Statutes section 1

Section 1

In force date not confirmed

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;

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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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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

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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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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);

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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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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

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;

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

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

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

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;

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

GOVERNMENT GAZETTE, 22 AUGUST 2017

No. 41060 37

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

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

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;

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

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

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

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

GOVERNMENT GAZETTE, 22 AUGUST 2017

No. 41060 41

Molao wa Taolo ya Lephata la Ditshelete , 2017

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;

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

No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

“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