomisenara le Ombud yo Mogolo baka se thapiwe jaaka Modulasetilo kgotsa Motlatsamodulasetilo.

(3) Motlatsamodulasetilo o tshwara marapo jaaka Modulasetilo fa Modulasetilo a 10 seyo kwa tirong kgotsa ka gongwe a sa kgone go dira tiro ya gagwe.

(4) Motho o ka se thapiwe go nna, kgotsa go tshwara maemo a, Modulasetilo, Motlatsamodulasetilo kgotsa leloko la Boto fa motho yoo—

(a) e le ombud;

(b) e le leloko la mokgatlho o o busang kgotsa badirimmogo mo sekemeng sa 15 ombud;

(d) a ileditswe;

(e) e se ka tlwaelo moagi mo Rephaboliking; kgotsa

(f) a samagane le—

(i) kgwebo ya setheo sa ditshelete; kgotsa

(ii) kabelo ya dikuno tsa ditshelete kgotsa ditirelo tsa ditshelete go barekedi ba ditshelete.

Para ya ofisi ya maloko a Boto

181. (1) Motho yo o thapilweng jaaka leloko la Boto— 25

(a) o nna mo tirong sebaka sa paka e e sa feteng dingwaga tse tlhano, jaaka Tona a ka tlhomamisa;

(b) o, ka go fitlha bokhutlong ga paka ya tiro, na le tshwanelo ya go ka thapiwa gape sebaka sa paka e le nngwe; le

(i) a rola tiro ka go naya Tona kitsiso e e kwetsweng ya bonnye dikgwedi tse tharo, kgotsa nako e khutshwane e Tona a ka e amogelang; kgotsa

(ii) a ntshitswe mo ofising.

(2) Tona o tshwanetse, bonnye dikgwedi di le tharo pele ga bokhutlo jwa paka ya 35 motho ya ntlha ya ofisi, go itsise motho fa e le gore Tona o ikaelela go thapa motho yoo gape jaaka leloko la Boto.

Mabaka a tirelo ya maloko a Boto

182. Leloko la Boto le thapiwa ka dipeelo le mabaka, go akaretsa le dipeelo le mabaka tse di amanang le mogolo, tse di tlhomatisitsweng ke Tona. 40

Go tloswa ga maloko a Boto

183. (1) Tona o tshwanetse, go ya ka dikgato tse di maleba, go tlosa leloko la Boto mo ofising fa leloko le nna motho yo o ileditsweng.

(2) Tona o ka tlosa leloko la Boto mo ofising fa patlisiso e e ikemetseng e e tlhomilweng ke Tona e fitlheletse gore leloko—

(a) ga le kgone go dira ditiro tsa ofisi ka ntlha ya mabaka a boitekanelo kgotsa a mangwe;

(b) le paletswe ka gotlhe go diragatsa epe ya maikarabelo a ofisi; kgotsa

(3) Ntle le go lekanyetsa karolotlaleletso (2)(b), leloko la Boto le tshwanetse go tseelwa gore le paletswe ka mokgwa o o bonagalang go diragatsa maikarabelo a ofisi fa a sa nne teng mo dikopanong tse pedi tse di latelanang tsa Boto ntle le khunologo ya Boto.

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(4) If an independent inquiry has been established in terms of subsection (2), the Minister may suspend the member of the Board from office pending a decision on that person's removal from office.

(5) If a member of the Board is removed from office in terms of subsection (2), the Minister must submit the report and findings of the independent inquiry to the National Assembly.

Role of Board

184. The Board must—

(a) generally oversee the management and administration of the Ombud Council in order to ensure that it is efficient and effective;

(b) appoint members of committees of the Ombud Council required or permitted by a law, and give directions regarding the conduct of the work of any committee;

(d) keep the Minister informed of—

(i) compliance by ombud schemes with the financial sector laws in so far as they relate to ombud schemes;

(ii) trends in the nature of complaints and issues raised in complaints that ombud schemes are dealing with, and how those types of issues and complaints are being dealt with; and

(iii) the conduct of financial institutions that is giving rise to complaints to ombud schemes;

(e) keep the financial sector regulators informed of the conduct of financial institutions that is giving rise to complaints to ombud schemes; and

(f) address any other matter assigned in terms of a financial sector law to the Board.

Meetings of Board

185. (1) (a) The Board must meet on a quarterly basis or as often as necessary for the performance of its functions.

(b) An audio or audio-visual conference among a majority of the members of the Board, which enables each participating member to hear and be heard by each of the other participating members, must be regarded to be a meeting of the Board, and each participating member must be regarded as being present at such a meeting.

(2) Meetings of the Board are to be at times and, except where subsection (1)(b) applies, at places determined by the Chairperson.

(3) A quorum for a meeting of the Board is a majority of its members.

(4) (a) The Chairperson chairs the meetings of the Board at which the Chairperson is present.

(b) If the Chairperson is not present at a meeting, the Deputy Chairperson chairs the meeting.

(5) The person chairing a meeting of the Board may invite or allow any other person to attend a meeting of the Board, but a person who is invited has no right to vote at the meeting.

(6) The members may regulate proceedings at Board meetings as they consider appropriate.

(7) The Chairperson must ensure that minutes of each meeting of the Board are kept in a manner determined by the Chairperson.

Decisions of Board

186. (1) (a) A proposal before a meeting of the Board becomes a decision of the Board if a majority of the members who are present or regarded as being present, and who may vote, vote for the proposal.

(b) In the event of an equality of votes on a proposal, the person chairing the meeting has a casting vote in addition to a deliberative vote.

(2) The Board may, in accordance with procedures determined by the Board, make a decision on a proposal outside a meeting of the Board.

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(4) Fa patlisiso e e ikemetseng e tlhomilwe go ya ka karolotlaleletso (2), Tona o ka emisa leloko la Boto go tla tirong go sa letilwe tshwetso ka go tloswa ga motho yoo mo ofising.

(5) Fa leloko la Boto le tlositswe mo tirong go ya ka karolotlaleletso (2), Tona o tshwanetse go romela pegelo le diphitlhelelo tsa patlisiso e e ikemetseng go Kokoano Bosetshaba.

Botsayakarolo jwa Boto

184. Boto e tshwanetse—

(a) ka kakaretso, go tlhokomela taolo le tsamaiso ya Khansele ya Bolaodi ya Ombud go netefatsa gore e na le bokgoni e bile e nonofile;

(b) gothapa maloko a komiti ya Khansele ya Bolaodi ya Ombud a a tlhokegang kgotsa letleletsweng ke molao, le go naya dikaelo mabapi le boitshwaro jwa tiro ya komiti e nngwe le e nngwe;

(d) go baya Tona mo leseding ka ga—

(i) ikamanyo ya dikema tsa ombud le melao ya lephata la ditshelete go ya ka moo di amanang le dikema tsa ombud;

(ii) dingongorego tse dikema tsa ombud di samaganeng le tsona, le ka moo di sekasekwang ka teng; le

(iii) boitshwaro jwa ditheo tsa ditshelete tse di dirang gore go nne le dingongorego tse dintsi go dikema tsa ombud;

(e) go baya balaodi ba lephata la ditshelete mo leseding ka ga boitshwaro jwa ditheo tsa ditshelete tse di dirang gore go nne le dingongorego tse dintsi tsa dikema tsa ditshelete; le

(f) go sekaseka morero mongwe le mongwe o o neilweng Boto go ya ka molao wa lephata la ditshelete.

Dikopano tsa Boto

185. (1) (a) Boto e tshwanetse go kopana kotare nngwe le nngwe kgotsa kgapetsakgapetsa jaaka go tlhokega go dira ditiro tsa yona.

(b) Khonferense ya kutlo kgotsa kutlopono magareng ga bontsi jwa maloko a Boto, e e kgontshang leloko lengwe le lengwe le le tsayang karolo go utlwa le go utlwiwa ke leloko lengwe le lengwe la maloko a mangwe a a tsayang karolo, e tshwanetse go tsewa jaaka kopano ya Boto, e bile leloko lengwe le lengwe le le tsayang karolo le tshwanetse go tseelwa gore le teng kwa kopanong eo.

(2) Dikopano tsa Boto di tshwanetse go tshwarwa ka nako le, ntle le moo karolotlaleletso (1)(b) e diriswang, kwa mafelong a a tlhomamisitsweng ke Modulasetilo.

(3) Khoramo ya kopano ya Boto ke bontsi jwa maloko a yona.

(4) (a) Modulasetilo o okamela dikopano tsa Boto tse Modulasetilo a leng teng mo go tsona.

(b) Fa Modulasetilo a se teng kwa kopanong, Motlatsamodulasetilo o okamela kopano.

(5) Motho yo o okametseng kopano ya Boto o ka laletsa kgotsa letla motho mongwe le mongwe go tla kopanong ya Boto, fela motho yo o laleditsweng ga a na tshwanelo ya go bouta kwa kopanong.

(6) Maloko a ka laola ditsamaiso kwa kopanong ya Boto jaaka ba bona go tshwanetse.

(7) Modulasetilo o tshwanetse go netefatsa gore metstoso ya kopano nngwe le nngwe e tsholwa ka mokgwa o tthomamisitsweng ke Modulasetilo.

Ditshwetso tsa Boto

186. (1) (a) Tshitsinyo e e fa pele ga kopano ya Boto e nna tshwetso ya Boto fa bontsi jwa maloko a a leng teng kgotsa a a tsewang gore a teng, le ba ba ka boutang, ba boutela tshitsinyo.

(b) Mo lebakeng la tekatekano ya diboutu mo tshitsinyong, motho yo o okameng kopano o ka dira boutu ya makgaolakgang mo godimo ga boutu ya tlwaelo.

(2) Boto e ka, go tsamaelana le ditsamaiso tse di tlhomamisitsweng ke Boto, tsaya tshwetso mo tshitsinyong kwa ntle ga kopano ya Boto.

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(3) A decision of the Board is not invalid merely because—

(a) there was a vacancy in the office of a member when the decision was taken; or

(b) a person who was not a member participated in the decision, but did not vote.

Governance and other committees of Ombud Council

187. (1) The Board must establish—

(a) a committee to review, monitor and advise the Board on the remuneration policy of the Ombud Council; and

(b) a committee to review, monitor and advise the Board on the risks faced by the Ombud Council and plans for managing those risks.

(2) (a) The Board may establish one or more other committees for the Ombud Council, with membership and functions as determined by the Board.

(b) A committee may include persons who are not members of the Board.

(3) A disqualified person may not be, or remain, a member of a committee.

(4) A member of a committee holds office for the period, and on the terms and conditions, including, in the case of a person who is not in the service of an organ of state, terms regarding remuneration, determined by the Board.

(5) (a) A committee established in terms of subsection (1) or section 51(1)(a)(ii) of the Public Finance Management Act must be chaired by a person who is not the Chairperson, the Deputy Chairperson or a staff member of the Ombud Council.

(b) The majority of the members of that committee may not be staff members of the Ombud Council.

(6) A committee determines its procedure, subject to any directions that may be issued by the Board.

(7) The Chief Ombud must ensure that minutes of each meeting of a committee are kept in a manner determined by the Board.

Chief Ombud

188. (1) The Minister must appoint a Chief Ombud, and the person appointed as such must agree with the Minister, in writing, on—

(a) the performance measures that must be used to assess the person's performance; and

(b) the level of performance to be achieved against those measures.

(2) Subject to this Act, the Chief Ombud holds office on the terms and conditions, including terms and conditions relating to remuneration, pension, leave and other benefits, that are determined by the Board and specified in an employment contract between the Chief Ombud and the Ombud Council.

(3) The Chief Ombud—

(a) is responsible for the day-to-day management and administration of the Ombud Council; and

(b) must perform the functions of the Ombud Council, except those mentioned in section 184(b) and (c), including exercising the powers and carrying out the duties associated with those functions.

(4) (a) The Chief Ombud must convene meetings of the ombuds on a regular basis, but at least four times a year, to discuss the effective operation of the ombuds system.

(b) The Chief Ombud, or, in the absence of the Chief Ombud, a person appointed by the Chief Ombud, chairs meetings of the ombuds;

(c) If three ombuds request the Chief Ombud in writing to convene a meeting of the Ombud Council, a meeting of the ombuds must be convened.

(5) When acting in terms of subsection (3), the Chief Ombud must implement the policies and strategies adopted by the Board.

Duties of Board members

189. (1) A member of the Board must—

(a) act honestly in all matters relating to the Ombud Council; and

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(3) Tshwetso ya Boto ga e tlhoke go amogelseega fela ka ntlha ya gore—

(a) go ne go na le phatlatiro kwa ofising ya leloko fa go ne go tsewa tshwetso; kgotsa

(b) motho yo e neng e se leloko o tsere karolo mo tshwetsong.

Puso le dikomiti tse dingwe tsa le Khansele ya Ombud 5

187. (1) Boto e tshwanetse go tlhoma—

(a) komiti go gakolola Boto ka pholisi ya mogolo ya Khansele ya Ombud; le

(b) komiti go sekaseka, tlhokomela le go gakolola Boto ka ga dikotsi tse Khansele ya Ombud e lebaganeng le tsona le maano a go laola dikotsi tseo.

(2) (a) Boto e ka tlhoma komiti kgotsa tse dingwe tse dintsi mabapi le Khansele ya Ombud, ka botokololo le ditiro jaaka di tlhomatisitswe ke Boto.

(b) Komiti e ka akaretsa batho bao e seng maloko a Boto.

(3) Motho yo o ileditsweng o ka se nne, kgotsa o ka se tswelele go nna, leloko la komiti.

(4) Leloko la komiti le dira sebaka sa paka, le go ya ka dipeelo le mabaka, go akaretsa, mo lebakeng la motho yo o seng mo tirelong ya lekala la puso, dipeelo mabapi le mogolo, di tlhomamiswa ke Boto.

(5) (a) Komiti e e tlhomilweng go ya ka karolotlaleletso (1) kgotsa karolo 51(1)(a)(ii) ya Public Finance Management Act e tshwanetse go okamelwa ke motho yo e seng Modulasetilo kgotsa leloko la badirimmogo la Khansele ya Ombud.

(b) Bontsi jwa maloko a komiti eo bo ka se nne maloko a badirimmogo ba Khansele ya Ombud.

(6) Komiti e tlhomamisa tsamaiso ya yona, go ya ka dikaelo tse di ka rebolwang ke Boto.

(7) Ombud yo Mogolo o tshwanetse go netefatsa gore metsotso ya kopano nngwe le nngwe e tsholwa go ya ka mokgwa o o tlhomamisitsweng ke Boto.

Ombud yo mogolo

188. (1) Tona o tshwanetse go thapa Ombud yo Mogolo e bile motho yo o thapilweng jalo o tshwanetse go dumela, ka go kwala, ka ga—

(a) ditekanyetsotiro tse di tshwanetseng go diriswa go lekanyetsa tiro ya motho yo o umakilweng; le

(b) boemo jwa tiro jo bo tshwanetseng go fitlhelelwa kgatlhanong le ditekanyetso tseo.

(2) Go tsamaelana le Molao ono, Ombud yo Mogolo o dira go ya ka dipeelo le mabaka, go akaretsa le dipeelo le mabaka tse di amanang le mogolo, phenšene, khunologo le dikunomolemo tse dingwe, tse di tlhomamisitsweng ke Boto le go tsepamiswa mo konterakeng ya tiro magareng ga Ombud yo Mogolo le Khansele ya Ombud.

(3) Ombud yo Mogolo wa Khansele ya Ombud—

(a) o rwala maikarabelo a bolaodi le tsamaiso tsa letsatsi le letsatsi tsa Khansele ya Bolaodi ya Ombud; le

(b) o tshwanetse go dira ditiro tsa Khansele ya Ombud, ntle le tse di kailweng mo karolong 184(b) le (c), go akaretsa le go diragatsa dithata le go dira ditiro tse di amanang le ditiro tseo.

(4) (a) Ombud yo mogolo o tshwanetse go bitsa kopano le go okamela dikopano tsa ombuds kgapetsakgapetsa, mme fela bonnye makgetlo a le mane ka ngwaga, go sekaseka tsamaiso e e nonofileng ya dithulaganyo tsa ombuds.

(b) Ombud yo Mogolo, kgotsa, fa Ombud yo Mogolo a se teng, motho yo o thapilweng ke Ombud yo Mogolo, o okamela dikopano tsa ombuds.

(c) Fa boombuds ba bararo ba kwalela Ombud yo Mogolo go mo kopa go bitsa kopano ya Khansele ya Ombud, kopano ya boombuds e tshwanetse go tshwarwa.

(5) Fa a dira go ya ka karolotlaleletso (3), Ombud yo Mogolo o tshwanetse go tsenya dipholisi le maano tse di amogetsweng ke Boto mo tirsong.

Ditiro tsa maloko a Boto

189. (1) Leloko la Boto le tshwanetse go—

(a) dira ka boikanyego mo mererong yotlhe e e amanang le Khansele ya Ombud; le

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(b) perform his or her functions as a member—

(i) in good faith;

(ii) for a proper purpose; and

(iii) with the degree of care and diligence that a reasonable person in the member’s position would exercise.

(2) A person who is or was a member of the Board may not use that position, or any information obtained as a member of the Board, to—

(a) improperly benefit himself, herself or another person;

(b) impede the Ombud Council’s ability to perform its functions; or

(3) For the purposes of this section, “benefit” and “detriment” are not limited to financial benefit or detriment.

Delegations

190. (1) The Chief Ombud may, in writing—

(a) delegate any of his or her powers or duties in terms of a financial sector law, except the power to delegate contained in this subsection, to a staff member of the Ombud Council; and

(b) at any time, amend or revoke a delegation made in terms of paragraph (a), subject to any rights that may have accrued.

(2) A delegation in terms of subsection (1) may be to a specific person or to a person holding a specific position.

(3) A delegation in terms this section—

(a) is subject to the limitations and conditions specified in the delegation; and

(b) does not divest the Chief Ombud of responsibility in respect of the delegated power or duty.

(4) Anything done by a delegate in terms of the delegation must be regarded as having been done by the Ombud Council.

Staff and resources

191. (1) The Ombud Council may, in accordance with applicable law—

(a) engage persons as employees;

(b) enter into secondment arrangements;

(d) enter into contracts;

(e) acquire and dispose of property;

(f) insure itself against any loss, damage, risk or liability that it may suffer or incur; and

(g) do anything else necessary for the performance of its functions.

(2) The Ombud Council may not enter into a secondment arrangement in respect of a person, or engage persons as employees or on contract, unless the person and the Ombud Council have agreed in writing, on—

(a) the performance measures that must be used to assess that person’s performance; and

(b) the level of performance to be achieved against those measures.

Duties of staff members

192. (1) A person who is or was a staff member of the Ombud Council may not use that position or any information obtained as a staff member to—

(a) improperly benefit himself, herself or another person;

(b) impede the Ombud Council’s ability to perform its functions; or

(2) For the purposes of this section, “benefit” and “detriment” are not limited to financial benefit or detriment.

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(b) dira ditiro tsa gagwe jaaka leloko—

(i) ka maikaelelo a a nepagetseng;

(ii) ka maitlhomo a nnete; le

(iii) ka maemo a tlhokomelo le kelotlhoko ao motho yo o siameng yo o mo maemong a leloko a ka a dirgatsang. 5

(2) Motho yo e leng kgotsa yo e neng e le leloko la Boto o ka se dirise maemo ao, kgotsa tshedimosetso nngwe le nngwe e e fitheletsweng jaaka leloko la Boto, go—

(a) una molemo ka boena kgotsa go dira motho yo mongwe a une molemo ka tsela e e sa siamang;

(b) kgoreletsa Khansele ya Ombud go dira tiro ya yona; kgotsa 10

(3) Mabapi le maitlhomo a karolo eno, “kunomolemo” le “thatafaletso” ga di a lekanyetswa go kunomolemo ya ditshelete kgotsa thatafaletso ya ditshelete.

Ditholelo

190. (1) Ombud yo Mogolo o ka, ka go kwala— 15

(a) rolela nngwe le nngwe ya dithata kgotsa ditiro go ya ka molao wa lephata la ditshelete, ntle le thata ya go rolela e e fithelwang mo karolotlaleletsong eno, go leloko la badirimmogo la Khansele ya Ombud; le

(b) ka nako nngwe le nngwe, tlhabolola kgotsa phimola tholelo e e dirilweng go ya ka temana (a), go tsamaelana le ditshwanelo tse di fitheletsweng. 20

(2) Tholelo go ya ka karolotlaleletso (1) e ka direlwa motho yo o rileng kgotsa motho yo o tshwereng maemo a a rileng.

(3) Tholelo go ya ka kgaolo eno—

(a) e go ya ka ditekanyetso le mabaka tse di tsepamisitsweng mo tholelong; le

(b) ga e amoge Ombud yo Mogolo maikarabelo mabapi le thata kgotsa tiro e e 25 roletsweng.

(4) Sengwe le sengwe se se dirilweng ke boemedi mabapi le tholelo se tshwanetse go tsewa jaaka se dirilwe ke Khansele ya Ombud.

Badiri le ditlamelwana

191. (1) Khansele ya Ombud e ka, go tsamaelana le molao o o diriswang— 30

(a) dirisana le batho jaaka badiri; kgotsa

(b) dira thulaganyo ya tshutiso ya nakwana ya modiri;

(d) dira dikonteraka;

(e) phitlhelelo le phetiso ya thoto; 35

(f) insora kgatlhanong le tatlhegelo, tshenyegelo, kotsi kgotsa molato tse e ka di itemogelang kgotsa ya nna ka fa tlase ga tsona; le

(g) dira sengwe le sengwe se se tlhokegang gore e kgone go dira tiro ya yona.

(2) Khansele ya Ombud e ka se dire thulaganyo ya tshutiso ya nakwana ya modiri mabapi le motho, kgotsa ya dirisana le batho jaaka badiri kgotsa mo konterakeng, ntle 40 le fa motho le Bothati jwa Boitshwaro jwa Lephata la Ditshelete ba dumalane ka go kwala mabapi le—

(a) ditekanyetsotiro tse di tshwanetseng go diriswa go lekanyetsa tiro ya motho; le

(b) boemo jwa tiro jo bo tshwanetseng go fithelelwa kgatlhanong le ditekanyetso 45 tseo.

Ditiro tsa maloko a badiri

192. (1) Motho yo e leng kgotsa yo e neng e le leloko la badirimmogo ba Khansele ya Ombud o ka se dirise maemo ao kgotsa tshedimosetso nngwe le nngwe e a e boneng jaaka leloko la badirimmogo go—

(a) una molemo ka boena kgotsa go dira motho yo mongwe a une molemo ka tsela e e sa siamang;

(b) kgoreletsa Khansele ya Ombud go dira ditiro tsa yona; kgotsa

(2) Mabapi le maitlhomo a karolo eno, “kunomolemo” le “thatafaletso” ga di a 55 lekanyetswa go kunomolemo ya ditshelete kgotsa thatafaletso ya ditshelete.

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Disclosure of interests

193. (1) A member of the Board must disclose, at a meeting of the Board, or in writing to each of the other members, any interest in a matter that is being or will be considered by him or her, whether or not at a meeting of the Board, being an interest that—

(a) the member has; or

(b) a person who is a related party to the member has.

(2) A disclosure in terms of subsection (1) must be given as soon as practicable after the member concerned becomes aware of the interest.

(3) A member referred to in subsection (1) may not perform a function in relation to the matter concerned unless—

(a) the member has disclosed the interest in accordance with subsection (1); and

(b) the other members of the Board have decided that the interest cannot be seen as affecting the member’s proper execution of his or her functions in relation to the matter.

(4) A member of a committee of the Ombud Council established in terms of section 51(1)(a)(ii) of the Public Finance Management Act or section 187(1) of this Act must disclose, at a meeting of the committee, or in writing to each of the other members of that committee, any interest in a matter that is being or is intended to be considered by that committee, being an interest that—

(a) the member has; or

(b) a person who is a related party to the member has.

(5) A disclosure in terms of subsection (4) must be given as soon as practicable after the member concerned becomes aware of the interest.

(6) A person referred to in subsection (1) or (4) may not participate in the consideration of, or decision on, that matter by the Board or the committee, as the case may be, unless—

(a) the person has disclosed the interest in accordance with subsection (1) or (4); and

(b) the other members of the Board or that committee have decided that the interest cannot be seen as affecting the member’s proper execution of his or her functions in relation to the matter.

(7) (a) Each member of the Ombud Council’s staff and each other person involved in the performance of the functions or the exercise of the powers of the Ombud Council must make timely, proper and adequate disclosure of their interests, including the interests of a related party, that could reasonably be seen as interests that may affect the proper execution of their functions of office or a delegated power.

(b) The Chief Ombud must ensure that paragraph (a) is complied with.

(8) For the purposes of this section, it does not matter—

(a) whether an interest is direct, indirect, pecuniary or non-pecuniary; or

(b) when the interest was acquired.

(9) For the purposes of this section, a person does not have to disclose—

(a) the fact that that person, or a person who is a related party to that person, is—

(i) an official or employee of the Ombud Council; or

(ii) a financial customer of a financial institution; or

(b) an interest that is not material.

(10) The Chief Ombud must maintain a register of all disclosures made in terms of this section and of all decisions made in terms of this section.

Part 2 Recognition of industry ombud schemes

194. (1) The Ombud Council may, on application by an industry ombud scheme, recognise the industry ombud scheme for the purposes of this Act.

(2) An application in terms of subsection (1) must—

(a) be in writing, in a form approved or accepted by the Ombud Council; and

(b) include or be accompanied by—

(i) a copy of the governing rules of the industry ombud scheme;

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Tshenolo ya dikgatlhegelo

193. (1) Leloko la Boto le tshwanetse go senola, kwa kopanong ya Boto, kgotsa ka go kwalela mongwe le mongwe wa maloko a mangwe, kgatlhegelo nngwe le nngwe mo morerong o o kgotsa o o tla sekasekwang ke ena, e ka nna kgotsa e se kwa kopanong ya Boto, e le kgatlhego e—

(a) leloko le nang le yona; kgotsa

(b) motho yo o amanang le leloko a nang le yona.

(2) Tshenolo go ya ka karolotlaleletso (1) e tshwanetse go dirwa ka bonako jo bo kgonagalang morago ga fa leloko le le amegang le sena go itse ka kgatlhego eo.

(3) Leloko le le kailweng mo karolotlaleletsong (1) le ka se dire tiro e e mabapi le 10 morero o o amegang ntle le fa—

(a) leloko le senotse kgatlhegelo go tsamaelana le karolotlaleletso (1); le

(b) maloko a mangwe a Boto a sweditse gore kgatlhegelo e ka se tseelwe gore e ama go dira ka manontlhotlho ga leloko mabapi le morero.

(4) Leloko la komiti ya Khansele ya Ombud e e tlhomilweng go ya ka karolo 15 51(1)(a)(ii) ya Public Finance Management Act kgotsa karolo 187(1) ya Molao ono le tshwanetse go senola, kwa kopanong ya komiti, kgotsa ka go kwalela mongwe le mongwe wa maloko a komiti eo, kgatlhegelo nngwe le nngwe mo morerong o o sekasekwang kgotsa o komiti e e ikaelelang go o sekaseka, e le kgatlhego e—

(a) leloko le nang le yona; kgotsa

(b) motho yo o amanang le leloko a nang le yona.

(5) Tshenolo go ya ka karolotlaleletso (4) e tshwanetse go dirwa ka bonako jo bo kgonagalang morago ga fa leloko le le amegang le sena go itse ka kgatlhegelo.

(6) Motho yo o kailweng mo karolotlaleletsong (1) kgotsa (4) o ka se tseye karolo mo tshekatshekong ya, kgotsa tshwetso ka ga, morero oo ke Boto kgotsa komiti, go ya ka 25 maemo a mabaka, ntle le fa—

(a) motho a senotse kgatlhegelo go ya ka karolotlaleletso (1) kgotsa (4); le

(b) maloko a mangwe a Boto kgotsa komiti eo a sweditse ka gore kgatlhegelo eo e ka se tseelwe gore e ama go dira ka manontlhotlho ga leloko mabapi le morero.

(7) (a) Leloko lengwe le lengwe la badiri ba Khansele ya Bolaodi ya Ombud le motho mongwe le mongwe yo o amegang mo go direng tiro kgotsa mo tiragatsong ya dithata tsa Khansele ya Ombud le tshwanetse go dira tshenolo ya dikgatlhegelo ka nako, nepagalo le tshiamo, go akaretsa le dikgatlhego tsa mokgatho o o amegang, tse di ka tsewang ka mabaka jaaka dikgatlhegelo tse di ka amang go dira ka manontlhotlho ga 35 gagwe ditiro tsa ofisi kgotsa thata e roletsweng.

(b) Ombud yo Mogolo o tshwanetse go netefatsa gore temana (a) e a obamelwa.

(8) Mabapi le maitlhomo a karolo eno, ga go kgathalesege—

(a) gore kgatlhegelo e tlhamaletse, ga e a tlhamalala, ke ya tshelete kgotsa ga se ya tshelete; kgotsa

(b) gore kgatlhegelo e fitlheletswe leng.

(9) Mabapi le maitlhomo a karolo eno, motho o ka nna a se senole—

(a) ntlha ya gore motho yoo, kgotsa motho yo a amanang le ena, ke—

(i) motlhankedi kgotsa modiri wa Khansele ya Ombud; kgotsa

(ii) modirisi wa ditshelete wa setheo sa ditshelete; kgotsa

(b) kgatlhegelo e e seng ya botlhokwa.

(10) Ombud yo Mogolo o tshwanetse go tshola rejisetara ya ditshenolo tsotlhe tse di dirilweng go ya ka karolo eno le ditshwetso tsotlhe tse di dirilweng go ya ka karolo eno.

Karolo 2

Kamogelo ya dikema tsa ombud wa madirelo

194. (1) Khansele ya Ombud e ka, ka kopo ka sekema sa bodirelo sa ombud, amogela sekema sa bodirelo sa ombud mabapi le maitlhomo a Molao ono.

(2) Kopo go ya ka karolotlaleletso (1) e tshwanetse—

(a) go kwalwa, ka mokgwa o o rebotsweng kgotsa amogetsweng ke Khansele ya Bolaodi ya Ombud; le

(b) go akaretsa le kgotsa go romelwa le—

(i) kgatiso ya melawana ya go busa ya sekema sa ombud sa bodirelo;

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(ii) a list of financial institutions that shall be members of the industry ombud scheme should it be recognised; and

(iii) any other information required in the form.

Requirement for further information or documents by Ombud Council

195. (1) The Ombud Council may, by notice in writing, require an applicant for recognition—

(a) to give the Ombud Council additional information or documents specified by the Ombud Council; and

(b) to verify any information given by the applicant in connection with the application in a manner specified by the Ombud Council.

(2) The Ombud Council need not deal further with the application until the applicant has complied with the notice contemplated in subsection (1).

Determination of applications

196. (1) The Ombud Council must determine an application for recognition in terms of section 194 by—

(a) granting the application and notifying the applicant accordingly; or

(b) refusing the application and notifying the applicant accordingly.

(2) The Ombud Council may grant an application for recognition subject to conditions specified by the Ombud Council.

(3) The Ombud Council must not recognise an industry ombud scheme unless satisfied that—

(a) a significant number of relevant financial institutions shall be members of the industry ombud scheme, should it be recognised;

(b) the governing rules of the industry ombud scheme—

(i) identify the financial products or financial services to which the industry ombud scheme relates, or in the case of a market infrastructure, the services that it provides;

(ii) require the members of the industry ombud scheme to inform financial customers about the scheme and how to contact and complain to the scheme, at the frequency agreed by the scheme for its members;

(iii) make adequate and appropriate provision for making complaints;

(iv) are legally binding on the members of the industry ombud scheme, and enforceable by the governing body of the industry ombud scheme;

(v) require each member of the industry ombud scheme to comply with, and give effect to, any determination of the ombud made in terms of the industry ombud scheme;

(vi) make adequate provision for monitoring and oversight of the operation of the industry ombud scheme, including in respect of the terms and conditions of the engagement of the ombud, including remuneration and other benefits, and any action to terminate that engagement;

(vii) require the ombud to apply, where appropriate, principles of equity when dealing with a complaint; and

(viii) otherwise comply with applicable Ombud Council rules;

(c) the ombud scheme has or has available to it sufficient resources and capacity to ensure that it is able to comply with the requirements of financial sector laws in relation to ombud schemes and any conditions that may be specified in terms of subsection (2); and

(d) recognising the industry ombud scheme will not be contrary to the interests of financial customers, the financial sector or the public interest.

(4) (a) The Ombud Council must determine an application as contemplated in subsection (1) within three months after it is made.

(b) In working out when the period mentioned in paragraph (a) expires, any period between the Ombud Council giving the applicant a notice in terms of section 195 and the requirements in the notice being satisfied is not to be counted.

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(ii) lenane la ditheo tsa ditshelete tse di kgotsa tse di tla nnang maloko a sekema sa ombud sa bodirelo fa se ka amogelwa; le

(iii) tshedimosetso nngwe le nngwe e e tlhokegang mo foromong.

Ditlhokego tsa tshedimosetso ya tlaelelso kgotsa dikwalo ka Khansele ya Ombud

195. (1) Khansele ya Ombud e ka, ka kitsiso e e kwetsweng, lopa modirakopo ya kamogelo—

(a) go naya Khansele ya Ombud tshedimosetso ya tlaelelso kgotsa dikwalo tse di tsepamisitsweng ke Khansele ya Ombud; le

(b) go netefatsa tshedimosetso e e neetsweng ke modirakopo mabapi le kopo ka mokgwa o o tsepamisitsweng ke Khansele ya Ombud.

(2) Khansele ya Ombud ga e tlhoke go tswelelela go dira ka kopo go fitlhela modirakopo a ikamantse le kitsiso, e e tlhalositsweng mo karolotlaleletsong (1).

Tlhomamiso ya ditiiso

196. (1) Khansele ya Ombud e tshwanetse go tlhomamisa kopo ya kamogelo go ya ka karolo 194 ka go—

(a) amogela kopo le go itsise modirakopo ka nepagalo; kgotsa

(b) gana kopo le go itsise modirakopo ka nepagalo.

(2) Khansele ya Ombud e ka amogela kopo ya go amogelwa go latela mabaka a a neetsweng ke Khansele ya Ombud.

(3) Khansele ya Ombud ga e a tshwanela go amogela sekema sa ombud sa bodirelo 20 ntle le fa e kgotsofetse gore—

(a) palo e e bonalang ya ditheo tsa ditshelete e tla nna maloko a sekema sa ombud sa bodirelo, fa e ka amogelwa;

(b) melawana ya go busa ya sekema sa ombud sa bodirelo—

(i) e supa dikuno tsa ditshelete kgotsa ditirelo tsa ditshelete tse di amanang 25 le sekema sa ombud sa bodirelo kgotsa mo lebakeng la dithulaganyetso tsa popegotheo ya mmaraka, ditirelo tse di e tlamelang;

(ii) se lopa maloko a sekema sa bodirelo jwa ombud go itsise barekedi ba ditshelete ka ga sekema le ka moo b aka ikgolaganyang le go ngongoregela kwa sekemeng, ka seelo se se dumetsweng ke sekema mabapi le maloko a sona;

(iii) e dira kabelo e e lekaneng e bile e le maleba ya go dira dingongorego;

(iv) e tlama semolao maloko a sekema sa ombud sa bodirelo; le go gatelelwa ke mokgatlho o o busang wa sekema sa ombud sa bodirelo;

(v) e tlhoka leloko lengwe le lengwe la sekema sa ombud sa bodirelo go 35 ikamanya le, le go diragatsa, tlhomamiso nngwe le nngwe ya ombud e e dirilweng go ya ka sekema sa ombud sa bodirelo;

(vi) e dira kabelo e e lekaneng ya go tlhokomelwa le go elwa tlhoko ga tiro ya sekema sa ombud sa bodirelo, dipeelo le mabaka, go akaretsa le mogolo le dikunomolemo tse dingwe, tsa go dira ga ombud, le tiro nngwe le 40 nngwe go khutlisa tiro eo;

(vii) e lopa ombud go dirisa, fa go leng maleba, meono ya tekatekano fa e sekaseka ngongorego; le

(viii) e ikamanya ka mokgwa mongwe le melawana e e maleba ya Khansele ya Ombud;

(c) sekema se na le kgotsa ga se na ditlamelo tse di lekaneng le bokgoni jwa go netefatsa gore se ikamanya le ditlhokego tsa melao ya lephata la ditshelete mabapi le dikema tsa ombuds le mabaka mangwe le mangwe a a ka tsepamiswang go ya ka karolotlaleletso (2); le

(d) e amogela gore sekema sa ombud sa bodirelo se ka se nne kgatlhanong le 50 dikgatlhego tsa barekedi ba ditshelete kgotsa lephata la ditshelete kgotsa kgatlhego ya setshaba.

