Financial Sector Regulation Act, 2017

AIDS HELPLINE: 0800-0123-22 Prevention curethe is REPUBLIC OF SOUTH AFRICA Government Gazette Vol. 626 22 August 2017 No. 41060 Cape Town Kaapstad No. 853 22 August 2017 It is hereby notified that the President has assented to the following Act, which is hereby published for general information:— No. 853 22 August 2017 Act No. 9 of 2017: Financial Sector Regulation Act, 2017 Mo go tsebiswa gore Mo-Presidente o dumetse molao o latelago, wona o tla gatiswa e le tsebiso ya kakaretso:— Nmr 9 ya 2017: Molao wa Taolo ya Lephata la Ditshelete, 2017 THE PRESIDENCY MO-PRESIDENTE 9 771682 584003 ISSN 1682-5843 41060
PART 1 OF 5

This gazette is also available free online at www.gpwonline.co.za 2 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 ACT To establish a system of financial regulation by establishing the Prudential Authority and the Financial Sector Conduct Authority, and conferring powers on these entities; to preserve and enhance financial stability in the Republic by conferring powers on the Reserve Bank; to establish the Financial Stability Oversight Committee; to regulate and supervise financial product providers and financial services providers; to improve market conduct in order to protect financial customers; to provide for co-ordination, co-operation, collaboration and consultation among the Reserve Bank, the Prudential Authority, the Financial Sector Conduct Authority, the National Credit Regulator, the Financial Intelligence Centre and other organs of state in relation to financial stability and the functions of these entities; to establish the Financial System Council of Regulators and the Financial Sector Inter-Ministerial Council; to provide for making regulatory instruments, including prudential standards, conduct standards and joint standards; to make provision for the licensing of financial institutions; to make comprehensive provision for powers to gather information and to conduct supervisory on-site inspections and investigations; to make provision in relation to significant owners of financial institutions and the supervision of financial conglomerates in relation to eligible financial institutions that are part of financial conglomerates; to provide for powers to enforce financial sector laws, including by the imposition of administrative penalties; to provide for the protection and promotion of rights in the financial sector as set out in the Constitution; to establish the Ombud Council and confer powers on it in relation to ombud schemes; to provide for coverage of financial product and financial service providers by appropriate ombud schemes; to establish the Financial Services Tribunal as an independent tribunal and to confer on it powers to reconsider decisions by financial sector regulators, the Ombud Council and certain market infrastructures; to establish the Financial Sector Information Register and make provision for its operation; to provide for information sharing arrangements; to create offences; to provide for regulation-making powers of the Minister; to amend and repeal certain financial sector laws; to make transitional and savings provisions; and to provide for matters connected therewith. ARRANGEMENT OF SECTIONS
CHAPTER 1
INTERPRETATION, OBJECT AND ADMINISTRATION OF ACT
Part 1
Interpretation

Definitions
Financial products
(English text signed by the President)
(Assented to 21 August 2017)

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 3 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 MOLAO Go tlhoma thulaganyo ya taolo ya ditsˇhelete ka go tlhoma Bothati jwa Tlhokomelo le Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete, le go naya ditheo tseo maatla; go boloka le go oketsa tlhomamo ya ditsˇhelete mo Rephaboliking ka go naya Banka ya Resefe dithata; go tlhoma Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete; go laola le go tlhokomela batlamedi ba dikuno tsa ditsˇhelete le batlamedi ba ditirelo tsa ditsˇhelete; go tokafatsa boitshwaro jwa mmaraka go sireletsa badirelwa ba ditsˇhelete; go tlamela ka kgolagano, tirisanommogo, kopano le therisano magareng ga Banka ya Resefe, Bothati jwa Tlhokomelo, Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete, Molaodi wa Bostsˇhaba wa Sekoloto, Senthara ya Botlhodi jwa Ditsˇhelete le ditheo tsa puso mabapi le tlhomamo ya ditsˇhelete le ditiro tsa ditheo tseno; go tlhoma Khansele ya Balaodi ba Thulaganyo ya Ditsˇhelete le Khansele ya Ditona ya Lephata la Ditsˇhelete; go tlamela ka go dira didiriswa tsa taolo, go akaretsa le maemo a tlhokomelo, maemo a boitshwaro le maemo a a kopantsweng; go dira kabelo ya go go abela ditheo tsa ditsˇhelete dilaesense; go dira kabelo e e tsenyeletsang dithata tsa go kgobokanya tshedimosetso le go dira ditlhatlhobo tsa botlhokomedi tsa kwa tirong le dipatlisiso; go dira kabelo mabapi le beng ba ba botlhokwa ba ditheo tsa ditsˇhelete le tlhokomelo ya ditheo tsa ditsˇhelete tse di kopantsweng mabapi le ditheo tsa ditsˇhelete tse di matshwanedi tseo e leng karolo ya ditheo tsa ditsˇhelete tse di kopantsweng; go tlamela mabapi le dithata tsa go gatelela melao ya lephata la ditsˇhelete, go akaretsa le go pateletsa dikotlhao tsa tsamaiso; go tlamela mabapi le tshireletso le tsweletso ya ditshwanelo mo lephateng la ditsˇhelete jaaka go tlhagisitswe mo Molaotheong; go tlhoma Khansele ya Ombud le go e naya dithata mabapi le dikema tsa ombud; go tlamela mabapi le tshireletso ya kuno ya ditsˇhelete le batlamedi ba ditirelo tsa ditsˇhelete ke, dikema tse di maleba tsa ombud; go tlhoma Lekgotla la Ditirelo tsa Ditsˇhelete jaaka lekgotla le le ikemetseng le go le naya dithata tsa go sekasekagape ditshwetso tsa balaodi ba lephata la ditsˇhelete, Khansele ya Ombud le dithulaganyetso tse di rileng tsa popegotheo ya mmaraka; go tlhoma rejisetara ya Tshedimosetso ya Lephata la Ditsˇhelete le go dira kabelo ya go dira ga yona; go tlamela ka dithulaganyo tsa go arogana tshedimosetso; go tlhama ditlolo; go tlamela ka dithata tsa go dira melawana ga Tona; go tlhabolola le go phimola melao e e rileng ya lephata la ditsˇhelete; go dira dikabelo tsa kgabaganyo le ditshomarelo; le go tlamela mabapi le merero e e amanang le ona. THULAGANYO YA DIKAROLO KGAOLO 1 TLHALOSO, MAITLHOMO LE TSAMAISO YA MOLAO ONO Karolo 1 Tlhaloso

Ditlhaloso
Dikuno tsa ditsˇhelete
(English text signed by the President)
(Assented to 21 August 2017)

This gazette is also available free online at www.gpwonline.co.za 4 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017
3. Financial services
4. Financial stability
5. Responsible authorities
6. Financial institutions that are juristic persons
Part 2
Object and administration of Act
7. Object of Act
8. Administration of Act
Part 3
Application of other legislation
9. Inconsistencies between Act and other financial sector laws
10. Application of other legislation
CHAPTER 2
FINANCIAL STABILITY
Part 1
Powers and functions of Reserve Bank
11. Responsibility for financial stability
12. Monitoring of risks by Reserve Bank
13. Financial stability review
Part 2
Managing systemic events and risks in relation to systemic events
14. Determination of systemic events
15. Functions of Reserve Bank in relation to systemic events
16. Information to Minister
17. Responsibilities of financial sector regulators
18. Directives to financial sector regulators
19. Exercise of powers by other organs of state
Part 3
Financial Stability Oversight Committee
20. Establishment of Financial Stability Oversight Committee
21. Functions of Financial Stability Oversight Committee
22. Membership
23. Administrative support by Reserve Bank
24. Meetings and procedure
Part 4
Financial Sector Contingency Forum
25. Financial Sector Contingency Forum
4

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 5 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017
3. Ditirelo tsa ditsˇhelete
4. Tlhomamo ya ditsˇhelete
5. Bothati jo bo rwalang maikarabelo
6. Ditheo tsa ditsˇhelete tseo e leng ditheo tsa molao
Karolo 2
Maitlhomo le tsamaiso ya Molao
7. Maitlhomo a Molao
8. Tsamaiso ya Molao
Karolo 3
Tiragatso ya molao o mongwe
9. Go sa tlhomamang magareng ga Molao le melao e mengwe ya lephata la
ditsˇhelete
10. Tiragatso ya molawana o mongwe
KGAOLO 2
TLHOMAMO YA DITSˇHELETE
Karolo 1
Dithata le ditiro tsa Banka ya Resefe
11. Maikarabelo a tlhomamo ya ditsˇhelete
12. Go lekolwa ga dikotsi ke Banka ya Resefe
13. Thadiso ya tlhomamo ya ditsˇhelete
Karolo 2
Go laola ditiragalo tse di rulaganeng le dikotsi mabapi le ditiragalo tse di rulaganeng
14. Tlhomamiso ya ditiragalo tse di rulaganeng
15. Ditiro tsa Banka ya Resefe mabapi le ditiragalo tse di rulaganeng
16. Tshedimosetso go Tona
17. Maikarabelo a balaodi ba lephata la ditsˇhelete
18. Ditaelo go balaodi ba lephata la ditsˇhelete
19. Tiragatso ya dithata ka maphata a mangwe a puso
Karolo 3
Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete
20. Go tlhongwa ga Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete
21. Ditiro tsa Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete
22. Boloko
23. Tshegetso ya tsamaiso ka Banka ya Resefe
24. Dikopano le tsamaiso
Karolo 4
Foramo ya Tshoganyetso ya Lephata la Ditsˇhelete
25. Foramo ya Tshoganyetso ya Lephata la Ditsˇhelete
5

This gazette is also available free online at www.gpwonline.co.za 6 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017
Part 5
Roles of financial sector regulators and other organs of state in maintaining financial stability
26. Co-operation among Reserve Bank and financial sector regulators in relation to
financial stability
27. Memoranda of understanding relating to financial stability
28. Roles of other organs of state in relation to financial stability
Part 6
Systemically important financial institutions
29. Designation of systemically important financial institutions
30. Prudential standards and regulator’s directives in respect of systemically
important financial institutions
31. Winding-up and similar steps in respect of systemically important financial
institutions
CHAPTER 3
PRUDENTIAL AUTHORITY
Part 1
Establishment, objective and functions
32. Establishment
33. Objective
34. Functions
Part 2
Governance
35. Overall governance objective
36. Appointment of Chief Executive Officer
37. Role of Chief Executive Officer
38. Term of office of Chief Executive Officer
39. Removal of Chief Executive Officer
40. Acting Chief Executive Officer
41. Establishment of Prudential Committee
42. Role of Prudential Committee
43. Meetings of Prudential Committee
44. Decisions of Prudential Committee
45. Governance and other subcommittees
46. Duties of members of Prudential Committee and members of subcommittees
47. Regulatory strategy
48. Delegations
49. Disclosure of interests
Part 3
Staff, resources and financial management
50. Staff and resources
51. Resources provided by Reserve Bank
52. Duties of staff members
53. Financial management duties of Chief Executive Officer
54. Information by Chief Executive Officer
55. Annual reports and financial accounts
6

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 7 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 Karolo 5 Botsayakarolo jwa balaodi ba lephata la ditsˇhelete le maphata a mangwe a puso mo go tshegetseng tlhomamo ya ditsˇhelete
26. Tirisanommogo magareng ga Banka ya Resefe le balaodi ba lephata la
ditsˇhelete mabapi le tlhomamo ya ditsˇhelete
27. Memorantamo wa tumalano mabapi le tlhomamo ya ditsˇhelete
28. Botsayakarolo jwa maphata a mangwe a puso mabapi le tlhomamo ya
ditsˇhelete
Karolo 6
Ditheo tsa ditsˇhelete tse di botlhokwa tse di rulaganeng
29. Tshupo ya ditheo tsa ditsˇhelete tse di botlhokwa tse di rulaganeng
30. Maemo a a botlhokwa le ditaelo tsa bolaodi mabapi le ditheo tsa ditsˇhelete tse
di botlhokwa tse di rulaganeng
31. Go swetsa le dikgato tse di tshwanang mabapi le ditheo tsa ditsˇhelete tse di
botlhokwa tse di rulaganeng
KGAOLO 3
BOTHATI JWA TLHOKOMELO
Karolo 1
Go tlhongwa, maitlhomo le ditiro
32. Go tlhongwa
33. Maitlhomo
34. Ditiro
Karolo 2
Puso
35. Maitlhomo ka kakaretso a puso
36. Go thapiwa ga Motlhankedimogolo wa Khuduthamaga
37. Botsayakarolo jwa Motlhankedimogolo wa Khuduthamaga
38. Paka ya Tiro ya Motlhankedimogolo wa Khuduthamaga
39. Go tloswa ga Motlhankedimogolo wa Khuduthamaga
40. Motlhankedimogolo wa Khuduthamaga wa nama-o-tshwere
41. Go tlhongwa ga Komiti ya Tlhokomelo
42. Botsayakarolo jwa Komiti ya Tlhokomelo
43. Dikopano tsa Komiti ya Tlhokomelo
44. Ditshwetso tsa Komiti ya Tlhokomelo
45. Puso le dikomititlaleletso tse dingwe
46. Ditiro tsa maloko a Komiti ya Tlhokomelo le maloko a dikomititlaleletso
47. Leano la bolaodi
48. Ditholelo
49. Tshenolo ya dikgatlhegelo
Karolo 3
Badiri, ditlamelo le taolo ya ditsˇhelete
50. Badiri le ditlamelo
51. Ditlamelo tse di tlamelwang ke Banka ya Resefe
52. Ditiro tsa maloko a badiri
53. Ditiro tsa taolo ya ditsˇhelete tsa Motlhankedimogolo wa Khuduthamaga
54. Tshedimosetso ka Motlhankedimogolo wa Khuduthamaga
55. Dipegelo tsa ngwaga le diakhaonto tsa ditsˇhelete
7

This gazette is also available free online at www.gpwonline.co.za 8 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017
CHAPTER 4
FINANCIAL SECTOR CONDUCT AUTHORITY
Part 1
Establishment, objective and functions
56. Establishment
57. Objective
58. Functions
Part 2
Governance
59. Overall governance objective
60. Establishment and role of Executive Committee
61. Commissioner and Deputy Commissioners
62. Roles of Commissioner and Deputy Commissioners
63. Terms of office
64. Service conditions
65. Removal from office
66. Meetings of Executive Committee
67. Decisions of Executive Committee
68. Governance and other subcommittees
69. Duties of Commissioner, Deputy Commissioners and other subcommittee
members
70. Regulatory strategy
71. Delegations
72. Disclosure of interests
Part 3
Staff and resources
73. Staff and resources
74. Duties of staff members
75. Information by Commissioner
CHAPTER 5
CO-OPERATION AND COLLABORATION
Part 1
Co-operation and collaboration
76. Co-operation and collaboration between financial sector regulators and
Reserve Bank
77. Memoranda of understanding
78. Other organs of state
Part 2
Financial System Council of Regulators
79. Financial System Council of Regulators
80. Meetings
81. Working groups and subcommittees
82. Support for Financial System Council of Regulators
8

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 9 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 KGAOLO 4 BOTHATI JWA BOITSHWARO JWA LEPHATA LA DITSˇHELETE Karolo 1 Tlhomo, maitlhomo le ditiro
56. Tlhomo
57. Maitlhomo
58. Ditiro
Karolo 2
Puso
59. Maitlhomo ka kakaretso a puso
60. Tlhomo le botsayakarolo jwa Komitikhuduthamaga
61. Khomisˇenara le Batlatsakhomisˇenara
62. Botsayakarolo jwa Khomisˇenara le Batlatsakhomisˇenara
63. Paka ya tiro
64. Mabaka a tirelo
65. Go tloswa mo tirong
66. Dikopano tsa Komitikhuduthamaga
67. Ditshwetso tsa Komitikhuduthamaga
68. Puso le dikomititlaleletso tse dingwe
69. Ditiro tsa Khomisˇhenara, Batlatsakhomisˇenara le maloko a mangwe a
komititlaleletso
70. Leano la bolaodi
71. Ditholelo
72. Tshenolo ya dikgatlhegelo
Karolo 3
Badiri le ditlamelo
73. Badiri le ditlamelo
74. Ditiro tsa maloko a badirimmogo
75. Tshedimosetso ka Khomisˇenara
KGAOLO 5
TIRISANOMMOGO LE KOPANO
Karolo 1
Tirisanommogo le kopano
76. Tirisanommogo le kopano magareng ga balaodi ba lephata la ditsˇhelete le
Banka ya Resefe
77. Memorantamo wa tumalano
78. Maphata a mangwe a puso
Karolo 2
Khansele ya Balaodi ba Thulaganyo ya Ditsˇhelete
79. Khansele ya Balaodi ba Thulaganyo ya Ditsˇhelete
80. Dikopano
81. Ditlhopha tse di dirang le dikomititlaleletso
82. Tshegetso ya Khansele ya Balaodi ba Thulaganyo ya Ditsˇhelete
9

This gazette is also available free online at www.gpwonline.co.za 10 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017
Part 3
Financial Sector Inter-Ministerial Council
83. Financial Sector Inter-Ministerial Council
84. Meetings
85. Protection for financial customers in terms of financial sector laws, National
Credit Act and Consumer Protection Act
86. Independent evaluation of effectiveness of co-operation and collaboration
CHAPTER 6
ADMINISTRATIVE ACTIONS
Part 1
Administrative action committees
87. Establishment and membership
88. Terms of membership
89. Meetings
90. Application of Part to Ombud Council
Part 2
Administrative justice
91. Applicability of Promotion of Administrative Justice Act to administrative
action by financial sector regulators
92. Procedures for specific administrative action in terms of Act
93. Processes for determining or amending administrative action procedures
94. Review of administrative action procedures
95. Revocation of decisions
96. Interpretation
CHAPTER 7
REGULATORY INSTRUMENTS
Part 1
Regulatory instruments
97. Interpretation
98. Process for making regulatory instruments
99. Substantially different regulatory instrument
100. Urgent regulatory instruments
101. Part does not limit other consultation
102. Making, publication and commencement of regulatory instruments
103. Submission of regulatory instruments to Parliament
104. Reports on consultation processes
Part 2
Standards
105. Prudential standards
106. Conduct standards
107. Joint standards
108. Additional matters for making standards
109. Standards requiring concurrence of Reserve Bank
110. General
10

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 11 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 Karolo 3 Khansele ya Ditona ya Lephata la Ditsˇhelete
83. Khansele ya Ditona ya Lephata la Ditsˇhelete
84. Dikopano
85. Tshireletso ya barekedi ba ditsˇhelete go ya ka melao ya lephata la ditsˇhelete,
Molao wa Bosetsˇhaba wa Sekoloto le Consumer Protection Act
86. Tekanyetso e e ikemetseng ya nonofo ya tirisanommogo le kopano
KGAOLO 6
DITIRO TSA TSAMAISO
Karolo 1
Dikomiti tsa tiro ya tsamaiso
87. Go tlhongwa le botokololo
88. Dipeelo tsa botokololo
89. Dikopano
90. Tiriso ya Karolo go Khansele ya Ombud
Karolo 2
Bosiamisi jwa tsamaiso
91. Tirego ya Promotion of Administrative Justice Act go tiro ya tsamaiso ka
balaodi ba lephata la ditsˇhelete
92. Ditsamaiso mabapi le tiro ya tsamaiso e e tsepameng go ya ka Molao
93. Dikgato tsa go tlhomamisa kgotsa go tlhabololaditsamaiso tsa tiro ya tsamaiso
94. Thadiso ya ditsamaiso tsa kgato ya tsamaiso
95. Kgogelomorago ya ditshwetso
96. Tlhaloso
KGAOLO 7
DIDIRISWA TSA BOLAODI
Karolo 1
Didiriswa tsa bolaodi
97. Tlhaloso
98. Dikgato tsa go dira didiriswa tsa bolaodi
99. Didiriswa tsa bolaodi tsa pharologano e kgolo
100. Didiriswa tsa bolaodi tsa potlako
101. Karolo ga e lekanyetse ditherisano tse dingwe
102. Go dirwa, go phasalatswa le tshimololo ya didiriswa tsa bolaodi
103. Thomelo ya didiriswa tsa bolaodi kwa Palamenteng
104. Dipegelo ka ga dikgato tsa therisano
Karolo 2
Maemo
105. Maemo a tlhokomelo
106. Maemo a boitshwaro
107. Maemo a a kopantsweng
108. Merero ya tlaleletso ya go dira maemo
109. Maemo a a tlhokang tumelelo ya Banka ya Resefe
110. Kakaretso
11

This gazette is also available free online at www.gpwonline.co.za 12 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017
CHAPTER 8
LICENSING
Part 1
Licensing requirements
111. Licence requirement in respect of providers of financial products and financial
services, and market infrastructures
Part 2
Licences required in terms of section 111(1)(b) or (2) or section 162
112. Interpretation
113. Power to grant licences
114. Request for further information or documents by responsible authority
115. Relevant matters for application for licence
116. Determination of applications
117. Reporting obligations of licensee
118. Licences not transferable
119. Variation of licences
120. Suspension of licences
121. Revocation of licences
122. Continuation of licensed activity despite suspension or revocation of licence
123. Procedure for varying, suspending and revoking licences
124. Applications for licences
Part 3
Provisions relating to all licences under financial sector laws
125. Application
126. Concurrence of financial sector regulators on licensing matters
127. Compulsory disclosure of licences
128. Publication
CHAPTER 9
INFORMATION GATHERING, SUPERVISORY ON-SITE INSPECTIONS AND INVESTIGATIONS
Part 1
Application and interpretation
129. Application and interpretation of Chapter
130. Legal professional privilege
Part 2
Information gathering
131. Information gathering
12

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 13 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 KGAOLO 8 KABO YA LAESENSE Karolo 1 Ditlhokego tsa kabo ya laesense
111. Tlhokego ya laesense mabapi le batlamedi ba dikuno tsa ditsˇhelete, ditirelo tsa
ditsˇhelete le dithulaganyetso tsa popegotheo ya mebaraka Karolo 2 Dilaesense tse di tlhokegang go ya ka karolo 111(1)(b) kgotsa (2) kgotsa karolo 162
112. Tlhaloso
113. Thata ya go aba dilaesense
114. Kopo ya tshedimosetso e nngwe kgotsa dikwalo ka bothati jo bo rweleng
maikarabelo
115. Merero e e maleba ya go dira kopo ya laesense
116. Tlhomamiso ya dikopo
117. Go bega ditlamego tsa moabelwalaesense
118. Dilaesense tse di sa sutisiweng
119. Pharologantsho ya dilaesense
120. Kemiso ya dilaesense
121. Phediso ya dilaesense
122. Go tswela pele ga tiro e e abetsweng laesense go sa kgathalesege tshekego
kgotsa phediso ya laesense
123. Tsamaiso mabapi le go farologanya, go sekega le go fedisa dilaesense
124. Go dira kopo ya laesense
Karolo 3
Dikabelo tse di amanang le dilaesense tsotlhe tse di ka fa tlase ga melao ya lephata la ditsˇhelete
125. Tiragatso
126. Tumalano ya balaodi ba lephata la ditsˇhelete ka ga merero ya kabo ya laesense
127. Tshenolo ya pateletso ya dilaesense
128. Phasalatso
KGAOLO 9
KGOBOKANYO YA TSHEDIMOSETSO, DITLHATLHOBO TSA BOTLHOKOMEDI TSA KWA TIRONG LE DIPATLISISO Karolo 1 Tiragatso le tlhaloso
129. Tiragatso le tlhaloso ya Kgaolo
130. Tshwanelo ya badiredi ba tsa molao
Karolo 2
Kgobokanyo ya tshedimosetso
131. Kgobokanyo ya tshedimosetso
13

This gazette is also available free online at www.gpwonline.co.za 14 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017
Part 3
Supervisory on-site inspections
132. Powers to conduct supervisory on-site inspections
133. Interference with supervisory on-site inspections
Part 4
Investigations
134. Investigators
135. Powers to conduct investigations
136. Powers of investigators to question and require production of documents or
other items
137. Powers of investigators to enter and search premises
138. Warrants
139. Interference with investigations
Part 5
Protections
140. Protections
CHAPTER 10
ENFORCEMENT
Part 1
Guidance notices and interpretation rulings
141. Guidance notices
142. Interpretation rulings
Part 2
Directives by financial sector regulators
143. Directives by Prudential Authority
144. Directives by Financial Sector Conduct Authority
145. Removal of person from position
146. Consultation requirements
147. Period for compliance
148. Revoking directives
149. Compliance with directives
150. Application and interpretation
Part 3
Enforceable undertakings
151. Enforceable undertakings
Part 4
Court orders
152. Compliance with financial sector laws
14

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 15 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 Karolo 3 Ditlhatlhobo tsa botlhokomedi kwa tirong
132. Dithata tsa go dira ditlhatlhobo tsa botlhokomedi kwa tirong
133. Go itshunyatshunya mo ditlhatlhobong tsa botlhokomedi kwa tirong
Karolo 4
Dipatlisiso
134. Babatlisisi
135. Dithata tsa go dira dipatlisiso
136. Dithata tsa babatlisisi tsa go botsolotsa le go kopa go tlhagiswa ga makwalo
kgotsa dintlha tse dingwe
137. Dithata tsa babatlisisi tsa go tsena le go phuruphutsa mo mafelong
138. Dithebolelo
139. Go itshunyatshunya mo dipatlisisong
Karolo 5
Ditshireletso
140. Ditshireletso
KGAOLO 10
KGATELELO
Karolo 1
Dikitsiso tsa kaelo le ditshwetso tsa tlhaloso
141. Dikitsiso tsa kaelo
142. Ditshwetso tsa tlhaloso
Karolo 2
Ditaelo tsa balaodi ba lephata la ditsˇhelete
143. Ditaelo ka Bothati jwa Tlhokomelo
144. Ditaelo ka Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete
145. Go ntshiwa ga batho mo maemong
146. Ditlhokego tsa ditherisano
147. Paka ya go ikamanya
148. Kgogelomorago ya ditaelo
149. Boikamanyo le ditaelo
150. Tiragatso le tlhaloso
Karolo3
Ditumalano tse di gatelelwang
151. Ditumalano tse di gatelelwang
Karolo 4
Ditaelo tsa Kgotlatshekelo
152. Go ikamanya le melao ya lephata la ditsˇhelete
15

