Statutes section 2

Section 2

In force date not confirmed

2. (1) In this Act “financial product” means—

(a) a participatory interest in a collective investment scheme;

(b) a long-term policy as defined in section 1(1) of the Long-term Insurance Act; 55

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(b) maemo a boitshwaro; le

“ombud wa semolao” o kaya nngwe le nngwe ya tse di latelang:

(a) Moatlhodi jaaka go tlhalositswe mo karolong 1(1) ya Pension Funds Act;

(b) Ombud wa Batlamedi ba Ditirelo tsa Ditshelete jaaka go tlhalositswe mo 5 karolong 1(1) ya Financial Advisory and Intermediary Services Act; le

“sekema sa ombud sa semolao” se kaya sekema se se tlhomamisitsweng ke molao o o tsepameng wa lephata la ditshelete go nna sekema sa ombud sa semolao; 10

“setheo se se tlhokometsweng” se kaya nngwe le nngwe ya tse di latelang:

(a) Setheo sa ditshelete se se abetsweng laesense;

(b) motho yo setheo sa ditshelete se se abetsweng laesense se dirileng thulaganyo ya go bona tirelo kwa ntle le ena; le

“tlhatlhobo ya tlhokomelo kwa tirong” e kaya tlhatlhoboi jaaka e kailwe mo Karolong 3 ya Kgaolo 9;

“tiragalo e e rulaganeng” e kaya tiragalo kgotsa lebaka, go akaretsa le le le diragalang kgotsa simololang kwa ntle ga Rephaboliki, leo go ka solofelwang go lere ditlamorago tse di sa siamang mo thulaganyong ya ditshelete kgotsa tiro ya 20 ikonomi mo Rephaboliking, go akaretsa tiragalo kgotsa lebaka le le tlisang go tlhoka boikanyego jwa gore badirisi ba, kgotsa batsayakarolo mo, dithulaganyong tsa tuelo, dithulaganyong tsa tshetlego kgotsa mebaraka ya ditshelete, kgotsa ditheo tsa ditshelete, ba kgona go tswela pele go tlamela dikuno tsa ditshelete kgotsa ditirelo tsa ditshelete; 25

“setheo sa ditshelete sa botlhokwa jo bo rulaganeng” se kaya setheo sa tshelete se se tlhomilweng go ya ka karolo 29;

“lotseno le le duediswang lekgetho” le na le bokao jo le bo neilweng mo karolong 1 ya Income Tax Act, 1962 (Molao 58 wa 1962);

“Molao ono” o akaretsa Melawana le didiriswa tsa taolo tse di dirilweng go ya ka 30 Molao ono;

“phetolo ya lephata la ditshelete” e kaya phetolo jaaka e bonetswe pele ke Khoutu ya Lephata la Ditshelete mabapi le Maatlafatoo ya Ikonomi ya Motheo o o Anameng ya Batho ba Bantsho e e rebotsweng go ya ka karolo 9(1) ya Broad-Based Black Economic Empowerment Act, 2003 (Molao 53 wa 2003); 35

“Lekgotla” le kaya Lekgotla la Ditirelo tsa Ditshelete le le tlhomilweng go ya ka karolo 219(1);

“leloko la Lekgotla” le kaya leloko la Lekgotla le le kailweng mo karolong 220;

“melawana ya Lekgotla” e kaya melawana e e dirilweng go ya ka karolo 227;

“terasete” e na le bokao jo bo tshwanang le jo e tlhalositsweng ka jona mo 40 karolong 1 ya Trust Property Control Act, 1988 (Molao 57 wa 1988);

“motlhokomedi” o na le bokao jo bo tshwanang le jo a tlhalositsweng ka jona mo karolong 1 ya Trust Property Control Act, 1988 (Molao 57 wa 1988);

“webesaete” e kaya webesaete jaaka e tlhalositswe mo karolong 1 ya Electronic Communications and Transactions Act, 2002 (Molao 25 wa 2002); le 45

“phediso” e kaya kgato ya go phatlalatsa setheo sa ditshelete go akaretsa le thekiso ya dithoto tsotlhe, tuelo ya banayamolato le kabo phatlalats o ya dithoto tse di setseng.