(4) (a) Khansele ya Ombud e tshwanetse go tlhomamisa kopo jaaka go tlhalositswe mo karolotlaleletsong (1) mo dikgweding tse tharo morago ga fa e sena go dirwa.

(b) Mo go batleng go itse gore paka e e kailweng mo temaneng (a) e fela leng, paka 55 nngwe le nngwe magareng ga go naya modirakopo kitsiso go ya ka karolo 195 ke Khansele ya Ombud le go kgotsofatswa ga ditlhokego ga e balelwe.

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Varying conditions

197. (1) The Ombud Council may, by notice to a recognised industry ombud scheme, remove or vary a condition of recognition, or add a condition.

(2) A variation takes effect on the date of the notice in terms of subsection (1) or, if the notice specifies a later date, the later date.

Suspension of recognition

198. (1) The Ombud Council may, by notice to a recognised industry ombud scheme, suspend the recognition of the scheme if—

(a) the industry ombud scheme applies for suspension;

(b) a condition of recognition has been contravened or not been complied with in a material way;

(c) the industry ombud scheme, an ombud for the industry ombud scheme, or a significant number of the financial institutions that are members of the industry ombud scheme, have contravened in a material way the governing rules of the industry ombud scheme, a provision of a financial sector law relating to ombuds or Ombud Council rules;

(d) information provided in, or in relation to, an application to the Ombud Council in relation to the industry ombud scheme was false or misleading, including by omission, in a material way;

(e) the industry ombud scheme is not complying with a requirement of this Act;

(f) the suspension is necessary to prevent—

(i) a serious contravention of a financial sector law; or

(ii) financial customers of the members of the industry ombud scheme from suffering material prejudice; or

(g) a fee, a levy or an administrative penalty payable by the industry ombud scheme, including any interest, is unpaid and has been unpaid for at least 30 days after it is due.

(2) The Ombud Council may at any time revoke the suspension.

(3) A suspension takes effect on the date of the notice in terms of subsection (1), or a later date specified in the notice.

(4) A suspension does not affect an obligation of the industry ombud scheme that it has in terms of a financial sector law, including an obligation to report a matter to the Ombud Council.

Revocation of recognition

199. (1) The Ombud Council may, by notice to a recognised industry ombud scheme, revoke the recognition of an industry ombud scheme—

(a) if the industry ombud scheme applies for revocation;

(b) on any of the bases on which it may suspend recognition, as set out in section 198(1)(b) to (g); or

(2) Revocation of recognition takes effect on the date of the notice in terms of subsection (1) or, if the notice specifies a later date, the later date.

Procedure for varying, suspending and revoking recognition

200. (1) (a) Before the Ombud Council varies a condition of, or suspends or revokes, the recognition of a recognised industry ombud scheme, it must—

(i) give the industry ombud scheme notice of the proposed action and a statement of the reasons for it; and

(ii) invite the industry ombud scheme to make submissions on the matter, and give it a reasonable period to do so.

(b) The period referred to in paragraph (a)(ii) must be at least one month.

(2) The Ombud Council need not comply with subsection (1) if the industry ombud scheme has applied for the proposed action to be taken.

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Mabaka a a forologanang

197. (1) Khansele ya Bolaodi ya Ombud e ka, ka kitsiso go sekema se se amogetsweng sa ombud, tlosa kgotsa fetola lebaka la kamogelo, kgotsa tlatsa lebaka.

(2) Phetolo e tsengwa mo tirisong ka letlha la kitsiso go ya ka karolotlaleletso (1) kgotsa, fa kitsiso e tsapimisa letlha le lengwe la moragonyana, letlha la moragonyana. 5

Kemiso ya kamogelo

198. (1) Khansele ya Ombud e ka, ka kitsiso go sekema sa ombud se se amogetsweng sa bodirelo, sekega go amogelwa ga sekema sa ombud sa bodirelo fa—

(a) sekema sa ombud sa bodirelo se dira kopo ya kemiso;

(b) lebaka la kamogelo le tlotswe kgotsa le sa obamelwa ka mokgwa o o 10 tseneltseng;

(c) sekema sa ombud sa bodirelo, ombuds wa sekema sa ombud sa bodirelo kgotsa palo e e bonalang ya ditheo tsa ditshelete tse e leng maloko a sekema sa ombud sa bodirelo a tlotse ka tsenelelo e kgolo melawana ya go busa ya sekema sa ombud sa bodirelo kgotsa kabelo ya molao wa lephata la ditshelete, 15 kgotsa melawana ya Khansele ya Ombud, e e amanang le ombuds;

(d) tshedimosetso e tlametsweng mo, kgotsa mabapi le, kopo mabapi le Khansele ya Ombud mabapi le sekema sa ombud sa bodirelo e ne e fosagetse kgotsa e timetsa, go akaretsa le ka tlogelo, ka tsenelelo e kgolo;

(e) sekema sa ombud sa bodirelo se sa ikamanye le tlhokego ya Molao ono; 20

(f) tshekego e botlhokwa go thibela—

(i) tlolo e e masisi ya molao wa lephata la ditshelete; kgotsa

(ii) barekedi ba ditshelete ba baabelwadilaesense gore ba se gobeelwe ka tsenelelo e kgolo; kgotsa

(g) tuelo, lekgethwana kgotsa kotlhao ya tsamaiso e e duelwang ke sekema sa 25 ombud sa bodirelo, go akaretsa le morokotso, ga e a duelwa e bile e ntse e sa duelwa bonnye matsatsi a le 30 morago ga fa e tshwanetse go duelwa.

(2) Khansele ya Ombud e ka phimola kemiso ka nako nngwe le nngwe.

(3) Tshekego e tsengwa mo tirisong ka letlha la kitsiso go ya ka karolotlaleletso (1), kgotsa letlha le kwa moragonyana le tepamisitsweng mo kitsisong. 30

(4) Tshekego ga e ame tlamego ya sekema sa ombud sa bodirelo e se nang le yona go ya ka molao wa lephata la ditshelete, go akaretsa le tlamego ya go begela Khansele ya Ombud morero.

Kgogelomorago ya kamogelo

199. (1) Khansele ya Bolaodi ya Ombud e ka, ka kitsiso go sekema sa ombud se se 35 amogetsweng sa bodirelo, phimola kamogelo ya sekema sa ombud sa bodirelo—

(a) fa sekema sa ombud sa bodirelo se dira kopo ya phimolo;

(b) mo go nngwe le nngwe ya mabaka ao e ka emisang kamogelo, jaaka go tlhalositswe mo karolong 198(1)(b) go fitlha go (g); kgotsa

(2) Phimolo ya kamogelo e tsengwa mo tirisong ka letlha la kitsiso go ya ka karolotlaleletso (1) kgotsa, fa kitsiso e tsapamisa letlha la moragonyana, letlha la moragonyana.

Tsamaiso ya phorologantsho, tshekego le kgogelomorago ya kamogelo

200. (1) (a) Pele Khansele ya Ombud e fetola lebaka la, kgotsa e sekega kgotsa e 45 phimola, kamogelo ya sekema sa ombud sa bodirelo, e tshwanetse—

(i) go naya sekema sa ombud sa bodirelo kitsiso ya tiro e tshitsintsweng le polelo ya mabaka a yona; le

(ii) go laletsa sekema sa ombud sa bodirelo go dira ditlhagiso ka ga morero, le go se naya nako e e lekaneng go dira jalo. 50

(b) Nako e e kailweng mo temaneng (a)(ii) e tshwanetse go nna bonnye kgwedi e le esi.

(2) Khansele ya Ombud e tlhoka go ikamanya le karolotlaleletso (1) fa sekema sa ombud sa bodirelo se dirile kopo ya gore tiro e dirwe.

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(3) In deciding whether to vary a condition of, or suspend or revoke, recognition, the Ombud Council must have regard to all submissions made within the period specified in the notice in terms of subsection (1)(a)(ii).

(4) The Ombud Council may take the action without having complied, or complied fully, with subsection (1) if the delay involved in complying, or complying fully, with that subsection in respect of a proposed action is likely to lead to material prejudice to financial customers or defeat the object of the action.

(5) (a) If the Ombud Council takes action without having complied, or complied fully, with subsection (1) for the reason set out in subsection (4), the industry ombud scheme must be given a written statement of the reasons why that subsection was not complied with.

(b) The industry ombud scheme may make submissions to the Ombud Council within one month after being provided with the statement.

(c) The Ombud Council must have regard to the submissions, and notify the industry ombud scheme, as soon as practicable, whether the Ombud Council proposes to amend or revoke the variation, suspension or revocation.

Part 3

Powers of Ombud Council

Ombud Council rules

201. (1) The Ombud Council may make rules for, or in respect of, ombuds and ombud schemes, aimed at ensuring that financial customers have access to, and are able to use affordable and effective, independent and fair alternative dispute resolution processes for complaints about financial institutions in relation to financial products, financial services, and services provided by market infrastructures.

(2) Ombud Council rules in terms of subsection (1) may be made on any of the following matters:

(a) Governing rules of ombud schemes;

(b) governance of ombud schemes, including in relation to—

(i) the composition, membership and operation of governing bodies and of substructures of ombud schemes; and

(ii) the roles and responsibilities of governing bodies and their substructures;

(c) the qualifications and experience of ombuds, including fit and proper person requirements for ombuds and for members of governing bodies of industry ombud schemes;

(d) the definition and type of complaints to be dealt with by specified ombud schemes;

(e) dispute resolution processes;

(f) any matters on which a regulatory instrument may be issued by the Ombud Council in terms of a specific financial sector law in so far as it relates to ombud schemes and ombuds;

(g) matters that may in terms of any other provision of this Act be regulated by rules of the Ombud Council; and

(h) any other matter that is appropriate and necessary for achieving the aim set out in subsection (1).

(3) An Ombud Council rule must not be inconsistent with relevant financial sector laws.

(4) An Ombud Council rule must not interfere with the independence of an ombud or the investigation or determination of a specific complaint.

(5) The Ombud Council must, in developing Ombud Council rules—

(a) seek to provide for a consistent approach and consistent requirements for all ombud schemes, promote the efficiency and cost-effectiveness of ombud schemes, and promote co-ordination and co-operation between ombud schemes; and

(b) take into account differences in the nature and complexity of complaints heard by different ombud schemes.

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(3) Mo go swetseng ka go fetola lebaka la, kgotsa emisa kgotsa phimola, kamogelo, Khansele ya Ombud e tshwanetse go ela tlhoko ditlhagiso tsotlhe tse di dirilweng mo nakong e e tsepamisitsweng mo kitsisong go ya karolotlaleletso (1)(a)(ii).

(4) Khansele ya Ombud e ka dira tiro ntle le go ikamanya, kgotsa go ikamanya ka botlalo, le karolotlaleletso (1) fa tiego e e amanang le go ikamanya, kgotsa go ikamanya ka botlalo, le karolotlaleletso eo mabapi le tiro e e tshitsintsweng e ka tisa ditlamorago tsa kgobelelo e e tseneletseng go barekedi ba ditshelete, ya ama ka kgobelelo tlhomamo ya ditshelete kgotsa ya fenya maikaelelo a tiro.

(5) (a) Fa Khansele ya Ombud e dira tiro ntle le go ikamanya, kgotsa go ikamanya ka botlalo, le karolotlaleletso (1) ka mabaka a a tlhalositsweng mo karolotlaleletsong (4), sekema sa ombud sa bodirelo se tshwanetse go newa polelo e e kwetsweng ya mabaka a gore goreng go sa ikamangwa le karolotlaleletso eo.

(b) Sekema sa ombud sa bodirelo se ka dira ditlhagiso go Khansele ya Ombud mo kgweding e le esi morago ga go tlamelwa ka polelo.

(c) Khansele ya Ombud e tshwanetse go ela tlhoko ditlhagiso, le go itsise sekema sa ombud sa bodirelo, ka bonako jo bo kgonagalang, le fa ka gongwe Khansele ya Ombud e tshitsintse go tlabolola kgotsa phimola phetolo, sekega kgotsa phimola.

Karolo 3

Dithata tsa Khansele ya Ombud

Melao ya Khansele ya Ombud

201. (1) Khansele ya Ombud e ka dira melawana go, kgotsa mabapi le, ombuds le dikema tsa ombuds, tse di ikaelelang go netefatsa gore badirisi ba ditshelete ba fitllelela, gape ba kgona go, dirisa kgato e nngwe ya tharabololo ya thulano e e duelegang, nonofileng, ikemetseng le go lolama go dingongorego tse di ka ga ditheo tsa ditshelete mabapi le dikuno tsa ditshelete le ditirelo tsa ditshelete le ditirelo tse di tlamelwang ke thulaganyetso ya popegotheo ya mmaraka.

(2) Melawana ya ombuds mabapi le karolotlaleletso (1) e ka dirwa mabapi le nngwe le nngwe ya merero e e latelang:

(a) Melawana ya go busa ya dikema tsa ombud;

(b) puso ya dikema tsa ombud, go akaretsa le mabapi le—

(i) sebopego, botokololo le tiro ya mekgatlho e e busang le ya mekgatlhotlaleletso ya dikema tsa ombud; le

(ii) ditiro le maikarabelo a mekgatlho e e busang le mekgatlhotlaleletso ya yona;

(d) tlhaloso le mofuta wa dingongorego tse di tshwanetseng go sekasekwa ke sekema sa ombuds se se tsepamisitsweng;

(e) dikgato tsa go rarabolola dikgotlhang;

(f) merero mengwe le mengwe e sediriso sa bolaodi se ka diriswang mo go yona e ka rebolwa ke Khansele ya Ombud go ya ka molao o o tsepameng wa lephata la ditshelete go ya jaaka e amana le dikema tsa ombud le ombuds;

(g) merero e go ya ka kabelo nngwe le nngwe ya Molao ono e ka laolwang ka melawana ya Khansele ya Ombud; le

(h) morero mongwe le mongwe o o maleba e bile o tlhokega go fitllelela maikaelelo a a tlhalositsweng mo karolotlaleletsong (1).

(3) Molawana wa Khansele ya Ombud o tshwanetse go tsamaelana le melao e e maleba ya lephata la ditshelete.

(4) Molawana wa Khansele ya Ombud ga o a tshwanela go kgoreletsa le go ikemela ga ombud kgotsa patlisiso kgotsa tlhomamiso ya ngongorego e tsepameng.

(5) Khansele ya Ombud e tshwanetse, mo go tlabololeng melawana ya Khansele ya Ombud—

(a) go batla go tlamela mabapi le mokgwa o o tlhomameng le ditlhokego tse di tlhomameng go dikema tsotlhe tsa ombud, go tsweletsa bokgoni le poloko ya ditshenyegelo ya dikema tsa ombud, le go tsweletsa kopano le tirisanommogo magareng ga dikema tsa ombud; le

(b) go tsaya tsia dipharologano mo tlhologong le tharaanong ya dingongorego tse di reeditsweng ke dikema tsa ombud tse di farologaneng.

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(6) Different Ombud Council rules may be made for, or in respect of—

(a) different categories of ombuds and ombud schemes; and

(b) different circumstances.

(7) (a) The Ombud Council may, on application from an ombud scheme, exempt that ombud scheme from an Ombud Council rule for a specified period of time, provided that the Ombud Council is satisfied that the intended outcome of the rule will still be met.

(b) Any such exemption may be subject to conditions set by the Ombud Council.

(8) An Ombud Council rule may amend or revoke another Ombud Council rule.

Directives of Ombud Council

202. (1) The Ombud Council may issue to a person who is an ombud, or to an ombud scheme, a written directive requiring the person to take action specified in the directive if the person has contravened or is likely to contravene a financial sector law in so far as it relates to ombud schemes.

(2) A directive issued in terms of subsection (1) must be aimed at achieving the objective of the Ombud Council set out in section 176 and stopping the ombud or ombud scheme from contravening applicable financial sector laws in so far as they relate to ombud schemes, or reducing the risk of such contraventions.

(3) The Ombud Council may not issue a directive that requires a specified person to be removed from a position or function in relation to an ombud scheme unless the person—

(a) has contravened a provision of a financial sector law or an Ombud Council rule;

(b) has become a disqualified person; or

(4) Before issuing a directive in terms of this section, the Ombud Council must—

(a) give the person to whom it is proposed to issue the directive a draft of the proposed directive and a statement of the reasons why the Ombud Council proposes issuing it, including a statement of the relevant facts and circumstances; and

(b) invite the person to make submissions on the matter, and give the person a specified period, which must be reasonable, to do so.

(5) If the directive requires a person to be removed from the person's position or function in relation to an ombud scheme, the Ombud Council must also—

(a) give the person a draft of the proposed directive and a statement of the reasons why the Ombud Council proposes issuing it, including a statement of the relevant facts and circumstances; and

(b) invite the person to make submissions on the matter within the period specified in terms of subsection (4)(b).

(6) In deciding whether to issue the directive, the Ombud Council must take into account all submissions received by the end of the period referred to in subsection (4)(b).

(7) If the delay involved in complying, or complying fully, with subsections (4) and (5) in respect of a proposed directive is likely to lead to prejudice to financial customers or defeat the object of the directive, the Ombud Council may issue the directive without having complied, or complied fully, with those subsections.

(8) (a) If the Ombud Council issues a directive without having complied, or complied fully, with subsection (4) or (5), the person to whom it was issued, and, where subsection (5) applies, the person referred to in that subsection, must be given a written statement of the reasons why those subsections were not complied with.

(b) A person to whom the statement was given in terms of paragraph (a) may make submissions to the Ombud Council within one month after being given the statement.

(c) The Ombud Council must consider the submissions, and notify the person, as soon as practicable, whether the Ombud Council proposes to revoke the directive.

(9) A directive in terms of this section must specify a reasonable period for compliance.

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(6) Melawana e e farologaneng ya Khansele ya Ombud e ka direlwa, kgotsa mabapi le—

(a) ditlhopha tse di farologaneng tsa dikema tsa ombuds le ombud; le

(b) mabaka a a farologaneng.

(7) (a) Khansele ya Ombud e ka, ka kopo go tswa kwa sekemeng sa ombud, golola sekema seo sa ombud go tswa mo molawaneng wa Khansele ya Ombud sebaka sa nako e e tsepamisitsweng, fa fela Khansele ya Ombud e kgotsofetse gore tlamorago e e ikaeletssweng ya molawana e santse e tla fitlhelelwa.

(b) Kgololo nngwe le nngwe eo e ka dirwa go ya ka mabaka a a beilweng ke Khansele ya Ombud.

(8) Molawana wa Khansele ya Ombud o ka tlhabolola kgotsa phimola molawana o mongwe wa Khansele ya Ombud.

Ditaelo tsa Khansele ya Ombud

202. (1) Khansele ya Ombud e ka rebolela motho yo e leng ombud, kgotsa go sekema sa ombud, taelo e e kwetsweng e e lopang motho go tsaya kgato e e tsepamisitsweng mo taelong fa motho a tlotse kgotsa go na le kgonego ya go tlola molao wa lephata la ditshelete jaaka o amana le dikema tsa ombud.

(2) Taelo e e rebotsweng go ya ka karolotlaleletso (1) e tshwanetse go nna ya go fitlhelela maikaelelo a Khansele ya Ombud a a tlhalositsweng mo karolong 176 le go thibela ombud kgotsa sekema sa ombud mo go tloleng melao ya lephata la ditshelete e e diriswang jaaka e amana le dikema tsa ombud, kgotsa go fokotsa dikotsi tsa ditlolo tseo.

(3) Khansele ya Ombud e ka se rebole taelo e e tlhokang motho yo o tsepamisitsweng go tloswa mo maemong kgotsa mo tirong mabapi le sekema sa ombud ntle le fa motho—

(a) a tlotse kabelo ya molao wa lephata la ditshelete kgotsa molawana wa Khansele ya Ombud;

(b) e le motho yo o ileditsweng; kgotsa

(4) Pele ga thebolo ya taelo go ya ka karolo eno, Khansele ya Ombud e tshwanetse go—

(a) naya motho yo e mo tshitsintseng go mo rebolela taelo thalo ya taelo le polelo ya mabaka a gore goreng Khansele ya Ombud e tshitsinya go e rebola, go akaretsa le polelo ya dintlha tse di maleba le mabaka; le

(b) laletsa batho gore ba dire ditlhagiso ka ga morero, le go e naya nako e e tsepamisitsweng, e e tshwanetseng go nna e e lekaneng, go dira jalo.

(5) Fa taelo e tlhoka gore motho a tloswe mo maemong a motho mabapi le sekema sa ombud, Khansele ya Ombud e tshwanetse go—

(a) naya motho thalo ya taelo e tshitsintsweng le polelo ya mabaka a gore goreng Khansele ya Ombud e tshitsinya go e rebola, go akaretsa le polelo ya dintlha tse di maleba le mabaka; le

(b) laletsa motho go dira ditlhagiso ka ga morero mo nakong e tsepamisitsweng go ya ka karolotlaleletso (4)(b).

(6) Mo go swetseng ka go rebola kgotsa go se rebole taelo, Khansele ya Ombud e tshwanetse go tsaya tsia ditlhagiso tsotlhe tse di amogetsweng kwa bokhutlong jwa nako e e kailweng mo karolotlaleletsong (4)(b).

(7) Fa tiego e e amanang le go ikamanya, kgotsa go ikamanya ka botlalo, le dikarolotlaleletso (4) le (5) mabapi le taelo e tshitsintsweng e ka tlisa kgobelelo mo barekeding ba ditshelete kgotsa ya fenya maikaelelo a taelo, Khansele ya Ombud e ka rebola taelo ntle le go ikamanya, kgotsa go ikamanya ka botlalo, le dikarolotlaleletso tseo.

(8) (a) Fa Khansele ya Ombud e rebola taelo ntle le go ikamanya, kgotsa go ikamanya ka botlalo, le dikarolotlaleletso (4) le (5), motho yo o e reboletssweng, le, mo karolotlaleletso (5) e diriswang, motho yo o kailweng mo karolotlaleletsong eo, o tshwanetse go newa polelo e e kwetsweng ya mabaka a gore goreng dikarolotlaleletso tseo di sa obamelwa.

(b) Motho yo o neetsweng polelo go latela temana (a) o ka dira ditlhagiso go Khansele ya Ombud mo kgweding e le esi morago ga go tlamelwa ka polelo.

(c) Khansele ya Ombud e tshwanetse go tsaya tsia ditlhagiso, le go itsise motho, ka bonako jo bo kgonagalang, fa e le gore Khansele ya Ombud e tshitsinya go phimola taelo.

(9) Taelo go ya ka karolo eno e tshwanetse go totobatsa nako e e lekaneng ya go ikamanya.

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Act No. 9 of 2017

Financial Sector Regulation Act, 2017

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(10) The Ombud Council may at any time revoke a directive in terms of this section by written notice to the person to whom it was issued.

(11) A person to whom a directive in terms of this section has been issued must comply with the directive.

Enforceable undertakings

203. (1) An ombud scheme may give the Ombud Council, and the Ombud Council may accept, a written undertaking concerning the ombud scheme’s future conduct in relation to a financial sector law in so far as it relates to ombud schemes.

(2) Section 151 applies, with necessary changes required by the context, in relation to an undertaking contemplated in subsection (1), as if the references in that section to “responsible authority” were references to the Ombud Council.

Compliance with financial sector laws

204. (1) The Ombud Council may commence proceedings against an ombud scheme in the High Court for an order to ensure compliance with the financial sector law in so far as it relates to ombud schemes.

(2) Section 152 applies, with necessary changes required by the context, in relation to the proceeding, as if the references in that section “responsible authority” were references to the Ombud Council.

Debarment

205. (1) The Ombud Council may make a debarment order in respect of a natural person if the person has—

(a) contravened a financial sector law in so far as it relates to ombud schemes, or an Ombud Council rule;

(b) attempted, or conspired with, aided, abetted, induced, incited or procured another person to contravene a financial sector law in so far as it relates to ombud schemes.

(2) A debarment order prohibits the person, for a specified period, as specified in the order, from performing a specified role in relation to an ombud scheme.

(3) Before making a debarment order in respect of a person, the Ombud Council must—

(a) give a draft of the order to the person and to the financial sector regulators, along with reasons for and other relevant information about, the proposed debarment; and

(b) invite the person to make submissions on the matter, and give the person a reasonable period to do so.

(4) The period in terms of subsection (3)(b) must be at least one month.

(5) In deciding whether or not to make a debarment order in respect of a person, the Ombud Council must take into account at least—

(a) any submission made by, or made for, the person; and

(b) any advice from a financial sector regulator.

(6) A debarment order takes effect from—

(a) the date on which it is served on the person; or

(b) if the order specifies a later date, the later date.

(7) A copy of a debarment order in respect of a person must also be given to each ombud scheme.

(8) (a) A person who is subject to a debarment order may not engage in conduct that directly, or indirectly, contravenes the order.

(b) Without limiting paragraph (a), a person contravenes that paragraph if the person enters into an arrangement with another person to engage in the conduct for or on behalf of, or in accordance with the directions, instructions or wishes of, the person.

(9) An ombud scheme that becomes aware that a debarment order has been made in respect of a person employed or engaged by the ombud scheme must take all reasonable steps to ensure that the order is given effect to.

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(10) Khansele ya Ombud ka nako nngwe le nngwe e ka phimola taelo go ya ka karolo eno ka kitsiso e e kwetsweng go motho yo o e reboletsweng.

(11) Motho yo o reboletsweng taelo go ya ka karolo eno o tshwanetse go ikamanya le taelo.

Ditumalano tse di gatelelwang

203. (1) Motho o ka naya Khansele ya Ombud, le Khansele ya Ombud e ka amogela, tumalano e e kwetsweng e e mabapi le boitshwaro jwa nako e e tlang mabapi le molao wa lephata la ditshelete jaaka ga e amana le dikema tsa ombud.

(2) Karolo 151 e a diriswa, ka diphetogo tse di tlhokegang go ya ka maemo, mabapi le tumalano e e tlhalositsweng mo karolotlaleletsong (1), jaaka e kete dikaelo mo karolong eo go “bothati jo bo rwalang maikarabelo” e ne e le dikaelo go Khansele ya Ombud.

Boikamanyo le melao ya lephata la ditshelete

204. (1) Khansele ya Ombud e ka simolola ditsamaiso kgatlhanong le sekema sa ombud kwa Kgotlatshekelongkgolo mabapi letaelo go netefatsa go ikamanya le molao wa lephata la ditshelete ga jaaka o amana le dikema tsa ombud.

(2) Karolo 152 e diriswa, le diphetogo tse di botlhokwa go ya ka maemo, mabapi le tsamaiso, jaaka e kete ditshupetso mo karolong eo “bothati jo bo rwalang maikarabelo” e ne e le dikaelo go Khansele ya Ombud.

Kganelo

205. (1) Khansele ya Ombud e ka dira taelo ya kganelo mabapi le motho ka esi fa motho ka esi a—

(a) tlotse molao wa lephata la ditshelete kgotsa boemo jaaka ga bo amana le dikema tsa ombud, kgotsa molawana wa Khansele ya Ombud;

(b) lekile, kgotsa logile maano a bosenyi le, thusitse, rotloeditse, potlakisitse, 25 tthotlheleditse kgotsa fittheletse motho yo mongwe go tlola molao wa lephata la ditshelete jaaka ga o amana le dikema tsa ombud.

(2) Taelo ya kganelo e thibela motho ka esi, mo nakong e tsepamisitsweng, jaaka go tlhalositswe mo taelong, mo go direng tiro e e rileng e e amanang le sekema sa ombud.

(3) Pele go dirwa taelo ya kganelo mabapi le motho ka esi, Khansele ya Ombud e tshwanetse—

(a) naya motho ka esi le bolaodi jwa lephata la ditshelete thalo ya taelo, mmogo le mabaka a le tshedimosetso e nngwe e e maleba ka ga, kganelo e e tshitsintsweng; le

(b) laletsa motho go dira ditlhagiso ka ga morero, le go naya motho nako e e lekaneng go dira jalo.

(4) Nako go ya ka karolotlaleletso (3)(b) e tshwanetse go nna bonnye kgwedi e le esi.

(5) Mo go swetseng ka go dira kgotsa go se dire kganelo mabapi le motho, Khansele ya Ombud e tshwanetse go ela tlhoko bonnye—

(a) tlhagiso nngwe le nngwe e e dirilweng ke, kgotsa e e diretsweng, motho; le

(b) kgakololo nngwe le nngwe go tswa go molaodi wa lephata la ditshelete.

(6) Taelo ya kganelo e simolola go dira—

(a) ka letlha le e neetsweng motho ka esi ka lona; kgotsa

(b) fa taelo e tsepamisa letlha le le kwa moragonyana, letlha le le kwa moragonyana.

(7) Kgatiso ya taelo ya kganelo mabapi le motho ka esi e tshwanetse go newa sekema sengwe le sengwe sa ombud.

(8) (a) Motho ka esi yo o lebanweng ke taelo ya kganelo o ka se dire boitshwaro jo bo tlolang taelo ka tlhamalalo, kgotsa e seng ka tlhamalalo.

(b) Ntle le tekanyetso ya temana (a), motho ka esi o tlola temana eo fa motho ka esi a tsena mo thulaganyong le motho yo mongwe go dira boitshwaro jwa, kgotsa mo boemong jwa, kgotsa go tsamaelana le dikaelo, ditaelo kgotsa dikeletso tsa, motho ka esi.

(9) Setheo sa ditshelete se se abetsweng laesense se se lemogang gore taelo ya kganelo e dirilwe mabapi le motho ka esi yo o thapilweng kgotsa yo o dirisanang le setheo sa ditshelete se tshwanetse go tsaya dikgato tsotlhe tse di maleba go netefatsa gore taelo e a diragatswa.

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Page 204

No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

202

Administrative penalties

206. (1) Chapter 13 applies in relation to the Ombud Council as if references in that Chapter—

(a) to a financial sector law were references to a financial sector law in so far as it relates to ombud schemes; and

(b) to a financial sector regulator were references to the Ombud Council.

(2) Despite subsection (1), the Ombud Council may impose an administrative penalty only on an ombud scheme, a member of the governing body of an ombud scheme, or an ombud.

Requests for information

207. (1) (a) The Ombud Council may, by written notice, require an ombud scheme or an ombud to provide specified information or a specified document in the possession or under the control of the person to whom the notice is given, being information or a document which is relevant to the Ombud Council’s assessment of compliance by an ombud scheme or an ombud with—

(i) a financial sector law in so far as it relates to ombuds;

(ii) an Ombud Council rule;

(iii) a directive issued by the Ombud Council in terms of section 202; or

(iv) an enforceable undertaking accepted by the Ombud Council.

(b) The Ombud Council may require the information or document to be verified as specified in the notice, including by an auditor approved by the Ombud Council.

(2) A person that has been given a notice in terms of subsection (1) must comply with the requirements in the notice.

Supervisory on-site inspections and investigations

208. (1) Part 3 of Chapter 9 applies in relation to the Ombud Council as if—

(a) references in that Chapter to a financial sector law were references to a financial sector law in so far as it relates to ombud schemes;

(b) references to a financial sector regulator were references to the Ombud Council; and

(2) Despite section 132(2), the purpose of a supervisory on-site inspection of an ombud scheme or an ombud in terms of this section is to check compliance by the ombud scheme or ombud with a financial sector law in so far as it relates to ombuds.

(3) Part 4 of Chapter 9 applies in relation to the Ombud Council as if—

(a) references in that Chapter to a financial sector law were references to a financial sector law in so far as it relates to ombud schemes;

(b) section 135(1)(b) were omitted; and

(4) Section 140 applies in relation to the Ombud Council exercising powers in terms of this section as it applies in relation to the financial sector regulators.

Part 4 General provisions

Access to ombud schemes

209. (1) The Ombud Council must, as soon as practicable after this Part comes into effect, establish and operate one or more centres to facilitate financial customers’ access to appropriate ombuds.

(2) A centre may incorporate a call centre.

(3) The purpose of a centre is to provide a place, and staff and facilities, to assist financial customers to formulate complaints and to identify for them the ombud appropriate to deal with their complaints.

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203 Dikotlhao tsa tsamaiso

206. (1) Kgaolo 13 e diriswa mabapi le Khansele ya Ombud jaaka e kete dikaelo mo Kgaolong eo—

(a) go molao wa lephata la ditshelete e ne e le dikaelo go molao wa lephata la ditshelete jaaka ga di amana le dikema tsa ombud; le

(b) go molaodi wa lephata la ditshelete e ne e le dikaelo go Khansele ya Ombud.

(2) Go sa nyatswe karolotlaleletso (1), Khansele ya Ombud e ka pateletsa kotlhao ya tsamaiso mo sekemeng sa ombud, leloko la mokgatlho o o busang wa sekema sa ombud kgotsa ombud.

Dikopo tsa tshedimosetso

207. (1) (a) Khansele ya Ombud, ka kitsiso e e kwetsweng, e ka lopa sekema sa ombud kgotsa ombud go tlamela ka tshedimosetso e tsepamisitsweng kgotsa lokwalo le tepamisitsweng le le mo taolong ya motho yo o neilweng kitsiso, e ka nna tshedimosetso kgotsa lokwalo le le malebana le tshekatsheko ya boikamanyo ya Khansele ya Ombud ka sekema sa ombud kgotsa ombud le—

(i) molao wa lephata la ditshelete jaaka ga o amana le ombuds;

(ii) molawana wa Khansele ya Ombud;

(iii) taelo e e rebotsweng ke Khansele ya Ombud go ya ka karolo 202; kgotsa

(iv) tumalano e e gatelelwang e e amogetsweng ke Khansele ya Ombud.

(b) Khansele ya Ombud e ka kopa tshedimosetso kgotsa lokwalo go netefatswa jaaka go kailwe mo kitsisong, go akaretsa le ke moruni yo o rebotsweng ke Khansele ya Ombud.

(2) Motho yo o neilweng kitsiso go ya ka karolotlaleletso (1) o tshwanetse go ikamanya le ditlhokego tse di mo kitsisong.

Ditlhatlhobo tsa botlhokomedi tsa kwa tirong le dipatlisiso

208. (1) Karolo 3 ya Kgaolo 9 e diriswa mabapi le Khansele ya Ombud jaaka e kete—

(a) dikaelo mo Kgaolong eo go molao wa lephata la ditshelete e ne e le dikaelo go molao wa lephata la ditshelete jaaka fa di amana le dikema tsa ombuds;

(b) dikaelo go molaodi wa lephata la ditshelete e ne e le dikaelo go Khansele ya Ombud; le

(2) Go sa nyatswe karolo 132(2), maitlhomo a ditlhatlhobo tsa botlhokomedi tsa kwa tirong le sekema sa ombud kgotsa ombud go ya ka karolo eno ke go tlhatlhoba gore sekema sa ombud kgotsa, ombud, se ikamanya le molao wa lephata la ditshelete jaaka ga o amana le ombuds.

(3) Karolo 4 ya Kgaolo 9 e diriswa mabapi le Khansele ya Ombud jaaka e kete—

(a) dikaelo mo Kgaolong eo go molao wa lephata la ditshelete e ne e le dikaelo go molao wa lephata la ditshelete jaaka fa di amana le dikema tsa ombud;

(b) karolo 135(1)(b) e ne e tlogetswe; le

(4) Karolo 140 e diriswa mabapi le Khansele ya Ombud e e diragatsang dithata go ya ka karolo eno jaaka ga e diriswa mabapi le balaodi ba lephata la ditshelete.

Karolo 4

Dikabelo ka kakaretso

Phitlhelelo go dikema tsa ombud

209. (1) Khansele ya Ombud e tshwanetse, ka bonako jo bo kgonagalang morago ga go tsengwa tirisong ga Karolo eno, tlhoma le go dirisa senthara e le esi kgotsa go feta go nolofatsa phitlhelelo go ombuds e e maleba ya barekedi ba ditshelete.

(2) Senthara e ka tsenyeletsa senthara ya go letsa.

(3) Maitlhomo a senthara ke go tlamela ka lefelo, badiri le didiriso, go thusa barekedi ba ditshelete go tlhama dingongorego le go di supela ombud yo o maleba go samagana le dingongorego tsa bona.

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Page 206

No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

204

Restrictions on financial institutions in relation to ombud schemes

210. (1) A financial institution may not describe any internal procedure it has for dealing with or resolving complaints made to it by financial customers as an ombud scheme, or a person that deals with or resolves such complaints as an ombud.

(2) A financial institution must disclose to its financial customers applicable ombud schemes, and how to contact and submit complaints to those schemes, in accordance with Ombud Council rules that may be issued in this regard.

(3) (a) A financial institution may not require or invite a financial customer to make a complaint to an—

(i) ombud, unless the person so charged with this function is part of a recognised industry ombud scheme or a statutory ombud scheme; or

(ii) ombud scheme, unless the ombud scheme concerned is a recognised industry ombud scheme or a statutory ombud scheme.

