Statutes section 158

Section 158

In force date not confirmed

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

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

166

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