(2) Mo Molaong ono, ntle le fa tiriso e kaya ka mokgwa mongwe, lefoko kgotsa tlhagiso e e tswang mo, kgotsa e e leng mokgwa mongwe wa thutapuo, lefoko kgotsa 50 tlhagiso e e tlhalositsweng mo Molaong ono le na le bokao jo bo tshwanang.

(3) Tshupetso mo molaong wa lephata la ditshelete, kgotsa mo sedirisweng se se dirilweng kgotsa rebotsweng go ya ka molao wa lephata la ditshelete, go ikamanya le melao ya lephata la ditshelete kgotsa molao o o rileng wa lephata la ditshelete e akaretsa tshupetso ya go ikamanya le ditlhokego mo didirisweng tse di dirilweng kgotsa 55 rebotsweng go ya ka melao e e maleba ya setheo sa ditshelete.

## Dikuno tsa ditshelete

2. (1) Mo Molaong ono “dikuno tsa ditshelete” di kaya—

(a) kgatlhego ya botsayakarolo mo sekema sa peeletsommogo;

(b) pholisi ya nako e e telele jaaka e tlhalositswe mo karolong 1(1) ya Long-term Insurance Act; 60

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Act No. 9 of 2017

Financial Sector Regulation Act, 2017

(d) a benefit provided by —

(i) a pension fund organisation, as defined in section 1(1) of the Pension Funds Act, to a member of the organisation by virtue of membership; or

(ii) a friendly society, as defined in section 1(1) of the Friendly Societies Act, to a member of the society by virtue of membership;

(e) a deposit as defined in section 1(1) of the Banks Act;

(f) a health service benefit provided by a medical scheme as defined in section 1(1) of the Medical Schemes Act;

(g) except for the purposes of Chapter 4 and section 106, the provision of credit provided in terms of a credit agreement regulated in terms of the National Credit Act;

(h) a warranty, guarantee or other credit support arrangement as provided for in a financial sector law;

(i) a facility or arrangement designated by Regulations for this section as a financial product; and

(j) a facility or arrangement that includes one or more of the financial products referred to in paragraphs (a) to (i).

(2) The Regulations may designate as a financial product any facility or arrangement that is not regulated in terms of a specific financial sector law if—

(a) doing so will further the object of this Act set out in section 7; and

(b) the facility or arrangement is one through which, or through the acquisition of which, a person conducts one or more of the following activities:

(i) Lending;

(ii) making a financial investment; and

(iii) managing financial risk.

(3) For the purposes of subsection (2)(b)(ii), a person makes a financial investment when the person (the “investor”)—

(a) gives a contribution, in money or money’s worth, to another person and any of the following apply:

(i) The other person uses the contribution to generate a financial return for the investor;

(ii) the investor intends that the other person will use the contribution to generate a financial return for the investor, even if no return, or a loss, is in fact generated;

(iii) the other person intends that the contribution be used to generate a financial return for the investor, even if no return, or a loss, is in fact generated; and

(b) has no day-to-day control over the use of the contribution.

(4) For the purposes of subsection (2)(b)(iii), a person manages financial risk when the person—

(a) manages the financial consequences to the person of particular events or circumstances occurring or not occurring; or

(b) avoids or limits the financial consequences of fluctuations in, or in the value of, receipts or costs, including prices and interest rates.

(5) Regulations designating a financial product in terms of subsection (2) may specify the financial sector regulator that is the responsible authority for the designated product.