This gazette is also available free online at www.gpwonline.co.za 16 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017
Part 5
Debarment
153. Debarment
154. Consultation requirements
155. Where person cannot be located
Part 6
Leniency agreements
156. Leniency agreements
CHAPTER 11
SIGNIFICANT OWNERS
Part 1
Significant owners
157. Significant owners
158. Approvals and notifications relating to significant owners
159. Standards in respect of, and regulator’s directives to, significant owners
CHAPTER 12
FINANCIAL CONGLOMERATES
Financial conglomerates
160. Designation of financial conglomerates
161. Notification by eligible financial institution
162. Licensing requirements for holding companies of financial conglomerates
163. Non-operating holding companies of financial conglomerates
164. Standards for financial conglomerates
165. Directives to holding companies
166. Approval and prior notification of acquisitions and disposals
CHAPTER 13
ADMINISTRATIVE PENALTIES
167. Administrative penalties
168. Payment
169. Interest
170. Enforcement
171. Application of amounts paid as administrative penalties
172. Administrative penalty taken into account in sentencing
173. Remission of administrative penalties
174. Prohibition of indemnity for administrative penalties
CHAPTER 14
OMBUDS
Part 1
Ombud Council
175. Ombud Council
176. Objective
16

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 17 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 Karolo 5 Kganelo
153. Kganelo
154. Ditlhokego tsa therisano
155. Fa motho a sa kgone go fitlhelelwa
Karolo 6
Ditumalano tsa kutlwelobotlhoko
156. Ditumalano tsa kutlwelobotlhoko
KGAOLO 11
BENG BA BA BOTLHOKWA
Karolo 1
Beng ba ba botlokwa
157. Beng ba ba botlhokwa
158. Dithebolo le dikitsiso tse di amanang le beng ba ba botlhokwa
159. Maemo mabapi le, le ditaelo tsa molaodi go, beng ba ba botlhokwa
KGAOLO 12
DITHEO TSA DITSˇHELETE TSE DI KOPANENG
Ditheo tsa ditsˇhelete tse di kopaneng
160. Go tlhongwa ga ditheo tsa ditsˇhelete tse di kopaneng
161. Kitsiso ka setheo sa ditsˇhelete se se matshwanedi
162. Tlhokego ya kabo ya laesense go dikgwebo tse di okameng tse dingwe tsa
ditheo tsa ditsˇhelete tse di kopaneng
163. Dikgwebo tse di okameng tse dingwe tse di sa direng tsa ditheo tsa ditsˇhelete
tse di kopaneng
164. Maemo a ditheo tsa ditsˇhelete tse di kopaneng
165. Ditaelo go dikgwebo tse di okameng tse dingwe
166. Thebolo le kitsiso ya pele ya diphitlhelelo le dilatlhwa
KGAOLO 13
DIKOTLHAO TSA TSAMAISO
167. Dikotlhao tsa tsamaiso
168. Tuelo
169. Morokotso
170. Kgatelelo
171. Tiriso ya madi a a duetsweng jaaka dikotlhao tsa tsamaiso
172. Kotlhao ya tsamaiso e e tserweng tsia mo katlholong
173. Tebalelo melato ya dikotlhao tsa tsamaiso
174. Thibelo ya polokego mabapi le dikotlhao tsa tsamaiso
KGAOLO 14
OMBUDS
Karolo 1
Khansele ya Ombud
175. Khansele ya Ombud
176. Maitlhomo
17

This gazette is also available free online at www.gpwonline.co.za 18 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017
177. Functions of Ombud Council
178. Overall governance objective
179. Board of Ombud Council
180. Appointment of Board members
181. Terms of office of Board members
182. Service conditions of Board members
183. Removal of Board members
184. Role of Board
185. Meetings of Board
186. Decisions of Board
187. Governance and other committees of Ombud Council
188. Chief Ombud
189. Duties of Board members
190. Delegations
191. Staff and resources
192. Duties of staff members
193. Disclosure of interests
Part 2
Recognition of industry ombud schemes
194. Recognition of industry ombud schemes
195. Requirement for further information or documents by Ombud Council
196. Determination of applications
197. Varying conditions
198. Suspension of recognition
199. Revocation of recognition
200. Procedure for varying, suspending and revoking recognition
Part 3
Powers of Ombud Council
201. Ombud Council rules
202. Directives of Ombud Council
203. Enforceable undertakings
204. Compliance with financial sector laws
205. Debarment
206. Administrative penalties
207. Requests for information
208. Supervisory on-site inspections and investigations
Part 4
General provisions
209. Access to ombud schemes
210. Restrictions on financial institutions in relation to ombud schemes
211. Applicable ombud schemes
212. Overlaps between ombud schemes
213. Collaboration between ombuds and ombud schemes
214. Governing rules of recognised industry ombud scheme
215. Obligation to comply with governing rules of recognised industry ombud
schemes
216. Suspension of time barring terms
217. Reporting
18

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 19 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017
177. Ditiro tsa Khansele ya Ombud
178. Maitlhomo ka kakaretso a puso
179. Boto ya Khansele ya Ombud
180. Go thapiwa ga maloko a Boto
181. Paka ya ofisi ya maloko a Boto
182. Mabaka a tirelo ya maloko a Boto
183. Go tloswa ga maloko a Boto
184. Botsayakarolo jwa Boto
185. Dikopano tsa Boto
186. Ditshwetso tsa Boto
187. Puso le dikomiti tse dingwe tsa Khansele ya Ombud
188. Ombud yo mogolo
189. Ditiro tsa maloko a Boto
190. Ditholelo
191. Badiri le ditlamelwana
192. Ditiro tsa maloko a badiri
193. Tshenolo ya dikgatlhegelo
Karolo 2
Kamogelo ya dikema tsa ombud wa madirelo
194. Kamogelo ya dikema tsa ombud wa madirelo
195. Ditlhokego tsa tshedimosetso e nngwe kgotsa makwalo ka Khansele ya Ombud
196. Tlhomamiso ya ditiriso
197. Mabaka farologanang
198. Kemiso ya kamogelo
199. Kgogelomorago ya kamogelo
200. Tsamaiso ya pharologantsho, tshekego le kgogelomorago ya kamogelo
Karolo 3
Dithata tsa Khansele ya Ombud
201. Melao ya Khansele ya Ombud
202. Ditaelo tsa Khansele ya Ombud
203. Ditumalano tse di gatelelwang
204. Boikamanyo le melao ya lephata la ditsˇhelete
205. Kganelo
206. Dikotlhao tsa tsamaiso
207. Dikopo tsa tshedimosetso
208. Ditlhatlhobo tsa botlhokomedi tsa kwa tirong le dipatlisiso
Karolo 4
Dikabelo ka kakaretso
209. Phitlhelelo ya dikema tsa ombud
210. Dithibelo mo ditheong tsa ditsˇhelete mabapi le dikema tsa ombud
211. Dikema tsa ombud tse di diriswang
212. Ditshelepano magareng ga ombud le dikema tsa ombud
213. Tirisanommogo magareng ga ombuds le dikema tsa ombud
214. Melawana e e laolang ya sekema se se amogelesegang sa bodirelo jwa ombud
215. Tlamego ya go ikamanya le melawana e e laolang ya dikema tse di
amogelesegang tsa bodirelo jwa ombud
216. Tshekego ya dipeelo tse di beilweng tsa nako
217. Go bega
19

This gazette is also available free online at www.gpwonline.co.za 20 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017
CHAPTER 15
FINANCIAL SERVICES TRIBUNAL
Part 1
Interpretation
218. Definitions
Part 2
Financial Services Tribunal
219. Establishment and function of Financial Services Tribunal
220. Members of Tribunal
221. Term of office and termination of membership
222. Staff and resources
223. Duties of staff members
224. Panels of Tribunal
225. Panel list
226. Disclosure of interests
227. Tribunal rules
Part 3
Right to reasons for decisions
228. Right to be informed
229. Right to reasons for decisions
Part 4
Reconsideration of decisions
230. Applications for reconsideration of decisions
231. Decision of Tribunal not suspended
232. Proceedings for reconsideration of decisions
233. Decisions of panels
234. Tribunal orders
235. Judicial review of Tribunal orders
236. Enforcement of Tribunal orders
CHAPTER 16
FEES, LEVIES AND FINANCES
Part 1
Fees and levies
237. Fees and levies
238. Fees and levies to be debts
239. Budget, fees and levies proposals
240. Consultation requirements
241. Determinations of information required for assessment of levy
242. Assessments of levy
243. Payment of fee or levy by instalments
244. Interest on late or non-payment of fees and levies
245. Exemption from fee
246. Management of fees and levies
20

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 21 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 KGAOLO 15 LEKGOTLA LA DITIRELO TSA DITSˇHELETE Karolo 1 Tlhaloso
218. Ditlhaloso
Karolo 2
Lekgotla la Ditirelo tsa Ditsˇhelete
219. Go tlhongwa le tiro ya Lekgotla la Ditirelo tsa Ditsˇhelete
220. Maloko a Lekgotla
221. Paka ya tiro le khutliso ya boloko
222. Badiri le ditlamelo
223. Ditiro tsa badiri
224. Dipanele tsa Lekgotla
225. Lenane la panele
226. Tshenolo ya dikgatlhego
227. Melawana ya Lekgotla
Karolo 3
Tshwanelo ya mabaka a ditshwetso
228. Tshwanelo ya go itsisiwe
229. Tshwanelo ya mabaka a ditshwetso
Karolo 4
Tshekatshekopoeletso ya ditshwetso
230. Dikopo mabapi le tshekatshekopoeletso ya ditshwetso
231. Tshwetso ya Lekgotla e e sa sekegwang
232. Ditsamaiso tsa tshekatshekopoeletso ya ditshwetso
233. Ditshwetso tsa panele
234. Ditaelo tsa Lekgotla
235. Tshekatsheko ya katlholo ya ditaelo tsa Lekgotla
236. Kgatelelo ya ditaelo tsa Lekgotla
KGAOLO 16
DITUEDISO, MAKGETHWANA, LE DITSˇHELETE
Karolo 1
Dituediso le Makgethwana
237. Dituediso le makgethwana
238. Dituediso le makgethwana tse di nnang molato
239. Ditshitsinyo tsa tekanyetsokabo, dituediso le makgethwana
240. Ditlhokego tsa therisano
241. Ditlhomamiso tsa tshedimosetso e e tlhokegang mabapi le tshekatsheko ya
lekgethwana
242. Tshekatsheko ya lekgethwana
243. Tuelelo ya tuediso kgotsa lekgethwana ka dikarolotuelo
244. Morokotso mo tuelong e e thari kgotsa e e sa dirwang le makgethwana
245. Kgololo mo go dueleng
246. Taolo ya dituediso le makgethwana
21

This gazette is also available free online at www.gpwonline.co.za 22 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017
Part 2
Finances
247. Finances of financial sector bodies
Part 3
Budgeting, accounting, auditing and financial reporting
248. Budgeting, accounting, auditing and financial reporting
Part 4
Application of Chapter to Tribunal
249. Application of Chapter to Tribunal
CHAPTER 17
MISCELLANEOUS
Part 1
Information sharing and reporting
250. Designated authority
251. Information sharing
252. Reporting by auditors to financial sector regulators
253. Reporting to financial sector regulators
254. Prohibition of victimisation
255. Protected disclosures
Part 2
Financial Sector Information Register
256. Establishment and operation of Financial Sector Information Register
257. Purpose of Register
258. Content of Register
259. Keeping of Register
260. Requirements for registered documents
261. Status of Register and judicial notice
262. Extracts from Register regarding licence status
263. Rectification of Register
264. Delegations by Director-General
Part 3
Offences and penalties
265. Duties of members and staff of certain bodies
266. Licensing
267. Requests for information, supervisory on-site inspections and investigations
268. Enforcement
269. Administrative penalties
270. Ombud schemes
271. Proceedings in Tribunal
272. Miscellaneous
273. False or misleading information
274. Accounts and records
275. False assertion of connection with financial sector regulator
276. Liability in relation to juristic persons
22

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 23 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 Karolo 2 Matlotlo
247. Matlotlo a mekgatlho ya lephata la ditsˇhelete
Karolo 3
Go dira tekanyetsokabo, tshupo ya matlotlo, boruni le pegelo ya tsa ditsˇhelete
248. Go dira tekanyetsokabo, tshupo ya matlotlo, boruni le pegelo ya tsa ditsˇhelete
Karolo 4
Tiragatso ya Kgaolo mo Lekgotleng
249. Tiragatso ya Kgaolo mo Lekgotleng
KGAOLO 17
TSELE LE TSELE
Karolo 1
Karogano ya tshedimosetso le go bega
250. Bothati jo bo thapilweng
251. Karogano ya tshedimosetso
252. Pegelo ka baruni go balaodi ba lephata la ditsˇhelete
253. Pegelo go balaodi ba lephata la ditsˇhelete
254. Thibelo ya tirisobotlhaswa
255. Ditshenolo tse di sireleditsweng
Karolo 2
Rejisetara ya Tshedimosetso ya Lephata la Ditsˇhelete
256. Go tlhongwa le tiro ya Rejisetara ya Tshedimosetso ya Lephata la Ditsˇhelete
257. Maitlhomo a Rejisetara
258. Diteng tsa Rejisetara
259. Go tsholwa ga Rejisetara
260. Ditlhokego tsa makwalo a a kwadisitsweng
261. Maemo a Rejisetara le kitsiso ya boatlhodi
262. Dintshwa Rejisetareng mabapi le maemo a laesense
263. Paakanyo ya Rejisetara
264. Ditholelo ka Mokaedikakaretso
Karolo 3
Melato le dikotlhao
265. Ditiro tsa maloko le badiri ba mekgatlho e e rileng
266. Kabo ya dilaesense
267. Dikopo tsa tshedimosetso, tlhatlhobo ya botlhokomedi kwa tirong le dipatlisiso
268. Kgatelelo
269. Dikotlhao tsa tsamaiso
270. Dikema tsa ombud
271. Ditsamaiso tsa Lekgotla
272. Tsele le tsele
273. Tshedimosetso e e fosagetseng kgotsa e e timetsang
274. Diakhaonto le direkoto
275. Tlhagiso e e fosagetseng ya kamano le bolaodi jwa lephata la ditsˇhelete
276. Melato e e amanang le ditheo
23

This gazette is also available free online at www.gpwonline.co.za 24 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017
Part 4
General matters
277. Complaints
278. Compensation for contraventions of financial sector laws
279. Extension of period for compliance
280. Conditions of licences
281. Exemptions
282 Requirements for notification and concurrence
283. Arrangements for engagements with stakeholders
284 Records and entries in books of account admissible in evidence
285. Immunities
286. Notices to licensees
287. Publication requirements in financial sector laws
Part 5
Regulations and guidelines
288. Regulations and guidelines
Part 6
Amendments, repeals, transitional and saving provisions
289. Interpretation
290. Amendments and repeals
291. Transitional provision in relation to medical schemes
292. Transitional prudential powers of Financial Sector Conduct Authority
293. Transfer of assets and liabilities of Financial Services Board
294. Transfer of staff of Financial Services Board
295. Annual reports
296. Inspections and investigations
297. Co-operation agreements with foreign agencies
298. Enforcement Committee and Appeal Board
299. Right of appeal of Financial Services Board decisions
300. Pending proceedings
301. Savings of approvals, consents, registrations and other acts
302. Levy
303. Chief Actuary
304. Additional transitional arrangements
Part 7
Short title and commencement
305. Short title and commencement
SCHEDULE 1
FINANCIAL SECTOR LAWS
SCHEDULE 2
RESPONSIBLE AUTHORITIES
SCHEDULE 3
DOCUMENTS TO BE PUBLISHED IN REGISTER
SCHEDULE 4
AMENDMENTS AND REPEALS
24

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 25 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 Karolo 4 Merero ya kakaretso
277. Dingongorego
278. Tuelo ya ditlolomelao tsa lephata la ditsˇhelete
279. Katoloso ya paka ya go ikamanya
280. Mabaka a dilaesense
281. Dikgololo
282. Ditlhokego tsa kitsiso le tumalano
283. Dithulaganyo mabapi le ditherisano le batsayakarolo
284. Direkoto le dikwadiso mo dibukeng tsa go rwala maikarabelo a a amogelwang
jaaka bopaki
285. Dikgololo
286. Diitsiso go baabelwadilaesense
287. Ditlhokego tsa phasalatso mo melaong ya lephata la ditsˇhelete
Karolo 5
Melawana le dikaelo
288. Melawana le dikaelo
Karolo 6
Ditlhabololo, diphediso, dikabelo tsa kgabaganyo le tshomarelo
289. Tlhaloso
290. Ditlhabololo le diphediso
291. Kabelo ya kgabaganyo mabapi le dikema tsa kalafo
292. Dithata tsa kgabaganyo tsa tlhokomelo ya Bothati jwa Boitshwaro jwa Lephata
la Ditsˇhelete
293. Tshutiso ya dithoto le melato ya Boto ya Ditirelo tsa Ditsˇhelete
294. Tshutiso ya badiri ba Boto ya Ditirelo tsa Ditsˇhelete
295. Dipegelo tsa ngwaga
296. Ditlhatlhobo le dipatlisiso
297. Ditumalano tsa tirisanommogo le dieijensi tsa kwa ntle
298. Komiti ya Kgatelelo le Boto ya Boikuelo
299. Tshwanelo ya go ikuela ya ditshwetso tsa Boto ya Ditirelo tsa Ditsˇhelete
300. Ditsamaiso tse di letetsweng
301. Ditshomarelo tsa dithebolo, ditumelelo, dikwadiso le ditiro tse dingwe
302. Lekgethwana
303. Mogakolodimogolo
304. Dithulaganyeto tsa kgabaganyo tsa tlaleletso
Karolo 7
Setlhogo se se khutshwane le tshimologo
305. Setlhogo se se khutshwane le tshimologo
ˇSEJULE 1
MELAO YA LEPHATA LA DITSˇHELETE
ˇSEJULE 2
BOTHATI JO BO RWALANG MAIKARABELO
ˇSEJULE 3
MAKWALO A A TLA PHASALATSWANG MO REJISETARENG ˇSEJULE 4 DITLHABOLOLO LE DIPHEDISO 25

This gazette is also available free online at www.gpwonline.co.za 26 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 BE IT ENACTED by the Parliament of the Republic of South Africa, as follows:—
CHAPTER 1
INTERPRETATION, OBJECT AND ADMINISTRATION OF ACT
Part 1
Interpretation
Definitions

(1) In this Act, unless the context indicates otherwise—
‘‘administrative action’’ has the same meaning ascribed to it in terms of section 1 of the Promotion of Administrative Justice Act; ‘‘administrative action committee’’ means a committee established in terms of
section 87;
‘‘administrative action procedure’’ means a procedure determined in terms of
section 92;
‘‘administrative penalty order’’ means an order in terms of section 167; ‘‘Banks Act’’ means the Banks Act, 1990 (Act No. 94 of 1990); ‘‘benchmark’’ means any index— (a) by reference to which the amount payable under a financial instrument or a financial contract, or the value of a financial instrument, is determined; or (b) that is used to measure the performance of an investment fund with the purpose of tracking the return of such index or of defining the asset allocation of a portfolio or of computing the performance fees; ‘‘business document’’ means a document held by a person in connection with carrying on a business; ‘‘business premises’’ means premises, including a building or a part of a building, used by a person for carrying on a business; ‘‘Chairperson’’ means the person holding the office of the Chairperson of the Tribunal in terms of section 220(4), and includes a person acting as the Chairperson; ‘‘Chief Executive Officer’’ means the Chief Executive Officer of the Prudential Authority appointed in terms of section 36(1), and includes a person acting as the Chief Executive Officer; ‘‘Chief Ombud’’ means a person appointed as the Chief Ombud of the Ombud Council in terms of section 188; ‘‘collective investment scheme’’ has the same meaning ascribed to it in terms of
section 1 of the Collective Investments Schemes Control Act, 2002 (Act No. 45 of
2002);
‘‘Commissioner’’, in relation to the Financial Sector Conduct Authority, means the Commissioner of the Financial Sector Conduct Authority appointed in terms of
section 61(1), and includes a person acting as the Commissioner;
‘‘Companies Act’’ means the Companies Act, 2008 (Act No. 71 of 2008); ‘‘company’’ has the same meaning ascribed to it in terms of section 1 of the Companies Act; ‘‘Competition Commission’’ means the Competition Commission established in terms of section 19 of the Competition Act, 1998 (Act No. 89 of 1998); ‘‘conduct standard’’ means a standard made in terms of section 106; ‘‘Constitution’’ means the Constitution of the Republic of South Africa, 1996; ‘‘Consumer Protection Act’’ means the Consumer Protection Act, 2008 (Act No. 68 of 2008); ‘‘contractor’’means a person with whom a financial institution has entered into an outsourcing arrangement but does not include an independent contractor as described in the definition of ‘‘staff member’’; 26 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 27 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 AO TSENNGWE MO TAOLONG ke Palamente ya Rephaboliki ya Aforika Borwa, jaana:— KGAOLO 1 TLHALOSO, MAITLHOMO LE TSAMAISO YA MOLAO Karolo 1 Tlhaloso Ditlhaloso

