Section 159

159. (1) In addition to the powers in Part 2 of Chapter 7 to make standards,—

(a) a financial sector regulator must make standards, that must be complied with by significant owners of financial institutions, with respect to fit and proper person requirements, including in relation to—

(i) personal character qualities of honesty and integrity;

(ii) competence, including experience, qualifications and knowledge; and

(iii) financial standing; and

(b) the financial sector regulators must make joint standards specifying what constitutes, “an increase or a decrease in the extent of the ability of the person, alone or together with a related or inter-related person, to control or influence

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amanang kgotsa motho wa kamano ya segareng, a emisang go nna mong yo o botlhokwa wa setheo sa ditshelete; le

(b) se se sa tlhongwang jaaka setheo sa thulaganyetso ya botlhokwa, se ka se, ntle le go itsise pele 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 amanang kgotsa motho wa kamano ya segareng, a emisang go nna mong yo o botlhokwa wa setheo sa ditshelete.

(4) Motho o ka se diragatse thulaganyo epe e e ka nnang le ditlamorago tse mo go tsona motho, ka nosi ka nosi kgotsa mmogo le motho yo o amanang kgotsa motho wa kamano ya segareng, a fokotsang kgotsa godisang bogolo jwa bokgoni jwa motho, ka nosi kgotsa mmogo le motho yo o amanang kgotsa motho wa kamano ya segareng, jwa go go laola kgotsa go tlhotheletsa ka maatla kgwebo kgotsa leano la setheo sa ditshelete—

(a) ntle le go fithelela thebolo 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 tlhokabg go abelwa laesense, fa bothati jo bo rwalang maikarabelo fa o abelana ka thebolo e e kailweng mo karolotlaleletsong (2), bo tlhoka thebolo e e kwetsweng ya pele ya koketso kgotsa phokotso nngwe le nngwe eo; kgotsa

(b) ntle le thebolo 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 tlhokabg go abelwa laesense, fa bothati jo bo rwalang maikarabelo fa o abelana ka thebolo e e kailweng mo karolotlaleletsong (2), ga bo tlhoke thebolo e e kwetsweng ya pele ya koketso kgotsa phokotso nngwe le nngwe eo.

(5) Thulaganyo e e kailweng mo dikarolotlaleletsong (2), (3) kgotsa (4) ga di tlhoke go akaretsa phitlhelelo ya, kgotsa thulaganyo ya disere kgotsa merokotso e mengwe kgotsa thoto

(6) Fa motho a dira thulaganyo e e tlolang dikarolotlaleletso (2), (3) kgotsa (4), thulaganyo, jaaka go tlhalositswe gore e na le ditlamorago mo dikarolotlaleletsong tse di maleba, ga e dire.

(7) Thebolo go ya ka dikarolotlaleletso (2), (3) kgotsa (4) e ka se dirwe ntle le fa bothati jo bo rwalang maikarabelo bo netefaditse gore—

(a) motho yo o nnang mong yo o botlhokwa, kgotsa thulaganyo, kgotsa koketsego kgotsa phokotsego mo bogolong jwa bokgoni jwa mong yo o botlhokwa jwa go laola kgotsa go tlhotheletsa kgwebo kgotsa leano la setheo sa ditshelete o ka se ame ka kgobelelo kgotsa o ka ama taolo ya botlhokwa le tlhomamo ya ditshelete ya setheo; le

(b) motho o fithelela e bile o ka tswelela go fithelela ditlhokego tse di maleba tsa motho yo o itekanetseng ka nepagalo.

(8) Bothati jwa Boitshwaro jwa Lephata la Ditshelete bo ka se rebole go ya ka karolotlaleletso (2) kgotsa (4) mabapi le setheo sa ditshelete se se matshwanedi seo e leng thulaganyetso ya popegotheo ya mmaraka ntle le tumelelo ya Bothati jwa Tlhokomelo le Banka ya Resefe.

(9) Maemo a tlhokomelo, maemo boitshwaro kgotsa maemo a kopanelo a ka nelana ditsamaiso mabapi le dikopo mabapi le dithebolo le dikitsiso go ya ka karolo eno.

(10) Karolo eno ga e ame tlhokego epe go ya ka molao wa lephata la ditshelete ya go fithelela thebolo kgotsa tumelelo mabapi le phitlhelelo kgotsa thulaganyo.

Maemo mabapi le, le ditaelo tsa bolaodi go beng ba ba botlhokwa

159. (1) Mo tlaleletsong ya dithata mo Karolong 2 ya Kgaolo 7 tsa go dira maemo—

(a) molaodi wa lephata la ditshelete o tshwanetse go dira maemo, ao beng ba ba botlhokwa ba da ditheo tsa ditshelete ba tshwanetseng go ikamanya le ona, mabapi le ditlhokego tsa batho ba ba itekanetseng ka nepagalo, go akaretsa le mabapi le—

(i) dinonofo tsa botho jwa motho tsa boikanyego le tshiamo;

(ii) bokgoni, go akaretsa le nonofo, boithutelo le kitso; le

(iii) kemo ya tsa ditshelete; le

(b) balaodi ba lephata la ditshelete ba tshwanetse go dira maemo a kopantsweng a a tsepamisang popego ya, "koketsego kgotsa phokotsego mo bogolong jwa bokgoni jwa motho, ka nosi kgotsa mmogo le motho yo o amanang kgotsa wa

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materially the business or strategy of the financial institution”, as referred to in section 157(1) and section 158(4).

