Regulatory Alerts2017-03-28
Added · Updated
Financial Institutions (Investment of Funds) Act 39 of 1984
Enacted by the South African Parliament and assented to in March 1984, this legislation consolidates statutory requirements governing how financial institutions invest, safeguard, and administer client funds and trust property. It imposes strict fiduciary duties of utmost good faith, care, and diligence on directors, officials, employees, and agents, while mandating written declarations of personal interests in specific investments and loans. The Act further empowers registrars to inspect institutional affairs, appoint curators for mismanaged entities, validate account book records as prima facie evidence, and invalidate unauthorized asset alienations unless acquired in good faith for valuable consideration.
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