(1) Mo Molaong ono, ntle le fa bokao bo tlhalosa ka mokgwa mongwe—
‘‘tiro ya tsamaiso’’ e na le bokao jo bo tshwanang le jo e tlhalositsweng ka jona go ya ka karolo 1 ya Promotion of Administrative Justice Act; ‘‘komiti ya tiro ya tsamaiso’’ e kaya komiti e e tlhomilweng go ya ka karolo 87; ‘‘kgato ya tiro ya tsamaiso’’ e kaya kgato e e tlhomamisitsweng go ya ka karolo 92; ‘‘taelo ya kotlhao ya tsamaiso’’ e kaya taelo go ya ka karolo 167; ‘‘Banks Act’’ o kaya Banks Act, 1990 (Molao 94 wa 1990); ‘‘kaelo’’ e kaya tshupanekelo nngwe le nngwe— (a) ka tshupetso e mo go yona tuelo e e duelwang ka fa tlase ga sediriso sa ditsˇhelete kgotsa konteraka ya ditsˇhelete, kgotsa boleng jwa sediriso sa ditsˇhelete, bo tlhomamiswang; kgotsa (b) e e dirisetswang go lekanyetsa tiro ya letlole la peeletso ka maitlhomo a go sala morago motlhala wa poelo ya tshupanekelo eo kgotsa ya go tlhalosa kabo ya thoto ya photefolio kgotsa go tsenya tiragatso ya dituelelo mo khomputareng; ‘‘lokwalo la kgwebo’’, mabapi le motho, le kaya lokwalo le le tshwerweng ke motho mabapi le go tsweletsa pele kgwebo; ‘‘mafelo a kgwebo’’ a kaya mafelo, go akaretsa le moago kgotsa karolo ya moago, e e diriswang ke motho go tsweletsa kgwebo pele; ‘‘Modulasetilo’’ o kaya motho yo o mo ofising ya Modulasetilo wa Lekgotla go ya ka karolo 220(4), le go akaretsa nama-o-sa-tshwere wa Modulasetilo; ‘‘Motlhankedimogolo wa Khuduthamaga’’ o kaya Motlhankedimogolo wa Khuduthamaga wa Bothati jwa Tlhokomelo yo o thapilweng go ya ka karolo 36(1), le go akaretsa nama-o-sa-tshwere wa Motlhankedimogolo wa Khuduthamaga; ‘‘Ombud yo Mogolo’’ o kaya motho yo o thapilweng jaaka Ombud yo Mogolo wa Khansele ya Ombud go ya ka karolo 188; ‘‘sekema sa peeletsommogo’’ se na le bokao jo bo tshwanang le jo se tlhalositsweng ka jona mo karolong 1 ya Collective Investments Schemes Control Act, 2002 (Molao 45 wa 2002); ‘‘Khomisˇenara’’, mabapi le Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete, o kaya Khomisˇenara wa Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete yo o thapilweng go ya ka karolo 61(1), le go akaretsa nama-o-sa-tshwere wa Khomisˇenara; ‘‘Companies Act’’ o kaya Companies Act, 2008 (Molao 71 wa 2008); ‘‘setlamo’’ se na le bokao jo bo tshwanang le jo se tlhalositsweng ka jona mo karolong 1 ya Companies Act; ‘‘Khomisˇene ya Kgaisano’’ e kaya Khomisˇene ya Kgaisano e e tlhomilweng go ya ka karolo 19 ya Competition Act, 1998 (Molao 89 wa 1998); ‘‘maemo a boitshwaro’’ a kaya maemo a a dirilweng go ya ka karolo 106; ‘‘Molaotheo’’ o kaya Molaotheo wa Rephaboliki ya Aforikaborwa, 1996; ‘‘Consumer Protection Act’’ o kaya Consumer Protection Act, 2008 (Molao 68 wa 2008); ‘‘mokonteraka’’ o kaya motho yo setheo sa ditsˇhelete se dirileng thulaganyo ya kabelano ya ka ditirelo go tswa kwa ntle mme fela a sa akaretse mokonteraka yo o ikemetseng jaaka go bonetswe pele mo tlhalosong ya ‘‘leloko la badiri’’; ‘‘tiro ya taolo’’ e kaya nngwe le nngwe ya tse di latelang:
(a) Tiro ya bolaodi jwa kotsi;
(b) tiro ya boikamanyi;
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This gazette is also available free online at www.gpwonline.co.za 28 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 ‘‘control function’’ means each of the following:
(a) The risk management function;
(b) the compliance function;
(c) the internal audit function; and
(d) the actuarial function;
‘‘Council for Medical Schemes’’ means the Council for Medical Schemes established in terms of section 3 of the Medical Schemes Act; ‘‘Court’’means a Superior Court as defined in section 1 of the Superior Courts Act, 2013 (Act No. 10 of 2013); ‘‘credit’’ has the same meaning ascribed to it in section 1 of the National Credit Act; ‘‘credit agreement’’ has the same meaning ascribed to it in section 1 of the National Credit Act; ‘‘debarment order’’ means an order made in terms of section 153 or 205; ‘‘Deputy Commissioner’’means a person appointed as a Deputy Commissioner in terms of section 61(2), and includes a person acting as a Deputy Commissioner; ‘‘Deputy Governor’’ means a person appointed in terms of section 4 or 6(1)(a) of the Reserve Bank Act as a Deputy Governor of the Reserve Bank; ‘‘Director-General’’ means the Director-General of the National Treasury, and includes a person acting as the Director-General; ‘‘disqualified person’’ means a person who— (a) is engaged in the business of a financial institution, or has a direct material financial interest in a financial institution, except as a financial customer; (b) is a member of the Cabinet, a member of the Executive Council of a province, a member of the National Assembly, a permanent delegate to the National Council of Provinces, a member of a provincial legislature or a member of a municipal council; (c) is an office-bearer of, or is in a remunerated leadership position in, a political party; (d) has at any time been removed from an office or position of trust; (e) is or has been subject to debarment in terms of a financial sector law; (f) is or has at any time been sanctioned for contravening a law relating to the regulation or supervision of financial institutions, or the provision of financial products or financial services or a corresponding law of a foreign jurisdiction; (g) is or has at any time been convicted of— (i) theft, fraud, forgery, uttering of a forged document, perjury or an offence involving dishonesty, whether in the Republic or elsewhere; or (ii) an offence in terms of the Prevention of Corruption Act, 1958 (Act No. 6 of 1958), the Corruption Act, 1992 (Act No. 94 of 1992), Parts 1 to 4, or
section 17, 20 or 21 of the Prevention and Combating of Corrupt
Activities Act, 2004 (Act No. 12 of 2004), or a corresponding offence in terms of the law of a foreign country; (h) is or has been convicted of any other offence committed after the Constitution came into effect, where the penalty imposed for the offence is or was imprisonment without the option of a fine; (i) is subject to a provisional sequestration order or is an unrehabilitated insolvent; (j) is disqualified from acting as a member of a governing body of a juristic person in terms of applicable legislation; or (k) is declared by the High Court to be of unsound mind or mentally disordered, or is detained in terms of the Mental Health Care Act, 2002 (Act No. 17 of 2002); ‘‘document’’ includes— (a) a book, record, security, invoice, account and any other information appearing on a physical object; (b) information stored or recorded electronically, digitally, photographically, magnetically or optically; and (c) any device on, or by means of, which information is recorded or stored; 28 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 29 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (c) tiro ya boruni jwa ka fa gare; le (d) tiro ya bogakolodi; ‘‘Khansele ya Dikema tsa Kalafi’’ e kaya Khansele ya Dikema tsa Kalafi e e tlhomilweng go ya ka karolo 3 ya Medical Schemes Act; ‘‘Kgotlatshekelo’’ e kaya Kgotlatshekelokgolo jaaka e tlhalositswe mo karolong 1 ya Superior Courts Act, 2013 (Molao 10 wa 2013); ‘‘sekoloto’’se na le bokao jo bo tshwanang le jo bo fitlhelwang mo karolong 1 ya Molao wa Sekoloto wa Bosetsˇhaba; ‘‘tumalano ya sekoloto’’ e na le bokao jo bo tshwanang le jo bo fitlhelwang mo karolong 1 ya Molao wa Sekoloto wa Bosetsˇhaba; ‘‘taelo ya kganelo’’ e kaya taelo e e dirilweng go ya ka karolo 153 kgotsa 205; ‘‘Motlatsakhomisˇenara’’ o kaya motho yo o thapilweng jaaka Motlatsakhomisˇenara go ya ka karolo 61(2), le go akaretsa nama-o-sa-tshwere wa Motlatsakhomisˇenara; ‘‘Motlatsammusisi’’ o kaya motho yo o thapilweng go ya ka karolo 4 kgotsa 6(1)(a) ya Reserve Bank Act jaaka Motlatsammusisi wa Banka ya Resefe; ‘‘Mokaedikakaretso’’ o kaya Mokaedikakaretso wa Matlotlo a Bosetsˇhaba, le go akaretsa nama-o-sa-tshwere wa Mokaedikakaretso; ‘‘motho yo o ileditsweng’’ o kaya motho yo— (a) o samaganeng le kgwebo ya setheo sa ditsˇhelete, kgotsa yo o nang le kgatlhego e e tlhamaletseng mo setheong sa ditsˇhelete, ntle le fa e se jaaka morekedi wa ditsˇhelete; (b) e leng leloko la Kabinete, leloko la Khanselekhuduthamaga ya porofense, leloko la Kokoano Bosetsˇhaba, kemedi ya leruri ya Khansele ya Bosetsˇhaba ya Diporofense, leloko la kgotlatheomolao ya porofense kgotsa leloko la khansele ya mmasepala; (c) e leng modiredi wa, kgotsa o mo maemong a a duelang a boeteledipele jwa, mokgatlho wa sepolotiki; (d) ka nako nngwe le nngwe a kileng a tloswa mo ofising kgotsa maemong a terasete; (e) o kgotsa kileng a ganelwa go ya ka molao wa lephata la ditsˇhelete; (f) o kgotsa kileng ka nako nngwe le nngwe a otlhaiwa semmuso ka ntlha ya go tlola molao amanang le taolo kgotsa tlhatlhobo ya ditheo tsa ditsˇhelete, kgotsa dikabelo tsa dikuno tsa ditsˇhelete kgotsa ditirelo tsa ditsˇhelete kgotsa molao tsamaelanang le wa taolo wa boditsˇhaba; (g) o kgotsa a kileng ka nako nngwe le nngwe a bonwa molato wa— (i) bogodu, tsietso, kutso ka leina, tlhagiso ya lokwalo le le utswitsweng, maikano a maaka kgotsa tlolomolao e e tsenyeletsang go tlhoka nnete, e ka tswa e le mo Rephaboliking kgotsa gongwe le gongwe; kgotsa (ii) tlolomolao go ya ka Prevention of Corruption Act, 1958 (Molao 6 wa 1958), Corruption Act, 1992 (Molao 94 wa 1992), Dikarolo 1 go fitlha go 4, kgotsa dikarolo 17, 20 kgotsa 21, tsa Prevention and Combating of Corrupt Activities Act, 2004 (Molao 12 wa 2004), kgotsa tlolomolao e e tsamaelanang go ya ka molao wa naga ntle; (h) o kgotsa a kileng a bonwa molato wa tlolomolao nngwe le nngweeae dirileng morago ga fa Molaotheo o sena go tsenngwa mo tirisong, moo kotlhao
e e neng e pateleditswe motlolamolao ke kgotsa e ne e le katlholo ya go ya kgolegelong ntle le boikgethelo jwa tuelo ya tsˇhelete; (i) o lebanwe ke taelo ya kamogothoto ya nakonyana kgotsa ke mokoloti yo o sa kgopologeng; (j) o ileditswe go ka nna leloko la mokgatlho busang wa setheo go ya ka molawana o o maleba; kgotsa (k) o tlhomamisitswe ke Kgotlatshekelokgolo go sa itekanelang mo tlhaloganyong kgotsa setseno, kgotsa o emisitswe go ya ka Mental Health Act, 2002 (Molao 17 wa 2002); ‘‘lokwalo’’ le akaretsa— (a) buka, rekoto, thoto, lenanetheko, akhaonto le tshedimosetso nngwe le nngwe tlhagelelang mo selong ka namana; (b) tshedimosetso e e bolokilweng kgotsa gatisitsweng seileketeroniki, tshedimosetsopalo, mo ditshwantshong, semakenete kgotsa ka pono; le (c) sediriswa sengwe le sengwe ka ga, kgotsa ka, se tshedimosetso e gatisitsweng kgotsa bolokilweng; 29 5 10 15 20 25 30 35 40 45 50 55 60

This gazette is also available free online at www.gpwonline.co.za 30 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 ‘‘eligible financial institution’’ means each of the following:
(a) A financial institution licensed or required to be licensed as a bank in terms of the Banks Act; (b) a financial institution licensed or required to be licensed as a long-term insurer in terms of the Long-term Insurance Act or a short-term insurer in terms of the Short-term Insurance Act; (c) a market infrastructure; and (d) a financial institution prescribed in Regulations for the purposes of this definition; ‘‘enforceable undertaking’’ means an undertaking referred to in section 151 or 203; ‘‘Executive Committee’’means the Committee established in terms of section 60; ‘‘Financial Advisory and Intermediary Services Act’’ means the Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002); ‘‘financial conglomerate’’ means a group of companies designated as a financial conglomerate in terms of section 160; ‘‘financial crime’’ includes an offence in terms of— (a) a financial sector law; (b) sections 2, 4, 5 and 6 of the Prevention of Organised Crime Act, 1998 (Act No. 121 of 1998); (c) the Financial Intelligence Centre Act; or (d) section 4 of the Protection of Constitutional Democracy against Terrorist and Related Activities Act, 2004 (Act No. 33 of 2004); ‘‘financial customer’’ means a person to, or for, whom a financial product, a financial instrument, a financial service or a service provided by a market infrastructure is offered or provided, in whatever capacity, and includes— (a) a successor in title of the person; and (b) the beneficiary of the product, instrument or service; ‘‘financial inclusion’’ means that all persons have timely and fair access to appropriate, fair and affordable financial products and services; ‘‘financial institution’’ means any of the following, other than a representative:
(a) A financial product provider;
(b) a financial service provider;
(c) a market infrastructure;
(d) a holding company of a financial conglomerate; or (e) a person licensed or required to be licensed in terms of a financial sector law; ‘‘financial instrument’’ means— (a) a share as defined in section 1 of the Companies Act; (b) a depository receipt and other equivalent instruments; (c) a debt instrument such as a debenture or a bond, but not a credit agreement; (d) money market securities as defined in section 1(1) of the Financial Markets Act; (e) a derivative instrument as defined in section 1(1) of the Financial Markets Act; or (f) a warrant, certificate, securitisation instrument or other instrument acknowledging, conferring or creating rights to subscribe to, acquire, dispose of, or convert, the financial instruments referred to in paragraphs (a) to (e); ‘‘Financial Intelligence Centre’’ means the Financial Intelligence Centre established in terms of section 2 of the Financial Intelligence Centre Act; ‘‘Financial Intelligence Centre Act’’means the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001); ‘‘Financial Markets Act’’ means the Financial Markets Act, 2012 (Act No. 19 of 2012); ‘‘financial product’’ means a financial product as defined in section 2; ‘‘financial product provider’’ means a person that, as a business or as part of a business, provides a financial product; 30 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 31 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 ‘‘ditheo tsa ditsˇhelete tse di matshwanedi’’ di kaya nngwe le nngwe ya tse di latelang:
(a) Setheo sa ditsˇhelete se se abetsweng laesense kgotsa se tlhoka go abelwa laesense jaaka banka go ya ka Banks Act; (b) setheo sa ditsˇhelete se se abetsweng laesense kgotsa se tlhoka go abelwa laesense jaaka motlamedi wa insˇorense wa paka e e telele go ya ka Long-term Insurance Act kgotsa motlamedi wa insˇorense wa paka e e khutshwane go ya ka Short-term Insurance Act; (c) thulaganyetso ya popegotheo ya mmaraka; le (d) setheo sa ditsˇhelete se se neetsweng mo Melawaneng go ya ka maitlhomo a tlhaloso eno; ‘‘tumalano e e gatelelwang’’ e kaya tumalano e e kailweng mo karolong 151 kgotsa 203; ‘‘Komiti ya Khuduthamaga’’ e kaya Komiti e e tlhomilweng go ya ka karolo 60; ‘‘Financial Advisory and Intermediary Services Act’’ o kaya Financial Advisory and Intermediary Services Act, 2002 (Molao 37 wa 2002); ‘‘ditheo tsa ditsˇhelete tse di kopaneng’’ di kaya setlhopha sa ditlamo tse di thapilweng jaaka setheo sa ditsˇhelete go ya ka karolo 160; ‘‘bosenyi jwa ditsˇhelete’’ bo akaretsa tlolomolao go ya ka— (a) molao wa lephata la ditsˇhelete; (b) dikarolo 2, 4, 5 le 6 tsa Prevention of Organised Crime Act, 1998 (Molao 121 wa 1998); (c) Financial Intelligence Centre Act; kgotsa (d) karolo 4 ya Protection of Constitutional Democracy against Terrorist and Related Activities Act, 2004 (Molao 33 wa 2004); ‘‘morekedi wa ditsˇhelete’’ o kaya motho yo, kuno ya ditsˇhelete, sediriswa sa ditsˇhelete, tirelo ya ditsˇhelete kgotsa tirelo e e tlametsweng ke thulaganyetso ya popegotheo ya mmaraka e abelwang kgotsa tlamelwang, kgotsa boemong jwa, ka maemo afe kgotsa afe, gape o akaretsa— (a) motlhatlhami wa maemo a motho; le (b) moamogela ditshwanelo tsa kuno, sediriswa kgotsa tirelo; ‘‘tsenyeletso ya tsa ditsˇhelete’’ e kaya gore batho botlhe ba na le phitlhelelo e e mo nakong e bile e lolame go dikuno le ditirelo tsa ditsˇhelete tse di siameng, lolameng le go rekega; ‘‘setheo sa ditsˇhelete’’ se kaya nngwe le nngwe ya tse di latelang, esele go na le kemedi:
(a) Moabi wa kuno ya ditsˇhelete;
(b) Moabi wa tirelo ya ditsˇhelete;
(c) thulaganyetso ya popegotheo ya mmaraka; (d) kgwebo e e okameng tse dingwe ya ditheo tse di kopantsweng tsa ditsˇhelete; kgotsa (e) motho yo o abetsweng laesense kgotsa yo o tlhokang go abelwa laesense go ya ka molao wa lephata la ditsˇhelete; ‘‘sediriswa sa ditsˇhelete’’ se kaya— (a) sˇere jaaka e tlhalositswe mo karolong 1 ya Companies Act; (b) setlankana sa peeletso le didiriswa tse dingwe tse di lekanang; (c) sediriswa sa molato se se jaaka tshupamolato kgotsaibonto, mme e seng tumalano ya sekoloto; (d) tshireletso ya mmaraka wa madi jaaka e tlhalositswe mo karolong 1(1) ya Financial Markets Act; (e) sediriswa se se tswang jaaka go tlhalositswe mo karolong 1 (1) ya Financial Markets Act; (f) thebolo, setifikeiti, sediriswa sa bosireletsi kgotsa sediriswa sengwe se se amogelang, abelang kgotsa tlhamang ditshwanelo tsa go nna tokololo go, fitlhelela, rulaganya, kgotsa fetola, didiriswa tsa ditsˇhelete tse di kailweng mo ditemaneng (a) go fitlha go (e); ‘‘Senthara ya Botlhodi ba tsa Ditsˇhelete’’ e kaya Senthara ya Botlhodi ba tsa Ditsˇhelete tlhomilweng go ya ka karolo 2 ya Financial Intelligence Centre Act; ‘‘Financial Intelligence Centre Act’’ e kaya Financial Intelligence Centre Act, 2001 (Molao 38 wa 2001); ‘‘Financial Markets Act’’ e kaya Financial Markets Act, 2012 (Molao 19 wa 2012); 31 5 10 15 20 25 30 35 40 45 50 55 60

This gazette is also available free online at www.gpwonline.co.za 32 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 ‘‘financial sector body’’ means each of the following:
(a) The Prudential Authority;
(b) the Financial Sector Conduct Authority; (c) the Tribunal; (d) the Ombud Council; (e) the Office of the Pension Funds Adjudicator; and (f) the Office of the Ombud for Financial Services Providers; ‘‘Financial Sector Conduct Authority’’ means the authority established in terms of section 56; ‘‘financial sector law’’ means— (a) this Act; (b) a law listed in Schedule 1; (c) a Regulation made in terms of this Act or made in terms of a law referred to in Schedule 1; or (d) a regulatory instrument made in terms of this Act or made in terms of a law referred to in Schedule 1; ‘‘financial sector regulator’’ means— (a) the Prudential Authority; (b) the Financial Sector Conduct Authority; (c) the National Credit Regulator, but only in respect of Parts 2, 3 and 5 of
Chapter 2, and Parts 1, 2 and 3 of Chapter 5; or
(d) the Financial Intelligence Centre, but only in respect of Parts 2, 3 and 5 of
Chapter 2, and Parts 1, 2 and 3 of Chapter 5;
‘‘financial service’’ means a financial service as defined in section 3; ‘‘financial service provider’’ means a person that, as a business or as part of a business, provides a financial service; ‘‘financial stability’’ means financial stability as defined in section 4; ‘‘Financial Stability Oversight Committee’’ means the committee established in terms of section 20; ‘‘financial system’’ means the system of institutions and markets through which financial products, financial instruments and financial services are provided and traded, and includes the operation of a market infrastructure and a payment system; ‘‘Financial System Council of Regulators’’ means the council established in terms of section 79(1); ‘‘financial year’’ means a period of 12 months commencing on 1 April of each year; ‘‘foreign financial instrument’’ means an instrument provided outside the Republic, or provided by a person outside the Republic, that is similar to, or corresponds to, a financial instrument; ‘‘foreign financial product’’means a facility or arrangement provided outside the Republic, or provided by a person outside the Republic, that is similar to, or corresponds to, a financial product; ‘‘Friendly Societies Act’’ means the Friendly Societies Act, 1956 (Act No. 25 of 1956); ‘‘governing body’’ means— (a) in relation to a financial institution, a person or body of persons, whether elected or not, that manages, controls, formulates the policy and strategy of the financial institution, directs its affairs or has the authority to exercise the powers and perform the functions of the financial institution, and includes— (i) the general partner of an en commandite partnership or the partners of any other partnership; (ii) the members of a close corporation; (iii) the trustees of a trust; (iv) the board of directors of a company; and (v) the board of a pension fund referred to in section 7A of the Pension Funds Act; and (b) in relation to an ombud scheme, the body of persons that oversees the affairs of the ombud scheme; 32 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 33 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 ‘‘kuno ya ditsˇhelete’’ e kaya kuno ya ditsˇhelete jaaka e tlhalositswe mo karolong 2; ‘‘moabi wa dikuno tsa ditsˇhelete’’ o kaya motho yo, jaaka kgwebo kgotsa karolo ya kgwebo, a tlamelang ka kuno ya ditsˇhelete; ‘‘mokgatlho walephata la ditsˇhelete’’ o kaya nngwe le nngwe ya tse di latelang:
(a) Bothati jwa Tlhokomelo;
(b) Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete; (c) Lekgotla; (d) Khansele ya Ombud; (e) Ofisi ya Moatlhodi wa Matlole a Pensˇene; le (f) Ofisi ya Ombud wa Batlamedi ba Ditirelo tsa Ditsˇhelete; ‘‘Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete’’ bo kaya bothati jo bo tlhomilweng go ya ka karolo 56; ‘‘molao wa lephata la ditsˇhelete’’ o kaya— (a) Molao ono; (b) molao neetsweng mo Sˇejuleng 1; (c) Molawana o o dirilweng go ya ka Molao ono kgotsa o o dirilweng go ya ka molao kailweng mo Sˇejuleng 1; kgotsa (d) sediriswa sa taolo se se dirilweng go ya ka Molao ono kgotsa se se dirilweng go ya ka molao kailweng mo Sˇejuleng 1; ‘‘molaodi wa lephata la ditsˇhelete’’ o kaya— (a) Bothati jwa Tlhokomelo; (b) Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete; (c) Molaodi wa Bosetsˇhaba wa Sekoloto, fela mabapi le Dikarolo 2, 3 le 5 tsa Kgaolo 2, le Dikarolo 1, 2 le 3 tsa Kgaolo 5; kgotsa (d) Senthara ya Botlhodi jwa Ditsˇhelete, fela mabapi le Dikarolo 2, 3 le 5 tsa Kgaolo 2, le Dikarolo 1, 2 le 3 tsa Kgaolo 5; ‘‘tirelo ya ditsˇhelete’’ e kaya tirelo ya ditsˇhelete jaaka e tlhalositswe mo karolong 3; ‘‘moabi wa tirelo ya ditsˇhelete’’ o kaya motho yo, jaaka kgwebo kgotsa karolo ya kgwebo, a tlamelang ka tirelo ya ditsˇhelete; ‘‘tlhomamo ya ditsˇhelete’’ e kaya tlhomamo ya ditsˇhelete jaaka e tlhalositswe mo karolong 4; ‘‘Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete’’ e kaya komiti e e tlhomilweng go ya ka karolo 20; ‘‘thulaganyo ya ditsˇhelete’’ e kaya thulaganyo ya ditheo le mebaraka eo ka yona dikuno tsa ditsˇhelete, didiriswa tsa ditsˇhelete le ditirelo tsa ditsˇhelete di tlamelwang le go gweba ka tsona, le go akaretsa go dira ga thulaganyetso ya popegotheo ya mmaraka le thulaganyo ya tefo; ‘‘Khansele ya Balaodi ba Thulaganyo ya Ditsˇhelete’’ e kaya khansele tlhomilweng go ya ka karolo 79(1); ‘‘ngwaga wa ditsˇhelete’’ e kaya paka ya dikgwedi tse 12 go simolola ka 1 Moranang wa ngwaga nngwe le nngwe; ‘‘kuno ya ditsˇhelete ya boditsˇhaba’’ e kaya sediriso kgotsa thulaganyo e e tlametsweng kwa ntle ga Rephaboliki, kgotsa e tlametswe ke motho kwa ntle ga Rephaboliki, e e tshwanang le kgotsa e e tsamaelanang le kuno ya ditsˇhelete; ‘‘Friendly Societies Act’’ o kaya Friendly Societies Act, 1956 (Molao 25 wa 1956); ‘‘mokgatlho busang’’ o kaya— (a) mabapi le setheo sa ditsˇhelete, motho kgotsa mokgatlho wa batho, ba tlhophilwe kgotsa ba sa tlhophiwa, ba ba laolang, tsamaisang, tlhamang pholisi le leano tsa, lebisa merero ya bona kgotsa ba na le thata ya go dirisa dithata le go dira ditiro tsa setheo sa ditsˇhelete, le go akaretsa— (i) mogwebisani wa kakaretso wa semphato se se lekanyeditsweng kgotsa bagwebisani ba semphato sengwe le sengwe; (ii) maloko a setlamotekanyetsobeng; (iii) batlhokomedi ba terasete; (iv) boto ya bakaedi ba setlamo; le (v) boto ya letlole la pensˇene le le kailweng mo karolong 7A ya Pension Funds Act; le (b) mabapi le sekema sa ombud, o kaya mokgatlho wa batho tlhokomelang merero ya sekema sa ombud; 33 5 10 15 20 25 30 35 40
45 50 55 60