(b) A requirement or invitation contrary to paragraph (a) is void.

(4) An ombud scheme may not describe or hold itself out as being a recognised industry ombud scheme in terms of this Part unless it is so recognised.

(5) An ombud scheme may not permit another person to identify it as a recognised industry ombud scheme in terms of this Part, unless it is so recognised.

(6) For the purposes of subsections (3), (4) and (5), an ombud scheme whose recognition has been suspended or revoked is not recognised.

Applicable ombud schemes

211. (1) (a) If there is no recognised industry ombud scheme or statutory ombud scheme that makes provision for the resolution of complaints about financial products or financial services of a particular kind, the Ombud Council may, after consulting relevant ombud schemes, designate an ombud scheme, or two or more ombud schemes, to deal with and resolve complaints about products or services of that kind.

(b) If the Ombud Council designates two or more ombud schemes in terms of paragraph (a), it must also determine the elements of the complaint to be dealt with and resolved by each of the designated schemes.

(c) The Ombud Council may so designate an ombud scheme on its own initiative or on application by the scheme or a financial institution that provides or proposes to provide financial products or financial services of that kind.

(2) If the Ombud Council designates an ombud scheme in terms of subsection (1) to deal with and resolve complaints about financial products or financial services of a particular kind—

(a) each ombud for the designated ombud scheme—

(i) has the power and the duty, despite anything in any Act or the governing rules of the ombud scheme, to deal with and resolve complaints about the products or services, in accordance with the designation; and

(ii) must deal with and resolve those complaints in the same way as it deals with and resolves other complaints to which the ombud scheme relates; and

(b) the governing rules of the ombud scheme must be read as including an obligation on the financial institution to comply with the determination of the ombud on those complaints.

(3) If a financial institution provides financial products and financial services and there is a recognised industry ombud scheme that provides for the resolution of complaints about financial products or financial services of that kind, the financial institution must be a member of that industry ombud scheme.

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GOVERNMENT GAZETTE, 22 AUGUST 2017

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Dithibelo mo ditheong tsa ditshelete mabapi le dikema tsa ombud

210. (1) Setheo sa ditshelete se ka se neelane ka tsamaiso epe ya ka fa gare e nang le yona mabapi le go samagana le kgotsa go rarabolola dingongorego tse di dirilweng go sona ke barekedi ba ditshelete jaaka sekema sa ombud, kgotsa motho yo o samaganang le kgotsa yo o rarabololang dingongorego tseo jaaka ombud.

(2) Setheo sa ditshelete se tshwanetse go senolela barekedi ba sona ba ditshelete dikema tsa ombud tse di diriswang, le ka moo go ka ikgolaganngwang le go romela dingongorego go dikema tseo, go tsamaelana le melawana ya khansele ya ombud e e ka rebolwang mabapi le seno.

(3) (a) Setheo sa ditshelete se ka se lope kgotsa laletse morekedi wa ditshelete go ngongoregela go—

(i) ombud, ntle le fa motho yo o neetsweng maikarabelo a tiro eno e le karolo ya sekema sa ombud sa bodirelo se se amogetsweng kgotsa sekema sa ombud sa semolao; kgotsa

(ii) sekema sa ombud, ntle le fa sekema sa ombud se se amegang e le sekema sa ombud sa bodirelo se se amogetsweng kgotsa sekema sa ombud sa semolao.

(b) Tlhokego kgotsa taletso e e farologaneng le temana (a) ga e amogelesege.

(4) Sekema sa ombud se ka se itlhalose kgotsa se itseele gore ke sekema sa ombud sa bodirelo se se amogetsweng go ya ka Karolo eno ntle le fa se amogetswe jalo.

(5) Sekema sa ombud se ka se letle motho yo mongwe go se supa jaaka sekema sa ombud sa bodirelo se se amogetsweng go ya ka Karolo eno, ntle le fa se amogetswe jalo.

(6) Mabapi le maitlhomo a dikarolotlaleletso (3), (4) le (5), sekema sa ombud se kamogelo ya sona e sekegilweng kgotsa e phimotsweng ga se amogelesege.

Dikema tsa ombud tse di diriswang

211. (1) (a) Fa go sena sekema sa ombud sa bodirelo kgotsa sekema sa ombud sa semolao se se amogetsweng se se dirang kabelo mabapi le tharabololo ya dingongorego ka ga dikuno tsa ditshelete kgotsa ditirelo tsa ditshelete tsa mofuta o o rileng, Khansele ya Ombud e ka, morago ga go rerisana le dikema tsa ombud tse di maleba, thapa sekema sa ombud, kgotsa dikema sa ombud tse pedi kgotsa go feta, go samagana le le go rabolola dingongorego ka ga dikuno kgotsa ditirelo tsa mofuta oo.

(b) Fa Khansele ya Ombud e thapa dikema tsa ombud di le pedi kgotsa go feta go ya ka temana (a), e tshwanetse gape go tlhomamisa dipopi tsa ngongorego e e tshwanetseng go sekasekwa le go rabololwa ke nngwe le nngwe ya dikema tse di thapilweng.

(c) Khansele ya Ombud e ka thapa sekema sa ombud ka maiteko a boyona kgotsa ka kopo ya sekema kgotsa setheo sa ditshelete se se tlamelang kgotsa tshitsinyang go tlamela ka dikuno tsa ditshelete kgotsa ditirelo tsa ditshelete tsa mofuta oo.

(2) Fa Khansele ya Ombud e thapa sekema sa ombud go ya ka karolotlaleletso (1) go sekaseka le go rarabolola dingongorego tse di ka ga dikuno tsa ditshelete kgotsa ditirelo tsa ditshelete tsa mofuta oo—

(a) ombud mongwe le mongwe wa sekema sa ombud se se supilweng—

(i) o na le thata le tiro, ntle le sengwe le sengwe se se mo Molaong kgotsa melawaneng ya go busa ya sekema sa ombud, ya go samagana le go rarabolola dingongorego tse di ka ga dikuno kgotsa ditirelo, go tsamaelana le thapo; le

(ii) o tshwanetse go samagana le go rarabolola dingongorego tseo ka mokgwa o o tshwanang le wa fa a samagana le go rarabolola dingongorego tse dingwe tse sekema sa ombud di amanang le tsona; le

(b) melawana ya go busa ya sekema sa ombud e tshwanetse go tsewa jaaka e kete e akaretsa tlamego mo setheong sa ditshelete go ikamanya le tlhomamiso ya ombud mo dingongoregong tseo.

(3) Fa setheo sa ditshelete se tlamela ka dikuno tsa ditshelete le ditirelo tsa ditshelete e bile go na le sekema sa ombud sa bodirelo se se amogetsweng se se tlamelang mabapi le tharabololo ya dingongorego tse di ka ga dikuno tsa ditshelete kgotsa ditirelo tsa ditshelete tsa mofuta oo, setheo sa ditshelete se tshwanetse go nna leloko la sekema seo sa ombud sa bodirelo.

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Page 208

No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

206

Overlaps between ombud schemes

212. (1) An industry ombud scheme may not deal with a complaint to which a statutory ombud scheme applies, but must refer the complaint to the appropriate statutory ombud scheme unless the statutory ombud scheme has declined to deal with the complaint.

(2) An ombud scheme may not deal with a complaint that has been dealt with by another ombud scheme unless—

(a) the complaint is referred to it by the other ombud scheme; or

(b) the Ombud Council has designated both schemes in terms of section 211(1) to deal with and resolve complaints of the relevant kind and each scheme is dealing with the elements of the complaint in accordance with the applicable determination in terms of section 211(1)(b).

Collaboration between ombuds and ombud schemes

213. The ombud schemes, and the ombuds, must cooperate and collaborate with each other regarding complaints about financial institutions in relation to financial products and financial services, including by developing processes and procedures to jointly hear and determine complaints, on their own initiative or as may be required by Ombud Council rules.

Governing rules of recognised industry ombud scheme

214. (1) Before the Ombud Council can recognise an industry ombud scheme in terms of section 194, the Ombud Council must—

(a) publish—

(i) a draft of the governing rules or amendments to the governing rules;

(ii) a statement explaining the need for and the intended operation of the governing rules or the amendment to the governing rules;

(iii) a statement of the expected impact of the governing rules or the amendment to the governing rules; and

(iv) a notice inviting submissions in relation to the rules or amendment to the governing rules and stating where, how and by when submissions are to be made; and

(b) submit the draft governing rules to the Financial Sector Conduct Authority.

(2) The period allowed for making submissions on the governing rules or amendments to the governing rules in terms of subsection (1) must be at least 30 days.

(3) (a) The governing rules of a recognised industry ombud scheme must be approved by and may not be amended without the approval of the Ombud Council.

(b) Governing rules or amendments to governing rules that are adopted by a recognised industry ombud scheme without the approval by the Ombud Council are void.

(4) The Ombud Council must not approve governing rules or an amendment to governing rules unless it is satisfied that to do so assists in achieving the object of this Act as set out in section 7.

Obligation to comply with governing rules of recognised industry ombud schemes

215. (1) A financial institution that is a member of a recognised industry ombud scheme must comply with the governing rules of the scheme.

(2) Without limiting any other right that a financial customer of a financial institution that is a member of a recognised industry ombud scheme may have, the financial customer may enforce the obligation in subsection (1) in relation to a financial product or a financial service as if the obligation were a provision of the contract in terms of which the financial product or financial service was provided to the financial customer.

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Ditshelepano magareng ga le direma tsa ombud

212. (1) Ombud wa sekema sa ombud sa bodirelo o ka se samagane le ngongorego eo sekema sa ombud sa molao se diriswang, mme o tshwanetse go romela ngongorego go sekema sa ombud sa molao se se maleba ntle le fa sekema sa ombud sa molao se ganne go samagana le ngongorego.

(2) Sekema sa ombud se ka se samagane le ngongorego e e setseng e rarabolotswe ke sekema sa ombud se sengwe ntle le fa—

(a) ngongorego e rometswe kwa go sona ke sekema sa ombud se sengwe; kgotsa

(b) Khansele ya Ombud e thapile dikema ka bobedi go ya ka karolo 211(1) go sekaseka le go rarabolola dingongorego tsa mofuta o o maleba e bile sekema sengwe le sengwe se sekaseka le dipopi tsa ngongorego go tsamaelana le tlhomamiso e e diriswang go ya ka karolo 211(1)(b).

Tirisanommogo magareng ga ombuds le dikema tsa ombuds

213. Dikema tsa ombud, le ombuds, ba tshwanetse go dirisana mmogo le go kopana mabapi le dingongorego tse di ka ga ditheo tsa ditshelete mabapi le dikuno tsa ditshelete le ditirelo tsa ditshelete, go akaretsa le ka go tlhabolola dikgato le ditsamaiso tsa go reetsa le go tlhomamisa dingongorego ka kopano, ka maiteko a tsona kgotsa jaaka go tla be go tlhokega go ya ka melwana ya Khansele ya Ombud.

Melawana e e laolang ya sekema se se amogelsegang sa bodirelo jwa ombud sa bodirelo se se amogetsweng

214. (1) Pele Khansele ya Ombud e ka amogela sekema sa ombud sa bodirelo go ya ka karolo 194, Khansele ya Ombud e tshwanetse go—

(a) phasalatsa—

(i) thalo ya melawana ya go busa kgotsa ditlhabololo tsa melawana ya go busa;

(ii) polelo e e tlhalosang tlhokego ya le tsamaiso e e ikaeletsweng ya melawana ya go busa kgotsa tlhabololo ya melawana e e busang;

(iii) polelo ya kutlwalo e e solofetsweng ya melawana ya go busa kgotsa tlhabololo ya melawana ya go busa; le

(iv) kitsiso e ka yona go laletswang ditlhagiso mabapi le melawana kgotsa tlhabololo ya melawana ya go busa e bile e bolela gore ditlhagiso di ka dirwa kae, jang le gore leng; le

(b) romela thalo ya melawana ya go busa kwa Bothating jwa Boitshwaro jwa Lephata la Ditshelete.

(2) Nako e e dumeletsweng ya go dira ditlhagiso ka ga melawana ya go busa kgotsa ditlhabololo go melawana ya go busa go ya ka karolotlaleletso (1) e tshwanetse go nna bonnye malatsi a le 30.

(3) (a) Melawana ya go busa ya sekema sa ombud sa bodirelo se se amogetsweng e tshwanetse go rebolwa ke e bile e ka se tlhabololwe ntle le thebolo ya Khansele ya Ombud.

(b) Melawana ya go busa kgotsa ditlhabololo go melawana e e busang e e amogetsweng ke sekema sa ombud sa bodirelo se se amogetsweng ntle le thebolo ya Khansele ya Ombud ga e amogelsesge.

(4) Khansele ya Ombud ga e a tshwanela go rebola melawana ya go busa kgotsa tlhabololo go melwana ya gobusa ntle le fa e kgotsofetse gore go dira jalo go thusa go fitlhelela maikaelelo a Molao ono a a tlhalositsweng mo karolong 7.

Tlamego ya go ikamanya le melawana e e laolang ya dikema tse di a mogele se gang tsa bodirelo jwa Ombud

215. (1) Setheo sa ditshelete se e leng leloko la sekema sa ombud sa bodirelo se se amogetsweng se tshwanetse go ikamanya le melawana ya go busa ya sekema.

(2) Ntle le go lekanyetsa tshwanelo nngwe le nngwe e morekedi wa setheo sa ditshelete se se abetsweng laesense seo e leng leloko la sekema sa ombud sa bodirelo se se amogetsweng a ka nnang le yona, morekedi wa ditshelete o ka gatelela tlamego e e mo karolotlaleletsong (1) mabapi le kuno ya ditshelete kgotsa tirelo ya ditshelete jaaka e kete tlamego e ne e le kabelo ya konteraka e go ya ka yona kuno ya ditshelete kgotsa tirelo ya ditshelete e neng e tlametswe go morekedi wa ditshelete.

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Act No. 9 of 2017

Financial Sector Regulation Act, 2017

208

Suspension of time barring terms

216. Receipt of a complaint by a financial sector regulator, the Ombud Council or an ombud suspends any applicable time barring terms, whether in terms of an agreement or any law, or the running of prescription in terms of the Prescription Act, 1969 (Act No. 68 of 1969), for the period from the receipt of the complaint until the complaint has either been withdrawn or finally determined.

Reporting

217. (1) An ombud scheme must—

(a) within six months after the end of each financial year, submit to the Ombud Council, in the form and with the content required by the Ombud Council, a report on the operation of the ombud scheme during the financial year, including in relation to—

(i) compliance with the financial sector laws in so far as they relate to ombud schemes;

(ii) the complaints that the ombud scheme is dealing with, and how they are being dealt with; and

(iii) the conduct of financial institutions that is giving rise to complaints; and

(b) comply with any request by the Ombud Council at any time for information about the operation of the ombud scheme, trends in and implications of the conduct of financial institutions observed by the ombud scheme, and any other relevant information.

(2) Each of the following must, on request by the Financial Sector Conduct Authority, and may at any time, provide information and reports to the Financial Sector Conduct Authority about the operation of ombud schemes and trends in and implications of the conduct of financial institutions observed by it:

(a) The Ombud Council;

(b) a statutory ombud scheme;

(3) If, in dealing with a complaint, an ombud becomes aware that there has or may have been—

(a) a contravention of a financial sector law in a material way by a financial institution; or

(b) an activity or action by a financial institution that has an effect on financial customers other than the complainant,

the ombud must report the details of the matter, including the identity of the financial institution concerned, to the Financial Sector Conduct Authority.

(4) (a) The Ombud Council must provide the Minister of Finance and the National Treasury with information, returns, documents, explanations and motivations that may be prescribed by Regulation for this section or information that the Minister of Finance or the National Treasury may request.

(b) Paragraph (a) does not require or permit the provision of information about persons identifiable from the information.

CHAPTER 15 FINANCIAL SERVICES TRIBUNAL

Part 1 Interpretation

Definitions

218. For the purposes of this Chapter—

“decision” means each of the following:

(a) A decision by a financial sector regulator or the Ombud Council in terms of a financial sector law in relation to a specific person;

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Tshekego ya dipeelo tse di beilweng tsa nako

216. Kamogelo ya ngongorego ka molaodi wa lephata la ditshelete, Khansele ya Ombud kgotsa ombud e sekega dipeelo tsa thibelo ya nako, e ka nna go ya ka tumalano kgotsa molao mongwe le mongwe, kgotsa go diragatswa ga taelo go ya ka *Prescription Act*, 1969 (Molao 68 wa 1969), mo nakong ya go simolola ka kamogelo ya ngongorego go fithela ngongorego e gogelwa morago, kgotsa e tlhomamiswa kwa bokhutlong.

Go bega

217. (1) Sekema sa Ombud se tshwanetse—

(a) mo dikgweding tse thataro morago ga go ya bokhutlong ga ngwaga nngwe le nngwe ya ditshelete, romela go Khansele ya Ombud, mo foromong le ka diteng tse di tlhokwang ke Khansele ya Ombud, pegelo ka ga tiro ya sekema sa ombud sa lephata la ditshelete ka nako ya ngwaga wa ditshelete, go akaretsa mabapi le—

(i) ikamanyo le melao ya lephata la ditshelete jaaka ga e amana le dikema tsa ombud;

(ii) dingongorego tse sekema sa ombud se samaganeng le tsona, le ka moo di rarabololwang ka teng; le

(iii) boitshwaro jwa ditheo tsa ditshelete jo bo tlisang dingongorego tse dintsi; le

(b) go ikamanya le kopo ya Khansele ya Ombud ka nako nngwe le nngwe mabapi le tshedimosetso e e ka ga tsamaiso ya sekema sa ombud, tse di diriswang sesweng le bokao jwa maitsholo a ditheo tsa ditshelete a a elwang tlhoko ke sekema sa ombud le tshedimosetso nngwe le nngwe e e maleba.

(2) Nngwe le nngwe ya tse di latelang e tshwanetse, ka kopo ya Bothati jwa Boitshwaro jwa Lephata la Ditshelete, gape le ka nako nngwe le nngwe, tlamela ka tshedimosetso le dipegelo ka ga tiro ya dikema tsa ombud le tseo di diriswang mo sesweng le bokao jwa maitsholo a ditheo tsa ditshelete tse bo di elang tlhoko:

(a) Khansele ya Ombud;

(b) sekema sa ombud sa semolao;

(3) Fa, ka go samagana le ngongorego, ombud a lemoga gore go na le kgotsa go ka nna le—

(a) tlolo ya molao wa lephata la ditshelete ka tsenelelo e kgolo ke setheo sa ditshelete; kgotsa

(b) tirwana kgotsa tiro ka setheo sa ditshelete e e nang le tlamorago mo barekeding ba ditshelete bao e seng bangongoregi,

ombud o tshwanetse go itsise Bothati jwa Boitshwaro jwa Lephata la Ditshelete ka ga morero oo, go akaretsa le tshupo ya setheo sa ditshelete se se amegang.

(4) (a) Khansele ya Ombud e tshwanetse go tlamela Tona ya Matlole le Matlotlo a Bosetshaba ka tshedimosetso, dipoelo, dikwalo, ditlhaloso le ditshegetso tse di ka neelwang ka Molawana mabapi le karolo eno kgotsa tshedimosetso e e ka lopiwang ke Tona ya Matlole le Matlotlo a Bosetshaba.

(b) Temana (a) ga e tlhoke kgotsa ga e letle kabelo ya tshedimosetso ka ga batho ba ba ka supiwang go tswa mo tshedimosetsong.

KGAOLO 15

LEKGOTLA LA DITIRELO TSA DITŠHELETE

Karolo 1

Tlhaloso

Ditlhaloso

218. Mabapi le maitlhomo a Kgaolo eno—

“tshwetso” e kaya nngwe le nngwe ya tse di latelang:

(a) tshwetso e tserweng ke molaodi wa lephata la ditshelete kgotsa Khansele ya Ombud go ya ka molao wa lephata la ditshelete mabapi le motho yo o rileng;

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Act No. 9 of 2017

Financial Sector Regulation Act, 2017

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(b) a decision by an authorised financial services provider, as defined in section 1 of the Financial Advisory and Intermediary Services Act, in terms of section 14 of that Act in relation to a specific person;

(c) a decision in relation to a specific person by a market infrastructure, being a decision in terms of rules of the market infrastructure contemplated by the Financial Markets Act, or a decision contemplated in section 105 of the Financial Markets Act;

(d) a decision of a statutory ombud in terms of a financial sector law in relation to a specific complaint by a person;

(e) a decision of a kind prescribed by Regulation for the purposes of this paragraph, and includes—

(f) an omission to take such a decision within the period prescribed or specified in a financial sector law, rules, or other requirements pertaining to the decision-maker;

(g) an omission to take such a decision within a reasonable period, if the applicable financial sector law, or rules of, or other requirements pertaining to, the decision-maker require the decision to be taken but without prescribing or specifying a period;

(h) an action taken as a result of such a decision; and

(i) an omission to take action as a result of such a decision within the prescribed or a reasonable period, if the applicable financial sector law requires the action to be taken but does not prescribe a period, but does not include—

(j) a decision of a financial sector regulator that the financial sector regulator is directed to take in terms of section 18(2) or 30(1);

(k) a decision to conduct a supervisory on-site inspection or an investigation;

(l) an assessment of a levy issued to a specific person; or

(m) a decision prescribed by Regulations made for this paragraph;

“decision-maker” means—

(a) in relation to a decision by a financial sector regulator, the financial sector regulator;

(b) in relation to a decision by the Ombud Council, the Ombud Council;

(c) in relation to a decision referred to in paragraph (b) of the definition of “decision” in this section, the authorised financial services provider;

(d) in relation to a decision referred to in paragraph (c) of the definition of “decision” in this section, the market infrastructure;

(e) in relation to a decision by a statutory ombud, the statutory ombud; and

(f) in relation to a decision referred to in paragraph (e) of the definition of “decision” in this section, the person identified in the Regulations as the decision-maker.

Part 2

Financial Services Tribunal

Establishment and function of Financial Services Tribunal

219. (1) The Financial Services Tribunal is hereby established to reconsider, in terms of this Chapter, decisions as defined in section 218 and to perform the other functions conferred on it by this Act and specific financial sector laws.

(2) The Tribunal—

(a) is independent;

(b) must be impartial and exercise its powers without fear, favour or prejudice;

(d) must perform its function in accordance with this Act and the specific financial sector laws.

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(b) tshwetso ka motlamedi wa ditirelo tsa ditshelete tse di amogetsweng, jaaka go tlhalositswe mo karolong 1 ya Financial Advisory and Intermediary Services Act, go ya ka karolo 14 ya Molao oo mabapi le motho yo o rileng;

(c) tshwetso e e mabapi le motho yo rileng ka thulaganyetso ya popegotheo ya mmaraka, eo e leng tshwetso go ya ka melawana ya thulaganyetso ya popegotheo ya mmaraka e e tlhalositsweng ke Financial Markets Act, kgotsa tshwetso e e tlhalositsweng mo karolong 105 ya Financial Markets Act;

(d) tshwetso ya ombud wa semolao go ya ka molao wa lephata la ditshelete mabapi le ngongorego e e rileng ka motho;

(e) tshwetso ya mofuta o o rileng e e neetsweng ke Molawana mabapi le maitlhomo a temana eno, ebile e akaretsa—

(f) tlogelo go tsaya tshwetso eo mo nakong e e beilweng kgotsa tsepamisitsweng mo molaong wa lephata la ditshelete, melawana, kgotsa ditlhokego tse dingwe tse di amanang le motho yo o tsereng tshwetso;

(g) tlogelo ya go tsaya tshwetso eo mo nakong e e lekaneng, fa molao wa lephata la ditshelete o o maleba, kgotsa melwanaya, kgotsa ditlhokego tse dingwe tse di amanang le motho yo o tsereng tshwetso di tlhoka gore go tsewe tshwetso fela ntle le go baya kgotsa go tsepamisa nako;

(h) kgato e e tserweng ka ntlha ya tshwetso eo; le

(i) tlogelo ya go tsaya tshwetso ka ntlha ya tshwetso eo mo nakong e e beilweng kgotsa e e lekaneng, fa molao wa lephata la ditshelete o o amogetsweng o tlhoka gore kgato e tsewe mme o sa neelane ka nako, mme ga o akaretse—

(j) tshwetso e molaodi wa lephata la ditshelete a kaelwang go e tsaya go ya ka karolo 18(2) kgotsa 30(1);

(k) tshwetso ya go diragatsa kelotlhoko ya botlhokomedi jwa kwa setsheng kgotsa patlisiso;

(l) tshekatsheko ya lekgethwana le le reboletsweng motho yo o rileng; kgotsa

(m) tshwetso e e neilweng ke Melawana e e diritsweng temana eno; 30

“motho yo o tsayang tshwetso” o kaya—

(a) mabapi le tshwetso ka molaodi wa lephata la ditshelete, molaodi wa lephata la ditshelete;

(b) mabapi le tshwetso ka Khansele ya Ombud, Khansele ya Ombud;

(c) mabapi le tshwetso e e kailweng mo temaneng (b) ya tlhaloso ya “tshwetso” mo karolong eno, motlamedi wa ditirelo tsa ditshelete yo o amogetsweng;

(d) mabapi le tshwetso e e kailweng mo karolong (c) ya tlhaloso ya “tshwetso” mo karolong eno, thulaganyetso ya popegotheo ya mmaraka;

(e) mabapi le tshwetso ka ombud wa semolao, ombud wa semolao; le

(f) mabapi le tshwetso e e kailweng mo temaneng (e) ya tlhaloso ya “tshwetso” mo karolong eno, motho yo o supilweng mo Melawaneng jaaka motho yo o tsayang tshwetso.

Karolo 2

Lekgotla la Ditirelo tsa Ditshelete

Go tlhongwa le tiro ya Lekgotla la Ditirelo tsa Ditshelete 45

219. (1) Lekgotla la Ditirelo tsa Ditshelete le a tlhongwa go sekasekagape, go ya ka Kgaolo eno, ditshwetso jaaka di tlhalositswe mo karolong 218 le go dira ditiro tse dingwe tse le bo di abetsweng ke Molao ono le melao ya lephata la ditshelete e e rileng.

(2) Lekgotla—

(a) le ikemetse;

(b) le tshwanetse go se tseye letlhakore le go diragatsa dithata tsa lona ntle le letshogo, kgethololo kgotsa kgobelelo;

(d) le tshwanetse go dira ditiro tsa lona go tsamaelana le Molao ono le melao e tsepameng ya lephata la ditshelete. 55

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No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

212

Members of Tribunal

220. (1) The Tribunal consists of as many members, appointed by the Minister, as the Minister may determine.

(2) The Tribunal members must include—

(a) at least two persons who are retired judges, or are persons with suitable expertise and experience in law; and

(b) at least two other persons with experience or expert knowledge of financial products, financial services, financial instruments, market infrastructures or the financial system.

(3) A person may not be appointed to, or hold office as, a Tribunal member if the person—

(a) is a disqualified person; or

(b) is not a citizen of the Republic or is not ordinarily resident in the Republic.

(4) The Minister must appoint a Tribunal member referred to in subsection (2)(a) as the Chairperson, and may appoint another Tribunal member as Deputy Chairperson.

(5) The Chairperson—

(a) must preside at meetings of the Tribunal; and

(b) is responsible for managing the work of the Tribunal effectively.

(6) The Deputy Chairperson performs the functions of the Chairperson on delegation by the Chairperson, or in the absence of the Chairperson, or if for any reason the office of the Chairperson is vacant.

Term of office and termination of membership

221. (1) A Tribunal member holds office for—

(a) three years from the date of the member’s appointment; or

(b) if a shorter period is specified in the appointment of the Tribunal member, that shorter period.

(2) A Tribunal member may be re-appointed at the expiry of a term.

(3) A person may resign as a Tribunal member by giving at least three months written notice to the Minister, or a shorter period of notice that the Minister may accept.

(4) The Minister must terminate a person’s appointment as a Tribunal member if the member becomes a disqualified person.

(5) The Minister may terminate a person’s appointment as a Tribunal member if—

(a) the member is unable to perform the functions of office for health or other reasons; or

(b) an independent inquiry established by the Minister has found that the member—

(i) has failed in a material way to discharge any of the responsibilities of office; or

(ii) has acted in a way that is inconsistent with continuing to hold the office.

(6) If an independent inquiry has been established in terms of subsection (5)(b) in relation to a member, the Minister may suspend the member from office pending a decision on the removal of the member.

(7) A Tribunal member holds office on terms and conditions, including as to remuneration, not inconsistent with this Act, determined by the Minister.

Staff and resources

222. (1) The Chairperson may, in accordance with applicable law—

(a) for the work of the Tribunal—

(i) appoint persons as employees;

(ii) enter into secondment arrangements; or

(iii) engage persons on contract otherwise than as employees;

(b) enter into contracts;

(d) insure the Tribunal against any loss, damage, risk or liability that it may suffer or incur; and

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Maloko a Lekgotla

220. (1) Lekgotla le na le maloko a le mantsi, a a thapilweng ke Tona, jaaka Tona a ka tlhomamisa.

(2) Maloko a Lekgotla a tshwanetse go akaretsa—

(a) bonnye batho ba le babedi bao e leng baatlhodi ba ba rotseng tiro, kgotsa ke batho ba nang le kitso e kgolo e e maleba le maitemogelo mo molaong; le

(b) bonnye batho ba bangwe ba babedi bao ba nang le maitemogelo kgotsa kitso e e kwa godimo ya dikuno tsa ditshelete, ditirelo tsa ditshelete, didiriso tsa ditshelete, dithulaganyetso tsa popegotheo ya mmaraka kgotsa dithulaganyo tsa ditshelete.

(3) Motho o ka se thapelwe go, kgotsa go dira jaaka, leloko la Lekgotla fa motho—

(a) a ileditswe; kgotsa

(b) e se moagi wa Rephaboliki kgotsa e se moagi ka tlwaelo mo Rephaboliking.

(4) Tona o tshwanetse go thapa leloko la Lekgotla le le kailweng mo karolotlaleletsong (2)(a) jaaka Modulasetilo, e bile o ka thapa leloko le lengwe la Lekgotla jaaka Motlatsamodulasetilo.

(5) Modulasetilo—

(a) o tshwanetse go okamela kwa dikopanong tsa Lekgotla; le

(b) o rwala maikarabelo a go laola tiro ya Lekgotla ka nonofo.

(6) Motlatsamodulasetilo o dira ditiro tsa Modulasetilo ka tholelo ya Modulasetilo, kgotsa fa Modulasetilo a seyo, kgotsa fa ka lebaka lengwe go na le phatlatiro ya modulasetilo.

Paka ya tiro le khutliso ya boloko

221. (1) Leloko la Lekgotla le dira—

(a) sebaka sa dingwaga tse tharo go simolola ka letlha la go thapiwa ga leloko; kgotsa 25

(b) fa paka e e khutshwane e tsepamisitswe mo go thapiweng ga leloko la Lekgotla, paka eo e khutshwane.

(2) Leloko la Lekgotla le ka thapiwa gape kwa bokhutlong jwa paka.

(3) Motho o ka rola tiro jaaka leloko la Lekgotla ka go romelela Tona kitsiso ya bonnye dikgwedi di le tharo, kgotsa nako e khutshwane ya kitsiso e Tona o ka e amogelang.

(4) Tona o tshwanetse go khutlisa go thapiwa ga motho jaaka leloko Lekgotla fa motho a ileditswe.

(5) Tona o ka khutlisa go thapiwa ga motho jaaka leloko la Lekgotla fa—

(a) leloko le sa kgone go dira ditiro tse le di thapetsweng ka ntlha ya mabaka a boitekanelo kgotsa mabaka a mangwe; kgotsa

(b) fa patlisiso e e ikemetseng e e tlhomilweng ke Tona e fitlheletse gore leloko—

(i) le paletswe ka gotlhe go diragatsa nngwe le nngwe ya maikarabelo a lona a tiro; kgotsa

(ii) le dirile ka mokgwa o o sa tsamaelaneng le ditlhokego tsa go tswelela pele go dira.

(6) Fa patlisiso e e ikemetseng e tlhomilwe go ya ka karolotlaleletso (5)(b) mabapi le leloko, Tona o ka emisa leloko mo tirong go sa letilwe tshwetso ka ga go tloswa ga leloko.

(7) Leloko la Lekgotla le dira go ya ka dipeelo le mabaka, go akaretsa le ka ga go duelwa, go go tsamaelanang le Molao ono, tse di tlhomamisitsweng ke Tona.

Badiri le ditlamelo

222. (1) Modaulasetilo o ka, go tsamaelana le molao o o maleba—

(a) mabapi le tiro ya Lekgotla—

(i) thapa batho jaaka badiri;

(ii) dira dithulaganyo tsa go tlatsa go thapiwa ga motho; kgotsa

(iii) dirisana le batho ka konteraka ka pharologano le bona jaaka badiri;

(b) dira dikonteraka;

(d) inšora Lekgotla kgatlhanong le tatlhegelo nngwe le nngwe, tshenyegelo, kotsi kgotsa molato eo le ka le ka iphitlhelang le lebagane nao; le

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(e) do anything else necessary for the performance of the Tribunal’s functions.

(2) The Chairperson may not enter into a secondment arrangement in respect of a person, or engage persons as employees or on contract, unless the person and the Chairperson have agreed in writing on—

(a) the performance measures that must be used to assess that person’s performance; and

(b) the level of performance that must be achieved against those measures.

Duties of staff members

223. (1) A person who is or was a staff member under section 222 may not use that position or any information obtained as a staff member to—

(a) improperly benefit himself or herself or another person;

(b) impede the Tribunal’s ability to perform its functions; or

(2) For the purposes of this section, “benefit” and “detriment” are not limited to financial benefit or detriment.

Panels of Tribunal

224. (1) The Chairperson must constitute a panel of the Tribunal for each application for reconsideration of a decision.

(2) The panel constituted to consider an application for the reconsideration of a decision is the decision-making body of the Tribunal, and the panel exercises any of the powers of the Tribunal relating to the reconsideration of the decision.

(3) The decision of the panel is the decision of the Tribunal as referred to in sections 234, 235 and 236 in respect of an application for the reconsideration of a decision.

(4) A panel consists of—

(a) a person to preside over the panel, who must be a person referred to in section 220(2)(a) or 225(2)(a)(i); and

(b) two or more persons who are Tribunal members or persons on the panel list.

(5) If, for any reason, a panel member is unable to complete proceedings for a reconsideration of a decision, the Chairperson may—

(a) replace that member with a person referred to in subsection (4);

(b) direct that the proceedings continue before the remaining panel members; or

Panel list

225. (1) The Minister must establish and maintain a list of persons who are willing to serve as members of panels of the Tribunal.

(2) The persons included in the panel list must—

(a) have relevant experience in or expert knowledge—

(i) of law; or

(ii) of financial products, financial services, financial instruments, market infrastructures or the financial system; and

(b) be a fit and proper person to be included in the panel list.

(3) A person may not be included in the panel list if the person is a disqualified person.

(4) The Minister may, every five years, publicly invite persons to apply for inclusion in the panel list.

(5) The Chairperson must ensure that the persons included in the panel list have an equal opportunity to be appointed to serve on a panel of the Tribunal.

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(e) dira sengwe le sengwe se se tlhokegang mabapi le tiragatso ya ditiro tsa Lekgotla.

(2) Modulasetilo o ka se dire thulaganyo ya go tlatsa go thapiwa ga motho, kgotsa go dirisa motho jaaka modiri kgotsa modiri wa konteraka, ntle le fa fela motho le Modulasetilo ba dumalane ka go kwala ka ga—

(a) ditekanyetso tsa tiro tse di tshwanetseng go diriswa go lekanyetsa tiragatso ya motho; le

(b) boemo jwa tiro jo bo tshwanetseng go fitlhelelwa kgatlhanong le ditekanyetso tseo.

Ditiro tsa badiri

223. (1) Motho yo e leng kgotsa yo e neng e le leloko la badirimmogo ka fa tlase ga karolo 222 o ka se dirise maemo ao kgotsa tshedimosetso nngwe le nngwe e a e fitheletseng jaaka leloko la badiri go—

(a) una molemo e seng ka tshwanelo kgotsa go dira gore motho yo mongwe a une molemo;

(b) kgoreletsa bokgoni jwa Lekgotla jwa go dira ditiro tsa jona; kgotsa

(2) Mabapi le maitlhomo a karolo eno, “kunomolemo” le “thatafaletso” ga di a lekanyetswa go kunomolemo kgotsa thatafaletso ya ditshelete.

Dipanele tsa Lekgotla

224. (1) Modulasetilo o tshwanetse go tlhama panele ya Lekgotla mabapi le kopo nngwe le nngwe ya tshekatshekogape ya tshwetso.

(2) Panele e tlhometswe go sekaseka kopo mabapi le mokgatlho o o dirang ditshwetso wa Lekgotla, e bile panele e diragatsa nngwe le nngwe ya dithaa tsa Lekgotla tse di amanang le tshekatshekogape ya tshwetso.

