Statutes section 144

Section 144

In force date not confirmed

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;

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

(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