This gazette is also available free online at www.gpwonline.co.za 34 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 ‘‘Governor’’ means the person appointed in terms of section 4 or 6(1)(a) of the Reserve Bank Act as the Governor of the Reserve Bank; ‘‘group of companies’’ has the same meaning ascribed to it in terms of section 1 of the Companies Act; ‘‘head of a control function’’ means a person appointed by a financial institution to ensure the performance of a control function, and includes a person so appointed through an outsourcing arrangement; ‘‘holding company’’ means a holding company as defined in section 1 of the Companies Act, being a company incorporated in the Republic; ‘‘index’’ means any figure— (a) that is published or made available to the public; and (b) that is regularly determined— (i) entirely or partially by the application of a formula or any other method of calculation, or by an assessment; and (ii) on the basis of the value of one or more underlying assets or prices, and any derivative thereof; and (c) is determined to be an index for this purpose by the Financial Sector Conduct Authority; ‘‘industry ombud scheme’’ means an arrangement with the following characteristics:
(a) The arrangement is established by one or more financial institutions; (b) the purpose of the arrangement is to facilitate mediation and resolution of complaints from financial customers about financial institutions that are members of the ombud scheme; and (c) mediation or resolution of the complaints in terms of the ombud scheme is undertaken by an ombud appointed in terms of the ombud scheme’s governing rules; ‘‘Inter-Ministerial Council’’means the Financial Sector Inter-Ministerial Council established in terms of section 83(1); ‘‘interpretation ruling’’ means a statement in terms of section 142; ‘‘inter-related’’ has the same meaning ascribed to it in terms of section 1 of the Companies Act; ‘‘investigator’’ means a person appointed as an investigator in terms of section 134; ‘‘joint standard’’ means a standard made in terms of section 107; ‘‘juristic person’’ includes— (a) a company, close corporation or co-operative incorporated or registered in terms of legislation whether in the Republic or elsewhere; (b) an association, partnership, club or other body of persons of whatever description, corporate or unincorporated; (c) a trust or trust fund; (d) an entity referred to in paragraph (a), (b) or (c) that is in liquidation, under business rescue proceedings or under judicial management; and (e) the estate of a deceased or insolvent person; ‘‘key person’’, in relation to a financial institution, means each of the following:
(a) A member of the governing body of the financial institution; (b) the chief executive officer or other person in charge of the financial institution; (c) a person other than a member of the governing body of the financial institution who makes or participates in making decisions that— (i) affect the whole or a substantial part of the business of the financial institution; or (ii) have the capacity to affect significantly the financial standing of the financial institution; (d) a person other than a member of the governing body of the financial institution who oversees the enforcement of policies and the implementation of strategies approved or adopted by the governing body of the financial institution; (e) the head of a control function of the financial institution; and (f) the head of a function of the financial institution that a financial sector law requires to be performed; 34 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 35 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 ‘‘Mmusisi’’ o kaya motho yo o thapilweng go ya ka karolo 4 kgotsa 6(1)(a) ya Reserve Bank Act jaaka Mmusisi wa Banka ya Resefe; ‘‘setlhopha sa ditlamo’’ se na le bokao jo bo tshwanang le jo se tlhalositsweng ka jona mo karolong 1 ya Companies Act; ‘‘tlhogo ya tiro ya taolo’’ o kaya motho yo o thapilweng ke setheo sa ditsˇhelete go netefatsa go dira ga tiro ya taolo, le go akaretsa motho yo o thapilweng jalo ka thulaganyo ya go batla tirelo go tswa kwa ntle; ‘‘kgwebo e e okameng tse dingwe’’ e kaya kgwebo e e okameng tse dingwe jaaka e tlhalositswe mo karolong 1 ya Companies Act, e leng setlamo se se tsentsweng mo Rephaboliking; ‘‘tshupanekelo’’ e kaya palo nngwe le nngwe— (a) e e phasaladitsweng kgotsa e e fitlhelelwang ke setsˇhaba; le (b) e e tlhomamiswang nako le nako— (i) ka botlalo kgotsa e seng ka botlalo ka tiriso ya fomula kgotsa mokgwa mongwe le mongwe wa palelo, kgotsa ka tekolo; le (ii) ka go ikaega mo boleng jwa thoto kgotsa ditlhotlhwa tse di fitlhegileng, kgotsa ditswa dinwe le dingwe tsa tsona; le (c) e tlhomamiswa go nna tshupanekelo mabapi le maitlhomo ano ke Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete; ‘‘sekema sa ombud wa bodirelo’’ se kaya thulaganyo ya dipharologantsho tse di latelang:
(a) Thulaganyo e tlhomilwe ke setheo sa ditsˇhelete se le esi kgotsa go feta; (b) maitlhomo a thulaganyo ke go nolofatsa tsereganyo le tharabololo ya dingongorego go tswa go badirisi ba ditsˇhelete ka ga dikuno tse di tsepameng tsa ditsˇhelete kgotsa ditirelo tsa ditsˇhelete; le (c) tsereganyo kgotsa tharabololo ya dingongorego go ya ka sekema sa ombud e dirwa ke ombud yo o thapilweng go ya ka melawana ya taolo ya sekema sa ombud; ‘‘Khansele ya Ditona’’ e kaya Khansele ya Ditona ya Lephata la Ditsˇhelete tlhomilweng go ya ka karolo 83(1); ‘‘tshwetso ya tlhaloso’’ e kaya kanego go ya ka karolo 142; ‘‘amanang’’ e na le bokao jo bo tshwanang le jo e tlhalositsweng ka jona mo karolong 1 ya Companies Act; ‘‘mmatlisisi’’ o kaya motho yo o thapilweng jaaka mmatlisisi go ya ka karolo 134; ‘‘maemo a a kopantsweng’’ a kaya maemo a a diirilweng go ya ka karolo 107; ‘‘setheo se se mo molaong’’ se akaretsa— (a) setlamo, setlamotekanyetsobeng kgotsa kgwebo tirisano e e tsenyeleditsweng kgotsa e e kwadisitsweng go ya ka molawana o o ka tswang o le mo Rephaboliking kgotsa gongwe le gongwe; (b) mokgatlho, semphato, kgotsa setlhopha kgotsa mokgatlho wa batho wa tlhaloso efe, tshwaragano kgotsa go sa tshwaraganang; (c) terasete ya letlole la terasete; (d) setheo se se kailweng mo temaneng (a), (b) kgotsa (c) seo se lebaganeng le tswalokgwebo, ka fa tlase ga ditsamaiso tsa phaloso ya kgwebo kgotsa ka fa tlase ga taolo ya boatlhodi; le (e) dithoto tsa moswi kgotsa motho yo o phutlhameng; ‘‘motho yo o botlhokwa’’, mabapi le setheo sa ditsˇhelete, o kaya nngwe le nngwe ya tse di latelang:
(a) Leloko la mokgatlho busang wa setheo sa ditsˇhelete; (b) motlhankedimogolo wa khuduthamaga kgotsa motho mongwe yo o laolang setheo sa ditsˇhelete; (c) motho yo mongwe kwa ntle ga leloko la mokgatlho busang setheo sa ditsˇhelete yo o dirang kgotsa yo o tsayang karolo mo go tseyeng ditshwetso tse di— (i) amang kgwebo yotlhe kgotsa karolo e e botlhokwa ya kgwebo ya setheo sa ditsˇhelete; kgotsa (ii) nang le bokgoni jwa go ama segolo maemo a ditsˇhelete a setheo; (d) motho yo mongwe kwa ntle ga leloko la mokgatlho busang setheo sa ditsˇhelete yo o bayang leitlho go gatelelwa ga dipholisi le go tsenngwa tirisong ga maano a a dumeletsweng (kgotsa amogetsweng) ke mokgatlho busang wa setheo sa ditsˇhelete; (e) tlhogo ya tiro ya taolo ya setheo sa ditsˇhelete; le 35 5 10 15 20 25 30 35 40 45 50 55 60

This gazette is also available free online at www.gpwonline.co.za 36 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 ‘‘legal practitioner’’means a legal practitioner as defined in section 1 of the Legal Practice Act, 2014 (Act No. 28 of 2014); ‘‘leniency agreement’’ means an agreement referred to in section 156; ‘‘levy’’means a levy imposed by a financial sector body in terms of legislation that empowers the imposition of a levy, and includes interest payable on an unpaid levy; ‘‘licence’’ includes a written licence, registration, approval, recognition, permission, consent or any other authorisation in terms of a financial sector law, however it is described in that law, to provide a financial product, financial service or a market infrastructure; ‘‘Long-term Insurance Act’’ means the Long-term Insurance Act, 1998 (Act No. 52 of 1998); ‘‘market infrastructure’’ means each of the following, as they are defined in
section 1(1) of the Financial Markets Act:
(a) A central counterparty;
(b) a central securities depository;
(c) a clearing house;
(d) an exchange; and
(e) a trade repository;
‘‘Medical Schemes Act’’ means the Medical Schemes Act, 1998 (Act No. 131 of 1998); ‘‘Minister’’ means the Minister of Finance; ‘‘National Credit Act’’means the National Credit Act, 2005 (Act No. 34 of 2005); ‘‘National Credit Regulator’’ means the National Credit Regulator established in terms of section 12 of the National Credit Act; ‘‘National Payment System Act’’ means the National Payment System Act, 1998 (Act No. 78 of 1998); ‘‘National Treasury’’ means the National Treasury established in terms of section 5 of the Public Finance Management Act; ‘‘ombud’’ means each of the following:
(a) The Adjudicator as defined in section 1(1) of the Pension Funds Act; (b) the Ombud for Financial Services Providers as defined in section 1(1) of the Financial Advisory and Intermediary Services Act; (c) a person declared by a specific financial sector law to be a statutory ombud; and (d) a person who has the function, in terms of the rules of a recognised industry ombud scheme, of mediating or resolving complaints to which the scheme applies; ‘‘Ombud Board’’ means the Board of the Ombud Council established in terms of
section 179(1);
‘‘Ombud Council’’means the Ombud Council established in terms of section 175; ‘‘Ombud Council rule’’ means a rule made by the Ombud Council in terms of
section 201;
‘‘ombud scheme’’ means—
(a) an industry ombud scheme; or
(b) a statutory ombud scheme;
‘‘organ of state’’ has the same meaning ascribed to it in terms of section 239 of the Constitution; ‘‘outsourcing arrangement’’, in relation to a financial institution, means an arrangement between a financial institution and another person for the provision to or for the financial institution of any of the following:
(a) A control function;
(b) a function that a financial sector law requires to be performed or requires to be performed in a particular way or by a particular person; and (c) a function that is integral to the nature of a financial product or financial service that the financial institution provides, or is integral to the nature of the market infrastructure, but does not include— (i) a contract of employment between the financial institution and a person referred to in paragraph (a) or (b) of the definition of ‘‘staff member’’; or (ii) an arrangement between a financial institution and a person for the person to act as a representative of the financial institution; 36 5 10 15 20 25 30 35 40 45 50 55 60

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 37 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (f) motho yo o dirang tiro mo kgotsa go setheo sa ditsˇhelete e molao wa lephata la ditsˇhelete o batlang gore e dirwe; ‘‘modirakamolao’’ o kaya modirakamolao jaaka go tlhalositswe mo karolong 1 ya Molao wa Tiragatso ya tsa Molao, 2014 (Molao 28 wa 2014); ‘‘tumalano ya kutlwelobotlhoko’’ e kaya tumalano e e kailweng mo karolong 156; ‘‘lekgethwana’’ le kaya lekgethwana lengwe le lengwe le le duedisiwang ke mokgatlho wa lephata la ditsˇhelete go ya ka molawana o o nayang thata ya tuediso ya lekgethwana, e bile le akaretsa morokotso duelwang mo lekgethwaneng le le sa duelwang; ‘‘laesense’’ e akaretsa laesense kwetsweng, kwadiso, thebolo, kamogelo, tetlelelo, tumelelo kgotsa tumelelo nngwe le nngwe go ya ka molao wa lephata la ditsˇhelete, mme fela go tlhalositswe mo molaong oo, go tlamela kuno ya ditsˇhelete, tirelo ya ditsˇhelete kgotsa thulaganyetso ya popegotheo ya mmaraka; ‘‘Long Term Insurance Act’’ o kaya Long-term Insurance Act, 1998 (Molao 52 wa 1998); ‘‘thulaganyetso ya popegotheo’’ e kaya nngwe le nngwe ya tse di latelang, jaaka di tlhalositswe mo karolong 1(1) ya Financial Markets Act:
(a) Mokgatlho kgatlhanong le tirisano ya ditsˇhelete wa magareng; (b) Bobeelo jwa magareng jwa dithoto; (c) setheo sa kgwebo sa dibanka; (d) kananyo; le (e) setheo sa kgwebo; ‘‘Medical Schemes Act’’ o kaya Medical Schemes Act, 1998 (Molao 131 wa 1998); ‘‘Tona’’ o kaya Tona ya Matlotlo; ‘‘National Credit Act’’ o kaya 2005 (Molao 34 wa 2005); ‘‘Bolaodi jwa Bosetsˇhaba jwa Sekoloto’’ bo kaya Bolaodi jwa Bosetsˇhaba jwa Sekoloto jo bo tlhomilweng go ya ka karolo 12 ya Molao wa Bosetsˇhaba wa Sekoloto; ‘‘National Payment System Act’’ o kaya National Payment System Act, 1998 (Molao 78 wa 1998); ‘‘Matlotlo a Bosetsˇhaba’’ a kaya Matlotlo a Bosetsˇhaba tlhomilweng go ya ka karolo 5 ya Public Finance Management Act; ‘‘ombud’’ 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 Ditsˇhelete jaaka go tlhalositswe mo karolong 1(1) ya Financial Advisory and Intermediary Services Act; (c) motho yo o tlhomamisitsweng ke molao tsepameng wa lephata la ditsˇhelete go nna ombud wa semolao; le (d) motho yo o nang le tiro, go ya ka melawana ya sekema se se amogelelsegang sa ombud wa bodirelo, ya go tsereganya kgotsa rarabolola dingongorego tse sekema se diragatswang go tsona; ‘‘Boto ya Ombud’’ e kaya Boto ya Khansele ya Bolaodi jwa Ombud e e tlhomilweng go ya ka karolo 179(1); ‘‘Khansele ya Bolaodi ya Ombud’’ e kaya Khansele ya Bolaodi ya Dikema tsa Ombud wa Lephata la Ditsˇhelete tlhomilweng go ya ka karolo 175; ‘‘molao wa Khansele ya Bolaodi ya Ombud’’ o kaya molao dirilweng ke Khansele ya Bolaodi ya Ombud go ya ka karolo 201; ‘‘sekema sa ombud’’ se kaya— (a) sekema sa ombud wa bodirelo; kgotsa (b) sekema sa semolao sa ombud; ‘‘setheo sa puso’’ se na le bokao jo bo tshwanang le jo se tlhalositsweng ka jona mo karolong 239 ya Molaotheo; ‘‘thulaganyo ya go bona tirelo kwa ntle’’, mabapi le setheo sa ditsˇhelete, e kaya thulaganyo magareng ga setheo sa ditsˇhelete le motho yo mongwe mabapi le go tlamela kgotsa mabapi le setheo sa ditsˇhelete sa nngwe le nngwe ya tse di latelang:
(a) Tiro ya go laola;
(b) tiro e e tlhokwang go dirwa kgotsa go dirwa ka mokgwa o o rileng ke molao wa lephata la ditsˇhelete kgotsa ke motho yo o rileng; le (c) tiro e e leng botlhokwa mo go nneng teng ga kuno ya ditsˇhelete kgotsa tirelo ya ditsˇhelete abelwang ke setheo sa ditsˇhelete, kgotsa e e leng botlhokwa 37 5 10 15 20 25 30 35 40 45 50 55 60

This gazette is also available free online at www.gpwonline.co.za 38 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 ‘‘panel’’ means a panel of the Tribunal constituted in terms of section 224; ‘‘panel list’’ means the list referred to in section 225; ‘‘panel member’’ means a member of a panel; ‘‘party’’, to proceedings on a reconsideration of a decision by the Tribunal, means— (a) the person who applied for the reconsideration; and (b) the decision-maker that made the decision; ‘‘payment service’’ means a service provided to a financial customer to facilitate payments to, or from, the financial customer; ‘‘payment system’’ has the same meaning ascribed to it in terms of section 1 of the National Payment System Act; ‘‘Pension Funds Act’’ means the Pension Funds Act, 1956 (Act No. 24 of 1956); ‘‘person’’ means a natural person or a juristic person, and includes an organ of state; ‘‘Promotion of Administrative Justice Act’’ means the Promotion of Administrative Justice Act, 2000 (Act No. 3 of 2000); ‘‘Protection of Personal Information Act’’ means the Protection of Personal Information Act, 2013 (Act No. 4 of 2013); ‘‘provision of a benchmark’’ includes— (a) administering the arrangements for determining a benchmark; (b) collecting, analysing or processing input data for the purpose of determining a benchmark; and (c) determining a benchmark through the application of a formula or other method of calculation or by an assessment of input data provided for that purpose; ‘‘Prudential Authority’’ means the authority established in terms of section 32; ‘‘Prudential Committee’’means the committee established in terms of section 41; ‘‘prudential standard’’ means a standard made in terms of section 105; ‘‘Public Finance Management Act’’ means the Public Finance Management Act, 1999 (Act No. 1 of 1999); ‘‘qualifying stake’’ means, in respect of a financial institution that— (a) is a company, that a person, directly or indirectly, alone or together with a related or inter-related person— (i) holds at least 15% of the issued shares of the financial institution; (ii) has the ability to exercise or control the exercise of at least 15% of the voting rights attached to securities of the financial institution; (iii) has the ability to dispose of or control the disposal of at least 15% of the financial institution’s securities; or (iv) holds rights in relation to the financial institution that, if exercised, would result in the person, directly or indirectly, alone or together with a related or inter-related person— (aa) holding at least 15% of the securities of the financial institution; (bb) having the ability to exercise or control at least 15% of the voting rights attached to shares or other securities of the financial institution; or (cc) having the ability to dispose of or direct the disposal of at least 15% of the financial institution’s securities; (b) is a close corporation, that a person, directly or
indirectly, alone or together with a related or inter-related person, holds at least 15% of the members’ interests or controls, or has the right to control, at least 15% of members’ votes in the close corporation; (c) is a trust, that a person has, directly or indirectly, alone or together with a related or inter-related person— (i) the ability to exercise or control the exercise of at least 15% of the votes of the trustees; (ii) the power to appoint at least 15% of the trustees; or (iii) the power to appoint or change any beneficiaries of the trust; 38 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 39 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 mo go nneng teng ga thulaganyetso ya popegotho ya mmaraka, mme ga e akaretse— (i) konteraka ya tiro magareng ga setheo sa ditsˇhelete le motho yo o kailweng mo temaneng (a) kgotsa (b) ya tlhaloso ya leloko la badirimmogo; kgotsa (ii) thulaganyo magareng ga setheo sa ditsˇhelete le motho mabapi le gore motho a dire jaaka kemedi ya setheo sa ditsˇhelete; ‘‘panele’’ e kaya panele ya Lekgotla e e bopilweng go ya ka karolo 224; ‘‘lenane la panele’’ le kaya lenane le le kailweng mo karolong 225; ‘‘leloko la panele’’ le kaya leloko la panele; ‘‘moamegi’’, mo ditsamaisong mo tshekatshekopoeletsong ya tshwetso ka Lekgotla, o kaya— (a) motho yo o dirileng kopo ya tshekatshekopoeletso; le (b) motsayatshwetso yo o tsereng tshwetso; ‘‘tirelo ya tuelo’’ e kaya tirelo e e tlametsweng go morekedi wa ditsˇhelete go nolofatsa tuelo go, kgotsa go tswa go, morekedi wa ditsˇhelete; ‘‘thulaganyo ya tuelo’’ e na le bokao jo bo tshwanang le jo e tlhalositsweng ka jona mo karolong 1 ya National Payment System Act; ‘‘Pension Fund Act’’ o kaya Pension Funds Act, 1956 (Molao 24 wa 1956); ‘‘motho’’ o kaya motho wa tlholego kgotsa setheo , le go akaretsa setheo sa puso; ‘‘Promotion of Administrative Justice Act’’ o kaya Promotion of Administrative Justice Act, 2000 (Molao 3 wa 2000); ‘‘Protection of Personal Information Act’’ o kaya Protection of Personal Information Act, 2013 (Molao 4 wa 2013); ‘‘kabelo ya kaelo’’ e akaretsa— (a) tsamaiso ya dithulaganyo tsa go tlhomamisa kaelo; (b) go kgobokanya, go sekaseka kgotsa go tsamaisa tsenyo ya tshedimosetso mabapi le maitlhomo a go tlhomamisa kaelo; le (c) go tlhomamisa kaelo ka tiriso ya fomula kgotsa mokgwa mongwe wa palelo kgotsa tekanyetso ya tshedimosetso e e tsentsweng e e tlametsweng mabapi le maitlhomo ao; ‘‘Bothati jwa Tlhokomelo’’ bo kaya bothati jo bo tlhomilweng go ya ka karolo 32; ‘‘Komiti ya Tlhokomelo’’ e kaya komiti e e tlhomilweng go ya ka karolo 41; ‘‘maemo a tlhokomelo’’ a kaya maemo a a dirilweng go ya ka karolo 105; ‘‘Public Finance Management Act’’ o kaya Public Finance Management Act, 1999 (Molao 1 wa 1999); ‘‘maemo a bokgoni’’ a kaya, mabapi le setheo sa ditsˇhelete se— (a) e leng setlamo, seo motho, ka tlhamalalo kgotsa e seng ka tlhamalalo, ka esi kgotsa mmogo le motho yo o amanang kgotsa wa kamano— (i) a nang le bonnye 15% ya disˇere tsa setheo sa ditsˇhelete; (ii) a nang le bokgoni jwa go diragatsa kgotsa go laola tiragatso ya 15% ya ditshwanelo tsa go tlhopha tse di patagantsweng le dithoto tsa setheo sa ditsˇhelete; (iii) a nang le bokgoni jwa go ntsha kgotsa go laola go ntshiwa ga bonnye 15% ya dithoto tsa setheo sa ditsˇhelete; kgotsa (iv) yo o nang le ditshwanelo mabapi le setheo sa ditsˇhelete tse, fa di diragatswa, di ka nnang le ditlamorago tseo motho, ka tlhamalalo kgotsa e seng ka tlhamalalo, ka esi kgotsa mmogo le motho
yo o amanang kgotsa wa kamano— (aa) a nang le bonnye 15% ya dithoto tsa setheo sa ditsˇhelete; (bb) a nang le bokgoni jwa go diragatsa kgotsa go laola tiriso 15% ya ditshwanelo tsa go tlhopha tse di patagantsweng le disˇere kgotsa dithoto tse dingwe tsa setheo sa ditsˇhelete; kgotsa (cc) a nang le bokgoni jwa go ntsha kgotsa go laola go ntshiwa ga bonnye 15% ya dithoto tsa setheo sa ditsˇhelete; (b) e leng setlamotekanyetsobeng, se motho, ka tlhamalalo kgotsa e seng ka tlhamalalo, ka esi kgotsa mmogo le motho yo o amamnang kgotsa wa kamano, a nang le bonnye 15% ya dikgatlhego kgotsa ditaolo tsa diboutu maloko mo setlamotekanyetsobeng; (c) e leng terasete, se kaya gore motho o na le, ka tlhamalalo kgotsa e seng ka tlhamalalo, a le esi kgotsa mmogo le motho yo o amanang kgotsa wa kamano— 39 5 10 15 20 25 30 35 40 45 50 55 60