(3) Tshwetso ya panele ke tshwetso ya Lekgotla jaaka go kailwe mo dikarolong 234, 235 le 236 mabapi le kopo ya tshekatshekogape ya tshwetso.

(4) Panele e bopilwe ka—

(a) motho yo o tla okamang panele, yo e tshwanetseng go nna motho yo o kailweng mo karolong 220(2)(a) kgotsa 225(2)(a)(i); le

(b) batho ba le babedi kgotsa go feta ba e leng maloko a Lekgotla kgotsa batho ba ba leng mo lenaneng la panele.

(5) Fa ka lebaka lefe, leloko la panele le sa kgone go feleletsa ditsamaiso tsa tshekatshekogape ya tshwetso, Modulasetilo o ka—

(a) tsenya mo boemong jwa leloko leo motho yo o kailweng mo karolotlaleletsong (4);

(b) laela gore ditsamaiso di tswelele pele fa pele ga maloko a setseng a panele; kgotsa

(c) tlhoma panele e ntshwa le go laela panele e ntshwa go tswelela pele ka ditsamaiso, kgotsa go simolola ditsamaiso tse dintshwa.

Lenane la panele

225. (1) Tona o tshwanetse go tlhoma le go tlamela lenane la batho ba ba ikemiseditseng go dira jaaka maloko a dipanele tsa Lekgotla.

(2) Batho ba ba akareditsweng mo lenaneng la panele ba tshwanetse—

(a) go nna le maitemogelo mo kgotsa kitso ya boitseanape—

(i) ya molao; kgotsa

(ii) ya dikuno tsa ditshelete, ditirelo tsa ditshelete, didiriso tsa ditshelete, dithulaganyetso tsa popegotheo ya mmaraka kgotsa dithulaganyo tsa ditshelete; le

(b) go nna motho yo o itekanetseng e bile a le matshwanedi go ka akaretswa mo lenaneng la panele.

(3) Motho o ka se akaretswe mo lenaneng la panele fa e le motho yo o ileditsweng.

(4) Tona o ka, dingwaga dingwe le dingwe tse tlhano, laletsa mo phatlalatseng batho go dira kopo ya go akaretswa mo lenaneng la panele.

(5) Modulasetilo o tshwanetse go netefatsa gore batho ba ba akareditsweng mo lenaneng la panele ba newa tshono e e lekanang ya go thapiwa go dira mo paneleng ya Lekgotla.

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(6) The Minister—

(a) must remove a person from the panel list—

(i) if the person so requests; or

(ii) if the person becomes a disqualified person; and

(b) may, on recommendation of the Chairperson, remove a person from the panel list if the person—

(i) is unable to act as a panel member for health or other reasons;

(ii) has failed in a material way to discharge any of the responsibilities of a panel member; or

(iii) has acted in a way that is inconsistent with acting as a panel member. 10

Disclosure of interests

226. (1) (a) If before or during proceedings in which a panel member is participating, it becomes apparent that the panel member or a person who is a related party to the panel member has an interest in the decision that the panel has been constituted to reconsider, the panel member must— 15

(i) immediately and fully disclose this interest to the other members of the panel; and

(ii) withdraw from any further involvement in the hearing.

(b) A disclosure in terms of paragraph (a) by the Chairperson must, in addition, be made to the Minister. 20

(2) For the purposes of this section, it does not matter—

(a) whether an interest is direct, indirect, pecuniary or non-pecuniary; or

(b) when the interest was acquired. 25

(3) In this section, “interest” does not include an interest that is not material.

(4) The Chairperson must maintain a register of all disclosures made in terms of this section, and must maintain a system for the annual disclosure of interests by members of the Tribunal.

Tribunal rules

227. (1) The Chairperson may make rules, not inconsistent with this Act, in respect of the procedure to be followed in connection with proceedings on applications for reconsideration of decisions in terms of this Chapter, and the conduct of those proceedings, and may at any time amend or revoke those rules.

(2) Tribunal rules, and amendments and revocations of Tribunal rules, must be published. 35

Part 3 Right to reasons for decisions

Right to be informed

228. An obligation in a financial sector law to notify a person of a decision taken in relation to that person must be read as including an obligation to notify the person of that person’s right—

(a) to request reasons for the decision in terms of section 229; and

(b) to have the decision reconsidered in terms of Part 4.

Right to reasons for decisions

229. (1) A person who has not already been given the reasons for the decision may, within 30 days after the person was notified of the decision, request a statement of the reasons for the decision from the decision-maker.

(2) The decision-maker must, within one month after receiving a request in terms of subsection (1), give the person a statement of the reasons for the decision, which must include a statement of the material facts on which the decision was based. 50

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(6) Tona—

(a) o tshwanetse go tlosa motho mo lenaneng la panele—

(i) fa motho a kopa jalo; kgotsa

(ii) fa motho a nna motho yo o ileditsweng; le

(b) o ka, ka tshitsinyo ya Modulasetilo, tlosa motho mo lenaneng la panele fa motho—

(i) a sa kgone go dira jaaka leloko la panele ka ntlha ya mabaka a boitekanelo kgotsa a mangwe;

(ii) a paletswe ka gotlhe go diragatsa nngwe le nngwe ya maikarabelo a leloko la panele; kgotsa

(iii) a dirile ka mokgwa o o sa tsamaelaneng le go dira jaaka leloko la panele.

Tshenolo ya dikgatlhego

226. (1) (a) Fa pele kgotsa ka nako ya ditsamaiso tse mo go tsona leloko la panele le tsayang karolo, go lebega e kete leloko la panele, kgotsa motho yo o amanang le leloko la panele, a na le kgatlhego mo tshwetsong e panele e tthametsweng go e sekaseka gape, leloko la panele le tshwanetse go—

(i) senolela maloko a mangwe a panele kgatlhego eo ka bonako le ka botlalo; le

(ii) ikgogela morago mo go nneng karolo ya theetso.

(b) Tshenolo go ya ka temana (a) ka Modulasetilo e tshwanetse, ka tlaleletso, go dirwa go Tona.

(2) Mabapi le maitlhomo a karolo eno, ga go kgathalesege—

(a) gore kgatlhegelo e tlhamaletse, ga e a tlhamalala, ke ya tshelete kgotsa ga se ya tshelete; kgotsa

(b) gore kgatlhego e fitlheletswe leng.

(3) Mo karolong eno “kgatlhegelo” ga e akaretse kgatlhegelo e e seng ya boleng.

(4) Modulasetilo o tshwanetse go tshola rejisetara ya ditshenolo tsotlhe tse di dirilweng go ya ka karolo eno, le go tshola thulaganyo ya ditshenolo tsa kgatlhego ka maloko a Lekgotla ngwaga le ngwaga.

Melawana ya Lekgotla

227. (1) Modulasetilo o ka dira melawana, e ttsamaelanang le Molao ono, mabapi le tsamaiso e tshwanetseng go latelwa mabapi le ditsamaiso tsa dikopo tsa tshekatshekogape ya tshwetso go ya ka Kgaolo eno, le maitsholo a ditsamaiso tseo, e bile e ka tlhabolola kgotsa phimola melao eo nako nngwe le nngwe.

(2) Melawana ya Lekgotla, le ditlhabololo le diphimolo tsa Melawana ya Lekgotla, di tshwanetse go phasalatswa.

Karolo 3

Tshwanelo ya mabaka a ditshwetso

Tshwanelo ya ya mabaka a dishwetso itsisiwe

228. Tlamego mo molaong wa lephata la ditshelete ya go itsise motho ka ga tshwetso e e tserweng mabapi le motho yoo e tshwanetse go tseelwa gore e akaretsa tlamego ya go itsise motho ka ga tshwanelo ya motho yoo—

(a) ya go lopa mabaka a tshwetso go ya ka karolo 229; le

(b) ya go dira kopo ya gore tshwetso e sekasekwe gape go ya ka Karolo 4.

Tshwanelo ya mabaka a ditshwetso

229. (1) Motho yo o iseng a newe mabaka a tshwetso o ka, mo matsatsing a le 30 morago ga fa motho a sena go itsisiwe ka ga tshwetso, lopa polelo ya mabaka mabapi le tshwetso go tswa gomotho yo o dirileng tshwetso.

(2) Motho yo o dirileng tshwetso o tshwanetse, mo kgweding e le esi morago ga go amogela kopo e e kailweng mo karolotlaleletsong (1), naya motho polelo ya mabaka a tshwetso, e tshwanetseng go akaretsa polelo ya dintlha tsa botlhokwa tse tshwetso e ikaegileng ka tsona.

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Act No. 9 of 2017

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Part 4 Reconsideration of decisions

Applications for reconsideration of decisions

230. (1) (a) A person aggrieved by a decision may apply to the Tribunal for a reconsideration of the decision by the Tribunal in accordance with this Part.

(b) A reconsideration of a decision in terms of this Part constitutes an internal remedy as contemplated in section 7(2) of the Promotion of Administrative Justice Act.

(2) The application must be made—

(a) if the applicant requested reasons in terms of section 229, within 30 days after the statement of reasons was given to the person; or

(b) in all other cases, within 60 days after the applicant was notified of the decision, or such longer period as may on good cause be allowed.

(3) An application in terms of subsection (1) must be made in accordance with the Tribunal rules.

Decision of Tribunal not suspended

231. Neither an application for a reconsideration of a decision, nor the proceedings on the application, suspends the decision of the decision-maker unless the Tribunal so orders.

Proceedings for reconsideration of decisions

232. (1) In proceedings for reconsideration of a decision—

(a) the procedure is, subject to the financial sector laws and the Tribunal rules, determined by the Chairperson;

(b) the proceedings are to be conducted with as little formality and technicality, and as expeditiously, as the requirements of the financial sector laws and a proper consideration of the matter permit; and

(2) The person chairing a panel may give directions to facilitate the conduct of proceedings for reconsideration of a decision before the panel.

(3) A panel must conduct any hearing it holds in public, but the person presiding over the panel may direct that a person be excluded from a hearing on any ground on which it would be proper to exclude a person from civil proceedings before the High Court.

(4) In proceedings for reconsideration of a decision, the panel is not bound by the rules of evidence, but may, subject to this section, inform itself on any relevant matter in any appropriate way.

(5) The person presiding over a panel—

(a) may, on good cause shown, by order, direct a specified person to appear before the panel at a time and place specified in the order to give evidence, to be questioned or to produce any document; and

(b) must administer an oath to or accept an affirmation from any person called to give evidence.

(6) A person giving evidence or information, or producing documents, has the protections and liabilities of a witness giving evidence in proceedings before the High Court.

Decisions of panels

233. If the panel constituted for an application for reconsideration of a decision is divided in opinion as to an order to be made, the opinion of the majority of the panel members prevails, but if they are equally divided in opinion, the opinion of the member presiding over the panel prevails.

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Karolo 4

Tshekatsheko poeletso ya ditshwetso

Dikopo mabapi le tshekatshekopoeletso ya ditshwetso

230. (1) (a) Motho yo o ngongoregelang tshwetso o ka dira kopa kwa Lekgotleng mabapi le tshekatshekogape ya tshwetso ke Lekgotla go tsamaelana le Karolo eno. 5

(b) Tshekatshekogape ya tshwetso go ya ka Karolo eno e tshwanetswe ke namolo ya ka fa gare jaaka go tlhalositswe mo karolong 7(2) ya Promotion of Administrative Justice Act.

(2) Kopo e tshwanetse go dirwa—

(a) fa modirakopo a kopile mabaka go ya ka karolo 229, mo malatsing a le 30 10 morago ga fa polelo ya mabaka e sena go newa motho; kgotsa

(b) mo mabakeng othe a mangwe, mo malatsing a le 60 morago ga fa modirakopo a sena go itsisiwe ka tshwetso. kgotsa nako eo e telele e e ka letlwang ka mowa o montle.

(3) Kopo go ya ka karolotlaleletso (1) e tshwanetse go dirwa go tsamaelana le 15 Melawana ya Lekgotla.

Tshwetso ya Lekgotla e e sa sekegwang

231. Kopo ya tshekatshekogape ya tshwetso, kgotsa ditsamaiso mo kopong, ga di sekege tshwetso ya motho yo o dirileng tshwetso ntle le fa Lekgotla le laela jalo.

Ditsamaiso tsa tshekatshekopoeletso ya ditshwetso

232. (1) Mo ditsamaisong mabapi le tshekatshekogape ya tshwetso—

(a) tsamaiso e, go larleal melao ya lephata la ditshelete le Melawana ya Lekgotla, tlhomamiswa ke Modulasetilo;

(b) ditsamaiso di tshwanetse go dirwa e seng ka tsenelelo e kgolo le ka nolofatso, mme ka bonako, jaaka go tlhokega go ya ka melao ya lephata la ditshelete le 25 kelotlhoko e kgolo; le

(2) Motho yo o okameng panele o ka neelana ka dikaelo go nolofatsa tsamiso ya ditsamaiso tsa tshekatshekogape ya tshwanelo e e fa pele ga panele.

(3) Panele e tshwanetse go tshwara theetso nngwe le nngwe e e nnang le yona mo 30 phatlalatseng, mme motho yo o okamang panele o ka laela gore motho a se akaretswe mo tsamaisong ka ntlha ya lebaka lengwe le lengwe leo ka lona go tla nnang matshwanedi go se akaretse motho mo ditsamaisong tse di fa pele ga Kgotlatshekelokgolo.

(4) Mo ditsamaisong mabapi le tshekatshekogape ya tshwetso, panele ga e pateletswe 35 ke melawana ya bopaki, mme e ka, go latela karolo eno, ikitsise ka ga merero mengwe le mengwe e e maleba ka mokgwa o o siameng.

(5) Motho yo o okameng panele—

(a) o ka, ka lebaka le le utlwagalang, ka taelo, laela motho yo o tsepamisitsweng go tlhagelela fa pele ga Panele ka nako le kwa lefelong le le tsepamisitsweng 40 mo taelong go neelana ka bopaki, go botsolotswa kgotsa go tlhagiso lokwalo lengwe le lengwe; le

(b) o tshwanetse go tsamaisa kano ya kgotsa go amogela netefaletso go tswa mo mothong mongwe le mongwe yo o biditsweng go neelana ka bopaki.

(6) Motho yo o neelanang ka bopaki kgotsa tshedimosetso, kgotsa yo o tlhagisang 45 dikwalo, mabapi le ditsamaiso tse di ka ga tshekatshekogape ya tshwetso o na le ditshireletso le melato ya paki e e neelanang ka bopaki mo ditsamaisong tse di fa pele ga Kgotlatshekelokgolo.

Ditshwetso tsa panele

233. Fa panele e t lhomilweng malebana le kopo ya tshekatshekogape ya tshwetso e 50 sa dumalane ka gore taelo e dirwe, kakanyo ya bontsi jwa maloko a panele e a diragatswa, mme fa ba lekana ka pharologano ya dikakanyo, kakanyo ya leloko le le okamang panele e a diragatswa.

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Tribunal orders

234. (1) In proceedings on an application for reconsideration of a decision the Tribunal may, by order—

(a) set the decision aside and remit the matter to the decision-maker for further consideration;

(b) in the case of a decision of any of the following kinds, also make an order setting aside the decision and substituting the decision of the Tribunal:

(i) A decision in terms of Chapter 13;

(ii) a decision referred to in paragraph (b) or (c) of the definition of “decision” in section 218; and

(iii) a decision of a kind prescribed by Regulation for the purposes of this section; or

(2) The Tribunal may, in exceptional circumstances, make an order that a party to proceedings on an application for reconsideration of a decision pay some or all of the costs reasonably and properly incurred by the other party in connection with the proceedings.

(3) Subsections (1) and (2) are subject to any provision of a financial sector law that excludes, restricts or qualifies the orders that the Tribunal may make in proceedings for reconsideration of a decision.

(4) The Tribunal may, by order, summarily dismiss an application for reconsideration of a decision if the application is frivolous, vexatious or trivial.

(5) This section does not affect any other right that a person may have.

Judicial review of Tribunal orders

235. Any party to proceedings on an application for reconsideration of a decision who is dissatisfied with an order of the Tribunal may institute proceedings for a judicial review of the order in terms of the Promotion of Administrative Justice Act or any applicable law.

Enforcement of Tribunal orders

236. (1) A party to proceedings on an application for reconsideration of a decision may file with the registrar of a competent court a certified copy of an order made in terms of section 234 if—

(a) no proceedings in relation to the making of the order have been commenced in a court by the end of the period for commencing such proceedings; or

(b) if such proceedings have been commenced, the proceedings have been finally disposed of.

(2) The order, on being filed, has the effect of a civil judgment, and may be enforced as if lawfully given in that court.

CHAPTER 16 FEES, LEVIES AND FINANCES

Part 1 Fees and Levies

Fees and levies

237. (1) (a) Fees may be charged by a financial sector body in accordance with this Part to fund the performance of specific functions under this Act and the relevant 45 financial sector laws.

(b) Levies may be imposed by a financial sector body in accordance with this Part, read with legislation that empowers the imposition of levies, to fund the operations of the financial sector body.

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234. (1) Mo ditsamaisong tsa kopo e e mabapi le tshekatshekogape ya tshwetso, Lekgotla le ka, ka taelo—

(a) beela tshwetso kwa thoko le go romela morero kwa mothing yo o tsayang tshwetso gore o sekasekwe go ya pele;

(b) mabapi le tshwetso ya mefuta e e latelang, dira gape taelo e e beelang kwa thoko tshwetso le go emisetsa tshwetso ya Lekgotla:

(i) Tshwetso go ya ka Kgaolo 13;

(ii) tshwetso e e kailweng mo temaneng (b) kgotsa (c) ya tlhaloso ya “tshwetso” mo karolong 218; le

(iii) tshwetso ya mofuta o o rileng e e neetsweng ke melawana mabapi, le maitlhomo a karolo eno; kgotsa

(2) Lekgotla le ka, mo mabakeng a a kgethegileng, dira taelo ya gore moamegi mo ditsamaisong tsa kopo mabapi le tshekatshekogape ya tshwetso duelela bontlhabongwe 15 jwa ditshenyegelo kgotsa ditshenyegelo tsotlhe tse di bonweng ka mabaka le ka tshiamo ke moamegi yo mongwe mabapi le ditsamaiso.

(3) Dikarolotlaleletso (1) le (2) di go ya ka kabelo nngwe le nngwe ya molao wa lephata la ditshelete e e sa akaretseng, thibeleng kgotsa tlhaoleng ditaelo tse di ka dirwang ke Lekgotla mo ditsamaisong mabapi le tshekatshekogape ya tshwetso.

(4) Lekgotla le ka, ka taelo, kgapela kwa thoko ka tshosobanyo kopo mabapi le tshekatshekogape ya tshwetso fa kopo e le ya lefela, thumulano kgotsa e e seng botlhokwa.

(5) Karolo eno ga e ame tshwanelo nngwe le nngwe e motho a ka tswang a na le yona.

Tshekatsheko ya katlholo ya ditaelo tsa Lekgotla

235. Moamegi mongwe le mongwe mo kopong mabapi le tshekatshekogape ya tshwetso yo o sa kgotsofatswang ke taelo ya Lekgotla o ka dira ditsamaiso mabapi le thadiso ya boatlhodi ya taelo go ya ka Promotion of Administrative Justice Act kgotsa molao mongwe le mongwe o o maleba.

Kgatelelo ya ditaelo tsa Lekgotla

236. (1) Moamegi mongwe le mongwe mo ditsamaisong mabapi le kopo ya tshekatsheko ya tshwetso o ka faela go mokwadisi kgatiso e e kanetsweng ya taelo e e dirilweng go ya ka karolo 234 fa—

(a) ditsamaiso mabapi le go dirwa ga taelo di ise di somololwe kwa kgotlatshekelong kwa bokhutlong jwa paka ya tshimololo ya ditsamaiso tseo; kgotsa

(b) ditsamaiso tseo di simolotse, ditsamaiso kwa bokhutlong di a dirwa.

(2) Taelo, fa e faetswe, e na le tlamorago ya katlholo ya selegae, e bile e ka gatelelwa jaaka e kete e dirilwe semolao ke kgotlatshekelo eo.

KGAOLO 16

MATLOTLO, MAKGETHWANA, LE DITŠHELETE

Karolo 1

Dituediso le Makgethwana

Dituediso le makgethwana

237. (1) (a) Mokgatlho wa lephata la ditshelete o ka duedisa tuelo go tsamaelana le Karolo eno go duelela tiragatso ya ditiro tse di rileng ka fa tlase ga Molao ono le melao ya lephata la ditshelete e e maleba.

(b) Makgethwana a ka duediswa ke mokgatlho wa lephata la ditshelete go tsamaelana le Karolo eno, ka puisommogo le molawana o o nayang maatla a go duedisa lekgethwana, go duelela ditiro tsa mokgatlho wa lephata la ditshelete.

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(2) A financial sector body must publish fees that have been determined and levies that have been imposed in the Register and on its website.

(3) Fees and levies are payable to the financial sector body at the time specified by the financial sector body, or at a time agreed to by the financial sector body.

(4) Different fees may be determined and different levies may be imposed for different types or categories of persons or supervised entities.

Fees and levies to be debts

238. (1) A fee or levy payable to a financial sector body in terms of section 237 is a debt due to the financial sector body.

(2) A financial sector body may recover the amount of a debt due in terms of this section by way of a judicial process in a competent court.

Budget, fees and levies proposals

239. (1) For each financial year, each financial sector body must prepare and adopt—

(a) a budget in accordance with section 248 that includes an estimate of its expenditure;

(b) a proposal for the fees that will be charged and levies that will be imposed by the financial sector body; and

(2) A proposal for levies may include a proposal for one or more special levies, and in that case, the estimate of expenditure must include an estimate for the special expenditure in relation to a special levy proposal.

(3) An estimate of expenditure for a financial year may include provision for one or more reserves, but the total accumulated reserves included in the estimate of expenditure may not exceed 15% of the total estimated expenditure, excluding the reserves.

(4) The financial sector body must take into account submissions made in respect of the budget as well as the fees and levies proposals, which it receives in terms of section 240.

(5) The financial sector body must submit the finalised budget, together with the fees and levies proposals, to the Minister.

(6) The Minister must be allowed a period of at least 30 days to consider the proposals and provide comments, if any.

(7) In respect of the fees and levies proposals for the first financial year following the commencement of this section, the Minister must approve the proposals for all the financial sector bodies.

(8) In respect of the Tribunal, the Minister must approve the fees and levies proposals for any financial year following the commencement of this section.

(9) (a) In respect of financial sector bodies other than the Tribunal, for any financial year other than when subsection (7) applies, the Minister must approve the fees or levies proposals, if the fees or levies proposals are based on an estimate of expenditure in excess of the amount calculated as—

previous year basis x 1.025 x (current index ÷ previous index).

(b) For the purposes of paragraph (a)—

“current index” means the value of the index at the date the amount is to be indexed, or if the value is not available, the latest available value for the purposes of the preparation of fees and levies proposals for the current financial year;

“index” means the Consumer Price Index, as published by Statistics South Africa;

“previous index” means the value of the index that was used for the value of the “current index” in the fees and levies proposals prepared for the previous financial year; and

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(2) Mokgatlho wa lephata la ditshelete o tshwanetse go phasalatsa dituelo tse di tlhomamisitsweng le makgethwana a a duediswang mo Rejisetareng le mo webesaeteng ya ona.

(3) Dituelo le makgethwana di duelwa kwa mokgatlhong wa lephata la ditshelete kgotsa ka nako e e dumetsweng ke mokgatlho wa lephata la ditshelete.

(4) Dituelo tse di farologaneng di ka tlhomamiswa le makgethwana a ka duediswa mabapi le mefuta e e farologaneng kgotsa ditlhopha tsa batho kgotsa ditheo tse di tlhokometsweng.

Dituediso le makgethwana tse di nnang molato

238. (1) Tuelo kgotsa lekgethwana tse di duelwang mokgatlho wa lephata la ditshelete go ya ka karolo 237 ke molato o o duelwang go mokgatlho wa lephata la ditshelete.

(2) Mokgatlho wa lephata la ditshelete o ka fitlehele madi a molato a a tshwanetseng go duelwa go ya ka karolo eno go ya ka mokgwa wa tsamaiso ya molao kwa kgotlatshekelong e e nang le bokgoni.

Ditshitsinyo tsa tekanyetsokabo, dituediso le makgethwana

239. (1) Mabapi le ngwaga mongwe le mongwe wa ditshelete, mokgatlho mongwe le mongwe wa lephata la ditshelete o tshwanetse go baakanya le go amogela—

(a) tekanyetsokabo go tsamaelana le karolo 248 e e akaretsang tekanyetso ya ditshenyegelo tsa ona;

(b) tshitsinyo mabapi le dituelo tse di tla duediswang le makgethwana a a tla pateletsswang ke mokgatlho wa lephata la ditshelete; le

(2) Tshitsinyo mabapi le makgethwana e ka akaretsa tshitsinyo mabapi le lekgethwana le le kgethegileng le lesi kgotsa go feta, e bile mo lebakeng leo, tekanyetso ya ditshenyegelo e tshwanetse go akaretsa tekanyetso ya tshenyegelo e e kgethegileng mabapi le tshitsinyo ya lekgethwana le le kgethegileng.

(3) Tekanyetso ya tshenyegelo mabapi le ngwaga wa ditshelete e ka akaretsa kabelo ya matlolepeelothoko e le esi kgotsa go feta, mme palogothe ya matlolepeelothoko a a bonweng a a akareditsweng mo tekanyetsong ya ditshenyegelo e ka se fete 15% ya tshenyegelo yothe e e lekanyeditsweng, go sa akaretswe matlolepeelothoko.

(4) Mokgatlho wa lephata la ditshelete o tshwanetse go tsaya tsia ditlhagiso tse di dirilweng mabapi le tekanyetsokabo gape le ditshitsinyo tsa dituelo le makgethwana, ao a a amogelang go ya ka karolo 240.

(5) Mokgatlho wa lephata la ditshelete o tshwanetse go romela tekanyetsokabo ya ona e e feleleditsweng, mmogo le ditshitsinyo tsa dituelo le makgethwana, kwa go Tona.

(6) Tona o tshwanetse go dumelelwa paka ya bonnye malatsi a le 30 go sekaseka ditshitsinyo le go tlamela ka ditshwaelo, fa di le teng.

(7) Mabapi le ditshitsinyo tsa dituelo le makgethwana tsa ngwaga wa ntlha wa ditshelete go latea tshimolo ya karolo eno, Tona o tshwanetse go rebola ditshitsinyo tsa mekgatlho yothe ya ditheo tsa ditshelete.

(8) Mabapi le Lekgotla, Tona o tshwanetse go rebola ditshitsinyo tsa dituelo le makgethwana a ngwaga mongwe le mongwe wa ditshelete go latela tshimololo ya karolo eno.

(9) (a) Mabapi le mekgatlho ya lephata la ditshelete e mengwe ntle le Lekgotla, mabapi le ngwaga mongwe le mongwe wa ditshelete ntle fa karolo (7) e diriswa, Tona o tshwanetse go rebola ditshitsinyo tsa dituelo lkgotsa makgethwana, fa ditshitsinyo tsa dituelo kgotsa makgethwana di ikaegile ka tekanyetso ya ditshenyegelo tsa tlaletso go thotlhwa e e badilweng jaaka—

motheo wa ngwagatlola × 1.025 × (tshupanekelo ya gajaana ÷ tshupanekelo e e fetileng).

(b) Mabapi le maitlhomo a temana (a)—

“tshupanekelo ya gajaana” e kaya boleng jwa tshupanekelo ka letlha le tlhotlhwa e e elwang tlhoko, kgotsa fa boleng bo seyo, boleng jwa gajaana jo bo leng teng mabapi le maitlhomo a go baakanya ditshitsinyo tsa dituelo le makgethwana tsa ngwaga wa gajaana wa ditshelete;

“tshupanekelo” e kaya Tshupane ya Tlhotlhwa ya Badirisi, jaaka e phasaladitswe ke Statistics South Africa; le

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“previous year basis”, for a financial year, means the estimate of operating expenditure adopted in terms of this section for the financial year before the year for which the calculation is being done.

Consultation requirements

240. (1) Part 1 of Chapter 7, with the exception of section 100, applies with the necessary changes, to the adoption of the budget, the estimates of expenditure as well as the fees and levies proposals as provided for in section 239.

(2) The documents that must be published under section 98 include—

(a) the budget, estimates of expenditure and the fees and levies proposals provided for in section 239 for the relevant financial year; and

(b) an explanation by the financial sector body of the budget, estimates of expenditure and fees and levies proposals, and of the variation of the budget, estimates of expenditure and the fees and levies proposals against the budget, estimates of expenditure and the fees and levies proposals adopted for the previous financial year.

Determinations of information required for assessment of levy

241. (1) A financial sector body may, in writing, require a supervised entity to provide it with information relevant to any assessment of the supervised entity’s liability for any levy as specified in the requirement.

(2) A requirement in terms of subsection (1) may be published in the Register or provided to the supervised entity from whom information is required, and must specify the manner in which, and the date by when, the information must be provided.

(3) If—

(a) the supervised entity fails or refuses to comply with the requirement issued in terms of subsection (1); or

(b) the information provided by the supervised entity is incomplete, incorrect or misleading,

the supervised entity, and each director or member of the governing body of the supervised entity, are liable to an administrative penalty under Chapter 13.

Assessments of levy

242. (1) A financial sector body must issue to each supervised entity that is liable to pay a levy for the financial year, an assessment of a levy payable by the supervised entity.

(2) The assessment notice issued to a supervised entity must state the date on which the levy is due and must be paid, which period must not be less than 30 days from the date of receipt of the notice of assessment by the supervised entity.

Payment of fee or levy by instalments

243. (1) A person who has been charged a fee, or a supervised entity who has been charged a levy, may offer to pay the fee or levy by specified instalments, and if an offer is made, the financial sector body must—

(a) accept the offer;

(b) accept a modified offer; or

and must notify the person who made the offer accordingly.

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"tshupanekelo e e fetileng" e kaya boleng jwa tshupane jo bo dirisitsweng mabapi le boleng jwa "tshupanekelo ya ga jaana" mo ditshitsinyong tsa dituelo le makgethwana tse di baakanyeditsweng ngwagatlola wa ditshelete; le

"motheo wa ngwagatlola", mabapi le ngwaga wa ditshelete, o kaya tekanyetso ya ditshenyegelo tsa tiro tse di amogetsweng go ya ka karolo eno mabapi le ngwaga wa ditshelete pele ga ngwaga o palelo e dirwang ka ona.

Ditlhokego tsa therisano

240. (1) Karolo 1 ya Kgaolo 7, ntle le karolo 100, e diriswa le diphetogo tse di tlhokegang, mo kamogelong ya tekanyetsokabo, ditekanyetso tsa ditshenyegelo gape le ditshitsinyo tsa dituelo le makgethwana jaaka di tlametswe mo karolong 239.

(2) Dikwalo tse di tshwanetseng go phasalatswa ka fa tlase ga karolo 98 di akaretsa—

(a) tekanyetsokabo, tekanyetso ya ditshenyegelo le ditshitsinyo tsa dituelo le makgethwana tse di tlametsweng mo karolong 239 mabapi le ngwaga wa ditshelete o o maleba; le

(b) tlhaloso ka mokgatlho wa lephata la ditshelete ya tekanyetsokabo, tekanyetso ya ditshenyegelo le ditshitsinyo tsa dituelo le makgethwana, le ya phapaano ya tekanyetsokabo, tekanyetso ya ditshenyegelo le ditshitsinyo tsa dituelo le makgethwana kgatlhanong le tekanyetsokabo, tekanyetso ya ditshenyegelo le ditshitsinyo tsa dituelo le makgethwana tse di amogetsweng mabapi le ngwagatlola wa ditshelete.

Ditlhomamiso tsa tshedimosetso e e tlhokegang mabapi le tshekatsheko ya lekgethwana

241. (1) Mokgatlho wa lephata la ditshelete o ka, ka go kwala, lopa setheo se se tlhokometsweng go o tlamela ka tshedimosetso e e malebana le tekanyetso nngwe le nngwe ya go rwala maikarabelo ga setheo se se tlhokometsweng mabapi le lekgethwana 25 lengwe le lengwe jaaka go tsepamisitswe mo ditlhokegong.

(2) Tlhokego go ya ka karolotlaleletso (1) e ka phasalatswa mo Rejisetareng kgotsa ya tlamelwa go setheo se se tlhokometsweng se tshedimosetso e tlhokwang mo go sona, e bile e tshwanetse go tsepamisa mokgwa o ka ona, tshedimosetso e tshwanetseng go tlamelwa.

(3) Fa—

(a) setheo se se tlhokometsweng se palelwa kgotsa se gana go ikamanya le ditlhokego tse di phasaladitsweng go ya ka karolotlaleletso (1); kgotsa

(b) tshedimosetso e tlametsweng ke setheo se se tlhokometsweng e sa felela, e fosagetse kgotsa e timetsa, 35

Setheo se se tlhokometsweng, le mokaedi mongwe le mongwe kgotsa leloko la mokgatlho o o busang wa setheo se se tlhokometsweng, ba tshwanetswe ke kotlhao ya tsamaiso ka fa tlase ga Kgaolo 13.

Tshekatsheko ya lekgethwana

242. (1) Mokgatlho wa lephata la ditshelete o tshwanetse go rebolela setheo sengwe 40 le sengwe se se tlhokometsweng se se tshwanetseng go duela lekgethwana la ngwaga wa ditshelete tekanyetso ya lekgethwana e e duelwang ke setheo se se tlhokometsweng.

(2) Kitsiso ya tekanyetso e e reboletsweng setheo se se tlhokometsweng e tshwanetse go tlhagisa letlha le lekgethwana le tshwanetseng go duelwa ka lona, leo paka ya lona e sa tshwanelang go nna malatsi a le kwa tlase ga a le 30 go tloga ka letlha la kamogelo 45 ya kitsiso ya tekanyetso ka setheo se se tlhokometsweng.

Tuelelo ya tuediso kgotsa lekgethwana ka dikarolotuelo

243. (1) Motho yo o duediswang tuelo, kgotsa setheo se se tlhokometsweng se se duediswang lekgethwana, o ka ipofa go duela tuela kgotsa lekgethwana ka dikarolotuelo tse di tsepamisitsweng, e bile fa neelo e dirilwe, setheo sa lephata la ditshelete se 50 tshwanetse go—

(a) amogela neelo;

(b) amogela neelo e e fetotsweng; kgotsa

ebile se tshwanetse go itsise motho yo o dirileng neelo, ka tshwanelo.

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(2) A person who wishes to make an offer to pay a fee or levy by instalments must make an offer—

(a) immediately after being notified of the fee or levy charged, if the fee or levy must be paid within 14 days after the date on which notification is received; or

(b) at least 14 days before the date on which the fee or levy must be paid, if paragraph (a) does not apply.

(3) The financial sector body must notify the person who made an offer in terms of subsection (1) of its decision—

(a) immediately after receipt of the offer, in respect of an offer referred to in subsection (2)(a); or

(b) within seven days after the receipt of the offer, in respect of an offer referred to in subsection (2)(b).

Interest on late or non-payment of fees and levies

244. (1) If a fee or levy is not paid, or not paid in full, within the period specified for payment, and an offer to pay the fee or levy by instalments has not been accepted as referred to in section 243(1)(a) or (b), the person liable to pay the fee or levy in question must pay interest at the rate referred to in subsection (2), on the amount of the fee or levy that remains unpaid 30 days after the due date.

(2) Interest due and payable on an outstanding fee or levy amount must be calculated based on the interest rate prescribed for the time being in terms of the Prescribed Rate of Interest Act, 1975 (Act No. 55 of 1975).

(3) Interest charged is a debt due to the financial sector body, and may be recovered by a judicial process in a competent court.

Exemption from fee

245. (1) A financial sector body may, on application by a person who is liable to pay a fee, exempt the person from the payment of a fee, or a part of a fee, to the extent and subject to conditions determined by the financial sector body.

(2) An application referred to in subsection (1) must include the particulars determined by the financial sector body.

(3) A financial sector body may only grant an exemption from the payment of a fee, or a part of a fee, for sound reasons.

Management of fees and levies

246. (1) Fees determined in accordance with section 237(1)(a), and interest accrued on fees in terms of section 244 must be collected by the financial sector body and paid into a bank account designated for that purpose, which is in the name and control of the financial sector body.

(2) Levies imposed in accordance with section 237(1)(b), and interest accrued on levies in term of section 244 must be collected by the Financial Sector Conduct Authority and paid into a bank account designated for that purpose, which is in the name and control of the Financial Sector Conduct Authority.

(3) Each financial sector body's allocation of the levies collected contemplated in subsection (2) must be transferred to the financial sector body's designated account in accordance with a payment schedule agreed between the financial sector body and the Financial Sector Conduct Authority.

