Section 153

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

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

<!-- page: 162 -->

No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

160

(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

(c) providing specified services to a financial institution, whether under outsourcing arrangements or otherwise.

(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