This gazette is also available free online at www.gpwonline.co.za 40 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 ‘‘recognised industry ombud scheme’’ means an industry ombud scheme that is recognised in terms of section 194; ‘‘Regulation’’ means a Regulation made in terms of section 288; ‘‘regulator’s directive’’ means a directive issued by a financial sector regulator in terms of section 143, 144 or 159; ‘‘regulatory instrument’’ means each of the following:
(a) A prudential standard;
(b) a conduct standard;
(c) a joint standard;
(d) an Ombud Council rule;
(e) a determination of fees in terms of section 237(1)(a); (f) an instrument identified as a regulatory instrument in a financial sector law; and (g) an instrument amending or revoking an instrument referred to in paragraphs (a) to (f); ‘‘related party’’, in relation to a person (the ‘‘first person‘‘), means a person connected to the first person in a manner described in section 2(1)(a), (b) or (c) of the Companies Act; ‘‘Register’’ means the Financial Sector Information Register referred to in section 256; ‘‘representative’’, in relation to a financial institution, means a representative of the institution in terms of the Financial Advisory and Intermediary Services Act; ‘‘Reserve Bank’’ means the South African Reserve Bank as referred to in section 223 of the Constitution, read with the Reserve Bank Act; ‘‘Reserve Bank Act’’ means the South African Reserve Bank Act, 1989 (Act No. 90 of 1989); ‘‘responsible authority’’, for a financial sector law, means the responsible authority for the financial sector law as defined in section 5; ‘‘section 27 memorandum of understanding’’ means a memorandum of understanding referred to in section 27; ‘‘section 77 memorandum of understanding’’ means a memorandum of understanding referred to in section 77; ‘‘securities services’’ has the same meaning ascribed to it in terms of section 1(1) of the Financial Markets Act; ‘‘service provided by a market infrastructure’’ means business conducted or a function or duty performed by a market infrastructure in terms of the Financial Markets Act, and ‘‘services provided by market infrastructures’’ has a similar meaning; ‘‘Short-term Insurance Act’’ means the Short-term Insurance Act, 1998 (Act No. 53 of 1998); ‘‘significant owner’’, of a financial institution, means a significant owner of the institution as described in section 157; ‘‘special levy’’ means a levy imposed as a special levy by a financial sector body in terms of legislation that empowers the imposition of a levy; ‘‘specific financial sector law’’ means a financial sector law, other than this Act, regulating a specific type of financial product, financial service or market infrastructure; ‘‘staff member’’, of a person, means— (a) an employee, as defined in section 213 of the Labour Relations Act, 1995 (Act No. 66 of 1995); (b) a natural person who is seconded to the person; (c) a natural person who is engaged by the person on contract as an independent contractor to provide goods or services to the person or to perform functions or duties on behalf of the person under terms specified in the contract, but not in terms of an outsourcing arrangement; ‘‘standard’’ means any of the following:
(a) A prudential standard;
(b) a conduct standard; and
(c) a joint standard;
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This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 41 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (i) a nang le bokgoni jwa gpo diragatsa kgotsa go laola tiragatso ya bonnye 15% ya diboutu tsa badisi; (ii) thata ya go thapa bonnye 15% ya badisi; kgotsa (iii) thata ya go thapa kgotsa go fetola baamogeladitshwanelo bangwe le bangwe ba terasete. ‘‘sekema sa ombud wa bodirelo se se amogetsweng’’ se kaya sekema sa ombud wa bodirelo se se amogetsweng go ya ka karolo 194; ‘‘Molawana’’ o kaya Molawana o o dirilweng go ya ka karolo 288; ‘‘taelo ya molaodi’’ e kaya taelo e e rebotsweng ke molaodi wa lephata la ditsˇhelete go ya ka karolo 143, 144 kgotsa 159; ‘‘sediriswa sa bolaodi’’ se kaya nngwe le nngwe ya tse di latelang:
(a) Maemo a tlhokomelo;
(b) maemo a boitshwaro;
(c) maemo a a kopantsweng;
(d) molao wa Khansele ya Bolaodi jwa Ombud; (e) tlhomamiso ya dituediso go ya ka karolo 237(1)(a); (f) sediriswa se se supilweng jaaka sediriswa sa bolaodi mo molaong wa lephata la ditsˇhelete; le (g) sediriswa se se tlhabololang kgotsa gogelang morago sediriswa se se kailweng mo ditemaneng (a) go fitlha go (f); ‘‘letlhakore la kamano’’, mabapi le motho (‘‘motho wa ntlha‘‘), le kaya motho yo o amanang le motho wa ntlha go ya ka mokgwa o o tlhalositsweng mo karolong 2(1)(a), (b) kgotsa (c) ya Companies Act; ‘‘Rejisetara’’ e kaya Rejisetara ya Tshedimosetso ya Lephata la Ditsˇhelete kailweng mo karolong 256; ‘‘kemedi’’, mabapi le setheo sa ditsˇhelete, e kaya kemedi ya setheo go ya ka Financial Advisory and Intermediary Services Act; ‘‘Banka ya Resefe’’ e kaya Banka ya Resefe ya Aforikaborwa jaaka e kailwe mo karolong 223 ya Molaotheo, buisa mmogo le Reserve Bank Act; ‘‘Reserve Bank Act’’ o kaya South African Reserve Bank Act, 1989 (Molao 90 wa 1989); ‘‘bothati jo bo rwalang maikarabelo’’ bo kaya bothati jo bo rwalang maikarabelo jaaka bo tlhalositswe mo karolong 5; ‘‘karolo 27 memorantamo wa tumalano’’ e kaya memorantamo wa tumalano kailweng mo karolong 27; ‘‘karolo 77 memorantamo wa tumalano’’ e kaya memorantamo wa tumalano kailweng mo karolong 77; ‘‘ditirelo tsa dithoto’’ di na le bokao jo bo tshwanang le jo bo tlhalositsweng ka jona mo karolong 1(1) ya Financial Markets Act; ‘‘tirelo e e tlametsweng ke thulaganyetso ya popegotheo ya mmaraka’’ e kaya kgwebo e e dirilweng kgotsa tiro e e dirilweng ka thulaganyetso ya popegotheo ya mmaraka go ya ka Financial Markets Act, le ‘‘ditirelo tse di tlamelwang ke thulaganyetso ya popegotheo ya mmaraka’’ di na le bokao jo bo tshwanang; ‘‘Short Term Insurance Act’’ e kaya Short-term Insurance Act, 1998 (Molao 53 wa 1998); ‘‘mong yo o botlhokwa’’, o kaya mong yo o botlhokwa wa setheo jaaka go tlhalositswe mo karolong 157; ‘‘lekgethwana le le kgethegileng’’ le kaya lekgethwana le le duediswang jaaka lekgethwana le le kgethegileng ke mokgatlho wa lephata la ditsˇhelete go ya ka molawana o o neelanang ka maatla a tuediso ya lekgethwana; ‘‘molao tsepameng wa lephata la ditsˇhelete’’ o kaya molao wa lephata la ditsˇhelete, ntle le Molao ono, o o laolang mofuta o o tsepameng wa kuno ya ditsˇhelete, tirelo ya ditsˇhelete kgotsa thulaganyetso ya popegotheo ya mmaraka; ‘‘leloko la badiri’’ leo e leng motho, le kaya— (a) modiri , jaaka go tlhalositswe mo karolong 213 ya Labour Relations Act, 1995 (Molao 66 wa 1995); (b) motho fela yo o boneng tshegetso mo mothong; (c) motho fela yo o tsentsweng ke motho mo konterakeng jaaka mokonteraka yo o ikemetseng go tlamela dithoto le ditirelo go motho kgotsa go dira ditiro mo boemong jwa motho ka fa tlase ga dipeelo tse di tlhagisitsweng mo konterakeng, fela ntle le go ya ka thulaganyo ya go batla tirelo kwa ntle; ‘‘Maemo’’ a kaya nngwe le nngwe ya tse di latelang:
(a) Maemo a tlhokomelo;
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This gazette is also available free online at www.gpwonline.co.za 42 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 ‘‘statutory ombud’’ means each of the following:
(a) The Adjudicator as defined in section 1(1) of the Pension Funds Act; (b) the Ombud for Financial Services Providers as defined in section 1(1) of the Financial Advisory and Intermediary Services Act; and (c) a person declared by a specific financial sector law to be a statutory ombud; ‘‘statutory ombud scheme’’ means a scheme declared by a specific financial sector law to be a statutory ombud scheme; ‘‘supervised entity’’ means each of the following:
(a) A licensed financial institution;
(b) a person with whom a licensed financial institution has entered into an outsourcing arrangement; and (c) a representative of a financial institution; ‘‘supervisory on-site inspection’’ means an inspection as contemplated in Part 3 of Chapter 9; ‘‘systemic event’’ means an event or circumstance, including one that occurs or arises outside the Republic, that may reasonably be expected to have a substantial adverse effect on the financial system or on economic activity in the Republic, including an event or circumstance that leads to a loss of confidence that operators of, or participants in, payment systems, settlement systems or financial markets, or financial institutions, are able to continue to provide financial products or financial services, or services provided by a market infrastructure; ‘‘systemically important financial institution’’ means a financial institution designated in terms of section 29; ‘‘taxable income’’ has the same meaning ascribed to it in terms of section 1 of the Income Tax Act, 1962 (Act No. 58 of 1962); ‘‘this Act’’ includes the Regulations and regulatory instruments made in terms of this Act; ‘‘transformation of the financial sector’’ means transformation as envisaged by the Financial Sector Code for Broad-Based Black Economic Empowerment issued in terms of section 9(1) of the Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003); ‘‘Tribunal’’ means the Financial Services Tribunal established in terms of section 219(1); ‘‘Tribunal member’’ means a member of the Tribunal referred to in section 220; ‘‘Tribunal rules’’ means rules made in terms of section 227; ‘‘trust’’ has the same meaning ascribed to it in terms of section 1 of the Trust Property Control Act, 1988 (Act No. 57 of 1988); ‘‘trustee’’ has the same meaning ascribed to it in terms of section 1 of the Trust Property Control Act, 1988 (Act No. 57 of 1988); ‘‘website’’ means a website as defined in section 1 of the Electronic Communications and Transactions Act, 2002 (Act No. 25 of 2002); and ‘‘winding-up’’ means the process of dissolving a financial institution that includes the selling of all assets, the paying off of creditors and the distribution of any remaining assets. (2) In this Act, unless the context indicates otherwise, a word or expression derived from, or that is another grammatical form of, a word or expression defined in this Act has a corresponding meaning. (3) A reference in a financial sector law, or in an instrument made or issued in terms of a financial sector law, to compliance with financial sector laws or to compliance with a particular financial sector law includes a reference to compliance with requirements in instruments made or issued in terms of the relevant financial sector laws. Financial products
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; 42 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 43 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (b) maemo a boitshwaro; le (c) maemo a a kopantsweng; ‘‘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 Ditsˇhelete jaaka go tlhalositswe mo karolong 1(1) ya Financial Advisory and Intermediary Services Act; le (c) motho yo o tlhomamisitsweng ka molao tsepameng wa lephata la ditsˇhelete go nna ombud wa semolao; ‘‘sekema sa ombud sa semolao’’ se kaya sekema se se tlhomamisitsweng ke molao tsepameng wa lephata la ditsˇhelete go nna sekema sa ombud sa semolao; ‘‘setheo se se tlhokometsweng’’ se kaya nngwe le nngwe ya tse di latelang:
(a) Setheo sa ditsˇhelete se se abetsweng laesense; (b) motho yo setheo sa ditsˇhelete se se abetsweng laesense se dirileng thulaganyo ya go bona tirelo kwa ntle le ena; le (c) moemedi wa setheo sa ditsˇhelete; ‘‘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 diragalang kgotsa simololang kwa ntle ga Rephaboliki, leo go ka solofelwang go lere ditlamorago tse di sa siamang mo thulaganyong ya ditsˇhelete kgotsa tiro ya 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 ditsˇhelete, kgotsa ditheo tsa ditsˇhelete, ba kgona go tswela pele go tlamela dikuno tsa ditsˇhelete kgotsa ditirelo tsa ditsˇhelete; ‘‘setheo sa ditsˇhelete sa botlhokwa jo bo rulaganeng’’ se kaya setheo sa tsˇhelete 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 Molao ono; ‘‘phetolo ya lephata la ditsˇhelete’’ e kaya phetolo jaaka e bonetswe pele ke Khoutu ya Lephata la Ditsˇhelete mabapi le Maatlafatso ya Ikonomi ya Motheo 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); ‘‘Lekgotla’’ le kaya Lekgotla la Ditirelo tsa Ditsˇhelete 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 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 ‘‘phediso’’ e kaya kgato ya go phatlalatsa setheo sa ditsˇhelete go akaretsa le thekiso ya dithoto tsotlhe, tuelo ya banayamolato le kabo phatlalatso 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 tlhagiso e e tlhalositsweng mo Molaong ono le na le bokao jo bo tshwanang. (3) Tshupetso mo molaong wa lephata la ditsˇhelete, kgotsa mo sedirisweng se se dirilweng kgotsa rebotsweng go ya ka molao wa lephata la ditsˇhelete, go ikamanya le melao ya lephata la ditsˇhelete kgotsa molao rileng wa lephata la ditsˇhelete e akaretsa tshupetso ya go ikamanya le ditlhokego mo didirisweng tse di dirilweng kgotsa rebotsweng go ya ka melao e e
maleba ya setheo sa ditsˇhelete. Dikuno tsa ditsˇhelete
2. (1) Mo Molaong ono ‘‘dikuno tsa ditsˇhelete’’ 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; 43 5 10 15 20 25 30 35 40 45 50 55 60

This gazette is also available free online at www.gpwonline.co.za 44 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (c) a short-term policy as defined in section 1(1) of the Short-term Insurance Act; (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; 44 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 45 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (c) pholisi ya nako e e khutshwane jaaka e tlhalositswe mo karolong 1(1) ya Short-term Insurance Act; (d) kunomolemo e e tlametsweng ke— (i) mokgatlho wa letlole la pensˇene, jaaka o tlhalositswe mo karolong 1(1) ya Pension Funds Act, go leloko la mokgatlho go ya ka botokololo; kgotsa (ii) mokgatlho wa botsalano, jaaka o tlhalositswe mo karolong 1(1) ya Friendly Societies Act, go leloko la mokgatlho go ya ka botokolo; (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 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 Bosetsˇhaba wa Sekoloto; (h) tsholofetso, tshireletsego kgotsa thulaganyo nngwe ya tshegetso ya sekoloto jaaka e tlametswe mo molaong wa lephata la ditsˇhelete; (i) sediriswa kgotsa thulaganyo e e dirilweng ka Melawana malebana le karolo eno jaaka kuno ya ditsˇhelete; le (j) sediriswa kgotsa thulaganyo e e akaretsang kuno kgotsa dikuno tsa ditsˇhelete tse di kailweng mo ditemaneng (a) go fitlha go (i). (2) Melawana e ka tlhoma jaaka kuno ya ditsˇhelete sediriswa kgotsa thulaganyo nngwe le nngwe sa laolweng go ya ka molao tsepameng wa setheo sa ditsˇhelete fa— (a) go direng jalo, seno se tla ntshetsa pele maitlhomo a Molao ono a a tlhagisitsweng mo karolong 7; le (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 ditsˇhelete; le
(iii) go laola dikotsi tsa ditsˇhelete.
(3) mabapi le maitlhomo a karolotlaleletso (2)(b)(ii), motho (‘‘mmeeletsi’’) o dira peeletso ya ditsˇhelete fa a— (a) etleetsa, ka tsˇhelete kgotsa boleng jwa tsˇhelete, 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 ditsˇhelete go mmeeletsi; (ii) mmeeletsi o ikaelela gore motho yo mongwe o tshwanetse go dirisa ketleetso go tlisa poelo ya ditsˇhelete 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 mmeeletsi poelo ya ditsˇhelete, 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 ditsˇhelete fa a— (a) laola ditlamorago tsa tsˇhelete go motho wa ditiragalo kgotsa mabaka rileng a diragala kgotsa a sa diragale; kgotsa (b) tila kgotsa lekanyetsa ditlamorago tsa ditsˇhelete tsa go ya godimo le tlase mo, kgotsa mo boleng jwa, dirasiti kgotsa ditshenyegelo, go akaretsa ditlhotlhwa le dikelo tsa morokotso. (5) Melawana e e tlhomang kuno ya ditsˇhelete go ya ka karolotlaleletso (2) e ka totobaletsa bolaodi jwa lephata la ditsˇhelete gore ke jona bothati jo bo rweleng maikarabelo a go laola batlamedi ba kuno ya ditsˇhelete. Ditirelo tsa ditsˇhelete
3. (1) Mo Molaong ono‘‘tirelo ya ditsˇhelete’’ e kaya—
(a) nngwe le nngwe ya ditiro tse di latelang tse di dirwang mo Rephaboliking mabapi le kuno ya ditsˇhelete, kuno ya ditsˇhelete ya boditsˇhaba, sediriswa sa ditsˇhelete, kgotsa sediriswa sa ditshelete sa boditsˇhaba:
(i) Kabelo, tsweletso, papatso kgotsa phatlalatso; (ii) go tlamela ka kgakololo, dikatlanegiso kgotsa kaelo; (iii) go dirisa ka kgotsa go tsamaisa; 45 5 10 15 20 25 30 35 40 45 50 55 60

This gazette is also available free online at www.gpwonline.co.za 46 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (iv) providing administration services; (b) dealing or making a market in the Republic in a financial product, a foreign financial product, a financial instrument or a foreign financial instrument; (c) a payment service; (d) securities services; (e) an intermediary service as defined in section 1(1) of the Financial Advisory and Intermediary Services Act; (f) a service related to the buying and selling of foreign exchange; (g) a service related to the provision of credit, including a debt collection service, but excluding the services of— (i) a debt counsellor registered in terms of section 44 of the National Credit Act who provides the services of a debt counsellor as contemplated in that Act; (ii) a payment distribution agent as defined in section 1 of the National Credit Act; or (iii) an alternative dispute resolution agent, as defined in section 1 of the National Credit Act; (h) a service provided to a financial institution through an outsourcing arrangement; (i) any other service provided by a financial institution, being a service regulated by a specific financial sector law; and (j) a service designated by the Regulations for this section as a financial service. (2) A service provided by a market infrastructure is not a financial service unless designated by Regulations in terms of subsection (3). (3) If doing so will further the object of this Act set out in section 7, the Regulations may designate as a financial service— (a) any service that is not regulated in terms of a specific financial sector law if the service, that is provided in the Republic, relates to— (i) a financial product, a foreign financial product, a financial instrument or a foreign financial instrument; (ii) an arrangement that is in substance an arrangement for lending, making a financial investment or managing financial risk, all as contemplated in
section 2(2) to (4); or
(iii) the provision of a benchmark or index; or (b) a service provided by a market infrastructure. (4) For the purposes of subsection (1)(b) of the definition of ‘‘financial service’’ in subsection (1)— ‘‘dealing’’ means any of the following, whether done as a principal or as an agent:
(a) In relation to securities or participatory interests in a collective investment scheme, underwriting the securities or interests; and (b) the buying or selling of the securities or interests for own account or on behalf of another person as a business, a part of a business or incidental to conducting a business; ‘‘making a market’’ in a financial instrument takes place when— (a) a person, through a facility, at a place or otherwise, states the prices at which the person offers to acquire or dispose of financial instruments, whether or not on the person’s own account; and (b) other persons reasonably expect that they can enter into transactions for those instruments at those prices. (5) Regulations designating a financial service in terms of subsection (3) may specify the financial sector regulator that is the responsible authority for the designated financial service. Financial stability
4. (1) For the purposes of this Act, ‘‘financial stability’’ means that—
(a) financial institutions generally provide financial products and financial services, and market infrastructures generally perform their functions and duties in terms of financial sector laws, without interruption; 46 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 47 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (iv) go tlamela ka ditirelo tsa tsamaiso; (b) go samagana kgotsa go dira mmaraka mo Rephaboliking mo kunong ya ditsˇhelete, kuno ya ditsˇhelete ya boditsˇhaba, sediriswa sa ditsˇhelete kgotsa sediriswa sa ditsˇhelete sa boditsˇhaba; (c) tirelo ya tuelo; (d) ditirelo tsa dithoto; (e) tirelo ya magareng jaaka e tlhalositswe mo karolong (1) ya Financial Advisory and Intermediary Services Act; (f) tirelo e e amanang le theko le thekiso ya kananyo ya boditsˇhaba; (g) tirelo e e amanang le kabelo ya sekoloto, go akaretsa le tirelo ya kgobokanyo ya molato, mme ga e akaretse ditirelo tsa— (i) mogakolodi wa tsa sekoloto yo o kwadisitsweng go ya ka karolo 44 ya Molao wa Bosetsˇhaba wa Sekoloto yo o tlamelang ka ditirelo tsa mogakolodi wa tsa sekoloto jaaka go tlhalositswe mo Molaong oo; (ii) modiredi yo o phatlalatsang tuelelo jaaka go tlhalositswe mo karolong 1 ya Molao wa Bosetshaba wa Sekoloto; kgotsa (iii) moemedi yo mongwe wa tharabololo ya dithulano, jaaka go tlhalositswe mo karolong 1 ya Molao wa Bosetsˇhaba wa Sekoloto; (h) tirelo e e tlamelwang kwa setheong sa ditsˇhelete ka thulaganyo ya go bona tirelo kwa ntle; (i) tirelo nngwe le nngwe tlamelwang ke setheo sa ditsˇhelete, e leng tirelo e e laolwang ke molao tsepameng wa lephata la ditsˇhelete; le (j) tirelo e e tlhomilweng ka Melawana ya karolo eno jaaka tirelo ya ditsˇhelete. (2) Tirelo e e tlamelwang ke thulaganyetso ya popegotheo ya mmaraka ga se tirelo ya ditsˇhelete, ntle le fa e tlhomilwe ka Melawana go ya ka karolotlaleletso (3). (3) Fa go dira jalo go tla tsweletsa maikaelelo a Molao ono jaaka a tlhagisitswe mo karolong 7, Melawana e ka tlhoma jaaka tirelo ya ditsˇhelete— (a) tirelo nngwe le nngwe sa laolweng go ya ka molao tsepameng wa lephata la ditsˇhelete fa tirelo, e e tlamelwang mo Rephaboliking, e amana le- (i) kuno ya ditsˇhelete, kuno ya boditsˇhaba ya ditsˇhelete, sediriswa sa ditsˇhelete kgotsa; sediriswa sa ditsˇhelete sa boditsˇhaba (ii) thulaganyo eo e leng ka boyona thulaganyo ya kadimo, go dira peeletso ya ditsˇhelete kgotsa taolo ya dikotsi tsa ditsˇhelete, tsotlhe jaaka di kailwe mo dikarolong 2(2) go fitlha go (4); kgotsa (iii) kabelo ya kaelo kgotsa tshupanekelo; kgotsa (b) tirelo e e tlamelwang ke thulaganyetso ya popegotheo ya mmaraka. (4) Mabapi le maitlhomo a karolo (1)(b) a tlhaloso ya ‘‘tirelo ya ditsˇhelete’’ mo karolotlaleletsong (1)— ‘‘go dirisana le’’, go kaya nngwe le nngwe ya tse di latelang, e dirilwe jaaka mookamedi kgotsa moemedi:
(a) Mabapi le dipoelo tsa dithoto kgotsa botsayakarolo jwa kgatlhego mo sekemeng sa peeletsommogo, go tsamaisa dithoto kgotsa dipoelo; le (b) go reka le go rekisa dithoto kgotsa morokotso mabapile le maikarabelo bobona kgotsa mo boemong jwa motho yo mongwe jaaka kgwebo, karolo ya kgwebo kgotsa ka go tsamaelana le go dira kgwebo; ‘‘go dira mmaraka’’ mo sedirisweng sa ditsˇhelete go diragala fa— (a) motho, ka tiriso ya sediriswa, kwa lefelong kgotsa ka gongwe, a tlhagisa ditlhotlhwa tse motho a di beileng go fitlhelela kgotsa go rulaganya sediriswa sa ditsˇhelete, e ka tswa e le ka kgotsa e se ka akhaonto ya motho yoo; le (b) batho ba bangwe ka mabaka ba solofela gore ba ka tsena mo kgwebisanong ya didiriswa tseo ka ditlhotlhwa tseo. (5) Melawana e e tlhomang tirelo ya ditsˇhelete go ya ka karolotlaleletso (3) e ka tsepamisa bolaodi jwa lephata la ditsˇhelete joo e leng bothati jo bo rweleng maikarabelo a go laola batlamedi ba tirelo. Tlhomamo ya ditsˇhelete
4. (1) Mabapi le maitlhomo a Molao ono, ‘‘tlhomamo ya ditsˇhelete’’ e kaya gore—
(a) ditheo tsa ditsˇhelete ka kakaretso di tlamela dikuno tsa ditsˇhelete le ditirelo tsa ditsˇhelete, le dithulaganyetso tsa popegotheo ya mmaraka di dira ka kakaretso ditiro le maikarabelo a tsona go ya ka melao ya lephata la ditsˇhelete, ntle le kgoreletso; 47 5 10 15 20 25 30 35 40 45 50 55 60