(4) The designated bank accounts referred to in subsections (1) to (3) must be approved by the National Treasury.

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(2) Motho yo o batlang go dira thulaganyo ya go duela tuelelo kgotsa lekgethwana ka dikarolotuelo o tshwanetse go rulaganya—

(a) ka bonako morago ga go itsisiwe ka ga tuelelo kgotsa lekgethwana le le tshwanetseng go duelwa, fa tuelelo kgotsa lekgethwana le tshwanetse go duelwa mo matsatsing a le 14 morago ga letlha le kitsiso e amogetsweng ka lona; kgotsa

(b) bonnye matsatsi a le 14 pele ga letlha le tuelelo kgotsa lekgethwana le tshwanetseng go duelwa ka lona, fa temana (a) e sa diragatswe.

(3) Mokgatlho wa lephata la ditshelete o tshwanetse go itsise motho yo o dirileng neelo go ya ka karolotlaleletso (1) ka ga tshwetso ya ona—

(a) ka bonako morago ga go amogela neelo, mabapi le neelo e e kailweng mo karolotlaleletsong (2)(a); kgotsa

(b) mo malatsing a le supa morago ga go amogela neelo, mabapi le neelo e e kailweng mo karolotlaleletsong (2)(b).

Morokotso mo tuelelong e e thari kgotsa e e sa dirwang le makgethwana

244. (1) Fa tuelelo kgotsa lekgethwana le sa duelwa, kgotsa le sa duelwa ka botlalo, mo nakong e tsepamisitsweng mabapi le tuelelo, mme neelo ya go duelela tuelo kgotsa lekgetho ka dikarolotuelo e sa amogelwa jaaka go kailwe mo karolong 243(1)(a) kgotsa (b), motho yo o tshwanetseng go duela tuelo kgotsa lekgethwana le le umakwang o tshwanetse go duela morokotso ka kelo e e kailweng mo karolotlaleletsong (2), mo tthotlhwang ya tuelelo kgotsa lekgethwana le le sa duelwang malatsi a le 30 morago ga letlha la bofelo.

(2) Morokotso o o tshwanetseng go duelelwa le go duelwa mo tthotlhwang ya tuelelo kgotsa lekgethwana e e tshwanetseng go duelwa o tshwanetse go balwa go tswa mo kelong ya morokotso e e neetsweng nakwana go ya ka Prescribed Rate of Interest Act, 1975 (Molao 55 wa 1975).

(3) Morokotso o o duediswang ke sekoloto se se tshwanetseng go duelwa kwa mokgatlhong wa lephata la ditshelete, e bile o ka busetswa ka ditsamaiso tsa boatlhodi kwa kgotlatshekelong e e nang le bokgoni.

Kgololo mo go dueleng

245. (1) Mokgatlho wa lephata la ditshelete o ka, ka kopo ka motho yo o tshwanetseng go duela tuelelo, golola motho mo go dueleng tuelelo, kgotsa karolo ya tuelelo, ka bogolo le go ya ka mabaka a a tlhomamisitsweng ke mokgatlho wa lephata la ditshelete.

(2) Kopo e e kailweng mo karolotlaleletsong (1) e tshwanetse go akaretsa dintlha tse di tlhomamisitsweng ke mokgatlho wa lephata la ditshelete.

(3) Mokgatlho wa lephata la ditshelete o ka neelana fela ka kgololo mo go dueleng tuelelo, kgotsa karolo ya tuelelo, ka mabaka a a utlwagalang.

Taolo ya dituediso le makgethwana

246. (1) Ditueleto tse di tlhomamisitsweng go tsamaelana le karolo 237(1)(a), le morokotso o o bonweng go tswa mo ditueelong go ya ka karolo 244 di tshwanetse go kgobokanngwa ke mokgatlho wa lephata la ditshelete le go duelwa mo akhaontong ya banka e e tlhometsweng maithomo ao, eo e leng mo leineng le mo taolong ya mokgatlho wa lephata la ditshelete.

(2) Makgethwana a a duediswang go tsamaelana le karolo 237(1)(b), le morokotso o o bonweng mo makgethwaneng go ya ka karolo 244 a tshwanetse go kgobokanngwa ke Bothati jwa Boitshvaro jwa Lephata la Ditshelete le go duelwa mo akhaontong e e tlhometsweng maithomo ao, e e mo leineng le mo taolong ya Bothati jwa Boitshvaro jwa Lephata la Ditshelete.

(3) Kabo ya makgethwana a a kgobokantsweng go latela karolotlaleletso (2) a mokgatlho mongwe le mongwe wa lephata la ditshelete e tshwanetse go sutisetswa kwa akhaontong e e tlhometsweng mokgatlho wa lephata la ditshelete go tsamaelana le thulaganyo ya tuelelo e go dumalanweng ka yona magareng ga mokgatlho wa lephata la ditshelete le Bothati jwa Boitshvaro jwa Lephata la Ditshelete.

(4) Diakhaonto tsa banka tse di kailweng mo dikarolotlaleletsong (1) go fitlha go (3) di tshwanetse go rebolwa ke Matlotlo a Bosetshaba.

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Part 2 Finances

Finances of financial sector bodies

247. (1) The money of each financial sector body consists of—

(a) amounts received by the financial sector body as fees and levies; 5

(b) funds accruing to the financial sector body from any other source; and

(2) The money of a financial sector body may be applied only as follows:

(a) To the general administrative and operating costs of the financial sector body; 10

(b) to exercise the powers, perform the functions, and fulfil the duties of the financial sector body in terms of the financial sector laws; and

Part 3 Budgeting, accounting, auditing and financial reporting

248. (1) The accounting authority of the Financial Sector Conduct Authority, the Ombud Council, the Office of the Pension Funds Adjudicator, and the Office for the Ombud for Financial Services Providers is the accounting authority for the designated bank account referred to in section 246(1), and has the duties referred to in Part 2 of Chapter 6 of the Public Finance Management Act.

(2) The accounting authority of the Financial Sector Conduct Authority is the accounting authority for the designated bank account referred to in section 246(2), and has the duties referred to in Part 2 of Chapter 6 of the Public Finance Management Act.

(3) In respect of the Prudential Authority, the Chief Executive Officer is responsible for accounting for the designated bank account referred to in section 246(1).

(4) (a) The Financial Sector Conduct Authority, the Ombud Council, the Office of the Pension Funds Adjudicator, and the Office of the Ombud for Financial Services Providers must—

(i) prepare an annual budget in accordance with section 53 of the Public Finance Management Act and section 239 of this Act; 30

(ii) prepare an annual report and financial statements in accordance with section 55 of the Public Finance Management Act;

(iii) submit information as required in terms of section 54 of the Public Finance Management Act; and 35

(iv) comply with Treasury Regulations, circulars, guidelines and practice notes in terms of the Public Finance Management Act.

(b) The Tribunal, although it is not a public entity in terms of the Public Finance Management Act, must also comply with the requirements in paragraph (a).

(5) (a) The Prudential Authority must prepare an annual budget and estimates of expenditure for the financial year in accordance with section 239, and an annual report and financial accounts in accordance with section 55.

(b) The Chief Executive Officer is responsible for ensuring that the expenditure of the Prudential Authority is in accordance with its approved budget.

(6) The Prudential Authority, the Tribunal, the Ombud Council, the Office of the Pension Funds Adjudicator, and the Office of the Ombud for Financial Services Providers must provide the Financial Sector Conduct Authority with its levies that will

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Karolo 2

Matlotlo

#### Matlotlo a mekgatlho ya lephata la ditshelete

247. (1) Madi a mokgatlho mongwe le mongwe wa lephata la ditshelete a na le—

(a) madi a a amogetsweng ke mokgatlho wa lephata la ditshelete jaaka dituelelo 5

le makgethwana;

(b) matlole a a bonwang ke mokgatlho wa lephata la ditshelete go tswa kwa motsweding mongwe le mongwe; le

(2) Madi a mokgatlho wa lephata la ditshelete a ka diriswa fela jaana:

(a) Mo tsamaisong ka kakaretso le mo ditshenyegelong tsa tiro tsa mokgatlho wa lephata la ditsheleteo;

(b) go diragatsa dithata, go dira ditiro, le go diragatsa ditiro tsa mokgatlho wa lephata la ditshelete go ya ka melao ya lephata la ditshelete; le 15

Kgaolo 3

#### Go dira tekanyetsokabo, tshupo ya matlotlo, boruni le pegelo ya tsa ditshelete

#### Go dira tekanyetsokabo, tshupo ya motlotlo, boruni le pegelo ya tsa ditshelete

248. (1) Bothati jo bo rwalang maikarabelo Bothati jwa Boitshvaro jwa Lephata la 20 Ditshelete, Khansele ya Ombud, Ofisi ya Moatlhodi wa Matlole a Phensene, le Ofisi ya Ombud wa Batlamedi ba Ditirelo tsa Ditshelete ke bothati jo bo rwalang maikarabelo mabapi le akhaonto ya banka e e tlhomilweng e e kailweng mo karolong 246(1), e bile bo dira ditiro tse di kailweng mo Karolong 2 ya Kgaolo 6 ya Public Finance Management Act. 25

(2) Bothati jo bo rwalang maikarabelo a Bothati jwa Boitshvaro jwa Lephata la Ditshelete ke bothati jo bo rwalang maikarabelo mabapi le akhaonto e e tlhomilweng ya banka e e kailweng mo karolong 246(2), e bile bo dira ditiro tse di kailweng mo Karolong 2 ya Kgaolo 6 ya Public Finance Management Act.

(3) Mabapi le Bothati jwa Tlhokomelo, Motlhankedimogolo wa Khuduthamaga o rwla maikarabelo mabapi le go arabela mabapi le akhaonto ya banka e e kailweng mo karolong 246(1).

(4) (a) Bothati jwa Boitshvaro jwa Lephata la Ditshelete, Khansele ya Ombud, Ofisi ya Moatlhodi wa Matlole a Phensene, le Ofisi ya Ombud wa Batlamedi ba Ditirelo tsa Ditshelete ba tshwanetse go—

(i) baakanya tekanyetsokabo ya ngwaga go tsamaelana le karolo 53 ya Public Finance Management Act le karolo 239 ya Molao ono;

(ii) baakanya pegelo ya ngwaga le dikanego go tsamaelana le karolo 55 ya Public Finance Management Act;

(iii) romela tshedimosetso jaaka e tlhokwa go ya ka karolo 54 ya Public Finance Management Act; le

(iv) ikamanya le Melawana ya Matlotlo, makwalotiko, dikaelo le dintlha tsa tiragats go ya ka Public Finance Management Act.

(b) Lekgotla, le fa e se setheo sa setshaba go ya ka Public Finance Management Act, le tshwanetse go ikamanya le ditlhokego tse di mo temaneng (a).

(5) (a) Bothati jwa Tlhokomelo bo tshwanetse go baakanya tekanyetsokabo ya ngwaga le ditekanyetso tsa tshenyegelo ya ngwaga wa ditshelete go tsamaelana le karolo 239, le pegelo ya ngwaga le dikarabelo tsa ditshelete go tsamaelana le karolo 55.

(b) Motlhankedimogolo wa Khuduthamaga o rwala maikarabelo a go netefatsa gore tshenyegelo ya Bothati jwa Tlhokomelo e go ya ka tekanyetsokabo ya jona e e rebotsweng.

(6) Bothati jwa Tlhokomelo, Lekgotla, Khansele ya Ombud, Ofisi ya Moatlhodi wa Matlole a Phensene, le Ofisi ya Ombud wa Batlamedi ba Ditirelo tsa Ditshelete ba tshwanetse go tlamela Bothati jwa Boitshvaro jwa Lephata la Ditshelete ka makgethwana a ona a tla dudiswang mabapi le tiro ya mokgatlho wa lephata la

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be imposed for the operation of the financial sector body two months prior to the start of a financial year in respect of which the levies will be imposed.

(7) In addition to the matters which must be included in the annual report and financial statements of the Financial Sector Conduct Authority referred to in section 55 of the Public Finance Management Act, the annual report must set out and contain a statement 5 showing—

(a) the total number of supervised entities who paid levies imposed in accordance with section 237(1)(b);

(b) the total funds distributed from the designated bank account referred to in section 246(2) to the designated bank account of each financial sector body 10 referred to in section 246(1); and

(8) In addition to the matters which must be included in the annual reports and financial statements or financial accounts of a financial sector body referred to in subsections (4) and (5), the annual report of a financial sector body must contain a 15 statement showing—

(a) the total number of persons who paid fees determined by that financial sector body in the financial year;

(b) the total number of supervised entities who paid levies imposed by that financial sector body in that financial year; 20

(d) the total levies collected on behalf of and received by the financial sector body; and

(e) any other matter determined by the Minister.

(9) A financial sector body must publish its annual budget on their website, and must 25 publish its determined fees and imposed levies in the Register and on its website.

Part 4 Application of Chapter to Tribunal

249. The Chairperson of the Tribunal is responsible to ensure that the functions and 30 duties of the Tribunal in terms of this Chapter are performed.

CHAPTER 17 MISCELLANEOUS

Part 1 Information sharing and reporting 35

Designated authority

250. In this Part, “designated authority” means—

(a) the Reserve Bank;

(b) a financial sector regulator;

(d) the Council for Medical Schemes;

(e) a market infrastructure, but only in relation to its regulatory or supervisory functions in terms of a financial sector law;

(f) an organ of state responsible for the regulation, supervision or enforcement of any law; 45

(g) a body similar to an organ of state referred to in paragraph (f) that is designated in terms of the laws of a foreign country as being responsible for the regulation, supervision or enforcement of legislation;

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ditshelete dikgwedi di le pedi pele ga tshimololo ya ngwaga wa ditshelete ao bo tla a duediswang.

(7) Mo godimo ga merero e e tshwanetseng go akaretswa mo pegelong ya ngwaga le dikanegong tsa ditshelete tsa Bothati jwa Boitshwaro jwa Lephata la Ditshelete tse di kailweng mo karolong 55 ya Public Finance Management Act, pegelo ya ngwaga e tshwanetse go tlhagisa le go nna le kanego e e bontshang—

(a) palogothe ya ditheo tse di tlhokometsweng tse di duetseng makgethwana a a duedisitsweng go tsamaelana le karolo 237(1)(b);

(b) palogothe ya matlole a a phatlaladitsweng go tswa mo akhaontong ya banka e e tlhomilweng e e kailweng mo karolong 246(2) go ya kwa akhaontong ya banka e e tlhomilweng ya mokgathho mongwe le mongwe wa lephata la ditshelete o o kailweng mo karolong 246(1); le

(8) Mo godimo ga merero e tshwanetseng go akaretswa mo dipegelong tsa ngwaga le dikanegong tsa ditshelete kgotsa mo dikarabelong tsa ditshelete tsa mokgathho wa lephata la ditshelete tse di kailweng mo dikarolotaleletsong (4) le (5), pegelo ya ngwaga ya mokgathho wa lephata la ditshelete e tshwanetse go nna le kanego e e bontshang—

(a) palogothe ya batho ba ba duetseng ditueleo tse di tlhomamisitsweng ke mokgathho oo wa lephata la ditshelete mo ngwageng wa ditshelete;

(b) palogothe ya ditheo tse di tlhokometsweng tse di duetseng makgethwana a a duedisitsweng ke mokgathho oo wa lephata la ditshelete mo ngwageng oo wa ditshelete;

(d) palogothe ya makgethwana a kgobokantsweng mo boemong jwa le go 25 amogelwa ke mokgathho wa lephata la ditshelete; le

(e) morero mongwe le mongwe o o tlhomamisitsweng ke Tona.

(9) Mokgathho wa lephata la ditshelete o tshwanetse go phasalatsa tekanyetsokabo ya ona ya ngwaga mo webesaeteng ya ona, e bile o tshwannetse go phasalatsa ditueleto tse di tlhomamisitsweng tsa ona le makgethwana a a duediswang mo Rejisetareng le mo webesaeteng ya ona.

Karolo 4

Tiragatso ya Kgaolo mo Lekgotleng

249. Modulasetilo wa Lekgotla o rwala maikarabelo a go netefatsa gore ditiro tsa 35 Lekgotla go ya ka Kgaolo eno di a dirwa.

KGAOLO 17

TSELE LE TSELE

Karolo 1

Karogano ya tshedimosetso le go bega 40

Bothati jo bo thapilweng

250. Mo Karolong eno, "bothati jo bo thapilweng" bo kaya—

(a) Banka ya Resefe;

(b) bolaodi jwa lephata la ditshelete;

(d) Khansele ya Dikema tsa Kalafi;

(e) thulaganyetso ya popegotheo ya mmaraka, mme fela mabapi le ditiro tsa yona tsa bolaodi le botlhokomedi go ya ka molao wa lephata la ditshelete;

(f) setheo sa puso se se rwalang maikarabelo a taolo, tlhokomelo kgotsa kgatelelo ya molao mongwe le mongwe; 50

(g) Mokgathho o tshwanang le setheo sa puso se se kailweng mo temaneng (f) o o thapilweng go ya ka melao ya dinaga disele jaaka o rwala maikarabelo a taolo, tlhokomelo kgotsa kgatelelo ya peomolao;

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(h) the Ombud Council;

(i) an ombud; or

(j) a payment system management body recognised in terms of section 3(1) of the National Payment System Act.

Information sharing

251. (1) (a) A financial sector regulator or the Reserve Bank has an obligation and a duty to—

(i) achieve its objective as set out in this Act;

(ii) achieve the objects of financial sector laws;

(iii) perform its functions, including its supervisory functions, in terms of financial sector laws and the Financial Intelligence Centre Act.

(b) A financial sector regulator or the Reserve Bank must collect and use information, including personal information as defined in the Protection of Personal Information Act, to the extent that the financial sector regulator or the Reserve Bank determines is necessary to properly perform the obligations and duties referred to in paragraph (a).

(c) A financial sector regulator or the Reserve Bank may only share or disclose information in order to fulfil its obligations and duties in terms of this subsection and subsection (2), and the disclosure or sharing of information for any other purposes constitutes the sharing or disclosure of information for a purpose that is not authorised, as referred to in section 272.

(2) (a) A financial sector regulator or the Reserve Bank must disclose information referred to in subsection (1)(b) if the financial sector regulator or the Reserve Bank determines it is necessary to comply with its obligations—

(i) to perform functions in terms of, or as enabled by, the financial sector laws or the Financial Intelligence Centre Act;

(ii) relating to legal proceedings or other proceedings;

(iii) to warn financial customers against conducting business with a financial institution or other person conducting activities in contravention of the financial sector laws or the Financial Intelligence Centre Act;

(iv) to inform financial customers of actions taken against a financial institution in terms of the financial sector laws or the Financial Intelligence Centre Act;

(v) to alert financial customers to activities carried out by a financial institution that a financial sector regulator or the Reserve Bank believes to constitute a risk to financial customers;

(vi) to protect the public interest;

(vii) to deter, prevent, detect, report and remedy fraud or other criminal activity in relation to financial products or financial services; or

(viii) relating to anti-money laundering and combating the financing of terrorism.

(b) Information obtained in terms of the Financial Intelligence Centre Act, other than in terms of sections 45 and 45B of that Act, may only be utilised or disclosed in accordance with sections 29, 40 and 41 of that Act.

(3) A financial sector regulator or the Reserve Bank, in pursuing the obligations and duties referred to in subsections (1)(a) and (2)(a), may—

(a) liaise with any designated authority on matters of common interest;

(b) participate in the proceedings of any designated authority;

(d) prior to taking regulatory action which a financial sector regulator or the Reserve Bank considers material against a financial institution, inform any designated authority that the financial sector regulator or the Reserve Bank, as the case may be, of the pending regulatory action or, where this is not possible, inform the designated authority as soon as possible after taking the regulatory action; and

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(h) Khansele ya Ombud;

(i) ombud; kgotsa

(j) mokgatho wa taolo ya tsamaiso ya tuelo e e amogetsweng go ya ka National Payment System Act.

Karogano ya tshedimosetso 5

251. (1) (a) Molaodi wa lephata la ditshelete kgotsa Banka ya Resefe o na le tlamego le tiro ya go—

(i) fitlelela maikaelelo a yona jaaka go tlhagitswe mo Molaong ono;

(ii) fitlelela maikaeleloa melao ya lephata la ditshelete;

(iii) dira ditiro tsa gagwe, go akaretsa ditiro tsa gagwe tsa botlhokomedi, go ya ka melao ya lephata la ditshelete le Financial Intelligence Centre Act.

(b) Molaodi wa lephata la ditshelete kgotsa Banka ya Resefe o tshwanetese go kgobokanya loe go dirisa tshedimosetso, go akaretsa le tshedimosetso ya bowena jaaka e tlhalositswe mo Protection of Personal Information Act, go fitlela molaodi wa lephata la ditshelete kgotsa Banka ya Resefe a tlhomamisa gore go botlhokwa go dira ka nepagalo ditlamego le ditiro tse di kailweng mo temaneng (a).

(c) Molaodi wa lephata la ditshelete kgotsa Banka ya Resefe o ka arogana kgotsa a senola tshedimosetso gore a diragatse ditlamego le ditiro tsa gagwe go ya ka karolotlaleletso eno le karolotlaleletso (2), e bile ditshenolo kgotsa karogano ya tshedimosetso mabapi le maithomo mangwe le mangwe di na le karogano kgotsa tshenolo ya tshedimosetso mabapi le maithomo a a sa dumelelwang, jaaka go kailwe mo karolong 272.

(2) (a) Molaodi wa lephata la ditshelete kgotsa Banka ya Resefe o tshwanetese go senola tshedimosetso e e kailweng mo karolotlaleletsong (1)(b) fa molaodi wa lephata la ditshelete kgotsa Banka ya Resefe e tlhomamisa gore go botlhokwa go ikamanya le ditlamego tsa yona—

(i) go dira ditiro tsa gagwe go ya ka, kgotsa jaaka a kgontshitswe ke, melao ya lephata la ditshelete kgotsa Financial Intelligence Centre Act;

(ii) tse di amanang le ditsamaiso tsa semolao kgotsa ditsamaiso tse dingwe;

(iii) go tsibosa barekedi ba ditshelete kgatihanong le go dira kgwebo le setheo sa ditshelete kgotsa motho yo mongwe yo o dirang ditiro tse di kgatihanong le melao ya lephata la ditshelete kgotsa Financial Intelligence Centre Act;

(iv) go itsise barekedi ba ditshelete ka ga dikgato tse di tserweng kgatihanong le setheo sa ditshelete go ya ka melao ya lephata la ditshelete kgotsa Financial Intelligence Centre Act;

(v) go lemosa barekedi ba ditshelete ka ga ditiro tse di dirilweng ke setheo sa ditshelete se molaodi wa ditshelete kgotsa Banka ya Resefe a dumelang gore di ka lere kotsi mo barekeding ba ditshelete;

(vi) go sireletsa dikgatlhego tsa setshaba;

(vii) go se kgothaletse, thibele, batlisise, bege le go rarabolola tsietso kgotsa ditiro tse dingwe tsa bosenyi mabapi le dikuno tsa ditshelete kgotsa ditirelo tsa ditshelete; kgotsa

(viii) mabapi le maithomo a a kgatihanong le go gweba ka madi le twantsho ya tshegetso ya ditshelete go borukhutli.

(b) Tshedimosetso e e bonweng go ya ka Financial Intelligence Centre Act, ntle le go ya ka dikarolo 45 le 45B tsa Molao oo, e ka diriswa fela kgotsa senolwa go tsamaelana le dikarolo 29, 40 le 41 tsa Molao oo.

(3) Molaodi wa lephata la ditshelete kgotsa Banka ya Resefe, mo go fitleleleng maithomo a a kailweng mo karolotlaleletsong (1)(a) le (2)(a), e ka—

(a) ikgolaganya le bothati bongwe le bongwe jo bo thapilweng mabapi le merero ya kgatlhego e e tshwanang;

(b) tsaya karolo mo ditsamaisong tsa bothati bongwe le bongwe jo bo thapilweng;

(d) pele ga go dira tiro ya bolaodi e molaodi wa lephata la ditshelete kgotsa Banka ya Resefe bo tseelang gore e botlhokwa kgatihanong le setheo sa ditshelete, itsise bothati bongwe le bongwe jo bo thapilweng gore molaodi wa lephata la ditshelete kgotsa Banka ya Resefe, jaaka mabaka a ntse, wa tiro e e letilweng ya bolaodi kgotsa, fa seno se ka se kgonagale, itsise bothati jo bo thapilweng ka bonako jo bo kgonegang morago ga go dira tiro ya bolaodi; le

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(e) negotiate and enter into bilateral or multilateral co-operation agreements, including memoranda of understanding, with designated authorities, including designated authorities in whose countries a subsidiary or holding company of a financial institution is incorporated or a branch is situated, to, among other matters—

(i) co-ordinate and harmonise the reporting and other obligations of financial institutions;

(ii) provide mechanisms for the exchange of information, including provisions requiring or permitting a financial sector regulator, the Reserve Bank or a designated authority—

(aa) to be informed of adverse assessments in respect of financial institutions; or

(bb) to provide or receive information regarding significant problems that are being experienced within a financial institution;

(iii) provide procedures for the co-ordination of supervisory activities to facilitate the monitoring of financial institutions, including on an on-going basis; and

(iv) assist any designated authority in regulating and enforcing any laws that the designated authority is responsible for supervising and enforcing, that are similar to a financial sector law or which have an impact on the regulation of the financial sector and financial institutions.

(4) (a) Information may only be disclosed by a financial sector regulator or the Reserve Bank to a designated authority if, before disclosing the information, the financial sector regulator or the Reserve Bank is satisfied that the designated authority that receives the information has proper and effective safeguards in place to protect the information, which safeguards are similar to those provided for in this section.

(b) A financial sector regulator or the Reserve Bank may only consent to information that is provided to a designated authority being made available to third parties if it is satisfied that the third parties have proper safeguards in place to protect the information received, which safeguards are similar to those provided for in this section.

(c) A financial sector regulator or the Reserve Bank may only request information from a designated authority in connection with the performance of obligations and duties in terms of the laws referred to in subsections (1) and (2).

(d) Information provided on request to a designated authority in terms of this section—

(i) must only be used by the designated authority for the purpose for which it was requested;

(ii) may not be disclosed to a third party without the consent of the designated authority that provided the information; and

(iii) must retain its integrity and confidentiality, and the designated authority that receives the information must take appropriate, reasonable technical and organisational measures to prevent loss of, damage to, or unauthorised destruction of the information, and unlawful access to or processing of the information.

(e) If, despite paragraph (d), a designated authority is compelled by law to disclose information provided by another designated authority to a third party, the first designated authority must—

(i) inform that designated authority of the event and the circumstances in which the information shall be made available; and

(ii) use all reasonable means to oppose the compulsion to disclose, and otherwise to protect the information.

(5) When sharing or disclosing information in terms of subsection (3) or (4), a financial sector regulator or the Reserve Bank must comply with the requirements in those subsections, and a contravention of those requirements constitutes the sharing or disclosure of information in a manner that is not authorised, as referred to in section 272.

(6) (a) A financial sector regulator or the Reserve Bank must have in place written processes and procedures that—

(i) clearly specify which officials and employees in the financial sector regulator or the Reserve Bank are authorised to share or disclose information in terms of this section; and

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(e) rerisana le go tsena mo ditumalanong tsa tirisanommogo tsa sebedi kgotsa bontsi, go akaretsa le memorantamo wa tumalano, le bothati jo bo thapilweng, go akaretsa bothati jo bo thapilweng joo mo dinageng tsa jona kgwebo e e okangweng kgotsa e e okameng tse dingwe ya setheo sa ditshelete e kopantsweng kgotsa lekala le tlhomilweng, go, magareng ga tse dingwe—

(i) golaganya le go kopanya go bega le ditlamego tse dingwe tsa ditheo tsa ditshelete;

(ii) tlamela ka mekgwa ya thefosano ya tshedimosetso, go akaretsa le kabelo e e tlhokang kgotsa letlang molaodi wa lephata la ditshelete, Banka ya Resefe kgotsa bolaodi jo bo thapilweng—

(aa) go sedimosetswa ka tekanyetso e e kgatihanong mabapi le ditheo tsa ditshelete; kgotsa

(bb) go tlamela kgotsa amogela tshedimosetso e e mabapi le mathata a a botlhokwa a a itemogelwang mo setheong sa ditshelete;

(iii) tlamela ka ditsamaiso tsa go golaganya ditiro tsa tlhokomelo go nolofatsa tlhokomelo ya ditheo tsa ditshelete, go akaretsa ka nako le nako; le

(iv) thusa bothati bongwe le bongwe jo bo thapilweng mo go laoleng le go gateleleng melao mengwe le mengwe ya gore bothati jo bo thapilweng bo rwala maikarabelo a go tlhokomela le go gatelela, e e tshwanang le molao wa lephata la ditshelete kgotsa e e nang le seabe mo go laoleng lephata la ditshelete le ditheo tsa ditshelete.

(4) (a) Tshedimosetso e ka senolwa fela ke molaodi wa lephata la ditshelete kgotsa Banka ya Resefe go bothati jo bo thapilweng fa, pele tshedimosetso e senolwa, molaodi wa lephata la ditshelete kgotsa Banka ya Resefe e kgotsofetse gore bothati jo bo thapilweng jo bo amogelang tshedimosetso bo na le mekgwa e e maleba e e nonofileng ya go sireletsa tshedimosetso, mekgwa eo e tshwanang le e e tlametsweng mo karolong eno.

(b) Molaodi wa lephata la ditshelete kgotsa Banka ya Resefe o ka dumelela fela gore tshedimosetso e tlametsweng bothati jo bo thapilweng e abelwe mekgatlho ya boraro fa fela a kgotsofetse gore mekgatlho ya boraro e na le mekgwa ya go sireletsa tshedimosetso e e amogetsweng, mekgwa e e tshwanang le e tlametsweng mo karolong eno.

(c) Molaodi wa lephata la ditshelete kgotsa Banka ya Resefe o ka kopa fela tshedimosetso mo bothating jo bo thapilweng mabapi le tiro ya ditiro le go diragatswa ga dithata go ya ka melao e e kailweng mo dikarolotlaleletsong (1) le (2).

(d) Tshedimosetso e tlametsweng go ya ka kopo go bothati jo bo thapilweng go ya ka karolo eno—

(i) e tshwanetse go diriswa fela ke bothati jo bo thapilweng mabapi le maitlhomo ao e a kopetsweng;

(ii) e ka se senolelwe mokgatlho wa boraro ntle le tumelelo ya bothati jo bo thapilweng jo bo tlametseng ka tshedimosetso; le

(iii) e tshwanetse go busetsa tshiamo le boitshepo jwa jona, e bile bothati jo bo thapilweng jo bo amogelang tshedimosetso bo tshwanetse go tsaya dikgato tse di maleba, ka mabaka a a utlwagalang a a rulaganeng go thibela tatlhegelo ya, tshenyegelo go kgotsa tshenyo e e sa dumelelwang ya tshedimosetso, le phitlhelelo e e seng mo molaong ya kgotsa tsamaiso ya tshedimosetso.

(e) Fa, ntle le temana (d), bothati jo bo thapilweng bo pateletsa ke molao go senola tshedimosetso e tlametsweng ke bothati jo bongwe jo bo thapilweng go mokgatlho wa boraro, bothati jo bo thapilweng jwa ntlha bo tshwanetse—

(i) go itsise gore bothati jo bo thapilweng jwa tiragalo le mabaka ao tshedimosetso e tla dirwang gore e nne teng ka ona; le

(ii) dirisa mekgwa yotlhe e e maleba go ganetsa kgapeletso ya go senola, le go sireletsa tshedimosetso.

(5) Fa go aroganwa kgotsa senolwa tshedimosetso go ya ka karolotlaleletso (3) kgotsa (4), molaodi wa lephata la ditshelete kgotsa Banka ya Resefe e tshwanetse go ikamanya le ditlhokego tse di mo dikarolotlaleletsong tseo, e bile tlolo ya ditlhokego tseo e na le ditlamorago tsa karogano kgotsa tshenolo ya tshedimosetso ka mokgwa o o sa dumelelwang, jaaka go kailwe mo karolong 272.

(6) (a) Molaodi wa lephata la ditshelete kgotsa Banka ya Resefe o tshwanetse go tshola dikgato tse di kwetsweng le ditsamaiso tse di—

(i) tlhagisang ka tlhamalalo gore ke batlhankedi le badiri bafe mo bolaoding jwa lephata la ditshelete kgotsa Banka ya Resefe ba ba dumeletsweng go arogana kgotsa senola tshedimosetso go ya ka karolo eno; le

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(ii) provide for the sharing or disclosure of information in a manner that is consistent with the requirements of this section and the Protection of Personal Information Act.

(b) The processes and procedures referred to in paragraph (a) must grant authority to share or disclose information only to officials and employees who have an appropriate degree of seniority in the institution.

(c) Only an official or employee of a financial sector regulator or the Reserve Bank who is authorised by the policy and procedures of the financial sector regulator or the Reserve Bank may share or disclose information on behalf of the financial sector regulator or the Reserve Bank.

(7) For the purposes of this section, “information” does not include aggregate statistical data or information that does not disclose the identity of a person.

Reporting by auditors to financial sector regulators

252. (1) (a) An auditor of a licensed financial institution, or of a holding company of a financial conglomerate must, without delay, submit a detailed written report to the Prudential Authority, the governing body of the financial institution and, in the case of a financial conglomerate, the holding company of the financial institution, about any matter relating to the business of the financial institution or a company within the conglomerate, being a matter—

(i) which the auditor becomes aware of in the course of performing functions and duties as auditor; and

(ii) that the auditor considers—

(aa) is causing or is likely to cause the financial institution to be financially unsound;

(bb) is contravening or may contravene a financial sector law; or

(cc) may result in an audit not being completed or may result in a qualified or adverse opinion on accounts.

(b) An auditor must also submit any report or other document or particulars about the matter contemplated in section 45(1)(a) and (3)(c) of the Auditing Profession Act, 2005 (Act No. 26 of 2005), to the Prudential Authority.

(2) An auditor of a licensed financial institution or of a holding company of a financial conglomerate who resigns or whose appointment is terminated must submit to the Prudential Authority—

(a) a written statement on the reasons for resignation or the reasons that the auditor believes are the reasons for the termination; and

(b) any report contemplated in section 45(1)(a) and (3)(c) of the Auditing Profession Act, 2005 (Act No. 26 of 2005), that the auditor would, but for the resignation or termination, have had reason to submit.

(3) (a) The furnishing, in good faith, by an auditor of a report or information under subsection (1) or (2) is not a contravention of a law, a breach of a contract or a breach of a code of professional conduct.

(b) A failure, in good faith, by an auditor to comply with this section does not confer upon any person a right of action against the auditor.

Reporting to financial sector regulators

253. (1) A person may report to a financial sector regulator—

(a) financial difficulties or suspected financial difficulties in a financial institution;

(b) a contravention or suspected contravention of a financial sector law in relation to a financial institution; or

(2) Unless the report was made in bad faith, a person who makes a report in terms of subsection (1) is not—

(a) criminally liable for making the report; or

(b) liable to pay compensation or damages to any person in relation to a loss caused by the report.

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(ii) tlamelang mabapi le karogano kgotsa tshenolo ya tshedimosetso ka mokgwa o o tlhomameng go ya ka ditlhokego tsa karolo eno le Protection of Personal Information Act.

(b) Dikgato le ditsamaiso tse di kailweng mo temaneng (a) di tshwanetse go neelana ka tumelelo ya go arogana kgotsa senoa tshedimosetso fela kwa batlhankeding le badiring ba ba nang le bogolo jwa maemo a a rileng a a nepagetseng mo setheong.

(c) Ke fela motlhankedi kgotsa modiri wa bolaodi jwa lephata la ditshelete kgotsa Banka ya Resefe yo o dumeletsweng ke pholisi le ditsamaiso tsa bolaodi jwa lephata la ditshelete kgotsa Banka ya Resefe a ka aroganang kgotsa senolang tshedimosetso mo boemong jwa bolaodi jwa lephata la ditshelete kgotsa Banka ya Resefe.

(7) Mabapi le maitlhomo a karolo eno, “tshedimosetso” ga e akaretse dintlha tsa dipalopalo kgotsa tshedimosetso e e sa senoleng boitshupo jwa motho.