(2) (a) A financial sector regulator may issue to a significant owner of a financial institution a written directive requiring the significant owner to take action specified in the directive if the institution has contravened or is likely to contravene a financial sector law for which the financial sector regulator is the responsible authority.

(b) A directive in terms of paragraph (a) must be aimed at stopping the institution from contravening the financial sector law, or reducing the risk of such a contravention.

(3) In addition to subsection (2), a financial sector regulator may issue a directive to a significant owner of a financial institution, and to the financial institution, requiring them—

(a) to prepare and submit to the financial sector regulator a plan that is satisfactory to the financial sector regulator, under which the significant owner will, within a period that is acceptable to the financial sector regulator, cease to be a significant owner of the financial institution; and

(b) on the financial sector regulator’s approval of the plan, to implement the plan.

CHAPTER 12

FINANCIAL CONGLOMERATES

Designation of financial conglomerates

160. (1) The Prudential Authority may designate members of a group of companies as a financial conglomerate.

(2) A financial conglomerate designated in terms of subsection (1) must include both an eligible financial institution and a holding company of the eligible financial institution, but need not include all the members of the group of companies.

(3) Without detracting from section 3(3) and (4) of the Promotion of Administrative Justice Act, and despite section 3(5) of that Act, before designating members of a group of companies as a financial conglomerate in terms of subsection (1), the Prudential Authority must—

(a) give the holding company of the eligible financial institution notice of the proposed designation and a statement of the purpose of and the reasons why the designation is proposed; and

(b) invite the holding company to make submissions on the matter, and give a reasonable period to do so.

(4) The Prudential Authority must consult the Financial Sector Conduct Authority in connection with any designation in terms of subsection (1).

(5) A designation in terms of subsection (1) must be for the purpose of facilitating the prudential supervision of the eligible financial institution.

(6) In deciding whether to designate members of a group of companies as a financial conglomerate in terms of subsection (1), the Prudential Authority must take into account all relevant considerations, including at least the following:

(a) The risk to effective prudential supervision of the eligible financial institution from the structure of the group of companies;

(b) submissions made by or for the holding company; and

(c) any other matters that may be prescribed by Regulation.

(7) The Prudential Authority may designate members of a group of companies as a financial conglomerate in terms of subsection (1) without having complied, or complied fully, with subsection (3) if it is reasonable and justifiable in the circumstances as contemplated in section 3(4)(a) and (b) of the Promotion of Administrative Justice Act and the delay involved in complying, or complying fully, with that subsection in respect of a proposed action is likely to lead to material prejudice to financial customers, prejudicially affect financial stability or defeat the object of the designation.

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kamano ya segareng, go laola kgotsa go tihotlheletsa segolo kgwebo kgotsa leano la setheo sa ditshelete”, jaaka go kailwe mo karolong 157(1) le mo karolong 158(4).

(2) (a) Molaodi wa lephata la ditshelete o ka rebolela mong yo o botlhokwa wa setheo sa ditshelete taelo e e kwetsweng e e laelang mong yo o botlhokwa go tsaya kgato e tsepamisitsweng mo taelong fa setheo se tlotse kgotsa se ka tlola molao wa lephata la ditshelete o molaodi wa lephata la ditshelete e leng bothati jo bo rwalang maikarabelo.

(b) Taelo go ya ka temana (a) e tshwanetse go lebiswa kwa go thibeleng setheo sa ditshelete mo go tloleng molao wa lephata la ditshelete, kgotsa go fokotsa kotsi ya tlolo eo.

(3) Mo go tlatseng karolotlaleletso (2), molaodi wa lephata la ditshelete o ka rebola taelo go mong yo o botlhokwa wa setheo sa ditshelete, le kwa setheong sa ditshelete, a kopa gore di—

(a) baakanye le go romelela molaodi wa lephata la ditshelete leano le kgotsofatsang molaodi wa lephata la ditshelete, leo ka fa tlase ga lona mong yo o botlhokwa a tla, mo nakong e e amogelesegang go ya ka molaodi wa lephata la ditshelete, khutlisa go nna mong yo o botlhokwa wa setheo sa ditshelete; le

(b) ka thebolo ya molaodi ya leano, go tsenya leano mo tirisong.

KGAOLO 12

DITHEO TSA DI KOPANTSWENG TSA DITŠHELETE

Go thapiwa ga ditheo tsa ditshelete tse di