This gazette is also available free online at www.gpwonline.co.za 48 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (b) financial institutions are capable of continuing to provide financial products and financial services, and market infrastructures are capable of continuing to perform their functions and duties in terms of financial sector laws, without interruption despite changes in economic circumstances; and (c) there is general confidence in the ability of financial institutions to continue to provide financial products and financial services, and the ability of market infrastructures to continue to perform their functions and duties in terms of financial sector laws, without interruption despite changes in economic circumstances. (2) A reference in this Act to maintaining financial stability includes, where financial stability has been adversely affected, a reference to restoring financial stability. Responsible authorities
5. (1) Subject to subsection (2), the responsible authority for a financial sector law is
the financial sector regulator identified in Schedule 2 as the responsible authority for that financial sector law. (2) Despite subsection (1) and sections 2(5) and 3(5), if a section 77 memorandum of understanding provides for one of the financial sector regulators to delegate its functions and powers in relation to a provision of a financial sector law for which it is the responsible authority to another financial sector regulator, the other financial sector regulator is, to the extent of the delegation, the responsible authority for the provision. Financial institutions that are juristic persons
6. Where a financial sector law imposes an obligation to be complied with by an entity
that is a juristic person, the members of the governing body of that juristic person must ensure that the obligation is complied with.
Part 2
Object and administration of Act
Object of Act
7. (1) The object of this Act is to achieve a stable financial system that works in the
interests of financial customers and that supports balanced and sustainable economic growth in the Republic, by establishing, in conjunction with the specific financial sector laws, a regulatory and supervisory framework that promotes— (a) financial stability; (b) the safety and soundness of financial institutions; (c) the fair treatment and protection of financial customers; (d) the efficiency and integrity of the financial system; (e) the prevention of financial crime; (f) financial inclusion; (g) transformation of the financial sector; and (h) confidence in the financial system. (2) When seeking to achieve the object of this Act, the Reserve Bank and the financial sector regulators must not be constrained from achieving their objectives and responsibilities as set out in sections 11, 33 and 57. Administration of Act
8. The Minister is responsible for the administration of this Act.
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This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 49 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (b) ditheo tsa ditsˇhelete di na le bokgoni jwa go tswelela pele go tlamela dikuno tsa ditsˇhelete, le dithulaganyetso tsa dipopegotheo tsa mmaraka di na le bokgoni jwa go dira ka kakaretso ditiro le maikarabelo a tsona go ya ka melao ya lephata la ditsˇhelete, ntle le kgoreletso le fa go na le diphetogo mo mabakeng a ikonomi; le (c) go na le boikanyego ka kakaretso mo bokgoning jwa ditheo tsa ditsˇhelete go tswelela pele go tlamela dikuno tsa ditsˇhelete le ditirelo tsa ditsˇhelete, le bokgoni jwa dithulaganyetso tsa dipopegotheo go tswelela go dira ditiro le maikarabelo a tsona go ya ka melao ya lephata la doitsˇhelete, ntle le kgoreletso le fa go na le diphetogo mo mabakeng a ikonomi. (2) Kaelo mo Molaong ono ya go tshegetsa tlhomamo ya ditsˇhelete e akaretsa, mo tlhomamo ya ditsˇhelete e amegileng thata, kaelo ya go busetsa tlhomamo ya ditsˇhelete. Bothati jo bo rwalang maikarabelo
5. (1) Go tsamaelana le karolotlaleletso (2), bothati jo bo rwalang maikarabelo a
molao wa lephata la ditsˇhelete ke molaodi wa lephata la ditsˇhelete yo o kailweng mo ˇSejuleng 2 jaaka bothati jo bo rwalang maikarabelo a molao wa lephata la ditsˇhelete. (2) Ntle le karolotlaleletso (1) le dikarolo 2(5) le 3(5), fa karolo 77 ya memorantamo wa tumalano o tlamela mabapi le nngwe ya bolaodi jwa lephata la ditsˇhelete go rolela ditiro tsa yona le dithata mabapi le kabelo ya molao wa lephata la ditsˇhelete oo e leng bothati jo bo rwalang maikarabelo a bolaodi jo bongwe jwa lephata la ditsˇhelete, bolaodi jo bongwe jwa lephata la ditsˇhelete ke, go ya ka bogolo jwa tholelo, bothati jo bo rwalang maikarabelo mabapi le kabelo. Ditheo tsa ditsˇhelete tseo e leng ditheo tsa molao
6. Fa molao wa lephata la ditsˇhelete o pateletsa tlamego e e tshwanetseng go
diragatswa ke setheo seo se leng mo molaong, maloko a mokgatlho busang wa setheo se se mo molaong a tshwanetse go netefatsa gore go ikamanngwa le pataletsego. Karolo 2 Maitlhomo le tsamaiso ya Molao Maitlhomo a Molao
7. (1) Maitlhomo a Molao ono ke go fitlhelela tsamaiso e e tlhomameng ya ditsˇhelete dirang go ya ka dikgatlhegelo tsa barekedi ba ditsˇhelete e bile e tshegetsa kgolo ya
ikonomi e e lekalekanang e e tsweletswang mo Rephaboliking, ka go tlhoma, mmogo le melao e e tsepameng ya lephata la ditsˇhelete, letlhomeso la bolaodi le tlhokomelo le le ntshetsang pele— (a) tlhomamo ya ditsˇhelete; (b) polokego le itekanelo ya ditheo tsa ditsˇhelete; (c) tsholo e e lolameng le tshireletso ya barekedi ba ditsˇhelete; (d) bokgoni le tshiamo ya thulaganyo ya ditsˇhelete; (e) thibelo ya bosenyi jwa ditsˇhelete; (f) tsenyeletso mo go tsa ditsˇhelete; (g) phetolo ya lephata la ditsˇhelete; le (h) boikanyego mo thulaganyong ya ditsˇhelete. (2) Fa go batlwa go fitlhelelwa maitlhomo a Molao ono Banka ya Resefe le balaodi ba lephata la ditsˇhelete ga ba a tshwanela go thibelwa mo go fitlheleleng maitlhomo a bona le maikarabelo jaaka go tlhagisitswe mo dikarolong 11, 33 le 57. Tsamaiso ya Molao
8. Tona o rwala maikarabelo a tsamaiso ya Molao ono.
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This gazette is also available free online at www.gpwonline.co.za 50 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017
Part 3
Application of other legislation
Inconsistencies between Act and other financial sector laws
9. (1) In the event of any inconsistency between a provision of this Act, other than a
Regulation or a regulatory instrument made under this Act, and a provision of another Act that is a financial sector law, the provision of this Act prevails. (2) In the event of any inconsistency between a provision of a Regulation or a regulatory instrument made in terms of this Act and a provision of a Regulation or a regulatory instrument made in terms of a specific financial sector law, the provision of the Regulation or regulatory instrument made in terms of this Act prevails. Application of other legislation
10. (1) The Consumer Protection Act does not apply to, or in relation to—
(a) a function, act, transaction, financial product or financial service that is subject to the National Payment System Act or a financial sector law, and which is regulated by the Financial Sector Conduct Authority in terms of a financial sector law; or (b) the Reserve Bank, the Prudential Authority, the Financial Sector Conduct Authority, the Prudential Committee, the Executive Committee, the Chief Executive Officer, the Commissioner or a Deputy Commissioner. (2) (a) Section 18(2) and (3) of the Competition Act, 1998 (Act No. 89 of 1998) applies, with the necessary changes required by the context, to a merger which requires the approval of the Minister, the Prudential Authority or the Financial Sector Conduct Authority in terms of a financial sector law. (b) For the purposes of paragraph (a), ‘‘merger’’ means a merger as defined in section 12 of the Competition Act. (c) Section 116(4) and (9) of the Companies Act applies, with the necessary changes required by the context, to an amalgamation or a merger which requires the approval of the Minister, the Prudential Authority or the Financial Sector Conduct Authority in terms of a financial sector law. (d) For the purposes of paragraph (c), ‘‘amalgamation or merger’’ means an ‘‘amalgamation or merger’’ as defined in section 1 of the Companies Act.
CHAPTER 2
FINANCIAL STABILITY
Part 1
Powers and functions of Reserve Bank
Responsibility for financial stability
11. (1) The Reserve Bank is responsible—
(a) for protecting and enhancing financial stability; and (b) if a systemic event has occurred or is imminent, for restoring or maintaining financial stability. (2) When fulfilling its responsibility in terms of subsection (1), the Reserve Bank— (a) must act within a policy framework agreed between the Minister and the Governor; (b) may utilise any power vested in it as the Republic’s central bank or conferred on it in terms of this Act or any other legislation; and 50 5 10 15 20 25 30 35 40 45

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 51 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 Karolo 3 Tiragatso ya molao o mongwe Go sa tlhomamang magareng ga Molao le melao e mengwe ya lephata la ditsˇhelete
9. (1) Fa ka gongwe go na le go sa tlhomamang magareng ga kabelo ya Molao ono le
kabelo ya Molao o mongwe oo e leng molao wa lephata la ditsˇhelete, kabelo ya Molao ono e a diragatswa. (2) Fa ka gongwe go na le go sa tlhomamang magareng ga kabelo ya Molawana kgotsa sediriswa sa taolo se se dirilweng go ya ka Molao ono, le kabelo ya Molawana kgotsa sediriswa sa taolo se se dirilweng go ya ka molao tsepameng wa lephata la ditsˇhelete, kabelo ya Molawana kgotsa sediriswa sa taolo se se dirilweng go ya ka Molao ono e a diragatswa. Tiragatso ya molawana
10. (1) Consumer Protection Act ga e diragatswe go, kgotsa mabapi le—
(a) tiro, tiragatso, kuno ya ditsˇhelete kgotsa tirelo ya ditsˇhelete tse di leng ka fa tlase ga National Payment System Act kgotsa molao wa lephata la ditsˇhelete, e bile di laolwa ke Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete go ya ka molao wa lephata la ditsˇhelete; kgotsa (b) Banka ya Resefe, Bothati jwa Tlhokomelo, Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete, Komiti ya Tlhokomelo, Komiti Khuduthamaga, Motlhankedimogolo wa Khuduthamaga, Khomisˇenara kgotsa Motlatsakhomisˇenara. (2) (a) Karolo 18(2) le (3) ya Competition Act, 1998 (Molao 89 wa 1998), e diragatswa, mmogo le diphetogo tse di maleba tse di tlhokwang ke maemo, go tshwaraganyo e e tlhokang thebolo go tswa go Tona, Bothati jwa Tlhokomelo kgotsa Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete go ya ka molao wa lephata la ditsˇhelete. (b) Mabapi le maitlhomo a temana (a), ‘‘tshwaraganyo’’ e kaya tshwaraganyo jaaka e tlhalositswe mo karolong 12 ya Competition Act. (c) Karolo 116 (4) le (9) ya Companies Act e diragatswa, le diphetogo tse di tlhokwang ke maemo, go kopano kgotsa tshwaraganyo e e tlhokang thebolo ya Tona, Bothati jwa Tlhokomelo kgotsa Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete go ya ka molao wa lephata la ditsˇhelete. (d) Mabapi le maitlhomo a temana (c), ‘‘kopanyo kgotsa tshwaraganyo’’ e kaya ‘‘kopanyo kgotsa tshwaraganyo’’ jaaka e tlhalositswe mo karolong 1 ya Companies Act. KGAOLO 2 TLHOMAMO YA DITSˇHELETE Karolo 1 Dithata le ditiro tsa Banka ya Resefe Maikarabelo tlhomamo ya ditsˇhelete
11. (1) Banka ya Resefe e rwala maikarabelo a—
(a) go sireletsa le go oketsa tlhomamo ya ditsˇhelete; le (b) fa tiragalo ya thulaganyo e diragetse kgotsa e ka diragala, go busetsa le go tshegetsa tlhomamo ya ditsˇhelete. (2) Fa e diragatsa maikarabelo a yona go ya ka karolotlaleletso (1), Banka ya Resefe e— (a) tshwanetse go dira go ya ka letlhomeso la pholisi le go dumalanweng ka lona magareng ga Tona le Mmusisi; (b) ka diragatsa thataeee neilweng jaaka banka ya bogareng ya Rephaboliki kgotsa eo e e abetsweng go ya ka Molao ono kgotsa molawana mongwe le mongwe; le 51 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za 52 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (c) must have regard to, amongst other matters, the roles and functions of other organs of state exercising powers that affect aspects of the economy. Monitoring of risks by Reserve Bank
12. The Reserve Bank must—
(a) monitor and keep under review—
(i) the strengths and weaknesses of the financial system; and (ii) any risks to financial stability, and the nature and extent of those risks, including risks that systemic events will occur and any other risks contemplated in matters raised by members of the Financial Stability Oversight Committee or reported to the Reserve Bank by a financial sector regulator; (b) take steps to mitigate risks to financial stability, including advising the financial sector regulators, and any other organ of state, of the steps to take to mitigate those risks; and (c) regularly assess the observance of principles in the Republic developed by international standard setting bodies for market infrastructures, and report its findings to the financial sector regulators and the Minister, having regard to the circumstances and the context within the Republic. Financial stability review
13. (1) The Reserve Bank must, at least every six months, make an assessment of the
stability of the financial system, herein referred to as the ‘‘financial stability review’’. (2) A financial stability review must set out— (a) the Reserve Bank’s assessment of financial stability in the period under review; (b) its identification and assessment of the risks to financial stability in at least the next 12 months; (c) an overview of steps taken by it and the financial sector regulators to identify and manage risks, weaknesses or disruptions in the financial system during the period under review and that are envisaged to be taken during at least the next 12 months; and (d) an overview of recommendations made by it and the Financial Stability Oversight Committee during the period under review and progress made in implementing those recommendations. (3) Information which, if published may materially increase the possibility of a systemic event, only needs to be published in a financial stability review after the risk of a systemic event subsides, or has been addressed. (4) The Reserve Bank must— (a) submit a copy of each review to the Minister and the Financial Stability Oversight Committee for information and comment, and allow the Minister or the Financial Stability Oversight Committee at least two weeks to make comments, should they wish to do so; (b) publish the review, after having taken into account any comments that may have been received in terms of paragraph (a); and (c) table a copy of the review in Parliament.
Part 2
Managing systemic events and risks in relation to systemic events Determination of systemic events
14. (1) The Governor may, after having consulted the Minister, determine that a
specified event or circumstance, or a specified combination of events or circumstances, is a systemic event. 52 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 53 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (c) tshwanetse go tsaya tsia, magareng ga mabaka a mangwe,botsayakarolo le ditiro tsa maphata a mangwe a puso tse di diragatsang dithata tse di amang dintlha tsa ikonomi. Go lekolwa ga dikotsi ke Banka ya Resefe
12. Banka ya Resefe e tshwanetse—
(a) go ela tlhoko le go baya ka fa tlase ga thadiso— (i) dikgono le makoa a thulaganyo ya ditsˇhelete; le (ii) dikotsi dingwe le dingwe go tlhomamo ya ditsˇhelete, le tlholego le bogolo jwa dikotsi tseo, go akaretsa le dikotsi tsa gore ditiragalo tse di rulaganeng di tla diragala le dikotsi dingwe le dingwe tse di kailweng mo mabakeng a a tlhagisitsweng ke maloko a Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete kgotsa a begilwe go Banka ya Resefe ke molaodi wa lephata la ditsˇhelete; (b) go tsaya dikgato go fokotsa dikotsi go tlhomamo ya ditsˇhelete, go akaretsa le go gakolola bolaodi ba lephata la ditsˇhelete, le lephata lengwe le lengwe la puso, ka ga dikgato tse di ka tsewang go fokotsa dikotsi tseo; le (c) nako le nako go lekanyetsa temogo ya ditheo mo Rephaboliking tse di tlhabolotsweng ke mekgatlho ya boditsˇhabatsˇhaba ya go tlhoma dikemo tsa thulaganyetso ya popegotheo ya mmaraka, le go bega diphitlhelelo tsa yona go balaodi ba lephata la ditsˇhelete le Tona, ka go ela tlhoko mabaka le maemo a mo gare ga Rephaboliki. Thadiso ya tlhomamo ya ditsˇhelete
13. (1) Banka ya Resefe e tshwanetse, bonnye dikgwedi dingwe le dingwe tse thataro,
go dira tekanyetso ya tlhomamo ya thulaganyo ya ditsˇhelete, eo e kailweng fano jaaka ‘‘thadiso ya tlhomamo ya ditsˇhelete’’. (2) Thadiso ya tlhomamo ya ditsˇhelete e tshwanetse go tlhagisa— (a) tekanyetso ya Banka ya Resefe ya tlhomamo ya ditsˇhelete mo pakeng e e ka fa tlase ga thadiso; (b) tlhagiso le tekanyetso ya dikotsi go tlhomamo ya ditsˇhelete mo bonnyeng dikgwedi tse 12 tse di latelang; (c) tshosobanyo ya dikgato tse e di tserweng mmogo le balaodi ba lephata la ditsˇhelete go tlhagisa le go laola dikotsi, makoa kgotsa dikotsi mo thulaganyong ya ditsˇhelete mo pakeng e e ka fa tlase ga thadiso le ao go bonelwang pele gore a tla diragala mo dikgweding tse 12 tse di latelang; le (d) tshosobanyo ya dikatlanegiso tse e di dirileng mmogo le Komiti ya Keletlhoko ya Tlhomamo ya Ditsˇhelete mo pakeng e e ka fa tlase ga thadiso le tswelelopele fitlheletsweng mo go tsenyeng tirsong dikatlanegiso tseo. (3) Tshedimosetso e, fa e ka phasalatswa e ka gakatsang kgonagalo ya tiragalo e e rulaganeng, e tlhoka go phasalatswa mo thadisong ya tlhomamo ya ditsˇhelete morago ga go foketsega ga kotsi ya tiragalo e e rulaganeng, kgotsa e sekasekilwe. (4) Banka ya Resefe e tshwanetse go— (a) romela kgatiso ya thadiso nngwe le nngwe go Tona le Komiti ya Keletlhoko ya Tlhomamo ya Ditsˇhelete go bona tshedimosetso le tshwaelo, le go letla Tona kgotsa Komiti ya Keletlhoko ya Tlhomamo ya Ditsˇhelete go dira ditshwaelo bonnye dibeke di le pedi fa ba eletsa go dira jalo; (b) phasalatsa thadiso, morago ga go tsaya tsia ditshwaelo dingwe le dingwe tse di ka tswang di amogetswe go ya ka temana (a); le (c) go baya fa pele ga Palamente khopi ya thadiso. Karolo 2 Go laola ditiragalo tse di rulaganeng le dikotsi mabapi le ditiragalo tse di rulaganeng Tlhomamiso ya ditiragalo tse di rulaganeng
14. (1) Mmusisi o ka, morago ga go rerisana le Tona, tlhomamisa gore tiragalo kgotsa
lebaka le le tsepameng, kgotsa kopano e e tsepameng ya ditiragalo kgotsa mabaka, ke tiragalo e e rulaganeng. 53 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za 54 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (2) The Governor may, before making a determination in terms of subsection (1), consult the Financial Stability Oversight Committee. (3) A determination in terms of subsection (1) may be made whether or not the event or circumstance, or combination of events or circumstances, has already occurred or arisen. (4) The Governor may, after having consulted the Minister, determine that a specified systemic event has occurred or is imminent. (5) The Governor— (a) must notify the Minister of a determination made in terms of subsection (1) or (4); (b) must keep the determination under review; (c) may, at any time, after having consulted the Minister, amend or revoke a determination in writing; and (d) must notify the Minister of any amendment or revocation of a determination made in terms of subsection (1) or (4). (6) The Reserve Bank must notify the financial sector regulators of a determination in terms of this section, and of an amendment or revocation of such a determination. (7) The Reserve Bank must, in respect of a determination made in terms of subsection (1) or (4), and any amendment or revocation of such a determination— (a) table the determination, or the amendment or revocation of the determination, in Parliament; and (b) publish the determination, or the amendment or revocation of the determination, on the Reserve Bank’s website. Functions of Reserve Bank in relation to systemic events
15. (1) The Reserve Bank must take all reasonable steps—
(a) to prevent systemic events from occurring; and (b) if a systemic event has occurred or is imminent, to— (i) mitigate without delay the adverse effects of the event on financial stability; and (ii) manage the systemic event and its effects. (2) When acting in terms of subsection (1), the Reserve Bank must have regard to the need to— (a) minimise adverse effects on financial stability and economic activity; (b) protect, as appropriate, financial customers; and (c) contain the cost to the Republic of the systemic event and the steps taken. Information to Minister
16. (1) If the Governor has in terms of section 14(4) determined that a systemic event
has occurred or is imminent, the Governor must ensure that the Minister is kept informed of the event and of any steps being taken or proposed to manage the event and the effects of the event. (2) The Reserve Bank may not, except with the Minister’s approval, take a step in terms of section 15 that will or is likely to— (a) bind the National Revenue Fund to any expenditure; (b) have a material impact on the cost of borrowing for the National Revenue Fund; or (c) create a future financial commitment or a contingent liability for the National Revenue Fund. Responsibilities of financial sector regulators
17. If the Governor has in terms of section 14(4) determined that a systemic event has
occurred or is imminent, each financial sector regulator must— 54 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 55 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (2) Mmusisi o ka, pele ga go tlhomamisa go ya ka karolotlaleletso (1), rerisana le Komiti ya Keletlhoko ya Tlhomamo ya Ditsˇhelete. (3) Tlhomamiso go ya ka karolotlaleletso (1) e ka dirwa fa ka gongwe tiragalo kgotsa lebaka, kgotsa kopano ya ditiragalo kgotsa mabaka, di diragetse kgotsa di simolotse. (4) Mmusisi o ka, morago ga go rerisana le Tona, tlhomamisa gore tiragalo e e rulaganeng e e tsepameng e diragetse kgotsa e ka diragala. (5) Mmusisi— (a) o tshwanetse go itsise Tona ka ga tlhomamiso e e dirilweng go ya ka karolotlaleletso (1) kgotsa (4); (b) o tshwanetse go baya tlhomamiso ka fa tlase ga thadiso; (c) o ka, nako nngwe le nngwe, morago ga go rerisana le Tona, tlhabolola, kgotsa gogela morago tlhomamiso ka go kwala; le (d) o tshwanetse go itsise Tona ka ga tlhabololo kgotsa kgogelomorago ya tlhomamiso e e dirilweng go ya ka karolotlaleletso (1) kgotsa (4). (6) Banka ya Resefe e tshwanetse go itsise balaodi ba lephata la ditsˇhelete ka ga tlhomamiso go ya ka karolo eno, le ka ga tlhabololo kgotsa kgogelomorago ya tlhomamiso eo. (7) Banka ya Resefe e tshwanetse, mabapi le tlhomamiso e e dirilweng go ya ka karolotlaleletso (1) kgotsa (4), le tlhabololo nngwe le nngwe kgotsa kgogelomorago ya tlhomamiso eo— (a) go baya fa pele ga Palamente tlhomamiso, kgotsa tlhabololo kgotsa phimolo ya tlhomamiso; le (b) go phasalatsa tlhomamiso, kgotsa tlhabololo kgotsa phimolo ya tlhomamiso, mo webesaeteng ya Banka ya Resefe. Ditiro tsa Banka ya Resefe mabapi le ditiragalo tse di rulaganeng
15. (1) Banka ya Resefe e tshwanetse go tsaya dikgato tsotlhe tse di maleba—
(a) go thibela ditiragalo tse di rulaganeng go direga; le (b) fa tiragalo e e rulaganeng e diregile kgotsa e ka direga, go— (i) thibela ntle le tshenyo ya nako ditlamorago tse di masisi tsa tiragalo mo tlhomamong ya ditsˇhelete; le (ii) laola tiragalo e e rulaganeng le ditlamorago tsa yona. (2) Fa e diragatsa go ya ka karolotlaleletso (1), Banka ya Resefe e tshwanetse go tsaya tsia tlhokego ya go— (a) fokotsa ditlamorago tse di masisi mo tlhomamong ya ditsˇhelete le tiro ya ekonomi; (b) sireletsa, jaaka go tshwanetse, barekedi ba ditsˇhelete; le (c) laola ditshenyegelo tsa tiragalo e e rulagantsweng go Rephaboliki le dikgato tse di tserweng. Tshedimosetso go Tona
16. (1) Fa Tona go ya ka karolo 14(4) a tlhomamisitse gore tiragalo e e rulaganeng e
diregile kgotsa e ka direga, Mmusisi o tshwanetse go netefatsa gore Tona o itsisiwe ka ga tiragalo le dikgato dingwe le dingwe tse di tsewang kgotsa tshitsintsweng go laola tiragalo le ditlamorago tsa yona. (2) Banka ya Resefe e ka se, ntle le thebolo ya Tona, tseye kgato go ya ka karolo 15 e e ka kgotsa e e nang le kgonagalo ya go— (a) tlamelela Letlole la Bosetsˇhaba la Lotseno go ditshenyegelo dingwe le dingwe; (b) nna le kutlwalo e e botlhokwa mo ditlhotlhwakadimong go Letlole la Bosetsˇhaba la Lotseno; kgotsa (c) tlhola boitlamo jwa ditsˇhelete jwa isago kgotsa molato wa tshoganyetso go Letlole la Bosetsˇhaba la Lotseno. Maikarabelo a balaodi ba lephata la ditsˇhelete
17. Fa Mmusisi go ya ka karolo 14(4) a tlhomamisitse gore tiragalo e e rulaganeng e
diregile kgotsa e ka direga, molaodi mongwe le mongwe wa lephata la ditsˇhelete o tshwanetse— 55 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 56 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (a) provide the Reserve Bank with any information in the possession of the financial sector regulator, which may be relevant for the Bank to manage the systemic event or the effects of the systemic event; and (b) consult the Reserve Bank before exercising any of their powers in a way that may compromise steps taken or proposed in terms of section 15 to manage the systemic event or the effects of the systemic event. Directives to financial sector regulators
18. (1) The Governor may direct a financial sector regulator, in writing, to provide the
Reserve Bank with information specified in the directive that the Reserve Bank or the Governor needs for exercising their powers in terms of section 14 or 15, that is in the possession of the financial sector regulator or obtainable by it. (2) (a) If the Governor has in terms of section 14(4) determined that a systemic event has occurred or is imminent, the Governor may, in writing, direct a financial sector regulator to assist the Reserve Bank in complying with section 15 by acting in accordance with the directive when exercising its powers. (b) A directive in terms of paragraph (a) may include directions aimed at— (i) supporting the restructuring, resolution or winding-up of any financial institution; (ii) preventing or reducing the spread of risk, weakness or disruption through the financial system; or (iii) increasing the resilience of financial institutions to risk, weakness or disruption. (3) The Prudential Authority, Financial Sector Conduct Authority and the Financial Intelligence Centre must comply with a directive issued to it in terms of subsection (1) or (2). (4) The National Credit Regulator must comply with a directive issued to it in terms of subsection (1) or (2), provided that the Minister has consulted the Minister responsible for consumer credit matters on the directive. Exercise of powers by other organs of state
19. (1) If the Governor has in terms of section 14(4) determined that a systemic event
has occurred or is imminent, an organ of state exercising powers in respect of a part of the financial system may not, without the approval of the Minister, acting in consultation with the Cabinet member responsible for that organ of state, exercise its powers in a way that is inconsistent with a decision or steps taken by the Governor or the Reserve Bank in terms of this Part, in order to manage that systemic event or the effects of that systemic event. (2) Any unresolved issues between the Minister and that Cabinet member must be referred to Cabinet. (3) Subsection (1) does not apply to the financial sector regulators.
Part 3
Financial Stability Oversight Committee
Establishment of Financial Stability Oversight Committee
20. (1) A committee called the Financial Stability Oversight Committee is hereby
established.
(2) The primary objectives of the Financial Stability Oversight Committee are to— (a) support the Reserve Bank when the Reserve Bank performs its functions in relation to financial stability; and (b) facilitate co-operation and collaboration between, and co-ordination of action among, the financial sector regulators and the Reserve Bank in respect of matters relating to financial stability. 56 5 10 15 20 25 30 35 40 45