Pegelo ka baruni go balaodi ba lephata la ditshelete

252. (1) (a) Moruni wa setheo sa ditshelete se se abetsweng laesense, kgotsa wa kgwebo e e okameng tse dingwe ya ditheo tse di kopantsweng tsa ditshelete o tshwanetse, ntle le tshenyo ya nako, go romela pegelo ya dintlha ka botlalo e e kwetsweng go Bothati jwa Tlhokomelo, mokgatlo o o busang wa setheo sa ditshelete le, mo lebakeng la ditheo tse di kopantsweng tsa setheo sa ditshelete, kgwebo e e okameng tse dingwe ya setheo sa ditshelete, ka ga morero mongwe le mongwe o o amanang le kgwebo ya setheo sa ditshelete kgotsa setlamo se se mo gare ga ditheo tse di kopantsweng, e le morero—

(i) o e leng gore moruni o lemoga ka ona mo go direng ditiro jaaka monayaboleng kgotsa moruni; le

(ii) moruni o tsaya gore—

(aa) o dira kgotsa o ka dira gore setheo sa ditshelete se se tlhomame mo ditsheleteng;

(bb) o tlola kgotsa o ka tlola molao wa lephata la ditshelete; kgotsa

(cc) o o ka nnang le ditlamorago tsa tlhatlhobo e e sa konosetswang kgotsa o ka tlisa ditlamorago tsa ntlhakemo e e nonofileng kgotsa e e kgatlhanong mo diakhaontong.

(b) Moruni o tshwanetse go romela pegelo nnwge le nngwe kgotsa lokwalo le lengwe kgotsa dintlha ka ga morero o o tlhalositsweng mo karolong 45(1)(a) le (3)(c) ya Auditing Profession Act, 2005 (Molao 26 wa 2005), go Bothati jwa Tlhokomelo.

(2) Moruni wa setheo sa ditshelete se se abetsweng laesense kgotsa wa ditheo tse di kopantsweng tsa ditshelete yo o rolang tiro kgotsa yo go thapiwa ga gagwe go khutliswang o tshwanetse go romela go Bothati jwa Tlhokomelo—

(a) polelo e e kwetsweng ya mabaka a go rola tiro kgotsa mabaka a moruni a dumelang gore ke ona mabaka a khutliso; le

(b) pegelo nngwe le nngwe e e tlhalositsweng mo karolong 45(1)(a) le (3)(c) ya Auditing Profession Act, 2005 (Molao 26 wa 2005), ya gore moruni o tla, mme mabapi le go rola kgotsa go khutlisa tiro, nna le mabaka a go romela.

(3) (a) Thomelo, ka mowa o montle, ka moruni ya pegelo kgotsa tshedimosetso e e ka fa tlase ga dikarolotlaleletso (1) kgotsa (2) ga se tlolo ya molao, tlolo ya tumalano kgotsa tlolo ya khoutu ya boitshwaro jwa seporofesenale.

(b) Go palelwa, ka mowa o montle, ga moruni go ikamanya le karolo eno ga go neye motho ope tshwanelo ya go dira kgatlhanong le moruni.

Pegelo go balaodi ba lephata la ditshelete

253. (1) Motho o ka begela balaodi ba lephata la ditshelete—

(a) mathata a ditshelete kgotsa mathata a ditshelete a a belaelwang mo setheong sa ditshelete;

(b) tlolo kgotso tlolo e e belaelwang ya molao wa lephata la ditshelete mabapi le setheo sa ditshelete; kgotsa

(2) Ntle le fa pegelo e dirilwe ka mowa o o maswe, motho yo o dirang pegelo go ya ka karolotlaleletso (1) ga a—

(a) bonwe molato wa bosenyi mabapi le go dira pegelo; kgotsa

(b) rwale maikarabelo a go duela pusetso kgotsa ditshenyegelo go motho mongwe le mongwe mabapi le tatlhegelo e e tlhodilweng ke pegelo.

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Act No. 9 of 2017

Financial Sector Regulation Act, 2017

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Prohibition of victimisation

254. A person may not subject another person to any prejudice in employment, or penalise another person in any way, on the ground that the other person—

(a) made a report in terms of section 252; or

(b) made a report in terms of section 253, even if the report was not required by law.

Protected disclosures

255. Sections 252 and 253 apply in addition to, and do not limit, any other law that provides protection for persons who properly report contraventions of the law.

Part 2 Financial Sector Information Register

Establishment and operation of Financial Sector Information Register

256. The National Treasury must establish and maintain the Financial Sector Information Register in accordance with this Part.

Purpose of Register

257. The purpose of the Register is to provide reliable access to accurate, authoritative and up to date information relating to financial sector laws, Regulations, regulatory instruments and their implementation.

Content of Register

258. (1) The Register is a database of the documents listed in Schedule 3.

(2) The Register may include other documents that are relevant to the regulation and supervision of the financial sector and the Director-General determines which other documents may be included in the Register.

Keeping of Register

259. (1) The Register must be kept in an electronic form.

(2) The Register must be kept in a way that facilitates access and searching of the Register by members of the public.

Requirements for registered documents

260. The Director-General may make a written determination—

(a) specifying requirements for documents that must be, or may be, included in the Register, including requiring persons lodging a document for registration to provide information about the document, to ensure that the Register is useful for persons accessing the Register; and

(b) specifying procedures for transmitting documents to the National Treasury for registration.

Status of Register and judicial notice

261. (1) The Register is, for all purposes, taken to be a complete and accurate record of all financial sector laws and all regulatory instruments that are included in the Register.

(2) A compilation of a law or a regulatory instrument that is included in the Register is, unless the contrary is established, taken to be a complete and accurate record of that law or regulatory instrument as amended and in force at the date specified in the compilation.

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Thibelo ya tirisobotlhaswa

254. Motho o ka se gobelele motho yo mongwe mo tirong, kgotsa o ka se athhole motho yo mongwe ka mokgwa mongwe le mongwe, ka lebaka la gore motho yo mongwe o—

(a) dirile pegelo go ya ka karolo 252; kgotsa 5

(b) dirile pegelo go ya ka karolo 253, le fa pegelo e ne e sa tlhokwe ke molao.

Ditshenolo tse di sireleditsweng

255. Dikarolo 252 le 253 di diriswa mo godimo ga, e bile ga di lekanyetse, molao mongwe le mongwe o mongwe o o tlamelang ka tshireletso mo bathong ba ba begang ka nepagalo ditlolomolao. 10

Karolo 2

Rejisetara ya Tshedimosetso ya Lephata la Ditshelete

Go tlhongwa le tiro ya Rejisetara ya Tshedimosetso ya Lephata la Ditshelete

256. Matlole a Bosetshaba a tshwanetse go tlhoma le go tshegetsa Rejisetara ya Tshedimosetso ya Lephata la Ditshelete go tsamaelana le Karolo eno. 15

Maitlhomo a Rejisetara

257. Maitlhomo a Rejisetara ke go tlamela ka phitlhelelo e e tshepagalang go tshedimosetso e e nepagetseng, e e maatla e bile e le mo nakong e e amanang le melao ya lephata la ditshelete, Melawana, didiriso tsa bolaodi le go tsenngwa mo tirisong ga tsona. 20

Diteng tsa Rejisetara

258. (1) Rejisetara ke deithabeisi ya dikwalo tse di neetsweng mo Sejuleng 3.

(2) Rejisetara e ka akaretsa dikwalo tse dingwe tse di maleba go taolo le tlhokomelo ya lephata la ditshelete le Mokaedikakaretso o tlhomamisa gore ke dikwalo dife tse dingwe tse di ka akaretswang mo Rejisetareng. 25

Go tsholwa Rejisetera

259. (1) Rejisetara e tshwanetse go tsholwa ka mokgwa wa seileketeroniki.

(2) Rejisetara e tshwanetse go tsholwa ka mokgwa o nolofatsang phitlhelelo le patlo ya Rejisetara ka maloko a setshaba.

Ditlhokego tsa makwalo kwadisitsweng

260. Mokaedikakaretso o ka dira tlhomamiso e e kwetsweng—

(a) e tsepamisang ditlhokego tsa dikwalo tse di tshwanetseng go, kgotsa tse di ka, akaretswang mo Rejisetareng, go akaretsa le go kopa motho yo o kwadisang lokwalo gore a tlamela ka tshedimosetso ya lokwalo, go netefatsa gore Rejisetara e mosola mo bathong ba ba fithelelang Rejisetara; le 35

(b) e tsepamisang ditsamaiso tsa go fetisetsa dikwalo go Matlole a Bosetshaba gore di kwadiswe.

Boemo jwa Rejisetara le kitsiso ya boatlhodi

261. (1) Rejisetara e, mabapi le maitlhomo othe, tseelwa gore ke rekoto e tladitsweng e bile e nepagetse ya melao yothe ya lephata la ditshelete le didiriso tothe tsa bolaodi tse di akareditsweng mo Rejisetareng.

(2) Tlhamo ya molao kgotsa sediriso sa bolaodi se se akareditsweng mo Rejisetareng e, ntle le fa go lemogwa kganetsano, tseelwa gore ke rekoto e e feletseng e bile e e nepagetseng ya molao oo kgotsa sediriso sa bolaodi jaaka e tlhabolotswe le go diriswa ka letla le te tsepamisitsweng mo tlhamong. 45

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(3) (a) In any proceedings, proof is not required about the provisions and coming into effect, in whole or in part, of a law or regulatory instrument as it appears in the Register.

(b) A court or tribunal may inform itself about those matters in any way it deems fit.

(4) It is presumed, unless the contrary is established—

(a) that a document that purports to be an extract from the Register is what it purports to be; and

(b) that a regulatory instrument, a copy of which is produced from the Register, was registered on the day and at the time stated in the copy.

Extracts from Register regarding licence status

262. An extract from the Register, in the form determined by, and authenticated as 10 determined by, the Director-General, that shows that, at a specified date, after this Part comes into effect—

(a) a person was or was not licensed under a financial sector law;

(b) a specified licence was or was not subject to specified conditions;

(d) a specified financial institution was at a specified time a systemically important financial institution,

is admissible as evidence of the facts and matters stated in it and, unless the contrary is established, is conclusive. 20

Rectification of Register

263. (1) The Director-General may arrange for the Register to be corrected to rectify errors.

(2) If the Register is corrected, the Director-General must annotate relevant records in the Register to explain the nature of the rectification and specify the date and time the rectification was made and the reason for the rectification. 25

Delegations by Director-General

264. (1) The Director-General may, in writing, delegate any power or duty of the Director-General in relation to the Register, except the power of delegation, to a staff member of the National Treasury or any other suitable person, and the Director-General 30 may, at any time, amend or revoke a delegation.

(2) A delegation may be to a specified person or to the person holding a specified position.

(3) A delegation is subject to the limitations and conditions specified in the delegation.

(4) A delegation does not divest the Director-General of responsibility in respect of 35 the delegated power or duty.

(5) Anything done by a delegate in accordance with the delegation is taken to be done by the Director-General.

Part 3 Offences and penalties

Duties of members and staff of certain bodies

265. A person who contravenes sections 46(1) or (2), 52, 69(1) or (2) or 74 commits an offence and is liable on conviction to a fine not exceeding R5 000 000 or imprisonment for a period not exceeding five years, or to both a fine and such imprisonment. 45

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(3) (a) Mo ditsamaisong dingwe le dingwe, bosupi ga bo tlhokege ka ga dikabelo le go tsenngwa mo tirisong go diragatsa, ka gotlhe kgotsa ka karolo, ga molao kgotsa sediriso sa bolaodi jaaka se tlhagelela mo Rejisetareng.

(b) Kgotlatshekelo kgotsa lekgotla le ka ikitsise ka ga merero eo le ka mokgwa o le boneng go le matshwanedi.

(4) Go bonagala e kete, ntle le fa go ka nna le kganetso—

(a) lokwalo le le ikayang e le sentshwa Rejisetareng ke seo le ikayang go nna sona; le

(b) sediriso sa bolaodi seo kgatiso ya sona e tlhagisitsweng go tswa mo Rejisetareng se kwadisitswe ka letsatsi le nako e e kailweng mo kgatisong.

Dintshwa Rejisetareng mabapi le maemo a laesense

262. Sentshwa Rejisetareng, ka sebopego se se tlhomamisitsweng ke, Mokaedikakaretso, se se bontshang gore, ka letlha le le rileng, morago ga go tsenngwa tirisong ga Karolo eno—

(a) motho o abetswe kgotsa o ne a sa abelwa laesense ka fa tlase ga molao wa lephata la ditshelete;

(b) laesense e tsepamisitsweng kgotsa e ne e se go ya ka mabaka a a tsepamisitsweng;

(d) setheo sa ditshelete se se tsepamisitsweng se ne ka nako e e rileng e le setheo sa ditshelete sa thulaganyo ya botlhokwa,

se amogelsega jaaka bosupi jwa dintlha le merero e e kailweng mo go sona e bile ntle le fa go na le kganetso, se a konotelela.

Paakanyo ya Rejisetara

263. (1) Mokaedikakaretso o ka rulaganya gore Rejisetara e siamisiwe go baakanya diphoso.

(2) Fa Rejisetara e siamisitswe, Mokaedikakaretso o tshwanetse go tsenya tshwaelo ya direkoto tse di maleba mo Rejisetareng go tlhalosa mokgwa wa tshiamiso le go tsepamisa letlha le nako e tshiamiso e dirilweng ka yona le lebaka la tshiamiso.

Ditholelo ka Mokaedikakaretso

264. (1) Mokaedikakaretso o ka, ka go kwala, rolela thata nngwe le nngwe kgotsa tiro ya Mokaedikakaretso mabapi le Rejisetara, ntle le thata ya go romela, go leloko la badirimmogo ba Matlole a Bosetshaba kgotsa motho mongwe le mongwe yo o maleba, e bile Mokaedikakaretso o ka, ka nako nngwe le nngwe, tlhabolola kgotsa gogela morago tholelo.

(2) Tholelo e ka nna go motho yo o rileng kgotsa go motho yo o tshwereng maemo a a rileng.

(3) Tholelo e go ya ka ditekanyetso le mabaka a a tlhalositsweng mo tholelong.

(4) Tholelo ga e amoge Mokaedikakaretso maikarabelo mabapi le thata e e roletsweng kgotsa tiro.

(5) Sengwe le sengwe se se dirilweng ke morolelwa go tsamaelana le tholelo se tseelwa gore se dirilwe ke Mokaedikakaretso.

Karolo 3

Melato le dikotlhao

Ditiro tsa maloko le badiri ba mekgatlho e e rileng

265. Motho yo tlolang dikarolo 46(1) kgotsa (2), 52, 69(1) kgotsa (2) kgotsa 74 o tlola molao e bile fa a bonwe molato o tshwanetswe ke kotlhao ya tuediso e e sa feteng R5 000 000 kgotsa go tswalelwa kwa kgolegelong sebaka se sa feteng dingwaga tse tlhano, kgotsa go duediswa le go tshwarwa goo ka bobedi.

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No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

Licensing

266. (1) A person who contravenes section 111(1), (2), (3), (4) or (5) commits an offence and is liable on conviction to a fine not exceeding R15 000 000 or imprisonment for a period not exceeding 10 years, or to both a fine and such imprisonment.

(2) A licensee who contravenes section 117 is liable to an administrative penalty not exceeding R5 000 for each day during which the offence continues.

(3) A licensee who contravenes section 127 is liable to an administrative penalty not exceeding R50 000.

Requests for information, supervisory on-site inspections and investigations

267. (1) A supervised entity that contravenes section 131(1)(b) commits an offence and is liable on conviction to a fine not exceeding R1 000 for each day during which the offence continues.

(2) A supervised entity that or person who contravenes section 132(4)(a)(iii) commits an offence and is liable on conviction to a fine not exceeding R5 000 000.

(3) If—

(a) a financial sector regulator gives a supervised entity a directive in terms of section 132(4)(a)(iii); and

(b) without reasonable excuse, a business document to which the directive relates is removed from the premises, or concealed, destroyed or otherwise interfered with, contrary to the directive,

the supervised entity or person on whom the directive was served commits an offence and is liable on conviction to a fine not exceeding R2 500 000.

(4) A person who contravenes section 133 commits an offence and is liable on conviction to a fine not exceeding R1 000 000 or imprisonment for a period not exceeding 12 months, or to both a fine and such imprisonment.

(5) A person who contravenes section 139 commits an offence and is liable on conviction to a fine not exceeding R5 000 000 or imprisonment for a period not exceeding two years, or to both a fine and such imprisonment.

Enforcement

268 (1) A person that contravenes section 149(1) commits an offence and is liable on conviction to a fine not exceeding R15 000 000 or imprisonment for a period not exceeding 10 years, or to both a fine and such imprisonment.

(2) A person who contravenes section 153(4)(a) commits an offence and is liable on conviction to a fine not exceeding R15 000 000 or imprisonment for a period not exceeding 10 years, or to both a fine and such imprisonment.

(3) If—

(a) a person who is subject to a debarment order contravenes section 153(4)(a) by entering into an arrangement referred to in section 153(4)(b); and

(b) the other party to the arrangement knew or should reasonably have known that entering into the arrangement contravened that section,

the other party to the arrangement also commits an offence and is liable on conviction to a fine not exceeding R15 000 000 or imprisonment for a period not exceeding 10 years, or to both a fine and such imprisonment.

(4) A person who contravenes section 153(5) commits an offence and is liable on conviction to a fine not exceeding R5 000 000.

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Kabo ya dilaesense

266. (1) Motho yo o tlolang karolo 111(1), (2), (3), (4) kgotsa (5) o tlola molao e bile fa a bonwe molato o tshwanetswe ke kotlhao ya tuediso e e sa feteng R15 000 000 kgotsa go tswalelwa kwa kgolegelong sebaka se sa feteng dingwaga tse 10, kgotsa go duediswa le go tshwarwa goo ka bobedi.

(2) Moabelwalaesense yo o tlolang karolo 117 o tlola molao e bile fa a bonwe molato o tshwanetswe ke kotlhao ya tuediso e e sa feteng R5 000.

(3) Moabelwalaesense yo o tlolang karolo 127 o tlola molao e bile fa a bonwe molato o tshwanetswe ke kotlhao ya tuediso e e sa feteng R50 000.

Dikopo tsa tshedimosetso, tlhatlhobo ya botlhokomedi kwa tirong le dipatlisiso 10

267. (1) Setheo se se tlhokometsweng se se tlolang karolo 131(1)(b) se tlola molao e bile fa se bonwe molato se tshwanetswe ke kotlhao ya tuediso e e sa feteng R1 000 mabapi le letsatsi lengwe le lengwe leo tlolomolao e tswelelang ka lona.

(2) Setheo se se tlhokometsweng se se kgotsa motho yo o tlolang dikarolo 132(4)(a)(iii) o tlola molao e bile fa a bonwe molato o tshwanetswe ke kotlhao ya tuediso e e sa feteng R5 000 000.

(3) Fa—

(a) bolaodi jwa lephata bo naya setheo se se tlhokometsweng taelo go ya ka karolo 132(4)(a)(iii); le

(b) ntle le lebaka le le utlwalang, lokwalo la kgwebo le taelo e amanang nalo le 20 tloswa mo lefelong, kgotsa le fitlhiwa, kgotsa le senngwa kgotsa ka mokgwa mongwe le kgoreletsswa, ka pharologano go taelo,

setheo se se tlhokometsweng kgotsa motho yo o neilweng taelo o tlola molao e bile o tshwanetse ka go bonwa molato ke kotlhao ya tuediso e e sa feteng R2 500 000.

(4) Motho yo o tlolang karolo 133 o tlola molao e bile fa a bonwe molato o 25 tshwanetswe ke kotlhao ya tuediso e e sa feteng R1 000 000 kgotsa go tlhatlhelwa kwa kgolegelong sebaka se se sa feteng dikgwedi tse 12, kgotsa ka bobedi tuediso kgotsa tswalelo kwa kgolegelong.

(5) Motho yo o tlolang karolo 139 o tlola molao e bile fa a bonwe molato o tshwanetswe ke kotlhao ya tuediso e e sa feteng R5 000 000 kgotsa go tlhatlhelwa kwa kgolegelong sebaka se se sa feteng dingwaga tse pedi, kgotsa ka bobedi tuediso kgotsa tswalelo kwa kgolegelong.

Kgatelelo

268. (1) Motho yo o tlolang karolo 149(1) o tlola molao e bile fa a bonwe molato o tshwanetswe ke kotlhao ya tuediso e e sa feteng R15 000 000 kgotsa go tswalelwa kwa 35 kgolegelong sebaka se sa feteng dingwaga tse 10, kgotsa go duediswa le go tshwarwa goo ka bobedi.

(2) Motho yo o tlolang karolotlaleletso 153(4)(a) o tlola molao e bile fa a bonwe molato o tshwanetswe ke kotlhao ya tuediso e e sa feteng R15 000 000 kgotsa go tswalelwa kwa kgolegelong sebaka se sa feteng dingwaga tse 10, kgotsa go duediswa le 40 go tshwarwa goo ka bobedi.

(3) Fa—

(a) motho yo o lebanweng ke taelo ya kganelo a tlola karolotlaleletso 153(4)(a) ka go tsena mo thulaganyong e e kailweng mo karolong 153(4)(b); le

(b) moamegi yo mongwe mo tumalanong a ne a itse kgotsa a ka tswa a ne a itse 45 sentle gore go tsena mo tumalanong ke tlolo ya karolo eo,

moamegi yo mongwe mo tumalanong le ena o tlola molao e bile fa a bonwe molato o tshwanetswe ke kotlhao ya tuediso e e sa feteng R15 000 000 kgotsa go tswalelwa kwa kgolegelong sebaka se sa feteng dingwaga tse 10, kgotsa go duediswa le go tshwarwa goo ka bobedi.

(4) Motho yo o tlolang karolotlaleletso 153(5) o tlola molao e bile fa a bonwe molato o tshwanetswe ke kotlhao ya tuediso e e sa feteng R5 000 000.

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Administrative penalties

269. A person who contravenes section 174 by giving an undertaking commits an offence and is liable on conviction to a fine not exceeding twice the maximum amount that would have been payable under the undertaking.

Ombud schemes

270. (1) A person who contravenes section 189(1) or (2) or section 192 commits an offence and is liable on conviction to a fine not exceeding R5 000 000.

(2) A person who contravenes section 202(11) commits an offence and is liable on conviction to a fine not exceeding R5 000 000.

(3) A natural person who contravenes section 205(8) commits an offence and is liable 10 on conviction to a fine not exceeding R5 000 000.

(4) If—

(a) a natural person who is subject to a debarment order in terms of section 205, contravenes section 205(8)(a) by entering into an arrangement referred to in section 205(8)(b); and 15

(b) the other party to the arrangement knew or should reasonably have known that entering into the arrangement contravened that section; the other party to the arrangement also commits an offence and is liable on conviction to a fine not exceeding R5 000 000.

(5) A person who contravenes section 207(2) commits an offence and is liable on 20 conviction to a fine not exceeding R15 000 000 or imprisonment for a period not exceeding 10 years, or to both a fine and such imprisonment.

(6) A licensed financial institution that contravenes section 210 commits an offence and is liable on conviction to a fine not exceeding R5 000 000.

(7) A financial institution that contravenes section 215(1) commits an offence and is 25 liable on conviction to a fine not exceeding R5 000 000.

(8) A person who contravenes section 217 commits an offence and is liable on conviction to a fine not exceeding R5 000 for each day during which the offence continues.

Proceedings in Tribunal

271. A person who contravenes a direction in terms of section 232(5)(a), or refuses, without reasonable excuse, to take an oath or make an affirmation when required to do so as contemplated in section 232(5)(b), commits an offence and is liable on conviction to a fine not exceeding R5 000 000 or to imprisonment for a period not exceeding five years, or to both a fine and such imprisonment. 35

Miscellaneous

272. (1) (a) A financial sector regulator or the Reserve Bank commits an offence if information is disclosed or shared for a purpose that is not authorised in terms of section 251(1) or (2), or in a manner that is not authorised as referred to in section 251(5).

(b) Both an official or employee who shares or discloses information, and the financial 40 sector regulator or the Reserve Bank on whose behalf the information is shared or disclosed, commit an offence if an official or employee—

(i) who is not authorised to share or disclose information shares or discloses information in contravention of section 251(6)(c);

(ii) who is authorised to share or disclose information shares or discloses 45 information for a purpose that is not authorised in terms of section 251(1) or (2), or in a manner that contravenes section 251(3) or (4).

(2) (a) If a financial sector regulator or the Reserve Bank commits an offence referred to in subsection (1), it is liable on conviction to a fine not exceeding R5 000 000.

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Dikotlhao tsa tsamaiso

269. Motho yo o tlolang karolo 174 ka go dira kano o tlola molao e bile fa a bonwe molato o tshwanetswe ke kotlhao ya tuediso e e sa feteng tlhotlhwa ya makisimamo e e ka tswang e duelwa ka fa tlase ga kano.

Dikema tsa ombud

270. (1) Motho yo o tlolang karolo 189(1) kgotsa (2) kgotsa karolo 192 o tlola molao e bile fa a bonwe molato o tshwanetswe ke kotlhao ya tuelo e e sa feteng R5 000 000.

(2) Motho yo o tlolang karolo 202(11) o tlola molao e bile fa a bonwe molato o tshwanetswe ke kotlhao ya tuelo e e sa feteng R5 000 000.

(3) Motho ka esi yo o tlolang karolo 205(8) o tlola molao e bile fa a bonwe molato o tshwanetswe ke kotlhao ya tuelo e e sa feteng R5 000 000.

(4) Fa—

(a) motho ka esi yo o lebanweng ke taelo ya kganelo go ya ka karolo 205 a tlola karolotlaleletso 205(8)(a) ka go dira thulaganyo e e kailweng mo karolong 205(8)(b); le

(b) moamegi yo mongwe mo tumalanong a ne a itse kgotsa a ka tswa a ne a itse sentle gore go tsena mo tumalanong ke tlolo ya karolo eo, mokgatlho o mongwe o o mo thulaganyong le ona o tlola molao e bile fa o bonwe molato o tshwanetswe ke kotlhao ya tuediso e e sa feteng R5 000 000.

(5) Motho yo o tlolang karolotlaleletso 207(2) o tlola molao e bile fa a bonwe molato o tshwanetswe ke kotlhao ya tuelo e e sa feteng R15 000 000 kgotsa go tswalelwa kwa kgolegelong sebaka se sa feteng dingwaga tse 10, kgotsa go duediswa le go tshwarwa goo ka bobedi.

(6) Setheo sa ditshelete se se abetsweng laesensese se tlolang karolotlaleletso 210 se tlola molao e bile fa se bonwe molato se tshwanetswe ke kotlhao ya tuediso e e sa feteng R5 000 000.

(7) Setheo sa dishelete se se tlolang karolo 215(1) se tlola molao e bile fa se bonwe molato se tshwanetswe ke kotlhao ya tuelo e e sa feteng R5 000 000.

(8) Motho yo o tlolang karolotlaleletso 217 o tlola molao e bile fa o bonwe molato o tshwanetswe ke kotlhao ya tuediso e e sa feteng R5 000 mabapi le letsatsi lengwe le lengwe leo ka lona molato o tswelelang.

Ditsamaiso tsa Lekgotla

271. Motho yo o tlolang kaelo go ya ka karolo 232(5)(a), kgotsa yo o ganang, ntle le lebaka le le utlwagalang, go tsaya kano kgotsa tlhomamiso fa a kopiwa go dira jalo jaaka go tlhalositswe mo karolong 232(5)(b), o tlola molao e bile fa a bonwe molato o tshwanetswe ke kotlhao ya tuelo e e sa feteng R5 000 000 kgotsa go tswalelwa kwa kgolegelong sebaka se sa feteng dingwaga tse tlhano, kgotsa go duediswa le go tshwarwa goo ka bobedi.

Tsele le tsele

272. (a) Bolaodi jwa lephata la ditshelete kgotsa Banka ya Resefe e tlola molao fa tshedimosetso e senotswe kgotsa e aroganwe mabapi le maitlhomo a a sa dumelelwang go ya ka karolo 251(1) kgotsa (2), kgotsa ka mokgwa o o sa dumelelwang jaaka go kailwe mo karolong 251(5).

(b) Ka bobedi motlhankedi kgotsa modiri yo o aroganang kgotsa yo o senolang tshedimosetso, le bolaodi jwa lephata la ditshelete kgotsa Banka ya Resefe e boemong jwa yona tshedimosetso e aroganweng kgotsa e senotsweng, ba tlola molao fa motlhankedi kgotsa modiri—

(i) yo o sa dumelelwang go arogana kgotsa go senola tshedimosetso a arogana kgotsa a senola tshedimosetso ka tlolo ya karolo 251(6)(c);

(ii) yo o dumeletsweng go arogana kgotsa go senola a arogana kgotsa senola tshedimosetso mabapi le maitlhomo a a sa dumelelwang go ya ka karolo 251(1) kgotsa (2), kgotsa ka mokgwa o o tlolang karolo 251(3) kgotsa (4).

(2) (a) Fa bolaodi jwa lephata la ditshelete kgotsa Banka ya Resefe bo tlola molao o o kailweng mo karolotlaleletsong (1), bo bonwe molato bo tshwanetswe ke kotlhao ya tuelo e e sa feteng R5 000 000.

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(b) An official or employee who commits an offence referred to in subsection (1)(b) is liable on conviction to a fine not exceeding R5 000 000, or imprisonment for a period not exceeding five years, or to both a fine and such imprisonment.

(3) An auditor who contravenes section 252 commits an offence and is liable on conviction to a fine not exceeding R5 000 000.

(4) A person who contravenes section 254 commits an offence and is liable on conviction to a fine not exceeding R5 000 000 or imprisonment for a period not exceeding five years, or to both a fine and such imprisonment.

(5) A person who contravenes a condition imposed in terms of section 280 commits an offence and is liable on conviction to a fine not exceeding R5 000 000.

False or misleading information

273. A person who provides to a financial sector regulator or the Reserve Bank, information in connection with the operation of a financial sector law, that the person knew or believed, or ought reasonably to have known or believed, to be false or misleading, including by omission, commits an offence and is liable on conviction to a fine not exceeding R10 000 000 or imprisonment for a period not exceeding 10 years, or to both a fine and such imprisonment.

Accounts and records

274. A person who is required in terms of a financial sector law to keep accounts or records commits an offence if—

(a) the accounts or records do not correctly record and explain the matters, transactions, acts or operations to which they relate; and

(b) the person—

(i) knew that, or was reckless whether, the accounts or records correctly recorded and explained the matters, transactions, acts or operations to which they relate;

(ii) intended to deceive or mislead a financial sector regulator or an investigator; or

(iii) intended to hinder or obstruct a financial sector regulator, or an investigator in performing his or her duties in terms of a financial sector law,

and is liable on conviction to a fine not exceeding R10 000 000, or imprisonment for a period not exceeding 10 years, or to both a fine and such imprisonment.

False assertion of connection with financial sector regulator

275. A person who, without the consent of the financial sector regulator, applies to a company, body, business or undertaking a name or description that reasonably signifies or implies some connection between the company, body, business or undertaking and a financial sector regulator commits an offence and is liable on conviction to a fine not exceeding R5 000 000.

Liability in relation to juristic persons

276. (1) If—

(a) a financial institution commits an offence in terms of a financial sector law; and

(b) a member of the governing body of the financial institution failed to take all reasonably practicable steps to prevent the commission of the offence, the member of the governing body commits the like offence, and is liable on conviction to a penalty not exceeding the penalty that may be imposed on the financial institution for the offence.

(2) If—

(a) a key person of a financial institution engages in conduct that amounts to a contravention of a financial sector law; and

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(b) Motlhankedi kgotsa modiri yo o tlolang molao o o kaiweng mo karolotlaleletsong (1)(b) fa a bonwe molato o tshwanetswe ke kotlhao ya tuelo e e sa feteng R5 000 000, kgotsa go tswalelwa kwa kgolegelong sebaka se sa feteng dingwaga tse tlhano, kgotsa go duediswa le go tshwarwa goo ka bobedi.

(3) Moruni yo o tlolang karolo 252 o tlola molao e bile fa a bonwe molato o tshwanetswe ke kotlhao ya tuelo e e sa feteng R5 000 000.

(4) Motho yo o tlolang karolo 254 o tlola molao e bile fa a bonwe molato o tshwanetswe ke kotlhao ya tuelo e e sa feteng R5 000 000, kgotsa go tswalelwa kwa kgolegelong sebaka se sa feteng dingwaga tse tlhano, kgotsa go duediswa le go tshwarwa goo ka bobedi.

(5) Motho yo o tlolang peelo e e neetsweng go ya ka karolo 280 o tlola molao e bile fa a bonwe molato o tshwanetswe ke kotlhao ya tuelo e e sa feteng R5 000 000.

Tshedimosetso e e fosagetseng kgotsa e e timetsang

273. Motho yo o tlamelang molaodi wa lephata la ditshelete kgotsa Banka ya Resefe, ka tshedimosetso mabapi le tiro ya molao wa lephata la ditshelete, e motho a itseng kgotsa a dumelang, kgotsa e aka mabaka a neng a itse kgotsa a dumela, gore e fosagetse kgotsa e e timetsa, go akaretsa le ka tlogelo, o tlola molao e bile fa a bonwe molato o tshwanetswe ke kotlhao ya tuelo e e sa feteng R10 000 000, kgotsa go tswalelwa kwa kgolegelong sebaka se sa feteng dingwaga tse 10, kgotsa go duediswa le go tshwarwa goo ka bobedi.

Diakhaonto le direkoto

274. Motho yo o tlhokegang go ya ka molao wa lephata la ditshelete go tshola diakhaonto le direkoto o tlola molao fa—

(a) diakhaonto kgotsa direkoto di sa rekote le go tlhalosa dintlha, ditsamaiso, ditiro kgotsa dikgato tseo di amanang le tsona, e bile

(b) motho—

(i) a ne a itse, kgotsa a ne a sa kgathalele gore, diakhaonto kgotsa direkoto di gatisitse le go tlhalosa dintlha, ditsamaiso, ditiro kgotsa dikgato tse di amanang le tsona;

(ii) a ne a ikaeletse go tsietsa kgotsa go faposa bolaodi jwa lephata la ditshelete kgotsa mmatlisisi; kgotsa

(iii) a ne a ikaeletse go kgoreletsa kgotsa go thibela bolaodi jwa lephata la ditshelete, kgotsa mmatlisisi mo go direng ditiro tsa gagwe go ya ka molao wa lephata la ditshelete,

ebile o tshwanetswe ke kotlhao ya tuelo e e sa feteng R10 000 000, kgotsa go tswalelwa kwa kgolegelong sebaka se sa feteng dingwaga tse 10, kgotsa go duediswa le go tshwarwa goo ka bobedi.

Tlnagiso e e fosagetseng ya kamano le bolaodi jwa lephata la ditshelete

275. Motho yo, ntle le tumelelo ya molaodi wa lephata la ditshelete, o dirisang go setlamo, mokgatlho, kgwebo kgotsa kano leina kgotsa tlhaloso e e kayang kgotsa bontshang kamano e e rileng magareng ga setlamo, mokgatlho, kgwebo kgotsa kano le molaodi wa lephata la ditshelete o tlola molao e bile fa a bonwe molato o tshwanetswe ke katlholo ya tuediso e e sa feteng R5 000 000.

Melato mo kamanong le ditheo

276. (1) Fa—

(a) setheo sa ditshelete se dira molato go ya ka molao wa lephata la ditshelete; le

(b) leloko lengwe le lengwe la mokgatlho o o busang wa setheo sa ditshelete le le paletswe ke go tsaya dikgato tsotlhe tse di maleba tse di kgonegang go thibela tirego ya molato,

leloko la mokgatlho o busang le tlola molato oo, e bile fa le bonwe molato le tshwanetswe ke kotlhao e e sa feteng kotlhao e e ka pateltswang setheo sa ditshelete mabapi le tlolomolao.

(2) Fa—

(a) motho yo o botlhokwa wa setheo sa ditshelete a dira boitshwaro jo bo lereng tlolo ya molao wa lephata la ditshelete; le

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(b) the financial institution failed to take all reasonably practicable steps to prevent the conduct,

the financial institution must be taken also to have engaged in the conduct.

Part 4

General matters

Complaints

277. A financial sector regulator must, if asked, assist a person to make a complaint to the appropriate ombud about the actions or practices in terms of a financial sector law, of a person in connection with providing financial products or financial services.

Compensation for contraventions of financial sector laws

278. A person, including a financial sector regulator, who suffers loss because of a contravention of a financial sector law by another person, may recover the amount of the loss by action in a court of competent jurisdiction against—

(a) the other person; and

(b) any person who was knowingly involved in the contravention.

Extension of period for compliance

279. (1) A financial sector regulator may, for a valid reason, extend any period for compliance with, or a period prescribed by, a provision of a financial sector law, other than a provision that the financial sector regulator must comply with.

(2) A financial sector regulator may grant an extension in terms of subsection (1) more than once, and may do so either before or after the time for compliance has passed or the period prescribed has ended.

Conditions of licences

280. (1) A licence may be given subject to conditions specified in the licence or in the notice of the grant or issue of the licence given to the licensee.

(2) A suspension, cancellation or revocation of a licence in terms of a financial sector law may be subject to conditions specified in the notice of the suspension, cancellation or revocation given to the licensee.