## Financial services

3. (1) In this Act “financial service” means—

(a) any of the following activities conducted in the Republic in relation to a financial product, a foreign financial product, a financial instrument, or a foreign financial instrument:

(i) Offering, promoting, marketing or distributing;

(ii) providing advice, recommendations or guidance;

(iii) operating or managing;

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(d) kunomolemo e tlametsweng ke—

(i) mokgatlho wa letlole la pensene, jaaka o tlhalositswe mo karolong 1(1) ya Pension Funds Act, go leloko la mokgatlho go ya ka botokololo; kgotsa 5

(ii) mokgatlho wa botsalano, jaaka o tlhalositswe mo karolong 1(1) ya Friendly Societies Act, go leloko la mokgatlho go ya ka botokoloc;

(e) depositi jaaka e tlhalositswe mo karolong 1(1) ya Banks Act;

(f) kunomolemo ya tirelo ya boitekanelo e e abilweng ke sekema sa kalafi jaaka 10 go tlhalositswe mo karolong 1(1) ya Medical Schemes Act;

(g) ntle le maitlhomo a a mabapi le Kgaolo 4 le karolo 106, dikabelo tsa sekoloto tse di tlametsweng go ya ka tumalano ya sekoloto e e laolwang go ya ka Molao wa Bosetshaba wa Sekoloto;

(h) tsholofetso, tshireletsego kgotsa thulaganyo nngwe ya tshegetso ya sekoloto 15 jaaka e tlametswe mo molaong wa lephata la ditshelete;

(i) sediriswa kgotsa thulaganyo e e dirilweng ka Melawana malebana le karolo eno jaaka kuno ya ditshelete; le

(j) sediriswa kgotsa thulaganyo e e akaretsang kuno kgotsa dikuno tsa ditshelete tse di kailweng mo ditemaneng (a) go fitlha go (i). 20

(2) Melawana e ka tlhoma jaaka kuno ya ditshelete sediriswa kgotsa thulaganyo nngwe le nngwe e e sa laolweng go ya ka mola o o tsepameng wa setheo sa ditshelete fa—

(a) go direng jalo, seno se tla ntshetsa pele maitlhomo a Molao ono a a tlhagisitsweng mo karolong 7; le 25

(b) sediriswa kgotsa thulaganyo ke ka yona, kgotsa go nneng le yona, motho o ka dirang e le nngwe kgotsa go feta ya ditiro tse di latelang:

(i) Kadimo;

(ii) go dira peeletso ya ditshelete; le

(iii) go laola dikotsi tsa ditshelete. 30

(3) mabapi le maitlhomo a karolotlaleletso (2)(b)(ii), motho (“mmeeletsi”) o dira peeletso ya ditshelete fa a—

(a) etleetsa, ka tshelete kgotsa boleng jwa tshelete, go motho yo mongwe mme nngwe le nngwe ya tse di latelang e a diragatswa:

(i) Motho yo mongwe o dirisa ketleetso go tlisa poelo ya ditshelete go mmeeletsi;

(ii) mmeeletsi o ikaelela gore motho yo mongwe o tshwanetse go dirisa ketleetso go tlisa poelo ya ditshelete go mmeeletsi, le fa go sena poelo, kgotsa tatlhegelo, e e dirilweng; le

(iii) motho yo mongwe o ikaelela gore ketleetso e dirisetswe go direla 40 mmeeletsi poelo ya ditshelete, le fa go sena poelo, kgotsa tatlhegelo, e e dirilweng; le

(b) sena taolo ya letsatsi le letsatsi mo tirisong ya ketleetso.

(4) Mabapi le maitlhomo a karolotlaleletso (2)(b)(iii), motho o laola dikotsi tsa ditshelete fa a—

(a) laola ditlamorago tsa tshelete go motho wa ditiragalo kgotsa mabaka a a rileng a diragala kgotsa a sa diragale; kgotsa

(b) tila kgotsa lekanyetsa ditlamorago tsa ditshelete tsa go ya godimo le tlase mo, kgotsa mo boleng jwa, dirasiti kgotsa ditshenyegelo, go akaretsa dithotlhwa le dikelo tsa morokotso. 50

(5) Melawana e e tlhomang kuno ya ditshelete go ya ka karolotlaleletso (2) e ka totobaletsa bolaodi jwa lephata la ditshelete gore ke jona bothati jo bo rweleng maikarabelo a go laola batlamedi ba kuno ya ditshelete.

## Ditirelo tsa ditshelete