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 57 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (a) tlamela Banka ya Resefe ka tshedimosetso nngwe le nngwe mo diatleng tsa balaodi ba lephata la ditsˇhelete, eo e ka kgontshang Banka go laola tiragalo e e rulaganeng kgotsa ditlamorago tsa tiragalo e e rulaganeng; le (b) go rerisana le Banka ya Resefe pele ba ka diragatsa dithata dingwe le dingwe tsa bona ka mokgwa o o ka amang dikgato tse di tserweng kgotsa tshitsintsweng go ya ka karolo 15 go laola tiragalo e e rulaganeng kgotsa ditlamorago tsa yona. Ditaelo go balaodi ba lephata la ditsˇhelete
18. (1) Mmusisi o ka laela molaodi wa lephata la ditsˇhelete, ka go kwala, go tlamela
Banka ya Resefe ka tshedimosetso e e tlhalositsweng mo taelong e Banka ya Resefe kgotsa Mmusisi a e tlhokang go diragatsa dithata tsa gagwe go ya ka karolo 14 kgotsa 15, eo e leng mo diatleng tsa molaodi wa lephata la ditsˇhelete kgotsa e fitlhelelwang ke jona. (2) (a) Fa Mmusisi go ya ka karolo 14(4) a tlhomamisitse gore tiragalo e e rulaganeng e diregile kgotsa e ka diragala, Mmusisi o ka, ka go kwala, laela molaodi wa lephata la ditsˇhelete, go thusa Banka ya Resefe go ikamanya le karolo 15 ka go dira go tsamaelana le taelo fa bo diragatsa dithata tsa jona. (b) Taelo go ya ka temana (a) e ka akaretsa dintlha tse di ikaelelang go— (i) tshegetsa kagosesˇwa, tharabololo kgotsa tshwetso ya setheo sengwe le sengwe sa ditsˇhelete; (ii) thibela kgotsa fokotsa go anama ga dikotsi, makoa kgotsa dikgoreletsi mo thulaganyong ya ditsˇhelete; kgotsa (iii) oketsa bokgoni jwa ditheo tsa ditsˇhelete go emelana le dikotsi, makoa kgotsa dikgoreletsi. (3) Bothati jwa Tlhokomelo, Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete le Senthara ya Botlhodi jwa Ditsˇhelete di tshwanetse go ikamanya le taelo e e rebotsweng go tsona go ya ka karolotlaleletso (1) kgotsa (2). (4) Bolaodi jwa Bosetsˇhaba jwa Sekoloto bo tshwanetse go ikamanya le taelo eo e e reboletsweng go ya ka karolotlaleletso (1) kgotsa (2), fela fa Tona a rerisane le Tona e e rweleng maikarabelo a merero ya sekoloto sa badirisi mo taelong eo. Tiragatso ya dithata ka maphata a mangwe a puso
19. (1) Fa Mmusisi go ya ka karolo 14(4) a tlhomamisitse gore tiragalo e e rulaganeng
e diregile kgotsa e ka direga, lephata la puso le le diragatsang dithata tsa lona mabapi le thulaganyo ya ditsˇhelete le ka se, ntle le thebolo ya Tona, ka go dira ka therisano le leloko la Kabinete le le rweleng maikarabelo a lephata leo, diragatse dithata tsa lona ka mokgwa o o sa tsamaelaneng le tshwetso kgotsa dikgato tse di tserweng ke Mmusisi kgotsa Banka ya Resefe go ya ka Karolo eno, gore go laolwe tiragalo eo e e rulaganeng kgotsa ditlamorago tsa tiragalo eo e e rulaganeng. (2) Dintlha dingwe le dingwe tse di sa rarabololwang magareng ga Tona le leloko leo la Kabinete di tshwanetse go romelwa kwa Kabineteng. (3) Karolotlaleletso (1) ga e diragatswe mo balaoding ba lephata la ditsˇhelete. Karolo 3 Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete Go tlhongwa ga Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete
20. (1) Komiti e e bidiwang Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete e a
tlhongwa.
(2) Maitlhomomagolo a Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete ke go— (a) tshegetsa Banka ya Resefe fa Banka ya Resefe e dira ditiro tsa yona mabapi le tlhomamo ya ditsˇhelete; le (b) nolofatsa tirisanommogo le kgolagano magareng ga, le kopanyo ya tiro magareng ga, balaodi ba lephata la ditsˇhelete le Banka ya Resefe mabapi le merero e e amanang le tlhomamo ya ditsˇhelete. 57 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za 58 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Functions of Financial Stability Oversight Committee
21. The Financial Stability Oversight Committee has the following functions:
(a) To serve as a forum for representatives of the Reserve Bank and of each of the financial sector regulators to be informed, and to exchange views, about the activities of the Reserve Bank and the financial sector regulators regarding financial stability; (b) to make recommendations to the Governor on the designation of systemically important financial institutions; (c) to advise the Minister and the Reserve Bank on— (i) steps to be taken to promote, protect or maintain, or to manage or prevent risks to, financial stability; and (ii) matters relating to crisis management and prevention; (d) to make recommendations to other organs of state regarding steps that are appropriate for them to take to assist in promoting, protecting or maintaining, or managing or preventing risks to financial stability; and (e) any other function conferred on it in terms of applicable legislation. Membership
22. (1) The Financial Stability Oversight Committee consists of the following
members:
(a) The Governor;
(b) the Deputy Governor responsible for financial stability matters; (c) the Chief Executive Officer; (d) the Commissioner; (e) the Chief Executive Officer of the National Credit Regulator; (f) the Director-General; (g) the Director of the Financial Intelligence Centre; and (h) a maximum of three additional persons appointed by the Governor. (2) A member of the Financial Stability Oversight Committee referred to in terms of subsection (1)(h) holds office for the period, and on the terms, determined by the Governor. Administrative support by Reserve Bank
23. (1) The Reserve Bank must provide administrative support, and other resources,
including financial resources, for the effective functioning of the Financial Stability Oversight Committee. (2) The Reserve Bank must ensure that minutes of each meeting of the Financial Stability Oversight Committee are kept in a manner determined by the Governor. Meetings and procedure
24. (1) The Financial Stability Oversight Committee must meet at least every six
months.
(2) The Governor—
(a) may convene a meeting of the Financial Stability Oversight Committee at any time; and (b) must convene a meeting if requested to do so by the Chief Executive Officer, the Commissioner or the Chief Executive Officer of the National Credit Regulator. (3) (a) The Governor chairs a meeting of the Financial Stability Oversight Committee at which the Governor is present. (b) If the Governor is not present at a meeting, the Deputy Governor responsible for financial stability matters chairs the meeting. (4) (a) A member of the Financial Stability Oversight Committee who is unable to attend a meeting may, after notice to the other members and with the concurrence of the person who will chair the meeting, nominate an alternate to attend that meeting in the member’s absence. 58 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 59 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 Ditiro tsa Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete
21. Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete e na le ditiro tse di latelang:
(a) Go dira jaaka foramo ya baemedi ba Banka ya Resefe gape bolaodi bongwe le bongwe jwa lephata la ditsˇhelete bo tshwanetse go itsisiwe, le go refosana dikakanyo, ka ga ditirwana tsa Banka ya Resefe le balaodi ba lephata la ditsˇhelete mabapi le tlhomamo ya ditsˇhelete; (b) go dira dikatlanegiso go Mmusisi ka ga go tlhomiwa ga ditheo tse di rulaganeng tsa ditsˇhelete tse di botlhokwa; (c) go gakolola Tona le Banka ya Resefe ka ga— (i) dikgato tse di ka tsewang go tlhatlosa, sireletsa kgotsa tlamela, kgotsa go laola kgotsa thibela dikotsi go, tlhomamo ya ditsˇhelete; le (ii) merero e e amanang le taolo ya dikotsi le thibelo; (d) go dira dikatlanegiso go maphata a mangwe a puso mabapi le dikgato tse di maleba go bona go ka di tsaya go thusa mo go tlhatloseng, sireletseng kgotsa tlameleng, kgotsa laoleng kgotsa thibeleng dikotsi go tlhomamo ya ditsˇhelete; le (e) tiro nngwe le nngwe eo e e neetsweng go ya ka molawana o o maleba. Boloko
22. (1) Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete e na le maloko a a latelang:
(a) Mmusisi;
(b) Motlatsammusisi yo o rwalang maikarabelo a merero ya tlhomamo ya ditsˇhelete; (c) Motlhankedimogolo wa Khuduthamaga; (d) Khomisˇenara; (e) Motlhankedimogolo wa Khuduthamaga wa Bolaodi jwa Bosetsˇhaba jwa Sekoloto; (f) Mokaedikakaretso; (g) Mokaedi wa Senthara ya Botlhodi jwa Ditsˇhelete; le (h) tekanyetso ya batho ba le bararo ba tlaleletso ba ba thapilweng ke Mmusisi. (2) Leloko la Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete kailweng go ya ka karolotlaleletso (1)(h) le dira go ya ka paka, le ka dipeelo, tse di tlhomamisitsweng ke Mmusisi. Tshegetso ya tsamaiso ka Banka ya Resefe
23. (1) Banka ya Resefe e tshwanetse go tlamela tshegetso ya tsamaiso, le
ditlamelwana tse dingwe, go akaretsa le ditlamelwana tsa ditsˇhelete, gore Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete e dire ka matsetseleko. (2) Banka ya Resefe e tshwanetse go netefatsa gore metsotso ya kopano nngwe le nngwe e a tsewa, ka mokgwa o o tlhomamisitsweng ke Mmusisi. Dikopano le tsamaiso
24. (1) Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete e tshwanetse go kopana
bonnye mo dikgweding dingwe le dingwe tse thataro.
(2) Mmusisi—
(a) o ka bitsa kopano ya Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete nako nngwe le nngwe; le (b) o tshwanetse go bitsa kopano fa a kopilwe go dira jalo ke Motlhankedimogolo wa Khuduthamaga, Khomisˇenara kgotsa ke Motlhankedimogolo wa Khuduthamaga ya Bolaodi jwa Bosetsˇhaba jwa Sekoloto. (3) (a) Mmusisi o okamela kopano ya Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete eo Mmusisi a leng teng mo go yona. (b) Fa Mmusisi a seyo mo kopanong, Motlatsammusisi yo o rweleng maikarabelo a merero ya tlhomamo ya ditsˇhelete o okamela kopano. (4) (a) Leloko la Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete le le sa kgoneng go tsenela kopano le ka, morago ga go itsise maloko a mangwe le ka tumalano ya motho yo o tla okamelang kopano, tlhopha mongwe yo o refosanang nae go tsenela kopano eo boemong jwa gagwe. 59 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 60 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (b) An alternate referred to in paragraph (a) has, for that meeting, the same rights as the member of the Financial Stability Oversight Committee. (5) The Financial Stability Oversight Committee may determine its procedures, including quorum requirements. (6) The person chairing a meeting may invite any person, including a representative of an organ of state or a financial institution, to attend the meeting. (7) The Financial Stability Oversight Committee may establish separate working groups or subcommittees. (8) In the event of an equality of votes on a matter that may be voted upon by the Financial Stability Oversight Committee, the person chairing a meeting has a casting vote in addition to a deliberative vote.
Part 4
Financial Sector Contingency Forum
Financial Sector Contingency Forum
25. (1) The Governor must establish a forum called the Financial Sector Contingency
Forum.
(2) The primary objective of the Financial Sector Contingency Forum is to assist the Financial Stability Oversight Committee with— (a) the identification of potential risks that systemic events will occur; and (b) the co-ordination of appropriate plans, mechanisms and structures to mitigate those risks. (3) The Financial Sector Contingency Forum is composed of at least eight members, including— (a) a Deputy Governor designated by the Governor, which Deputy Governor is the Chairperson; (b) representatives of each of the financial sector regulators; (c) representatives of other organs of state, as the Chairperson may determine; and (d) representatives of financial sector industry bodies and any other relevant person, as the Chairperson may determine. (4) The Financial Sector Contingency Forum must meet at least every six months. (5) The Financial Sector Contingency Forum must be convened and must function in accordance with procedures determined by the Governor. (6) The Reserve Bank must provide administrative support, and other resources, including financial resources, for the effective functioning of the Financial Sector Contingency Forum.
Part 5
Roles of financial sector regulators and other organs of state in maintaining financial stability Co-operation among Reserve Bank and financial sector regulators in relation to financial stability
26. (1) The financial sector regulators must—
(a) co-operate and collaborate with the Reserve Bank, and with each other, to maintain, protect and enhance financial stability; (b) provide such assistance and information to the Reserve Bank and the Financial Stability Oversight Committee to maintain or restore financial stability as the Reserve Bank or the Financial Stability Oversight Committee may reasonably request; (c) promptly report to the Reserve Bank any matter of which the financial sector regulator becomes aware that poses or may pose a risk to financial stability; and (d) gather information from, or about, financial institutions that concerns financial stability. 60 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 61 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (b) Mongwe yo o refosanang nae yo o kailweng mo temaneng (a), mo kopanong eo, o na le ditshwanelo tse di tshwanang le tsa leloko la Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete. (5) Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete e ka tlhomamisa ditsamaiso tsa yona, go akaretsa le ditlhokego tsa khoramo. (6) Motho yo o okametseng kopano o ka laletsa motho mongwe le mongwe, go akaretsa le moemedi wa lephata la puso kgotsa setheo sa ditsˇhelete, go tsenela kopano. (7) Komiti e ka tlhoma ditlhopha tse di farologaneng tsa tiro kgotsa dikomititlaleletso. (8) Mo lebakeng la fa diboutu di lekana mo morerong o o ka boutelwang ke Komiti, motho yo o okametseng kopano o ka dira boutu e e kgethegileng mo godimo ga boutu e e dirilweng ke botlhe. Karolo 4 Foramo ya Tshoganyetso ya Lephata la Ditsˇhelete Foramo ya Tshoganyetso ya Lephata la Ditsˇhelete
25. (1) Mmusisi o tshwanetse go tlhoma foramo, e e bidiwang Foramo ya
Tshoganyetso ya Lephata la Ditsˇhelete.
(2) Maitlhomomagolo a Foramo ya Tshoganyetso ya Lephata la Ditsˇhelete ke go thusa Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete ka— (a) go tlhagisa dikotsi tsa kgonagalo ya go direga ga ditiragalo tse di rulaganeng; le (b) kopanyo ya maano a a maleba, mekgwa le dipopego go fokotsa dikotsi tseo. (3) Foramo ya Tshoganyetso ya Lephata la Ditsˇhelete e bopilwe ka bonnye maloko a le robedi, go akaretsa le— (a) Motlatsammusisi yo o thapilweng ke Mmusisi, yo e leng Modulasetilo; (b) dikemedi tsa balaodi bangwe le bangwe ba lephata la ditsˇhelete; (c) dikemedii tsa maphata a mangwe a puso, jaaka Modulasetilo a ka tlhomamisa; le (d) dikemedi tsa mekgatlho ya madirelo a lephata la ditsˇhelete le motho mongwe le mongwe yo o maleba, jaaka Modulasetilo a ka tlhomamisa. (4) Foramo ya Tshoganyetso ya Lephata la Ditsˇhelete e tshwanetse go kopana mo dikgweding dingwe le dingwe tse thataro. (5) Foramo ya Tshoganyetso ya Lephata la Ditsˇhelete e tshwanetse go kopana e bile e tshwanetse go dira go tsamaelana le ditsamaiso tse di tlhomamisitsweng ke Mmusisi. (6) Banka ya Resefe e tshwanetse go tlamela ka tshegetso ya tsamaiso, le ditlamelwana tse dingwe, go akaretsa le ditlamelwana tsa ditsˇhelete, gore Foramo ya Tshoganyetso ya Lephata la Ditsˇhelete e dire ka matsetseleko. Karolo 5 Botsayakarolo jwa balaodi ba lephata la ditsˇhelete le maphata a mangwe a puso mo go tshegetseng tlhomamo ya ditsˇhelete Tirisanommogo magareng ga Banka ya Resefe le balaodi ba lephata la ditsˇhelete mabapi le tlhomamo ya ditsˇhelete
26. (1) Balaodi ba lephata la ditsˇhelete ba tshwanetse—
(a) go dirisanammogo le go kopana le Banka ya Resefe, le ka bobona, go tshegetsa, sireletsa le go oketsa tlhomamo ya ditsˇhelete; (b) go neelana ka thuso eo le tshedimosetso go Banka ya Resefe le Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete go tshegetsa kgotsa busetsa tlhomamo ya ditsˇhelete, jaaka go kopile Banka ya Resefe kgotsa Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete; (c) go bega ka potlako go Banka ya Resefe morero mongwe le mongwe o o lemogwang ke molaodi wa lephata la ditsˇhelete e le o o tlisang kgotsa o o ka tlisang dikotsi mo tlhomamong ya ditsˇhelete; le (d) go kgobokanya tshedimosetso go tswa go, kgotsa ka ga, ditheo tsa ditsˇhelete tse di amang tlhomamo ya ditsˇhelete. 61 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za 62 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (2) The Reserve Bank must, when exercising its powers in terms of this Chapter, take into account— (a) any views expressed and any information reported by the financial sector regulators; and (b) any recommendations of the Financial Stability Oversight Committee. Memoranda of understanding relating to financial stability
27. (1) The financial sector regulators and the Reserve Bank must, not later than six
months after this Chapter takes effect, enter into one or more memoranda of understanding with respect to how they will co-operate and collaborate with, and provide assistance to, each other and otherwise perform their roles and comply with their duties relating to financial stability. (2) The financial sector regulators and the Reserve Bank must review and update the memoranda of understanding as appropriate, but at least once every three years. (3) A copy of a memorandum of understanding must, without delay after being entered into or updated, be provided to the Minister and the Cabinet member responsible for consumer credit matters. (4) The validity of any action taken by a financial sector regulator in terms of a financial sector law, the National Credit Act or the Financial Intelligence Centre Act is not affected by a failure to comply with this section or a memorandum of understanding contemplated in this section. Roles of other organs of state in relation to financial stability
28. An organ of state, other than a financial sector regulator, must—
(a) in performing its functions, have regard to the implications of its activities on financial stability; and (b) provide such assistance and information to the Reserve Bank and the Financial Stability Oversight Committee so as to maintain and restore financial stability as the Bank or the Committee may reasonably request.
Part 6
Systemically important financial institutions Designation of systemically important financial institutions
29. (1) (a) The Governor may, by written notice to a financial institution, designate the
institution as a systemically important financial institution. (b) The power of the Governor in terms of paragraph (a) may not be delegated. (2) Before designating a financial institution in terms of subsection (1) as a systemically important financial institution, the Governor must— (a) give the Financial Stability Oversight Committee notice of the proposed designation and a statement of the reasons why the designation is proposed, and invite the Committee to provide advice on the proposal within a specified reasonable period; and (b) if, after considering the Committee’s advice, the Governor proposes to designate the financial institution in terms of subsection (1), invite the financial institution to make submissions on the matter, and give it a reasonable period to do so. (3) In deciding whether to designate a financial institution in terms of subsection (1), the Governor must take into account at least the following:
(a) The size of the financial institution; (b) the complexity of the financial institution and its business affairs; (c) the interconnectedness of the institution with other financial institutions within or outside the Republic; (d) whether there are readily available substitutes for the financial products and financial services that the financial institution provides or, in the case of a market infrastructure, the market infrastructure; (e) recommendations of the Financial Stability Oversight Committee; (f) submissions made by or for the institution; and (g) any other matters that may be prescribed by Regulation. 62 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 63 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (2) Banka ya Resefe e tshwanetse, fa e diragatsa dithata tsa yona go ya ka Kgaolo eno, go tsaya tsia— (a) dikakanyo dingwe le dingwe tse di tlhagisitsweng le tshedimosetso nngwe le nngwe begilweng ke balaodi ba lephata la ditsˇhelete; le (b) dikatlanegiso dingwe le dingwe tsa Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete. Memorantamao wa tumalano mabapi le tlhomamo ya ditsˇhelete
27. (1) Balaodi ba lephata la ditsˇhelete le Banka ya Resefe ba tshwanetse, e seng mo
sebakeng sa dikgwedi tse thataro morago ga go tsenngwa tirisong ga Kgaolo eno, go tsena mo memorantamong wa tumalano o le esi kgotsa go feta mabapi le ka mokgwa o ba tla dirisanang le go kopana ka teng, le go thusana, le go dira ditiro tsa bona le go ikamanya le ditiro tsa bona tse di amanang le tlhomamo ya ditsˇhelete. (2) Balaodi ba lephata la ditsˇhelete le Banka ya Resefe ba tshwanetse go tllhatlhoba le go tlhabolola memorantamo wa tumalano jaaka go tshwanetse, fela bonnye gangwe mo dingwageng tse tharo. (3) Kgatiso ya memorantamo wa tumalano e tshwanetse ntle le tshenyo ya nako fa go sena go tsenwa mo go yona kgotsa tlhabololwa, go romelwa go Tona le leloko la Kabinete le le rwalang maikarabelo a merero ya sekoloto sa badirisi. (4) Kamogelesego ya tiro nngwe le nngwe dirilweng ke molaodi wa lephata la ditsˇhelete go ya ka molao wa lephata la ditsˇhelete, Molao wa Bosetsˇhaba wa Sekoloto kgotsa Molao wa Senthara ya Botlhodi jwa Ditsˇhelete ga e angwe ke go tlholega go ikamanya le karolo eno kgotsa memorantamo wa tumalano kailweng mo karolong eno. Botsayakarolo jwa maphata a mangwe a puso mabapi le tlhomamo ya ditsˇhelete
28. Lephata la puso, ntle le molaodi wa lephata la ditsˇhelete, le tshwanetse—
(a) mo go direng ditiro tsa lona, go tsaya tsia bokao jwa ditiro tsa lona mo tlhomamong ya ditsˇhelete; le (b) go neelana ka thuso eo le tshedimosetso go Banka ya Resefe le Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete go tshegetsa le go busetsa tlhomamo ya ditsˇhelete, jaaka Banka kgotsa Komiti e kopa. Karolo 6 Ditheo tsa ditsˇhelete tse di botlhokwa mo thulaganyong Go tlhongwa ga ditheo tsa ditsˇhelete tse di botlhokwa tse di rulaganeng
29. (1) (a) Mmusisi o ka, ka kitsiso e e kwaletsweng setheo sa ditsˇhelete, tlhoma
setheo jaaka setheo sa ditsˇhelete se se botlhokwa mo thulaganyong. (b) Thata ya Mmusisi go ya ka temana (a) ga e rolelwe. (2) Pele go tlhongwa setheo sa ditsˇhelete go ya ka karolotlaleletso (1) jaaka setheo sa ditsˇhelete se se botlhokwa mo thulaganyong, Mmusisi o tshwanetse go— (a) naya Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete, morago ga moo setheo sa ditsˇhelete, kitsiso ya tlhomo e e tshitsintsweng le polelo ya mabaka a gore goreng tlhomo e tshitsintswe; le (b) laletsa setheo sa ditsˇhelete go dira ditlhagiso ka ga morero, le go se naya nako e e lekaneng go dira seo. (3) Mo go swetseng ka ga go tlhongwa ga setheo sa ditsˇhelete go ya ka karolotlaleletso (1), Mmusisi o tshwanetse go tsaya tsia bonnye tse di latelang:
(a) Bogolo jwa setheo sa ditsˇhelete;
(b) tharaano ya setheo sa ditsˇhelete le merero ya sona ya kgwebo; (c) kgokagano ya setheo le ditheo tse dingwe tsa ditsˇhelete mo gare ga kgotsa kwa ntle ga Rephaboliki; (d) a go na le dikemisetso tse di baakantsweng tsa dikuno tsa ditsˇhelete le ditirelo tsa ditsˇhelete tse di tlamelwang ke setheo sa ditsˇhelete; (e) dikatlanegiso tsa Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete; (f) ditlhagiso tse di dirilweng ke kgotsa mababi le setheo; le (g) merero mengwe le mengwe ka newang ke Molawana. 63 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za 64 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (4) (a) If the Governor has determined in terms of section 14(4) that a systemic event has occurred or is imminent, the Governor may designate a financial institution as a systemically important financial institution without complying, or complying fully, with subsection (2) or (3). (b) If the Governor acts in terms of paragraph (a) and designates a financial institution without complying, or complying fully, with subsection (2) or (3), the financial institution may make submissions on the designation to the Governor within 30 days after being notified of the designation. (c) The Governor must consider any submissions in terms of paragraph (b) and, by notice to the financial institution, either confirm or revoke the designation. (5) The designation of a financial institution as a systemically important financial institution does not imply, or entitle the financial institution to, a guarantee or any form of credit or other support from any organ of state. (6) The Governor may, in writing, revoke a designation made in terms of this section. (7) A designation, and the revocation of a designation, in terms of this section must be published. Prudential standards and regulator’s directives in respect of systemically important financial institutions
30. (1) To mitigate the risks that systemic events may occur, the Reserve Bank may,
after consulting the Prudential Authority, direct the Prudential Authority to impose, either through prudential standards or regulator’s directives, requirements applicable to one or more specific systemically important financial institutions or to such institutions generally in relation to any of the following matters:
(a) Solvency measures and capital requirements, which may include requirements in relation to counter-cyclical capital buffers; (b) leverage ratios; (c) liquidity; (d) organisational structures; (e) risk management arrangements, including guarantee arrangements; (f) sectoral and geographical exposures; (g) required statistical returns; (h) recovery and resolution planning; and (i) any other matter in respect of which a prudential standard or regulator’s directive may be made that is prescribed by Regulations made for this section on the recommendation of the Governor. (2) The Prudential Authority may make prudential standards or issue regulator’s directives as contemplated in subsection (1). (3) The Prudential Authority must notify the Reserve Bank and the Financial Stability Oversight Committee of any steps taken to enforce a prudential standard made or a regulator’s directive issued in terms of subsection (2), and the effect of those steps. Winding-up and similar steps in respect of systemically important financial institutions
31. (1) None of the following steps may be taken in relation to a systemically
important financial institution or a systemically important financial institution within a financial conglomerate without the concurrence of the Reserve Bank:
(a) Suspending, varying, amending or cancelling a licence issued to that financial institution; (b) adopting a special resolution to wind up the financial institution voluntarily; (c) applying to a court for an order that the financial institution be wound up; (d) appointing an administrator, trustee or curator for the financial institution; (e) placing the financial institution under business rescue or adopting a business rescue plan for the financial institution; 64 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 65 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (4) (a) Fa Mmusisi a tlhomamisitse go ya ka karolo 14(4) gore tiragalo e e rulaganeng e diregile kgotsa e ka direga, Mmusisi o ka tlhoma setheo sa ditsˇhelete jaaka setheo sa ditsˇhelete se se botlhokwa mo thulaganyong ntle le go ikamanaya, kgotsa go ikamanya ka gotlhe, le karolotlaleletso (2) kgotsa (3). (b) Fa Mmusisi a dira go ya ka temana (a) le go tlhoma setheo sa ditsˇhelete ntle le go ikamanya, kgotsa go ikamanya ka gotlhe, le karolotlaleletso (2) kgotsa (3), setheo sa ditsˇhelete se ka dira ditlhagiso ka ga go tlhongwa go Mmusisi mo matsatsing a le 30 morago ga go itsisiwe ka ga go tlhongwa. (c) Mmusisi o tshwanetse go tsaya tsia ditlhagiso dingwe le dingwe go ya ka temana (b), le ka kitsiso go setheo sa ditsˇhelete, go ka netefatsa kgotsa gogela morago tlhomo. (5) Go tlhongwa ga setheo sa ditsˇhelete jaaka setheo sa ditsˇhelete se se botlhokwa mo thulaganyong ga go kae gore, kgotsa ga go neye setheo sa ditsˇhelete tetla ya, tshireletsego kgotsa mokgwa mongwe le mongwe wa sekoloto kgotsa tshegetso nngwe go tswa go lephata lengwe le lengwe la puso. (6) Mmusisi o ka, ka go kwala, gape le go ya ka kgato e e tlhokegang, gogela morago tlhomo e e dirilweng go ya ka karolo eno. (7) Tlhomo, le kgogelomorago ya tlhomo, go ya ka karolo eno e tshwanetse go phasalatswa. Maemo a a botlhokwa le ditaelo tsa bolaodi mabapi le ditheo tsa ditsˇhelete tse di botlhokwa tse di rulaganeng
30. (1) Go fokotsa dikotsi tsa gore ditiragalo tse di rulaganeng di ka diragala, Banka
ya Resefe e ka, morago ga go rerisana le Bothati jwa Tlhokomelo, laela Bothati jwa Tlhokomelo go pateletsa, ka ditaelo kgotsa maemo a tlhokomelo, ditlhokego tse di diragatswang go e le nngwe kgotsa go feta ya ditheo tsa ditsˇhelete tse di botlhokwa mo thulaganyong kgotsa go ditheo tse ka kakaretso mabapi le nngwe le nngwe ya dintlha tse di latelang:
(a) Dilekanyo tsa phutlhamo le ditlhokego tsa khapetlele, tse di ka akaretsang ditlhokego mabapi le disireletsi tsa khapetlele tse di sa tlwaelegang; (b) dikamano magareng ga khapetlele ya kadimo le disˇere; (c) phatlhalatsokgwebo; (d) dibopego tsa setheo; (e) dithulaganyo tsa taolo ya dikotsi, go akaretsa dithulaganyo tsa tshireletsego; (f) ditlhagiso tsa lephata le kgaolo; (g) dipoelo tse di tlhokegang tsa dipalopalo; (h) togamaano ya poelo le tharabololo; le (i) morero mongwe le mongwe o o mabapi le maemo a tlhokomelo kgotsa taelo ya molaodi e e ka dirwang e e neetsweng ka Melawana e e dirilweng mo katlanegisong ya Mmusisi. (2) Bothati jwa Tlhokomelo bo ka dira maemo a tlhokomelo kgotsa bo ka rebola ditaelo tsa molaodi jaaka go kailwe mo karolotlaleletsong (1). (3) Bothati jwa Tlhokomelo bo tshwanetse go itsise Banka ya Resefe le Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete ka ga dikgato dingwe le dingwe tse di tserweng go gatelela taelo e e ntshitsweng kgotsa maemo a tlhokomelo a a dirilweng go ya ka karolotlaleletso (2), le ditlamorago tsa dikgato tseo. Go swetsa le dikgato tse di tshwanang mabapi le ditheo tsa ditsˇhelete tse di botlhokwa tse di rulaganeng
31. (1) Ga go epe ya dikgato tse di latelang e e ka tsewang mabapi le setheo sa
ditsˇhelete se se botlhokwa mo thulaganyong kgotsa setheo sa ditsˇhelete se se botlhokwa mo thulaganyong mo gare ga ditheo tsa ditsˇhelete tse di kopantsweng ntle le thebolo ya Banka ya Resefe:
(a) Go sekega, go fetola, go tlhabolola kgotsa go phimola laesense reboletsweng setheo seo sa ditsˇhelete; (b) go dirisa tharabololo e e kgethegileng go konotelela setheo sa ditsˇhelete ka boithaopo; (c) go dira kopo go kgotlatshekelo ya gore setheo sa ditsˇhelete se konotelelwe; (d) go thapa motsamaisi, motlhokomedi kgotsa motlhomamisi mo setheong sa ditsˇhelete; (e) go baya setheo sa ditsˇhelete ka fa tlase ga phaloso ya kgwebo kgotsa tiriso ya leano la phaloso ya kgwebo mo setheong sa ditsˇhelete; 65 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 66 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (f) entering into an agreement for amalgamation or merger of the financial institution with a company; and (g) entering into a compromise arrangement with creditors of the financial institution. (2) A step referred to in subsection (1) that is taken without the Reserve Bank’s concurrence is void.
CHAPTER 3
PRUDENTIAL AUTHORITY
Part 1
Establishment, objective and functions
Establishment
32. (1) An authority called the Prudential Authority is hereby established.
(2) The Prudential Authority is a juristic person operating within the administration of the Reserve Bank. (3) The Prudential Authority is not a public entity in terms of the Public Finance Management Act. Objective
33. The objective of the Prudential Authority is to—
(a) promote and enhance the safety and soundness of financial institutions that provide financial products and securities services; (b) promote and enhance the safety and soundness of market infrastructures; (c) protect financial customers against the risk that those financial institutions may fail to meet their obligations; and (d) assist in maintaining financial stability. Functions
34. (1) In order to achieve its objective, the Prudential Authority must—
(a) regulate and supervise, in accordance with the financial sector laws— (i) financial institutions that provide financial products or securities services; and (ii) market infrastructures; (b) co-operate with and assist the Reserve Bank, the Financial Stability Oversight Committee, the Financial Sector Conduct Authority, the National Credit Regulator and the Financial Intelligence Centre, as required in terms of this Act; (c) co-operate with the Council for Medical Schemes in the handling of matters of mutual interest; (d) support sustainable competition in the provision of financial products and financial services, including through co-operating and collaborating with the Competition Commission; (e) support financial inclusion; (f) regularly review the perimeter and scope of financial sector regulation, and take steps to mitigate risks identified to the achievement of its objective or the effective performance of its functions; and (g) conduct and publish research relevant to its objective. (2) The Prudential Authority must also perform any other function conferred on it in terms of any other provision of this Act or other legislation. (3) The Prudential Authority may do anything else reasonably necessary to achieve its objective, including— (a) co-operating with its counterparts in other jurisdictions; and (b) participating in relevant international regulatory, supervisory, financial stability and standard setting bodies. 66 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 67 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (f) go tsena mo tumalanong ya kopanyo kgotsa tshwaraganyo ya setheo sa ditsˇhelete le setlamo; le (g) go tsena mo thulaganyong ya tumalano le banayasekoloto ba setheo sa ditsˇhelete. (2) Kgato e e kailweng mo karolotlaleletsong (1) e e tserweng ntle le thebolo ya Banka ya Resefe ga e na pateletso ya semolao. KGAOLO 3 BOTHATI JWA TLHOKOMELO Karolo 1 Go tlhomiwa, maitlhomo le ditiro Go tlhongwa
32. (1) Bothati jo bo bidiwang Bothati jwa Tlhokomelo bo a tlhongwa.
(2) Bothati jwa Tlhokomelo ke setheo se se dirang mo tsamaisong ya Banka ya Resefe. (3) Bothati jwa Tlhokomelo ga se setheo sa setsˇhaba go ya ka Public Finance Management Act. Maitlhomo
33. Maitlhomo a Bothati jwa Tlhokomelo ke go—
(a) tsholetsa le go oketsa pabalesego le tshiamo ya ditheo tsa ditsˇhelete tse di tlamelang ka dikuno tsa ditsˇhelete le ditirelo tsa dithoto; (b) tsholetsa le go oketsa pabalesego le itekanelo ya thulaganyetso ya popegotheo ya mmaraka; (c) sireletsa barekedi ba ditsˇhelete kgatlhanong le kotsi ya gore ditheo tseo tsa ditsˇhelete di ka palelwa ke go fitlhelela ditlamego tsa tsona; le (d) thusa mo go tshegetseng tlhomamo ya ditsˇhelete. Ditiro
34. (1) Gore bo fitlhelele maitlhomo a jona, Bothati jwa Tlhokomelo bo tshwanetse—
(a) go laola le go tlhokomela, go tsamaelana le melao ya lephata la ditsˇhelete— (i) ditheo tsa ditsˇhelete tse di tlamelang ka dikuno tsa ditsˇhelete kgotsa ditirelo tsa dithoto; le (ii) dithulaganyetso tsa popegotheo ya mmaraka; (b) go dirisana mmogo le, le go thusa Banka ya Resefe, Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete, Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete, Bolaodi jwa Bosetsˇhaba jwa Sekoloto le Senthara ya Botlhodi jwa Ditsˇhelete, jaaka go tlhokega go ya ka Molao ono; (c) go dirisana mmogo le Khansele ya Dikema tsa Kalafi mo go sekasekeng merero ya dikgatlhegelo tse di tshwanang; (d) go tshegetsa kgaisano ya leruri mo kabelong ya dikuno tsa ditsˇhelete le ditirelo tsa dithoto, go akaretsa le tirisanommogo le kopano le Khomisˇene ya Kgaisano; (e) go tshegetsa tsenyeletso ya ditsˇhelete; (f) thadiso ya ka gale ya modiko le boteng jwa Bolaodi jwa lephata la ditsˇhelete, le go tsaya dikgato go fokotsa dikotsi tse di supilweng mo go fitlheleleng maitlhomo a bona kgotsa mo go direng ditiro tsa bona ka matsetseleko; le (g) go dira le go phasalatsa patlisiso e e tsamaelanang le maitlhoma a jona. (2) Bothati jwa Tlhokomelo bo tshwanetse go dira tiro nngwe le nngwe e bo e abetsweng go ya ka kabelo nngwe le nngwe ya Molao ono kgotsa molawana mongwe le mongwe. (3) Bothati jwa Tlhokomelo bo ka dira sengwe le sengwe se se tlhokegang go fitlhelela maitlhomo a jona, go akaretsa le— (a) go dirisana mmogo le badiri-ka-bona mo ditaolong tse dingwe; le (b) go tsaya karolo mo bolaoding jwa boditsˇhabatsˇhaba, botlhokomeding, tsepamong ya ditsˇhelete le mo mekgatlhong e e bayang maemo. 67 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za 68 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (4) When performing its functions, the Prudential Authority must— (a) take into account the need for a primarily pre-emptive, outcomes focused and risk-based approach, and prioritise the use of its resources in accordance with the significance of risks to the achievement of its objective; and (b) to the extent practicable, have regard to international regulatory and supervisory standards set by bodies referred to in subsection (3)(b), and circumstances in the Republic. (5) The Prudential Authority must perform its functions without fear, favour or prejudice.
Part 2
Governance
Overall governance objective
35. The Prudential Authority must manage its affairs in an efficient and effective way,
and establish and implement appropriate and effective governance systems and processes, having regard to, among other things, internationally accepted standards and practices in these matters. Appointment of Chief Executive Officer
36. (1) The Governor must, with the concurrence of the Minister, appoint a Deputy
Governor who has appropriate expertise in the financial sector, other than the Deputy Governor responsible for financial stability, as the Chief Executive Officer of the Prudential Authority. (2) When appointing a Deputy Governor as the Chief Executive Officer, that Deputy Governor and the Governor must agree, in writing, on— (a) the performance measures that will be used to assess the Deputy Governor’s performance as the Chief Executive Officer; and (b) the level of performance to be achieved against those performance measures. (3) A person may not be appointed or hold office as the Chief Executive Officer if the person— (a) is a disqualified person; or (b) is not ordinarily resident in the Republic. Role of Chief Executive Officer
37. (1) The Chief Executive Officer—
(a) is responsible for the day-to-day management and administration of the Prudential Authority; and (b) subject to section 42(b), must perform the functions of the Prudential Authority, including exercising the powers and carrying out the duties associated with those functions. (2) When acting in terms of subsection (1), the Chief Executive Officer must implement the policies and strategies adopted by the Prudential Committee. Term of office of Chief Executive Officer
38. (1) A person appointed as the Chief Executive Officer—
(a) holds office for a term no longer than five years, as the Governor may determine; (b) is, at the expiry of that term, eligible for re-appointment for one further term; and (c) must vacate office before the expiry of a term of office if that person— (i) resigns as Chief Executive Officer, by giving at least three months written notice to the Governor, or a shorter period that the Governor may accept; 68 5 10 15 20 25 30 35 40 45