(3) Contravention of a condition in terms of subsection (2) does not affect the suspension, cancellation or revocation of the licence.

(4) In this section, a reference to a licence must be read as including a reference to a consent, agreement, approval or permission of any kind in terms of a financial sector law.

Exemptions

281. (1) The responsible authority for a financial sector law may, in writing and with the concurrence of the other financial sector regulator, exempt any person or class of persons from a specified provision of the financial sector law, unless it considers that granting the exemption—

(a) will be contrary to the public interest; or

(b) may prejudice the achievement of the objects of a financial sector law.

(2) Subsection (1) applies to the granting of exemptions if a financial sector law does not provide a power to grant exemptions.

(3) If a financial sector law provides a power to grant exemptions, the responsible authority must—

(a) grant the exemption in terms of the relevant provisions of the financial sector law; and

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(b) setheo sa ditshelete se palelwa ke go tsaya dikgato tsothe tse di maleba go thibela boitshwaro joo,

setheo sa ditshelete se tshwanetse go tsewa gore le sona se dirile tlolo ya molao.

Karolo 4

Merero ya kakaretso

Dingongorego

277. Molaodi wa lephata la ditshelete o tshwanetse, fa a kopilwe, go thusa motho go dira ngongorego go ombud yo o maleba ka ga ditiro kgotsa ditiragatso go ya ka molao wa lephata la ditshelete, tsa motho mabapi le go tlamela ka dikuno tsa ditshelete kgotsa ditirelo tsa ditshelete.

Tuelo ya ditlolo melao tsa lephata la ditshelete

278. Motho, go akaretsa le molaodi wa lephata la ditshelete, yo o itemogelang tatlhegelo ka ntlha ya tlolo ya molao wa lephata la ditshelete ka motho yo mongwe o ka busetsa madi a tatlhegelo ka tiro kwa kgotlatshekelong ya kattholo e e nonofileng kgatlhanong le—

(a) motho yo mongwe; le

(b) motho mongwe le mongwe yo o neng a amega ka go itse mo tlolong.

Katoloso ya paka ya go ikamanyo

279. (1) Molaodi wa lephata la ditshelete o ka, ka lebaka le le utlwalang, katolosa paka nngwe le nngwe ya go ikamanya le, kgotsa paka e e neetsweng ke, kabelo ya molao wa lephata la ditshelete, ntle le kabelo e molaodi wa lephata la ditshelete a tshwanetseng go ikamanya le yona.

(2) Molaodi wa lephata la ditshelete o ka dumelela katoloso go ya ka karolotlaleletso (1) go feta gangwe, o ka dira jalo pele ga kgotsa morago ga nako ya ikamanyo e sena go feta kgotsa paka e e neetsweng e sena go fela.

Mabaka a dilaesense

280. (1) Laesense e ka abelwa go ya ka mabaka a a tsepamisitsweng mo laesenseng kgotsa mo kitsisong ya kabelo kgotsa thebolo ya laesense e e neetsweng moabelwalaesense.

(2) Tshekego, phimolo kgotsa phediso ya laesense go ya ka molao wa lephata la ditshelete e ka nna go ya ka mabaka a a tsepamisitsweng mo kitsisong ya tshekego, phimolo kgotsa phediso e e neilweng moabelwalaesense.

(3) Tlolo ya lebaka go ya ka karolotlaleletso (2) ga e ame kemiso, phimolo kgotsa phediso ya laesense.

(4) Mo karolong eno, kaelo go laesense e tshwanetse go tseelwa gore e akaretsa kaelo go tumelelo, tumalano, thebolo kgotsa tetlelelo ya mofuta mongwe le mongwe go ya ka molao wa lephata la ditshelete.

Dikgololo

281. (1) Bothati jo rwalang maikarabelo a molao wa lephata la ditshelete bo ka, ka go kwala le ka tumalano ya molaodi yo mongwe wa lephata la ditshelete, golola motho mongwe le mongwe kgotsa maemo a batho mo kabelong e tsepamisitsweng ya molao wa lephata la ditshelete ntle le fa bo tseela gore go abelana ka kgololo—

(a) go tla nna kgatlhanong le dikgatlhego tsa setshaba; kgotsa

(b) go ka gobelela phitlhelelo ya maikaelelo a molao wa lephata la ditshelete.

(2) Karolotlaleletso (1) e diriswa mo go abeleng dikgololo fa molao wa lephata la ditshelete o sa tlamela ka thata ya go neelana ka dikgololo.

(3) Fa molao wa lephata la ditshelete o tlamela ka thata ya go neelana ka dikgololo, bothati jo bo rwalang maikarabelo bo tshwanetse—

(a) go neelana ka kgololo go ya ka dikabelo tse di maleba tsa molao wa lephata la ditshelete; le

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(b) when deciding whether to grant an exemption, comply with the requirements of subsection (1) in addition to any requirements specified in the financial sector law.

(4) The responsible authority must publish each exemption.

Requirements for notification and concurrence

282. (1) If this Act provides that a financial sector regulator must notify the other financial sector regulator of a particular matter, the notification is not required if the other regulator has agreed, in a section 77 memorandum of understanding or otherwise, that—

(a) failure to provide the notice does not prejudice the achievement of its objective; and

(b) the notification is unnecessary.

(2) If this Act provides that a financial sector regulator may not take a particular action without the concurrence of the other financial sector regulator, the concurrence is not required if the other regulator has agreed, in a section 77 memorandum of understanding or otherwise, that—

(a) action of the relevant kind does not prejudice the achievement of its objective; and

(b) its concurrence is unnecessary.

(3) If this Act provides that a financial sector regulator may not take a particular action without the concurrence of the Reserve Bank, the concurrence is not required if the Reserve Bank has agreed, in a memorandum of understanding or otherwise, that the concurrence is unnecessary.

Arrangements for engagements with stakeholders

283. Each of the financial sector regulators and the Ombud Council must establish and give effect to arrangements to facilitate consultation and the exchange of information with financial institutions, financial customers, and prospective financial customers on matters of mutual interest.

Records and entries in books of account admissible in evidence

284. In any proceedings in terms of, or in relation to, a financial sector law, the records and books of account of a financial institution, and of a person who is engaged by a financial institution to perform a control function, are admissible as evidence of the matters, transactions and accounts recorded therein.

Immunities

285. The State, the Minister, the Reserve Bank, the Governor and Deputy Governors, a financial sector regulator, a member of the Executive Committee, the Prudential Committee, a member of a subcommittee of the Prudential Authority or the Financial Sector Conduct Authority, a member of the Tribunal, the Ombud Council, a member of the Ombud Board, an employee of the State, a board member or officer of the Reserve Bank, a staff member of a financial sector regulator, a staff member of the Reserve Bank, a person appointed by a financial sector regulator or the Reserve Bank to exercise a power or perform a function or duty in terms of a financial sector law is not liable for, or in respect of, any loss or damage suffered or incurred by any person arising from a decision taken or action performed in good faith in the exercise of a function, power or duty in terms of a financial sector law.

Notices to licensees

286. (1) A notice in terms of, or relating to, a financial sector law to a person who is or was licensed in terms of a financial sector law must be served on, or given to—

(a) the person; or

(b) if the person cannot be found after reasonable inquiry, some other person apparently involved in the management or control of a place where the person carries or carried on the licensed activities.

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(b) fa bo swetsa ka go neelana ka kgololo, go ikamanya le ditlhokego tsa karolotlaleletso (1) mo godimo ga ditlhokego dingwe le dingwe tse di tsepamisitsweng mo molaong wa lephata la ditshelete.

(4) Bothati jo bo rwalang maikarabelo bo tshwanetse go phasalatsa kgololo nngwe le nngwe.

Ditlhokego tsa kitsiso le tumalano

282. (1) Fa Molao ono o tlamela gore molaodi wa lephata la ditshelete o tshwanetse go itsise molaodi yo mongwe wa lephata la ditshelete ka ga morero o o rileng, kitsiso ga e tlhokege fa molaodi yo mongwe a dumetse, mo karolong 77 ya memorantamo wa tumalano kgotsa ka gongwe, gore—

(a) go palelwa ke go tlamela ka kitsiso ga go gobelele phitlhelelo ya maikaelelo a ona; le

(b) kitsiso ga e tlhokagale.

(2) Fa Molao ono o tlamela gore molaodi wa lephata la ditshelete o ka se dire tiro epe ntle le tumalano ya molaodi yo mongwe wa lephata la ditshelete, tumalano ga e tlhokege fa molaodi yo mongwe a dumetse, mo karolong 77 ya memorantamo wa tumalano kgotsa ka gongwe, gore—

(a) tiro ya mofuta o o maleba ga e gobelele phitlhelelo ya maikaelelo a bona; le

(b) tumalano ya bona ga e tlhokagale.

(3) Fa Molao ono o tlamela ka gore molaodi wa lephata la ditshelete o ka se dire tiro epe ntle le tumalano ya Banka ya Resefe, tumalano ga e tlhokagale fa Banka ya Resefe e dumetse, mo memorantamong wa tumalano kgotsa ka gongwe, gore tumalano ga e tlhokagale.

Dithulaganyo mabapi le ditherisano le batsayakarolo

283. Mongwe le mongwe wa balaodi ba lephata la ditshelete le Khansele ya Ombud o tshwanetse go tlhoma le go tsenya mo tirisong dithulaganyo tsa go nolofatsa ditherisano le, le thefosano ya tshedimosetso le, batsayakarolo ba kgatlhego e e tshwanang.

Direkoto le dikwadiso mo dibukeng tsa go rwala maikarabelo a a amogelwang khaonto tse di amogelsegang jaaka bosupi

284. Mo ditsamaisong dingwe le dingwe go ya ka, kgotsa mabapi le, molao wa lephata la ditshelete, direkoto le dibuka tsa akhaonto tsa setheo sa ditshelete, le tsa motho yo o diriswang ke setheo sa ditshelete go dira tiro ya go laola, di amogelseaga jaaka bosupi jwa dintlha, ditiro le diakhaonto tse di rekotilweng ka fa gare.

Dikgololo

285. Puso, Tona, Banka ya Resefe, Mmusisi le Batlatsammusisi, molaodi wa lephata la ditshelete, leloko la Komiti Khuduthamaga, Komiti ya Tlhokomelo, leloko la komiti ya Bolaodi jwa Tlhokomelo, Bolaodi jwa Boitshwaro jwa Lephata la Ditshelete, leloko la Lekgotla, Khansele ya Ombud, leloko la Boto ya Ombud, modiredi wa Puso, Banka ya Resefe, leloko la boto kgotsa motlhankedi wa Banka ya Resefe, leloko la badirimmogo ba Banka ya Resefe, ga ba rwale maikarabelo a, kgotsa mabapi le, tatlhegelo nngwe le nngwe kgotsa kgobalo e e bonweng kgotsa itemogetsweng ke motho mongwe le mongwe ka ntlha ya tshwetso e e tserweng kgotsa tiro e e dirilweng ka mowa o montle mo go diragatseng tiro kgotsa thata go ya ka molao wa lephata la ditshelete.

Kitsiso go baabelwadilaesense

286. (1) Kitsiso go ya ka, kgotsa e e amanang le, molao wa lephata la ditshelete go motho yo o kgotsa yo o neng a abetswe laesense go ya ka molao wa lephata la ditshelete e tshwanetse go neelwa go, kgotsa go newa—

(a) motho; kgotsa

(b) fa motho a sa kgone go fitlhelela morago ga patlisiso e e tseneletseng, motho mongwe yo o kileng a amega mo tsamaisong kgotsa taolong ya lefelo leo motho a dirang kgotsa a dirileng ditiro tsa laesense.

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(2) For the purposes of a financial sector law, service in terms of subsection (1)(b) is effective service.

Publication requirements in financial sector laws

287. (1) A requirement in terms of a financial sector law to publish a document or information, including a requirement to publish it in the Gazette, must be read as a requirement also to publish the document or information in the Register. 5

(2) The document or information may also be published on the website of the person required to publish it, or in other effective ways.

(3) This section does not require publication of a draft of a document in the Register.

Part 5 Regulations and Guidelines

Regulations and guidelines

288. (1) The Minister may make Regulations to facilitate the implementation of this Act, including Regulations—

(a) that must or may be prescribed in terms of this Act; 15

(b) to provide for other procedural or administrative matters that are necessary to implement the provisions of this Act.

(2) A requirement in terms of a financial sector law or the Interpretation Act (Act No. 33 of 1957), to publish Regulations in the Gazette must be read as a requirement to publish the Regulations also in the Register. 20

(3) (a) The Minister may issue guidelines for the disclosure of material interests contemplated in sections 49, 72, 193 and 226 to provide guidance to persons who are required to disclose material interests in terms of those sections.

(b) Guidelines issued in terms of paragraph (a) do not divest persons who are required to disclose a material interest in terms of sections 49, 72 193 and 226 from their duty to properly apply their minds and disclose all material interests. 25

(4) The Minister may not make a Regulation unless the Minister—

(a) has published—

(i) a draft of the Regulation;

(ii) a statement explaining the need for and the intended operation of the Regulation; 30

(iii) a statement of the expected impact of the Regulation;

(iv) a notice inviting submissions in relation to the Regulation and stating where, how and by when submissions are to be made; and

(b) has, once submissions referred to in paragraph (a)(iv) have been received and considered, submitted to Parliament, while it is in session,—

(i) the documents mentioned in paragraph (a)(i) to (iv); and

(ii) a report of the consultation process, which report must include—

(aa) a general account of the issues raised in the submissions; and

(bb) a response to the issues raised in the submissions. 40

(5) (a) The period allowed for making submissions referred to in subsection (4)(a) must be at least six weeks.

(b) The period allowed for Parliamentary scrutiny referred to in subsection (4)(b) must be at least 30 days while Parliament is in session.

(6) If a Minister intends, whether or not as a result of a consultation process, to make a Regulation in a materially different form from the draft Regulation published in terms of subsection (4), the Minister must, before making the Regulation, repeat the process referred to in subsection (4).

(7) If complying with subsection (4) or (6), in the opinion of the Minister, is likely to lead to prejudice to financial customers or harm to the financial system, or defeat the object of the proposed Regulation, the Minister must, before making the Regulation—

(a) publish—

(i) a draft of the Regulation and a statement explaining the need for and the intended operation of the Regulation;

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(2) Mabapi le maitlhomo a molao wa lephata la ditshelete, tirelo go ya ka karolotlaleletso (1)(b) ke tirelo e e nonofileng.

Ditlhokego tsa phasalatso mo melaong ya lephata la ditshelete

287. (1) Tlhokego go ya ka molao wa lephata la ditshelete ya go phasalatsa lokwalo kgotsa tshedimosetso, go akaretsa le tlhokego ya go e phasalatsa mo Lokwalodikgannyeng la Puso, go tshwanetse go tselwa jaaka tlhokego ya go phasalatsa lokwalo kgotsa tshedimosetso mo Rejisetareng.

(2) Lokwalo kgotsa tshedimosetso e ka phasalatswa mo webesaeteng ya motho yo o tlhokang go e phasalatsa, kgotsa ka mekgwa mengwe e e nonofileng.

(3) Karolo eno ga e tlhoke phasalatso ya thalo ya lokwalo mo Rejisetareng.

Karolo 5

Melawana le dikaelo

288. (1) Tona o ka dira Melawana go nolofatsa go tsenngwa mo tirisong ga Molao ono, go akaretsa le Melawana—

(a) e e tshwanetseng kgotsa e e ka neelwang go ya ka Molao ono;

(b) go tlamela mabapi le merero e mengwe ya tsamaiso le taolo e e botlhokwa go tsenya mo tirisong dikabelo tsa Molao ono.

(2) Tlhokego go ya ka molao wa lephata la ditshelete kgotsa Interpretation Act (Molao 33 wa 1957), ya go phasalatsa Melawana mo Lokwalodikgannyeng la Puso e tshwanetse go tselwa jaaka tlhokego ya go phasalatsa Melawana mo Rejisetareng.

(3) (a) Tona o ka rebola dikaelo tsa go senola dikgatlhegelo tse di botlhokwa tse di tlhalositsweng mo dikarolong 49,72, 193 le 226, go tlamela ka kaelo go batho bao ba kopilweng go senola dikgatlhegelo tsa botlhokwa go ya ka dikarolo tseo.

(b) Dikaelo tse di rebotsweng go ya ka temana (a) ga di amoge batho ba ba kopilweng go senola kgatlhegelo e e botlhokwa go ya ka dikarolo 49, 72, 193 le 226 ditiro tsa bona tsa go dirisa menagano ya bona ka nepagalo le go senola dikgatlhegelo tsotlhe tse di ka nnang botlhokwa.

(4) Tona o ka se dire Melawana ntle le fa Tona—

(a) a phasaladitse—

(i) melawana e e thadilweng;

(ii) polelo e e tlhalosang tlhokego ya le tiro e e ikaeletsweng ya Melawana;

(iii) polelo ya kutlwalo e e solofetsweng ya Melawana;

(iv) kitsiso e e laletsang ditlhagiso mabapi le Melawana le go itsise gore ditlhagiso di ka dirwa kae, jang le leng; le

(b) a, morago ga fa ditlhagiso tse di kailweng mo temaneng (a)(iv) di sena go amogelwa le go sekasekwa, romelele Palamente, fa e kokoane—

(i) dikwalo tse di kailweng mo temaneng (a)(i) go fitlha go (iv); le

(ii) pegelo ya dikgato tsa ditherisano, e e tla akaretsang—

(aa) maikarabelo ka kakaretso a dintlha tse di tlhagisitsweng mo ditlhagisong; le

(bb) tsibogelo go dintlha tse di tlhagisitsweng mo ditlhagisong.

(5) (a) Paka e e dumeletsweng ya go dira ditlhagiso tse di kailweng mo temaneng (4)(a) e tshwanetse go nna bonnye dibeke tse thataro.

(b) Paka e e letleletsweng mabapi le tshekatsheko e e kailweng mo karolotlaleletsong 45 (4)(b) e tshwanetse go nna bonnye matsatsi a le 30 fa Palamente e kokoane.

(6) Fa Tona a ikaelela, ka ntlha ya kgotsa eseng ka ntlha ya ditlamorago tsa kgato ya ditherisano, go dira Melawana ka mokgwa wa pharologano e kgolo go tswa go thalo ya Melawana e e phasaladitsweng go ya ka karolotlaleletso (4), Tona o tshwanetse, pele a dira Melawana, go boeletsa tsamaiso e e kailweng mo karolotlaleletsong (4).

(7) Fa go ikamanngwa le karolotlaleletso (4) kgotsa (6), go ya ka mogopolo wa Tona, go ka lere kgobelelo mo barekeding ba ditshelete kgotsa kotsi mo thulaganyong ya ditshelete, kgotsa go fenya maikaelelo a Molawana o o tshitsintsweng, Tona o tshwanetse, pele a dira Molawana—

(a) go phasalatsa—

(i) Molawana o o thadilweng le polelo e e tlhalosang tlhokego ya le tiro e e ikaeletsweng ya Molawana;

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![img-4.jpeg]([7] 2017 01 01 Financial Sector Regulation Act 9 of 2017 (English Sepedi).assets/page-0257-image-00-img-4.jpeg)

Government Gazette

REPUBLIC OF SOUTH AFRICA

Vol. 626

Cape Town

Kaapstad

22 August 2017

No. 41060

PART 3 OF 5

THE PRESIDENCY

No. 853

22 August 2017

It is hereby notified that the President has assented to the following Act, which is hereby published for general information:—

Act No. 9 of 2017: Financial Sector Regulation Act, 2017

MO-PRESIDENTE

No. 853

22 August 2017

Mo go tsebiswa gore Mo-Presidente o dumetse molao o latelago, wona o tla gatiswa e le tsebiso ya kakaretso:—

Nmr 9 ya 2017: Mola o wa Taolo ya Lephata la Ditshelete, 2017

ISSN 1682-5843

![img-5.jpeg]([7] 2017 01 01 Financial Sector Regulation Act 9 of 2017 (English Sepedi).assets/page-0257-image-01-img-5.jpeg)

AIDS HELPLINE: 0800-0123-22 Prevention is the cure

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(ii) a notice inviting submissions in relation to the Regulation and stating where, how and by when submissions are to be made; and

(iii) a statement of the reasons why the delay involved in complying with subsections (4) and (6) is considered likely to lead to prejudice to financial customers or harm to the financial system, or defeat the object of the proposed Regulation; and

(b) submit to Parliament the documents mentioned in paragraph (a).

(8) (a) The period allowed for making submissions referred to in subsection (7)(a)(ii) must be at least seven days.

(b) The period allowed for submission to Parliament referred to in subsection (7)(b) must be at least seven days, whether Parliament is in session or not.

(9) The Minister must, after making a Regulation pursuant to subsections (7) and (8), within 30 days of making the Regulation, submit to Parliament a report of the consultation process referred to in subsections (13) to (15).

(10) This section does not prevent the Minister from engaging in consultations in addition to those required in terms of this section.

(11) In deciding whether to make a Regulation, the Minister must take into account all submissions received by the expiry of the period referred to in subsection (5)(a) or (8)(a) and any deliberations of Parliament.

(12) A Regulation comes into effect—

(a) on the date that it is published in the Register; or

(b) if the Regulation provides that it comes into effect on a later date, on the later date.

(13) With each Regulation, the Minister must publish a consultation report.

(14) A consultation report must include—

(a) a general account of the issues raised in the submissions made during the consultation; and

(b) a response to the issues raised in the submissions.

(15) If the Minister did not comply with subsection (4) or (6) for the reason stated in subsection (7), the consultation report must be published 30 days after the instrument was made and the report must include a statement of the reasons why the delay involved in complying, or complying fully, with subsection (4) or (6) was considered likely to lead to prejudice to financial customers or harm to the financial system, or defeat the object of the Regulation.

Part 6

Amendments, repeals, transitional and saving provisions

Interpretation

289. In this Part—

“Appeal Board” means the Appeal Board established by section 26A of the Financial Services Board Act;

“Directorate of Market Abuse” means the Directorate of Market Abuse established by section 12 of the Insider Trading Act, 1998 (Act No. 135 of 1998) and continued in terms of the Securities Services Act, 2004 (Act No. 36 of 2004) and then the Financial Markets Act;

“Enforcement Committee” means the Enforcement Committee established in terms of section 10A of the Financial Services Board Act or section 97 of the Securities Services Act, 2004 (Act No. 36 of 2004);

“Financial Services Board” means the Financial Services Board as defined in the Financial Services Board Act; and

“Financial Services Board Act” means the Financial Services Board Act, 1990 (Act No. 97 of 1990).

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(ii) kitsiso e e laletsang ditlhagiso mabapi le Molawana e bile e tlhagisa gore ditlhagiso di ka dirwa kae, jang le gore leng; le

(iii) polelo ya mabaka a gore goreng tiego yago ikamanyeng le dikarolotlaleletso (4) le (6) e tseelwa gore eka tisa kgobelelo mo barekeding ba ditshelete kgotsa kotsi mo thulaganyong ya ditshelete, kgotsa ya fenya maikaelelo a Molawana o o tshitsintsweng; le

(b) go romelela Palamente dikwalo tse di kailweng mo temaneng (a).

(8) (a) Nako e e letleletsweng ya go dira ditlhagiso tse di kailweng mo karolotlaleletsong (7)(a)(ii) e tshwanetse go nna bonnye malatsi a le supa.

(b) Nako e e letleletsweng ya go romela ditlhagiso kwa Palamenteng jaaka go kailwe mo karolotlaleletsong (7)(b) e tshwanetse go nna bonnye malatsi a le supa, Palamente e ka tswa e kokoane kgotsa e sa kokoana.

(9) Tona o tshwanetse, morago ga go dira Molawana o o tsamaelanang le dikarolotlaleletso (7) le (8), mo malatsing a le 30 a go dira Molawana, go romelela Palamente pegelo ya kgato ya ditherisano e e kailweng mo dikarolotlaleletsong (13) go fitlha go (15).

(10) Karolo eno ga e thibele Tona mo go direng ditherisano mo godimo ga tse di tlhokegang go ya ka karolo eno.

(11) Mo go swetseng ka ga go dira Molawana, Tona o tshwanetse go tsaya tsia ditlhagiso tsotlhe tse di amogetsweng ka letlha la bofelo la nako e e kailweng mo karolotlaleletsong (5)(a) kgotsa (8)(a) le dipuisano tsa Palamete.

(12) Molawana o tsenngwa mo tirisong—

(a) ka letlha le o phasaladitsweng mo Rejisetareng ka lona; kgotsa

(b) fa Molawana o tlamela gore o tla tsenngwa mo tirisong ka letlha le le kwa moragonyana, ka letlha le le kwa moragonyana.

(13) Mabapi le Molawana mongwe le mongwe, Tona o tshwanetse go phasalatsa pegelo ya ditherisano.

(14) Pegelo ya ditherisano e tshwanetse go akaretsa—

(a) boikarabelo ka kakaretso jwa dintlha tse di tlhagisitsweng mo ditlhagisong tse di dirilweng ka nako ya ditherisano; le

(b) tsibogelo go dintlha tse di tlhagisitsweng mo ditlhagisong.

(15) Fa Tona a sa ikamanya le karolotlaleletso (4) kgotsa (6) mabapi le mabaka a a boletsweng mo karolotlaleletsong (7), pegelo ya ditherisano e tshwanetse go phasalatswa mo malatsing a le 30 morago ga go dirwa ga sediriso e bile pegelo e tshwanetse go akaretsa polelo ya mabaka a gore goreng tiego e e nnileng teng mo go ikamanyeng, kgotsa mo go ikamanyeng ka botlalo, le karolotlaleletso (4) kgotsa (6) e tseetswe gore e bakile kgobelelo mo barekeding ba ditshelete kgotsa kotsi mo thulaganyong ya ditshelete, kgotsa e fentse maikaelelo a Molawana.

Karolo 6

Ditlhabololo, diphediso, dikabelo tsa kgabaganyo le tshomarelo

Tlhaloso

289. Mo Karolong eno—

“Boto ya Boikuelo” e kaya Boto ya Boikuelo e e tlhomilweng ke karolo 26A ya Financial Services Board Act;

“Bokaedi jwa Tirisobotlhaswa ya Mmaraka” bo kaya Bokaedi jwa Tirisobotlhaswa ya Mmaraka jo bo tlhomilweng ke karolo 12 ya Insider Trading Act, 1998 (Molao 135 wa 1998) le go tsweletswa go ya ka Securities Services Act, 2004 (Molao 36 wa 2004) le Financial Markets Act ya nako eo;

“Komiti ya Kgatelelo” e kaya Komiti ya Kgatelelo e e tlhomilweng go ya ka karolo 10A ya Financial Services Board Act kgotsa karolo 97 ya Securities Services Act, 2004 (Molao 36 wa 2004);

“Boto ya Ditirelo tsa Ditshelete” e kaya Boto ya Ditirelo tsa Ditshelete jaaka e tlhalositswe mo Financial Services Board Act; le

“Molao wa Boto ya Ditirelo tsa Ditshelete” e kaya Financial Services Board Act, 1990 (Molao 97 wa 1990).

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Amendments and repeals

290. The Acts listed in Schedule 4 are amended or repealed as set out in that Schedule.

Transitional provision in relation to medical schemes

291. (1) The functions of the Prudential Authority in relation to medical schemes and the associated powers and duties of the Prudential Authority are, to the extent determined by, and subject to any conditions determined by, the Minister, to be exercised by the Council for Medical Schemes instead of the Prudential Authority, but with the concurrence of the Prudential Authority.

(2) 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 are, to the extent determined by, and subject to any conditions determined by, the Minister, to 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.

(3) A determination in terms of subsection (1) or (2) must be published.

(4) The concurrence of a financial sector regulator in terms of subsection (1) or (2) to the exercise of a particular power or the performance of a particular function or duty is not required if the financial sector regulator has agreed in writing that—

(a) the exercise of the power or the performance of the function or duty does not prejudice the achievement of its objective; and

(b) its concurrence is unnecessary.

Transitional prudential powers of Financial Sector Conduct Authority

292. (1) This section applies for the period of three years from the date on which this section comes into effect but the Minister may, by notice in the Gazette, determine a shorter or longer period.

(2) The power of the Prudential Authority to make prudential standards, to be complied with by the following financial institutions, with respect to the safety and soundness of those financial institutions and otherwise to achieve the objectives of the Prudential Authority, is to be exercised by the Financial Sector Conduct Authority:

(a) Collective investment schemes as defined in section 1(1) of the Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002);

(b) pension funds as defined in section 1(1) of the Pension Funds Act;

(3) A prudential standard in terms of subsection (2) may only impose requirements that may be imposed under the specific financial sector law relevant to the financial institution concerned.

(4) The Financial Sector Conduct Authority may exercise its other powers in terms of financial sector laws with respect to the financial institutions referred to in subsection (2) to achieve the objective of the Prudential Authority.

(5) Subsection (3) does not affect the powers of the Financial Sector Conduct Authority in respect of a financial institution.

Transfer of assets and liabilities of Financial Services Board

293. (1) At the date on which this section comes into effect, the assets and liabilities of the Financial Services Board cease to be assets and liabilities of the Board and become assets and liabilities of the Financial Sector Conduct Authority without any conveyance, transfer or assignment.

(2) A person or authority who, in terms of a law or of a trust instrument or in any other way is required to keep or maintain a database in relation to assets or liabilities must, and may without any application or otherwise, record in the database the transfer of the asset or liability in terms of subsection (1).

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Ditlhabololo le diphediso

290. Melao e e neetsweng mo Šejuleng 4 e a tlhabololwa kgotsa phimolwa jaaka go tlhalositswe mo Šejuleng eo.

Kabelo ya kgabaganyo mabapi le dikema tsa kalafo

291. (1) Ditiro tsa Bothati jwa Tlhokomelo mabapi le dikema tsa kalafi le dithata tse di di patileng le ditiro tsa Bothati jwa Tlhokomelo, ka bogolo jo bo tlhomamisitsweng ke, le go ya ka mabaka mangwe le mangwe a a tlhomamisitsweng ke, Tona, di tshwanetse go diragatswa ke Khansele ya Dikema tsa Kalafi e seng Bothati jwa Tlhokomelo, mme fela ka tumalano le Bothati jwa Tlhokomelo.

(2) Ditiro tsa Bothati jwa Boitshwaro jwa Lephata la Ditshelete mabapi le dikema tsa kalafi le maatla le ditiro tse di di patileng tsa Bothati jwa Boitshwaro jwa Lephata la Ditshelete, ka bogolo jo bo tlhomamisitsweng ke, le go ya ka mabaka mangwe le mangwe a a tlhomamisitsweng ke, Tona, di tshwanetse go diragatswa ke Khansele ya Dikema tsa Kalafi e seng Bothati jwa Boitshwaro jwa Lephata la Ditshelete, mme fela ka tumalano le Bothati jwa Boitshwaro jwa Lephata la Ditshelete.

(3) Tlhomamiso go ya ka karolotlaleletso (1) kgotsa (2) e tshwanetse go phasalatswa.

(4) Tumalano ya bolaodi ja lephata la ditshelete go ya ka karolotlaleletso (1) kgotsa (2) ya tiragatso ya thata e e rileng kgotsa go dirwa ga tiro e e rileng ga go tlhokege fa bolaodi jwa lephata la ditshelete bo dumetse ka go kwala gore—

(a) tiragatso ya thata kgotsa go dirwa ga tiro ga go gobelele phitlhelelo ya maikaelelo a jona; le

(b) tumalano ya jona ga e tlhokege.

Dithata tsa kgaba ganyo tsa tlhokomelo ya Bothati jwa Boitshwaro jwa Lephata la Ditshelete

292. (1) Karolo eno e diriswa mo pakeng ya dingwaga tse tharo go simolola ka letlha la go tsenngwa mo tirisong ga karolo eno mme Tona o ka, ka kitsiso mo Lokwalodikgannyeng la Puso, tlhomamisa paka e khutshwane kgotsa e telele.

(2) Thata ya Bothati jwa Tlhokomelo ya go dira maemo a tlhokomelo, eo ditheo tsa ditshelete tse di latelang di tshwanetseng go ikamanya le yona, mabapi le tshireletsego le tlhomamo ya ditheo tseo tsa ditshelete le go fitlhelela maikaelelo a Bothati jwa Tlhokomelo, e tshwanetse go diragatswa ke Bothati jwa Boitshwaro jwa Lephata la Ditshelete:

(a) Dikema tsa peeletsommogo jaaka di tlhalositswe mo karolong 1(1) ya Collective Investment Schemes Control Act, 2002 (Molao 45 wa 2002);

(b) matlole a pensene jaaka a tlhalositswe mo karolong 1(1) ya Pension Funds Act;

(3) Maemo a tlhokomelo go ya ka karolotlaleletso (2) a ka pateletsa fela ditlhokego tse di ka pateletswang ka fa tlase ga molao wa lephata la ditshelete o o rileng o o maleba go setheo sa ditshelete se se amegang.

(4) Bothati jwa Boitshwaro jwa Lephata la Ditshelete bo ka diragatsa dithata tsa jona tse dingwe go ya ka melao ya lephata la ditshelete mabapi le ditheo tsa ditshelete tse di kailwaeng mo karolotlaleletsong (2) go fitlhelela maikaelelo a Bothati jwa Tlhokomelo.

(5) Karolotlaleletso (3) ga e ame dithata tsa Bothati jwa Boitshwaro jwa Lephata la Ditshelete mabapi le setheo sa ditshelete.

Tshutiso ya dithoto le melato ya Boto ya Ditirelo tsa Ditshelete

293. (1) Ka letlha leo karolo eno e tsenngwang mo tirisong ka lona, dithoto le melato ya Boto ya Ditirelo tsa Ditshelete di khutla go nna dithoto le melato ya Boto mme di nna dithoto le melato ya Bothati jwa Boitshwaro jwa Lephata la Ditshelete ntle le thebolelo, tshutiso kgotsa kabo.

(2) Motho kgotsa bothati jo, go ya ka molao kgotsa sediriso sa terasete kgotsa ka mokgwa ofe bo tlhokang go tshola kgotsa tshegetsa deithabeise mabapi le dithoto kgotsa melato bo tshwanetse, e bile bo ka ntle le tiriso kgotsa ka mokgwa mongwe, rekota mo deithabeising tshutiso ya dithoto kgotsa melato go ya ka karolotlaleletso (1).

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(3) A transfer of an asset in terms of subsection (1) does not give rise to any liability to duty or tax.

(4) (a) The Minister or a person authorised by the Minister for the purposes of this section may certify in writing that a specified asset or liability of the Financial Services Board became an asset or liability of the Financial Sector Conduct Authority on the date on which this section came into effect.

(b) A certificate in terms of paragraph (a) is conclusive proof that a specified asset or liability of the Financial Services Board is an asset or liability of the Financial Sector Conduct Authority.

Transfer of staff of Financial Services Board

294. (1) (a) At the date on which this section comes into effect, the staff of the Financial Services Board must be transferred to the Financial Sector Conduct Authority and the South African Reserve Bank, respectively, in accordance with section 197 of the Labour Relations Act, 1995 (Act No. 66 of 1995).

(b) Any reference in section 197 of the Labour Relations Act, 1995, to—

(i) the “old employer” must be read as a reference to the Financial Services Board; and

(ii) the “new employer” must be read as a reference to the Financial Sector Conduct Authority or the South African Reserve Bank, as the case may be, in respect of the staff to be transferred to either of these entities.

(c) The agreements referred to in section 197 of the Labour Relations Act, 1995, must address the transfer of the staff of the Financial Services Board to the pension fund of the South African Reserve Bank, where applicable.

(2) The Financial Sector Conduct Authority, at the date on which this section comes into effect, becomes liable for the liability of the Financial Services Board to subsidise the cost of the contributions payable to a medical scheme registered under the Medical Schemes Act by—

(a) a person who was employed by the Financial Services Board as at 1 January 1998 and remained continuously so employed until he or she retired from the Financial Services Board; or

(b) a person who was the spouse or dependant of a person contemplated in paragraph (a) at the time of the person’s retirement from the Financial Services Board, or the person’s death while employed by the Financial Services Board.

(3) If the benefit payable to a member in terms of the rules of the Financial Services Board Pension Fund on retirement would have been subject to special tax treatment, the benefit payable to that employee on his or her retirement by the pension fund of the Financial Sector Conduct Authority and the South African Reserve Bank, if applicable, must be subject to the same tax treatment.

(4) At the date on which this section comes into effect, the pension fund of the Financial Services Board becomes the pension fund of the Financial Sector Conduct Authority.

Annual reports

295. (1) The Prudential Authority must prepare each annual report of a financial sector regulator required by a financial sector law for which it is the responsible authority, for the reporting period during which this section comes into effect.

(2) The Financial Sector Conduct Authority must prepare each annual report of the Financial Services Board or another financial sector regulator required by a financial sector law for which it is the responsible authority, for the reporting period during which this section comes into effect.

