Statutes section 157

Section 157

In force date not confirmed

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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No. 41060

GOVERNMENT GAZETTE, 22 AUGUST 2017

Act No. 9 of 2017

Financial Sector Regulation Act, 2017

(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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GOVERNMENT GAZETTE, 22 AUGUST 2017

No. 41060 167

Molao wa Taolo ya Lephata la Ditshelete, 2017

Nmr 9 ya 2017

(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