(3) A report in terms of subsection (1) or (2) may be published as part of the first annual report of the Prudential Authority or the Financial Sector Conduct Authority, as the case may be.

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(3) Tshutiso ya thoto go ya ka karolotlaleletso (1) ga e bake koketsego go molato mongwe le mongwe go tiro kgotsa lekgetho.

(4) (a) Tona kgotsa motho yo o letleletsweng ke Tona mabapi le maitlhomo a karolo eno o ka kanela ka go kwala gore thoto e tsepamisitsweng kgotsa molato ya Boto ya Ditirelo tsa Ditshelete e nnile thoto kgotsa molato wa Bothati jwa Boitshvaro jwa Lephata la Ditshelete ka letlha leo karolo eno e tsentsweng mo tirisong ka lona.

(b) Setifikiti go ya ka temana (a) ke bosupi jo bo konotelelang jwa gore thoto kgotsa molato o tsepamisitsweng wa Boto ya Ditirelo tsa Ditshelete ke thoto kgotsa molato wa Bothati jwa Boitshvaro jwa Lephata la Ditshelete.

Tshutiso ya badiri ba Boto ya Ditirelo tsa Ditshelete

294. (1) (a) Ka letlha leo karolo eno e tsenang mo tirisong ka lona, badiri ba Boto ya Ditirelo tsa Ditshelete ba tshwanetse go sutisetswa kwa Bothating jwa Boitshvaro jwa Lephata la Ditshelete le Banka ya Resefe, ka tatelano, go ya ka karolo 197 ya Labour Relations Act, 1995 (Molao 66 wa 1995).

(b) Kaelo nngwe le nngwe mo karolong 197 ya Labour Relations Act, 1995, go—

(i) "mothapi wa kgale" e tshwanetse go tsewa jaaka kaelo go Boto ya Ditirelo tsa Ditshelete; le

(ii) "mothapi yo mošwa" e tshwanetse go tsewa jaaka kaelo go Bothati jwa Boitshwar o jwa Lephata la Ditshelete kgotsa Banka ya Resefe, go ya ka mabaka, mabapi le badiri ba ba tla sutisetswang go nngwe ya ditheo tseno.

(c) Ditumalano tse di kailweng mo karolong 197 ya Labour Relations Act, 1995, di tshwanetse go sekaseka tshutiso ya badiri ba Boto ya Ditirelo tsa Ditshelete go matlole a phenšene a Banka ya Resefe ya Aforikaborwa, mo go tlhokegang.

(2) Bothati jwa Boitshvaro jwa Lephata la Ditshelete, ka letlha leo karolo eno e tsenngwang mo tirisong ka lona, bo rwala maikarabelo, mabapi le maikarabelo a Boto ya Ditirelo tsa Ditshelete a go etleetsa tshenyegelo ya dikabelo tse di duelwang go sekema sa kalafi se se kwadisitsweng ka fa tlase ga Medical Schemes Act ke—

(a) motho yo o neng a thapilwe ke Boto ya Ditirelo tsa Ditshelete go simolola ka 1 Ferikgong 1997 a be a tswelela go thapiwa jalo go fitlhela a rola tiro mo Botong ya Ditirelo tsa Ditshelete; kgotsa

(b) motho yo o neng e le mogatsa kgotsa moikaegi wa motho yo o tthalositsweng mo temaneng (a) ka nako ya go rola tiro mo Botong ya Ditirelo tsa Ditshelete, kgotsa go tthokafala ga motho fa a ne e le modiri wa Boto ya Ditirelo tsa Ditshelete.

(3) Fa dikunomolemo tse di duelwang leloko go ya ka melawana ya Letlole la Penšene la Boto ya Ditirelo tsa Ditshelete ka nako ya go rola tiro di ne di tla nna go ya ka tsholo ya lekgetho le le kgethegileng, dikunomolemo tse di duelwang modiri yoo ka nako ya go rola tiro ga gagwe ke Bothati jwa Boitshvaro jwa Lephata la Ditshelete le Banka ya Resefe ya Aforikaborwa, fa go kgonega, di tshwanetse go dirwa go ya ka tsholo ya lekgetho e etshwanang le eo.

(4) Ka letlha le karolo eno e tsenngwang mo tirisong ka lona, letlole la penšene la Boto ya Ditirelo tsa Ditshelete e nna letlole la penšene la Bothati jwa Boitshvaro jwa Lephata la Ditshelete.

Dipegelo tsa ngwaga

295. (1) Bothati jwa Tlhokomelo bo tshwanetse go baakanya pegelo nngwe le nngwe ya ngwaga ya bolaodi jwa lephata la ditshelete e e tlhokwang ke molao wa lephata la ditshelete oo e leng bolaodi jo bo rwalang maikarabelo a yona mabapi le paka ya go bega e mo go yona letlha le karolo eno e tshwanetseng go tsenngwa mo tirisong ka lona.

(2) Bothati jwa Boitshvaro jwa Lephata la Ditshelete bo tshwanetse go baakanya pegelo nngwe le nngwe ya ngwaga ya Boto ya Ditirelo tsa Ditshelete kgotsa bolaodi bongwe jwa lephata la ditshelete e e tlhokwang ke molao wa lephata la ditshelete o e leng ona bothati jo bo rwalwang maikarabelo mabapi le paka ya go bega eo mo go yona karolo eno e tsenngwang mo tirisong ka yona.

(3) Pegelo go ya ka karolotlaleletso (1) kgotsa (2) e ka phasalatswa jaaka karolo ya pegelo ya ntlha ya ngwaga ya Bothati jwa Tlhokomelo kgotsa Bothati jwa Boitshvaro jwa Lephata la Ditshelete, go ya ka mabaka.

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Inspections and investigations

296. (1) An inspection or investigation in terms of the Banks Act, the Reserve Bank Act, the Mutual Banks Act, 1993 (Act No. 124 of 1993), the Co-operative Banks Act, 2007 (Act No. 40 of 2007), the Short-term Insurance Act or the Long-term Insurance Act that is pending and not concluded immediately before the date on which this section comes into effect may be continued and concluded by the Prudential Authority in terms of the relevant provisions of this Act, or by the Financial Sector Conduct Authority in relation to an inspection or investigation in terms of the Short-term Insurance Act or the Long-term Insurance Act.

(2) An inspection or investigation in terms of a financial sector law or legislation referred to in the definition of “Financial Services Board legislation” in section 1 of the Financial Services Board Act, other than those referred to in subsection (1), that is pending but not concluded immediately before the date on which this Chapter comes into effect may be continued and concluded by the Financial Sector Conduct Authority in terms of the relevant provisions of this Act.

Co-operation agreements with foreign agencies

297. An arrangement in terms of a financial sector law between a registrar, supervisor or other financial sector regulator and a foreign government agency that is in force on the date on which this section comes into effect continues in effect as with the substitution of the relevant financial sector regulator for the registrar, supervisor or the other financial sector regulator, but may be amended or terminated in accordance with the terms of the arrangement.

Enforcement Committee and Appeal Board

298. (1) (a) Despite the repeals effected in the terms of this Part—

(i) the Enforcement Committee is to continue to deal with any matter that it was dealing with immediately before the date on which this Part comes into effect; and

(ii) a panel of the Appeal Board is to continue to deal with any matter that it was dealing with immediately before that date.

(b) The Enforcement Committee and the panels referred to in paragraph (a)(ii) continue in existence for the purposes of paragraph (a) only.

(2) The Financial Sector Conduct Authority must provide administrative and other support to the Enforcement Committee and the panels.

(3) For the purposes of this section, proceedings are instituted if—

(a) in the case of the Enforcement Committee established in terms of section 97 of the Securities Services Act, 2004 (Act No. 36 of 2004), the pleadings envisaged in section 102(1) of that Act have been referred to the Enforcement Committee;

(b) in the case of the Enforcement Committee established in terms of section 10A of the Financial Services Board Act, the pleadings envisaged in section 6B(1) of the Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001) have been delivered in terms of section 6B(2)(a) of that Act.

Right of appeal of Financial Services Board decisions

299. Despite the repeals effected in terms of section 290, section 26 of the Financial Services Board Act continues in effect in respect of decisions made before the date those repeals come into effect, but the appeal contemplated by that section is made to the Tribunal.

Pending proceedings

300. (1) Despite the repeal of section 9 of the Banks Act in terms of Schedule 4, an application for a review made in terms of that section but not finally determined before the date on which this section comes into effect may be continued before the board of review, which is to exercise the powers of the Tribunal in relation to the application.

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Ditlhatlhobo le dipatlisiso

296. (1) Tlhatlhobo kgotsa patlisiso go ya ka Banks Act, Mutual Banks Act, 1993 (Molao 124 wa 1993) Act, Co-operative Banks Act, 2007 (Molao 40 wa 2007), Short Term Insurance Act kgotsa Long Term Insurance Act e e sa letilweng e bile e sa konosetswa ka bonako pele ga letlha leo ka lona karolo eno e tsengwang tirisong e ka tsweletswa le go khutliswa ke Bothati jwa Tlhokomelo go ya dikabelo tse di maleba tsa Molao ono, kgotsa ke Bothati jwa Boitshvaro jwa Lephata la Ditshelete mabapi le tlhatlhobo kgotsa patlisiso go ya ka Short-term Insurance Act kgotsa Long-term Insurance Act.

(2) Tlhatlhobo kgotsa patlisiso go ya ka molao wa lephata la ditshelete kgotsa molawana o o kailweng mo tlhalosong ya “molawana wa Boto ya Ditirelo tsa Ditshelete “mo karolong 1 ya Financial Services Board Act, ntle le eo e kailweng mo karolotaleletsong (1), e e letilweng mme e sa konosetswa ka bonako pele ga letlha la go tsengwa mo tirisong ga Kgaolo eno e ka tsweletswa le go knosetswa ke Bothati jwa Boitshvaro jwa Lephata la Ditshelete go ya ka dikabelo tse di maleba tsa Molao ono.

Ditumalano tsa tirisanommogo le diejensi tsa kwa ntle

297. Thulaganyo mabapi le molao wa lephata la ditshelete magareng ga mokwadisi, motlhokomedi kgotsa molaodi yo mongwe wa lephata la ditshelete le ejensi ya puso ya boditsbaba e e diriswang ka letlha leo karolo eno e tsengwang mo tirisong ka lona e tswelela go diriswa jaaka le ka kemisetso ya molaodi wa lephata la ditshelete yo o maleba mabapi le mokwadisi, motlhokomedi kgotsa molaodi yo mongwe wa lephata la ditshelete, mme e ka tlhabololwa kgotsa khutliswa go tsamaelana le dipeelo tsa thulaganyo eo.

Komiti ya Kgatelelo le Boto ya Boikuelo

298. (1) (a) Go sa nyatswe phediso e e dirilweng go ya ka Karolo eno—

(i) Komiti ya Kgatelelo e tla tswelela go samagana le morero mongwe le mongwe o e neng e samagane le ona ka bonako pele ga letlha la go tsengwa tirisong ga Karolo eno; le

(ii) panele ya Boto ya Boikuelo e tla tswelela go samagana le morero mongwe le mongwe o e neng e samagane le ona ka bonako pele ga letlha leo.

(b) Komiti ya Kgatelelo le dipanele tse di kailweng mo temaneng (a)(ii) di tswelela go nna teng mabapi le maitlhomo a temana (a) fela.

(2) Bothati jwa Boitshvaro jwa Lephata la Ditshelete bo tshwanetse go tlamela Komiti ya Kgatelelo le dipanele tse dingwe ka tshegetso ya tsamaiso le e nngwe.

(3) Mabapi le maitlhomo a karolo eno, ditsamaiso di a diragatswa fa—

(a) mo lebakeng la Komiti ya Kgatelelo e e tlhomilweng go ya ka karolo 97 ya Securities Services Act, 2004 (Molao 36 wa 2004), boikuelo jo bo bonetsweng pele mo karolong 102(1) ya Molao oo bo rometswe kwa Komiting ya Kgatelelo;

(b) mo lebakeng la Komiti ya Kgatelelo e e tlhomilweng go ya ka karolo 10A ya Financial Services Board Act, boikuelo jo bo bonetsweng pele mo karolong 6B(1) ya Financial Institutions (Protection of Funds) Act, 2001 (Molao 28 wa 2001) bo diragaditswe go ya ka karolo 6B(2)(a) ya Molao oo.

Tshwanelo ya boikuelo jwa ditshwetso tsa Boto ya Ditirelo tsa Ditshelete

299. Go sa nyatswe diphimolo tse di dirisitsweng go ya ka karolo 290, karolo 26 ya Financial Services Board Act e tswelela go diriswa mabapi le ditshwetso tse di dirilweng pele ga letlha leo boikuelo bo tsengwang mo tirisong ka lona, mme boikuelo jo bo tlhalositsweng mo karolong eo bo dirwa go Lekgotla.

Ditsamaiso tse di letetsweng

300. (1) Go sa nyatswe phimolo ya karolo 9 ya Banks Act go ya ka Šejule 4, kopo ya tshekatsheko e e dirilweng go ya ka karolo eo mme e ise e tlhomamiswe ka konotelelo pele ga letlha leo karolo eno e tsengwang mo tirisong ka lona e ka tsweletswa fa pele ga boto ya tshekatsheko, eo e tshwanetseng go diragatsa dithata tsa Lekgotla mabapi le kopo.

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(2) The Prudential Authority must be substituted as a party in any pending proceedings, whether in a court, tribunal or before an arbitrator or any other person or body, that have been commenced but not finally determined immediately before the date on which this section comes into effect, for the Reserve Bank or a registrar in terms of the Banks Act, the Mutual Banks Act, 1993 (Act No. 124 of 1993), the Co-operative Banks Act, 2007 (Act No. 40 of 2007), the Short-term Insurance Act or the Long-term Insurance Act.

(3) The Financial Sector Conduct Authority must be substituted as a party in any pending proceedings, whether in a court, tribunal or before an arbitrator or any other person or body, that have been commenced but not finally determined immediately before the date on which this section comes into effect, for the Financial Services Board, the Directorate of Market Abuse, where applicable, or a registrar in terms of a financial sector law other than the Banks Act.

Savings of approvals, consents, registrations and other acts

301. (1) A licence, authorisation, approval, registration, consent or similar permission given in terms of a financial sector law and in force immediately before the date on which this section comes into effect remains in force for the purposes of the financial sector law, but may be amended or revoked by the responsible authority for the financial sector law, in accordance with the provisions of that financial sector law.

(2) Rules made in terms of section 26 of the Financial Advisory and Intermediary Services Act and in force immediately before the date on which this section come into effect have effect as Ombud Council rules, and may be amended or revoked by Ombud Council rules in accordance with this Act.

(3) A regulatory instrument or Regulation made or issued in terms of a financial sector law and in force immediately before the date on which this section comes into effect remains in force for the purposes of the financial sector law but may be amended or revoked by a regulatory instrument made by the responsible authority for the financial sector law in accordance with the relevant financial sector law.

(4) Consultations undertaken before the date on which Part 1 of Chapter 7 comes into effect in relation to a regulatory instrument proposed to be made under a specific financial sector law or a proposed financial sector law after that Part came into effect are taken to meet the requirements of this Act for consultation to the extent that they—

(a) meet the requirements of the specific financial sector law for consultation prior to the amendment of that law in accordance with Schedule 4; or

(b) substantially meet the requirements of this Act for consultation on the proposed regulatory instrument.

(5) Regulations made in terms of section 5 of the Financial Supervision of the Road Accident Fund Act, 1993 (Act No. 8 of 1993), and in force on the date on which this section comes into effect continue in force, but may be amended or repealed by Regulations made in terms of section 5 by the Prudential Authority.

(6) An ombud scheme that, immediately before the repeal of the Financial Services Ombuds Schemes Act, 2004 (Act No. 37 of 2004), came into effect, was recognised in terms of that Act must be taken to be a recognised industry ombud scheme as if it had been recognised under this Act.

(7) Subsection (6) ceases to have effect at the end of 12 months after Chapter 14 takes effect, but the Ombud Council may, on application and for good reason, extend the application of that subsection in a particular case for a further period of not more than 6 months.

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(2) Bothati jwa Tlhokomelo bo tshwanetse go emisetswa jaaka mokgatlho mo ditsamaisong dingwe le dingwe tse di letetsweng, kwa kgotlatshekelong, lekgotleng kgotsa fa pele ga motsereganyi kgotsa motho mongwe le mongwe yo mongwe kgotsa mokgatlho, tse di neng di simolotswe mme di ise di tlhomamiswe ka konotelelo ka bonako pele ga letlha leo ka lona karolo eno e tsenngwang mo tirisong, mabapi le Banka ya Resefe kgotsa mokwadisi go ya ka Banks Act, the Mutual Banks Act, 1993 (Molao 124 wa 1993), Co-operative Banks Act, 2007 (Molao 40 wa 2007), Short Term Insurance Act kgotsa Long Term Insurance Act.

(3) Bothati jwa Boitshwaro jwa Lephata la Ditshelete bo tshwanetse go emisetswa jaaka mokgatlho mo ditsamaisong dingwe le dingwe tse di letetsweng, kwa kgotlatshekelong, lekgotleng kgotsa fa pele ga motsereganyi kgotsa motho mongwe le mongwe yo mongwe kgotsa mokgatlho, tse di neng di simolotswe mme di ise di tlhomamiswe ka konotelelo ka bonako pele ga letlha leo ka lona karolo eno e tsenngwang mo tirisong, mabapi le Boto ya Ditirelo tsa Ditshelete, Bokaedi jwa Tirisobotlhaswa ya Mmaraka kgotsa mokwadisi go ya ka molao wa lephata la ditshelete nte le Banks Act.

Ditshomarelo tsa dithebolo, ditumelelo, dikwadiso le ditiro tse dingwe

301. (1) Laesense, tetla, thebolo, kwadiso, tumalano kgotsa tumelelo e tshwanang e neilweng go ya ka molao wa lephata la ditshelete le go diragatswa ka bonako pele ga letlha le ka lona karolo eno e tsenngwang mo tirisong e sala go nna mo tirisong mabapi le maithomo a molao wa lephata la ditshelete mme e ka tlhabololwa kgotsa phimolwa ke bothati jo bo rwalang maikarabelo mabapi le molao wa lephata la ditshelete, go tsamaelana le dikabelo tsa molao oo wa lephata la ditshelete.

(2) Melawana e e dirilweng go ya ka karolo 26 ya Financial Advisory and Intermediary Services Act le go tsenngwa mo tirisong ka bonako pele ga letlha leo karolo eno e tsenngwang mo tirisong ka lona e na le ditlamorago jaaka melawana ya Khansele ya Ombud, e bile e ka tlhabololwa kgotsa phimolwa ke Khansele ya Ombud go tsamaelana le Molao ono.

(3) Sediriso sa bolaodi se se dirilweng kgotsa rebotsweng go ya ka molao wa lephata la ditshelete le go diriswa ka bonako pele ga letlha leo karolo eno e tsenngwang mo tirisong ka lona se sala go nna mo tirisong mabapi le maithomo a molao wa lephata la ditshelete mme se ka tlhabololwa kgotsa phimolwa ke bothati jo bo rwalang maikarabelo mabapi le molao wa lephata la ditshelete go tsamaelana le molao wa lephata la ditshelete o o maleba.

(4) Ditherisano tse di dirilweng pele ga letlha le Karolo 1 ya Kgaolo 7 e tsenngwang mo tirisong ka lona mabapi le sediriswa sa bolaodi se se tshitsintsweng go dirwa ka fa tlase ga molao wa lephata la ditshelete o o tsepamisitsweng kgotsa molao wa lephata la ditshelete o o tshitsintsweng morago ga fa Karolo eo e tsenngwa mo tirisong di tsewa gore di tsamaelana le ditlhokego tsa Molao ono mabapi le therisano ya bogolo jwa gore di—

(a) tsamaelana le ditlhokego tsa molao wa lephata la ditshelete o o tsepamisitsweng mabapi le therisano pele ga tlhabololo ya molao oo go tsamaelana le Sejule 4; kgotsa

(b) tsamaelana segolo le ditlhokego tsa Molao ono mabapi le therisano mo sedirisong sa bolaodi se se tshitsintsweng.

(5) Melawana e e dirilweng go ya ka karolo 5 ya Financial Supervision of the Road Accident Fund Act, 1993 (Molao 8 wa 1993), le go nna mo tirisong ka letlha leo karolo eno e tsenngwang mo tirisong ka lona e tswelela go diriswa, mme e ka tlhabololwa kgotsa phimolwa ke Melawana e e dirilweng go ya ka karolo 5 ke Bothati jwa Tlhokomelo.

(6) Sekema sa ombud se, ka bonako pele ga go tsenngwa mo tirisong ga phimolo ya Financial Services Ombuds Schemes Act, 2004 (Molao 37 wa 2004), se amogetsweng go ya ka Molao oo se tshwanetse go tsewa jaaka sekema se se amogetsweng sa bodirelo sa ombud jaaka e kete se amogetswe ka fa tlase ga Molao ono.

(7) Karolotlaleletso (6) e khutlisa go diriswa kwa bokhutlong jwa dikgwedi tse 12 morago ga go tsenngwa tirisong ga Kgaolo 14, mme Khansele ya Ombud e ka, ka kopo le ka lebaka le le utlwalang, atolosetsa tiriso ya karolotlaleletso eo mo morerong o o rileng mo nakong e nngwe gape e e sa feteng dikgwedi tse 6.

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Financial Sector Regulation Act, 2017

264

Levy

302. (1) Despite the repeal of the Financial Services Board Act in terms of Schedule 4, a levy imposed in terms of section 15A of the Financial Services Board Act continues in force subject to this Act, until a date fixed by the Minister by notice published in the Register.

(2) A levy referred to in subsection (1) is, from the date on which this section takes effect, taken to be a levy for the purposes of this Act.

Chief Actuary

303. A reference in any Act or subordinate legislation to the Chief Actuary is, after the date on which this section comes into effect, to be read as a reference to the Prudential Authority.

Additional transitional arrangements

304. (1) In order to facilitate the coming into effect, appropriate implementation and operation of this Act, the Minister may make Regulations providing for transitional arrangements regarding the exercise of powers, the performance of functions and duties, and other matters that may be necessary in relation to—

(a) the establishment of the financial sector regulators and other bodies in terms of this Act;

(b) the coming into operation of different provisions of this Act; and

(2) Without limiting subsection (1), Regulations in terms of this section may provide for—

(a) the Reserve Bank to exercise specified powers and to perform specified functions and duties of the Prudential Authority, should it be necessary for powers and functions of the Prudential Authority in terms of this Act to be exercised for a period prior to the Prudential Authority being formally established; and

(b) the Financial Services Board to exercise specified powers and perform specified functions and duties of the Financial Sector Conduct Authority, should it be necessary for the powers and functions of the Financial Sector Conduct Authority in terms of this Act to be exercised prior to the Financial Sector Conduct Authority being formally established.

Part 7 Short title and commencement

305. (1) This Act is called the Financial Sector Regulation Act, 2017, and comes into effect on a date determined by the Minister by notice in the Gazette.

(2) Different dates may be determined by the Minister in respect of the coming into effect of—

(a) different provisions of this Act;

(b) different provisions of this Act in respect of different categories of financial institutions; and

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Lekgethwana

302. (1) Go sa nyatswe go phimolwa ga *Financial Services Board Act* go ya ka Šejule 4, lekgethwana le le duediswang go ya ka karolo 15A ya *Financial Services Board Act* le tswelela go diriswa go ya ka Molao ono, go fithela ka letlha le le beilweng ke Tona ka kitsiso e e phasaladitsweng mo Rejisetareng.

(2) Lekgethwana le le kailweng mo karolotlaleletsong (1) le, go simolola ka letlha leo karolo eno e tsengwang mo tirisong ka lona, tseelwa gore ke lekgethwana mabapi le maitlhomo a Molao ono.

Mogakolodimogolo

303. Kaelo mo Molaong mongwe le mongwe kgotsa molaotlaleletso go 10 Mogakolodimogolo e, morago ga letlha leo karolo eno e tsengwang mo tirisong ka lona, tsewa jaaka kaelo go Bothati jwa Tlhokomelo.

Dithulaganyetso tsa kgabaganyo tsa tlaleletso

304. (1) Gore go nolofatswe go tsengwa mo tirisong, tsenyotirisong e e maleba le tiro ya Molao ono, Tona o ka dira Melawana e e tlamelang mabapi le dithulaganyetso tsa 15 kgabaganyo mabapi le tiragatso ya dithata, go dirwa ga ditiro, le merero e mengwe e e ka tswang e le botlhokwa mabapi le—

(a) go tlhongwa ga balaodi ba lephata la ditshelete le mekgatlho e mengwe go ya ka Molao ono;

(b) go tsengwa mo tirisong ga dikabelo tse di farologaneng tsa Molao ono; le 20

(c) phimolo le tlhabololo ya dikabelo tse di farologaneng tsa molao tse di phimotsweng kgotsa tlhabolotsweng ke Molao ono.

(2) Ntle le go lekanyetsa karolotlaleletso (1), Melawana go ya ka karolo eno e ka tlamela mabapi le—

(a) Banka ya Resefe gore e diragatse dithata tse di tsepamisitsweng le go dira 25 ditiro tse di tsepamisitsweng tsa Bothati jwa Tlhokomelo, fa go ka tlhokega gore dithata le ditiro tsa Bothati jwa Tlhokomelo go ya ka Molao ono di diragatswe mabapi le nako ya pele ga go tlhongwa semmuso ga Bothati jwa Tlhokomelo; le

(b) Boto ya Ditirelo tsa Ditshelete go diragatsa dithata tse di tsepamisitsweng le go dira ditiro tse di tsepamisitsweng tsa Bothati jwa Boitshwaro jwa Lephata la Ditshelete, fa go ka tlhokega gore dithata le ditiro tsa Bothati jwa Boitshwaro jwa Lephata la Ditshelete go ya ka Molao ono di diragatswe pele ga go tlhongwa semmuso ga Bothati jwa Boitshwaro jwa Lephata la Ditshelete. 35

Karolo 7

Setlhogo se se khutshwane le tshimologo

305. (1) Molao ono o bidiwa Molao wa Taolo ya Lephata la Ditshelete, 2017, e bile o tsengwa mo tirisong ka letlha le le tlhomamisitsweng ke Tona ka kitsiso mo 40 Lokwalodikgang la Puso.

(2) Matlha a a farologaneng a ka tlhomamiswa ke Tona mabapi le go tsengwa tirisong ga—

(a) dikabelo tse di farologaneng tsa Molao ono;

(b) dikabelo tse di farologaneng tsa Molao ono mabapi le ditlhopha tse di 45 farologaneng tsa ditheo tsa ditshelete; le

(c) phimolo kgotsa tlhabololo ya dikabelo tse di farologaneng tsa molao o o phimotsweng kgotsa tlhabolotsweng ke Molao ono.

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Act No. 9 of 2017

Financial Sector Regulation Act, 2017

266

SCHEDULE 1

FINANCIAL SECTOR LAWS

(Section 1(1))

Pension Funds Act, 1956 (Act No. 24 of 1956)

Friendly Societies Act, 1956 (Act No. 25 of 1956)

Banks Act, 1990 (Act No. 94 of 1990)

Financial Services Board Act, 1990 (Act No. 97 of 1990)

Financial Supervision of the Road Accident Fund Act, 1993 (Act No. 8 of 1993)

Mutual Banks Act, 1993 (Act No. 124 of 1993)

Long-term Insurance Act, 1998 (Act No. 52 of 1998)

Short-term Insurance Act, 1998 (Act No. 53 of 1998)

Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001)

Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)

Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)

Co-operative Banks Act, 2007 (Act No. 40 of 2007)

Financial Markets Act, 2012 (Act No. 19 of 2012)

Credit Rating Services Act, 2012 (Act No. 24 of 2012)

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ŠEJULE 1

MELAO YA LEPHATA LA DITŠHELETE

(Karolo 1(1))

Pension Funds Act, 1956 (Molao 24 wa 1956)

Friendly Societies Act, 1956 (Molao 25 wa 1956)

Banks Act, 1990 (Molao 94 wa 1990)

Financial Services Board Act, 1990 (Molao 97 wa 1990)

Financial Supervision of the Road Accident Fund Act, 1993 (Molao 8 wa 1993)

Mutual Banks Act, 1993 (Molao 124 wa 1993)

Long-term Insurance Act, 1998 (Molao 52 wa 1998)

Short-term Insurance Act, 1998 (Molao 53 wa 1998)

Financial Institutions (Protection of Funds) Act, 2001 (Molao 28 wa 2001)

Financial Advisory and Intermediary Services Act, 2002 (Molao 37 wa 2002)

Collective Investment Schemes Control Act, 2002 (Molao 45 wa 2002)

Co-operative Banks Act, 2007 (Molao 40 wa 2007)

Financial Markets Act, 2012 (Molao 19 wa 2012)

Credit Rating Services Act, 2012 (Molao 24 wa 2012)

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Financial Sector Regulation Act, 2017

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SCHEDULE 2

RESPONSIBLE AUTHORITIES

(Section 5)

[tbl-0.html](tbl-0.html)

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ŠEJULE 2

BOTHATI JO BO RWALANG MAIKARABELO

(Karolo 5)

[tbl-1.html](tbl-1.html)

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Act No. 9 of 2017

Financial Sector Regulation Act, 2017

270

SCHEDULE 3

DOCUMENTS TO BE PUBLISHED IN THE REGISTER

(Section 258)

1. This Act

2. Financial sector laws

3. Regulations made in terms of financial sector laws

4. Regulatory instruments made in terms of financial sector laws

5. Administrative action procedures

6. Guidance notes and interpretation rulings issued under Part 1 of Chapter 10

7. Enforceable undertakings

8. Orders of a court under section 152 or 204, other than interlocutory orders

9. Debarment orders

10. Licences (including their terms and the conditions to which they are subject)

11. Notice of variations, suspensions and revocations of licences (including any applicable conditions)

12. Notices in terms of section 122

13. The Panel list

14. Tribunal rules

15. Decisions of the Tribunal

16. Governing rules of recognised industry ombud schemes

17. The terms of recognition of industry ombud schemes and the conditions of recognition

18. Notice of variations, suspensions and revocations of recognition of industry ombud schemes (including any applicable conditions)

19. Determinations of fees in terms of section 237(1)(a)

20. Exemptions under section 281 (including any applicable conditions)

21. Documents that a financial sector law provides are to be published in the Register

22. Amendments to and revocations of documents referred to in items 1 to 21

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ŠEJULE 3

DIKWALO TSE DI PHASALATSWANG MO REJISETARENG

(Karolo 258)

1. Molao ono

2. Melao ya lephata la ditshelete

3. Melawana e e dirilweng go ya ka melao ya lephata la ditshelete

4. Didiriswa tsa bolaodi tse di dirilweng go ya ka melao ya lephata la ditshelete

5. Dikgato tsa tiro ya tsamaiso

6. Dikitsiso tsa kaelo le ditshwetso tsa tlhaloso tse di tlamang tse di rebotsweng ka fa tlase ga Karolo 1 ya Kgaolo 10

7. Ditumalano tse di gatelelwang

8. Ditaelo tsa kgotlatshekelo tse di ka fa tlase ga karolo 152 kgotsa 204, ntle le ditaelo tsa puisano

9. Ditaelo tsa kganelo

10. Dilaesense (go akaretsa le dipeelo le mabaka tseo di leng ka fa tlase ga tsona)

11. Kitsiso ya diphetolo, dikemiso le diphimolo tsa dilaesense (go akaretsa le mabaka mangwe le mangwe a a diriswang)

12. Dikitsiso go ya ka karolo 122

13. Lenane la Panele

14. Melawana ya Lekgotla

15. Ditshwetso tsa Lekgotla

16. Melawana ya puso ya dikema tsa bodirelo tsa ombud tse di amogetsweng

17. Dipeelo tsa kamogelo ya dikema tsa bodirelo tsa ombud le mabaka a kamogelo

18. Kitsiso ya dipharologano, dikemiso le diphimolo tsa kamogelo ya dikema tsa bodirelo tsa ombud (go akaretsa le mabaka mangwe le mangwe a a diriswang)

19. Ditlhomamiso tsa dituediso go ya ka karolo 237(1)(a)

20. Dikgololo ka fa tlase ga karolo 281 (go akaretsa le mabaka mangwe le mangwe a a diriswang)

21. Dikwalo tse di tlamelwang ke molao wa lephata la ditshelete di tshwanetse go phasalatswa mo Rejisetareng

22. Ditlhabololo le diphimolo tsa dikwalo tse di kailweng mo dintlheng 1 go Fitlha go 21

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Act No. 9 of 2017

Financial Sector Regulation Act, 2017

272

SCHEDULE 4

AMENDMENTS AND REPEALS

(Section 290)

[tbl-2.html](tbl-2.html)

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ŠEJULE 4

DITLHABOLOLO LE DIPHIMOLO

(Karolo 290)

[tbl-3.html](tbl-3.html)

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[tbl-4.html](tbl-4.html)

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[tbl-6.html](tbl-6.html)

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[tbl-31.html](tbl-31.html)

3. Artikel 3 word herroep.

4. Subartikels (1) en (2) in artikel 4 word geskrap.

5. Subartikel (2) in artikel 5 word deur die volgende subartikel vervang: “(2) 'n Delegering kragtens subartikel (1)(a) belet nie die uitoefening van die betrokke bevoegdheid deur die [Registrateur persoonlik] Owerheid nie.”.

6. Subartikels (1) en (2) in artikel 6 word geskrap.

7. Artikels 8, 9 en 10 word geskrap.

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![img-6.jpeg]([7] 2017 01 01 Financial Sector Regulation Act 9 of 2017 (English Sepedi).assets/page-0385-image-00-img-6.jpeg)

Government Gazette

REPUBLIC OF SOUTH AFRICA

Vol. 626

Cape Town

Kaapstad

22 August 2017

No. 41060

PART 4 OF 5

THE PRESIDENCY

No. 853

22 August 2017

It is hereby notified that the President has assented to the following Act, which is hereby published for general information:—

Act No. 9 of 2017: Financial Sector Regulation Act, 2017

MO-PRESIDENTE

No. 853

22 August 2017

Mo go tsebiswa gore Mo-Presidente o dumetse molao o latelago, wona o tla gatiswa e le tsebiso ya kakaretso:—

Nmr 9 ya 2017: Mola o wa Taolo ya Lephata la Ditshelete, 2017

ISSN 1682-5843

![img-7.jpeg]([7] 2017 01 01 Financial Sector Regulation Act 9 of 2017 (English Sepedi).assets/page-0385-image-01-img-7.jpeg)

![img-8.jpeg]([7] 2017 01 01 Financial Sector Regulation Act 9 of 2017 (English Sepedi).assets/page-0385-image-02-img-8.jpeg)

AIDS HELPLINE: 0800-0123-22 Prevention is the cure

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Izixhobo zokulawula

1B. Ngenjongo yokuchaza elithi "izixhobo zokulawula" elikwicandelo 1(1) leFinancial Sector Regulation Act, oku kulandelayo kuzizixhobo zokulawula:

(a) imigaqo ekhoyo ngoku eyenziwe ngokwecandelo 46 ngaphambi kombla wokuqalisa ukusebenza kweli candelo;

(b) nemigaqo yobulumko, nezenzo ezenziwe ngokwecandelo 46 emya kombla eliqlise ngawo ukusebenza eli candelo;"

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CONTINUES ON PAGE 514 - PART 5

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![img-9.jpeg]([7] 2017 01 01 Financial Sector Regulation Act 9 of 2017 (English Sepedi).assets/page-0513-image-00-img-9.jpeg)

Government Gazette

REPUBLIC OF SOUTH AFRICA

Vol. 626

Cape Town

Kaapstad

22 August 2017

No. 41060

PART 5 OF 5

THE PRESIDENCY

No. 853

22 August 2017

It is hereby notified that the President has assented to the following Act, which is hereby published for general information:—

Act No. 9 of 2017: Financial Sector Regulation Act, 2017

MO-PRESIDENTE

No. 853

22 August 2017

Mo go tsebiswa gore Mo-Presidente o dumetse molao o latelago, wona o tla gatiswa e le tsebiso ya kakaretso:—

Nmr 9 ya 2017: Mola o wa Taolo ya Lephata la Ditshelete, 2017

ISSN 1682-5843

![img-10.jpeg]([7] 2017 01 01 Financial Sector Regulation Act 9 of 2017 (English Sepedi).assets/page-0513-image-01-img-10.jpeg)

AIDS HELPLINE: 0800-0123-22 Prevention is the cure

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582

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Page 591

GOVERNMENT GAZETTE, 22 AUGUST 2017

No. 41060 591

Molao wa Taolo ya Lephata la Ditshelete, 2017

Nmr 9 ya 2017

583

[tbl-313.html](tbl-313.html)

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