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 69 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (4) Fa bo dira ditiro tsa bona, Bothati jwa Tlhokomelo bo tshwanetse— (a) go tsaya tsia tlhokego ya tsamaiso e e bonelang pele segolosegolo, e e ikaegileng ka dipoelo le itshetlegileng ka mokgwa o o theilweng mo dikotsing, le go baya kwa pele tiriso ya ditlamelwana tsa bona go tsamaelana le botlhokwa jwa dikotsi mo go fitlheleleng maitlhomo a jona; le (b) go ya ka moo go kgonagalang, go tsaya tsia maemo a taolo le tlhokomelo a boditsˇhabatsˇhaba theilweng ke mekgatlho e e kailweng mo karolotlaleletsong (3)(b), le maemo mo Rephaboliking. (5) Bothati jwa Tlhokomelo bo tshwanetse go dira ditiro tsa jona ntle le poifo, tseoletlhakore le kgobelelo. Karolo 2 Puso Maitlhomo ka kakaretso a puso
35. Bothati jwa Tlhokomelo bo tshwanetse go laola merero ya bona ka bokgoni le
nonofo, le go tlhoma le go tsenya tirisong dikgato le dithulaganyo tse di maleba e bile di nonofile tsa puso, ka go ela tlhoko, mo gare ga dilo tse dingwe, maemo le ditiragatso tse di amogetsweng boditsˇhabatsˇhaba mo mabakeng ano. Go thapiwa ga Motlhankedimogolo wa Khuduthamaga
36. (1) Mmusisi o tshwanetse, ka tumalano le Tona, go thapa Motlatsammusisi yo o
leng moitseanape mo lephateng la ditsˇhelete, ntle le Motlatsammusisi yo o rwalang maikarabelo a tlhomamo ya ditsˇhelete, jaaka Motlhankedimogolo wa Khuduthamaga wa Bothati jwa Tlhokomelo. (2) Fa go thapiwa Motlatsammusisi jaaka Motlhankedimogolo wa Khuduthamaga, Motlatsammusisi yoo le Mmusisi ba tshwanetse go dumalana, ka go kwala, ka— (a) ditekanyetsotiro tse di tshwanetseng go diriswa go lekanyetsa tiro ya Motlatsammusisi jaaka Motlhankedimogolo wa Khuduthamaga; le (b) boemo jwa tiro jo bo tshwanetseng go fitlhelelwa kgatlhanong le ditekanyetsotiro tseo. (3) Motho a ka se thapiwe kgotsa go tshwara maemo a Motlhankedimogolo wa Khuduthamaga fa motho— (a) e le motho yo o ileditsweng; kgotsa (b) e se moagi wa tlholego wa Rephaboliki. Botsayakarolo jwa Motlhankedimogolo wa Khuduthamaga
37. (1) Motlhankedimogolo wa Khuduthamaga—
(a) o rwala maikarabelo a taolo ya letsatsi le letsatsi le tsamaiso ya Bothati jwa Tlhokomelo; le (b) go tsamaelana le karolo 42(b), o tshwanetse go dira ditiro tsa Bothati jwa Tlhokomelo, go akaretsa le go diragatsa dithata le go dira ditiro tse di tsamaelanang le ditiro tseo. (2) Fa a dira go ya ka karolotlaleletso (1), Motlhankedimogolo wa Khuduthamaga o tshwanetse go diragatsa dipholisi le maano tse di amogetsweng ke Komiti ya Tlhokomelo. Paka ya tiro ya Motlhankedimogolo wa Khuduthamaga
38. (1) Motho yo o thapilweng jaaka Motlhankedimogolo wa Khuduthamaga—
(a) o thapiwa paka e e sa feteng dingwaga tse tlhano, jaaka Mmusisi a ka tlhomamisa; (b) o, kwa bokhutlong jwa paka eo, na le tshwanelo ya go ka thapiwa gape sebaka sa paka e le esi e e okeditsweng; le (c) o tshwanetse go tswa mo ofising pele ga bokhutlo jwa paka ya tiro fa motho yoo— (i) a rola tiro jaaka Motlhankedimogolo wa Khuduthamaga, ka go naya Mmusisi kitsiso e e kwetsweng ya sebaka sa bonnye dikgwedi tse tharo, kgotsa paka e e khutshwane ka amogelwang ke Mmusisi; 69 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za 70 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (ii) ceases to hold office as Deputy Governor; or (iii) is removed from office as Chief Executive Officer. (2) The Governor must, at least three months before the end of the Chief Executive Officer’s first term of office, inform the Chief Executive Officer whether the Governor proposes to re-appoint the person as Chief Executive Officer. Removal of Chief Executive Officer
39. (1) The Governor must, subject to due process, remove the Chief Executive
Officer from office if the Chief Executive Officer becomes a disqualified person. (2) The Governor may, with the concurrence of the Minister, remove the Chief Executive Officer from office if an independent inquiry, established by the Governor with the concurrence of the Minister, has found that the Chief Executive Officer— (a) is unable to perform the duties of office for health or other reasons; (b) has failed in a material way to achieve the level of performance against the performance measures agreed to in terms of section 36(2); (c) has failed in a material way to discharge any of the responsibilities of office, including any responsibilities entrusted in terms of legislation; or (d) has acted in a way that is inconsistent with continuing to hold the office. (3) If an independent inquiry has been established in terms of subsection (2), the Governor may suspend the Chief Executive Officer from office pending a decision on the removal of the Chief Executive Officer. (4) Without limiting subsection (2)(c), the Chief Executive Officer must be taken to have failed in a material way to discharge the responsibilities of office if he or she is absent from two consecutive meetings of the Prudential Committee without the leave of the Prudential Committee. (5) If the Chief Executive Officer is removed from office in terms of subsection (2), the Minister must, within 30 days, submit the report and findings of the independent inquiry to the National Assembly. Acting Chief Executive Officer
40. The Governor may appoint a senior staff member of the Prudential Authority or a
Deputy Governor to act as Chief Executive Officer when the Chief Executive Officer is absent from office, suspended or is otherwise unable to perform the functions of office. Establishment of Prudential Committee
41. (1) A committee called the Prudential Committee is hereby established for the
Prudential Authority.
(2) The Prudential Committee consists of the Governor, the Chief Executive Officer and the other Deputy Governors. Role of Prudential Committee
42. The Prudential Committee must—
(a) generally oversee the management and administration of the Prudential Authority to ensure that it is efficient and effective; and (b) act for the Prudential Authority in the following matters:
(i) Authorising the Chief Executive Officer to sign, on behalf of the Prudential Authority, a section 27 or section 77 memorandum of understanding and any amendment to such a memorandum; (ii) delegating powers of the Prudential Authority to the Financial Sector Conduct Authority in terms of a section 77 memorandum of understanding; (iii) adopting the regulatory strategy of the Prudential Authority, and any amendment to the strategy; (iv) adopting the administrative action procedures of the Prudential Authority, and any amendment to those procedures; 70 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 71 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (ii) a tlogela tiro jaaka Motlatsammusisi; kgotsa (iii) a tlogediswa tiro jaaka Motlhankedimogolo wa Khuduthamaga. (2) Mmusisi o tshwanetse, bonnye dikgwedi tse tharo pele ga bokhutlo jwa paka ya tiro ya Motlhankedimogolo wa Khuduthamaga, go itsise Motlhankedimogolo wa Khuduthamaga fa e le gore Mmusisi o tshitsinya go thapa motho yoo gape jaaka Motlhankedimogolo wa Khuduthamaga. Go tloswa ga Motlhankedimogolo wa Khuduthamaga
39. (1) Mmusisi o tshwanetse, go tsamaelana le kgato e e maleba, go tlosa
Motlhankedimogolo wa Khuduthamaga mo tirong fa Motlhankedimogolo wa Khuduthamaga a nna motho yo o ileditsweng. (2) Mmusisi o ka, ka tumalano le Tona, tlosa Motlhankedimogolo wa Khuduthamaga mo tirong fa patlisiso e e ikemetseng, e e tlhomilweng ke Mmusisi ka tumalano le Tona, e fitlheletse gore Motlhankedimogolo wa Khuduthamaga— (a) ga a kgone go dira ditiro tsa ofisi ka ntlha ya boitekanelo kgotsa mabaka mangwe; (b) a paletswe ka gotlhe go fitlhelela boemo jwa tiro kgatlhanong le ditekanyetsotiro tse go dumalanweng ka tsona go ya ka karolo 36(2); (c) a paletswe ka gotlhe go diragatsa nngwe le nngwe ya maikarabelo a ofisi, go akaretsa nngwe le nngwe ya maikarabelo ao a a neilweng go ya ka molawana; kgotsa (d) a dirile ka mokgwa o o sa tsamaelaneng le go tswelela go nna mo tirong. (3) Fa patlisiso e e ikemetseng e tlhomilwe go ya ka karolotlaleletso (2), Mmusisi o ka sekega Motlhankedimogolo wa Khuduthamaga mo tirong fa go sa ntse go letilwe tshwetso ya go tlosa Motlhankedimogolo wa Khuduthamaga. (4) Ntle le go lekanyetsa karolotlaleletso (2)(c), Motlhankedimogolo wa Khuduthamaga o tshwanetse go tsewa jaaka a paletswe ka gotlhe go diragatsa maikarabelo a tirofa a sa nna teng mo dikopanong tse pedi tse di latelanang tsa Komiti ya Tlhokomelo ntle le khunulogo ya Komiti ya Tlhokomelo. (5) Fa Motlhankedimogolo wa Khuduthamaga a tlositswe mo tirong go ya ka karolotlaleletso (2), Tona o tshwanetse go romela pegelo le diphitlhelelo tsa patlisiso e e ikemetseng go Kokoano Bosetsˇhaba mo matsatsing a le 30. Motlhankedimogolo wa Khuduthamaga wa nama-o-tshwere
40. Mmusisi o ka thapa leloko le legolwane la badirammogo ba Bothati jwa
Tlhokomelo kgotsa Motlatsammusisi go ka tshwara marapo jaaka Motlhankedimogolo wa Khuduthamaga fa Motlhankedimogolo wa Khuduthamaga a seyo mo tirong, a sekegilwe kgotsa ka gongwe a sa kgone go dira ditiro tsa ofisi. Go tlhongwa ga Komiti ya Tlhokomelo
41. (1) Komiti e e bidiwang Komiti ya Tlhokomelo e tlhomelwa fano Bothati jwa
Tlhokomelo.
(2) Komiti ya Tlhokomelo e na le Mmusisi, Motlhankedimogolo wa Khuduthamaga le Batlatsammusisi ba bangwe. Botsayakarolo jwa Komiti ya Tlhokomelo
42. Komiti ya Tlhokomelo e tshwanetse—
(a) ka kakaretso go ela tlhoko taolo le tsamaiso ya Bothati jwa Tlhokomelo go netefatsa gore bo na le bokgoni le nonofo; le (b) go direla Bothati jwa Tlhokomelo mo mabakeng a a latelang:
(i) Go dumelela Motlhankedimogolo wa Khuduthamaga go saena, mo boemong jwa Bothati jwa Tlhokomelo, memorantamo wa tumalano wa karolo 27 kgotsa karolo 77 le tlhabololo nngwe le nngwe ya memorantamo oo; (ii) go rolela dithata tsa Bothati jwa Tlhokomelo go Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete go ya ka karolo 77 ya memorantamo wa tumalano; (iii) go amogela leano la taolo la Bothati jwa Tlhokomelo, le tlhabololo nngwe le nngwe ya leano; (iv) go amogela ditsamaiso tsa tiro ya tsamaiso ya Bothati jwa Tlhokomelo, le tlhabololo nngwe le nngwe go ditsamaiso tseo; 71 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 72 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (v) appointing members of subcommittees of the Prudential Authority required or permitted by a law, and giving directions regarding the conduct of the work of any subcommittee; (vi) making prudential standards, joint standards and other regulatory instruments in terms of financial sector laws; (vii) making determinations of fees in terms of financial sector laws; and (viii) any other matter assigned in terms of a financial sector law to the Prudential Committee. Meetings of Prudential Committee
43. (1) (a) The Prudential Committee must meet as often as necessary for the
performance of its functions.
(b) An audio or audio-visual conference among a majority of the members of the Prudential Committee, which enables each participating member to hear and be heard by each of the other participating members, must be regarded as a meeting of the Prudential Committee, and each participating member must be regarded as being present at such a meeting. (2) Meetings of the Prudential Committee are held at times and, except where subsection (1)(b) applies, at places determined by the Governor. (3) A quorum for a meeting of the Prudential Committee is a majority of its members. (4) (a) The Governor chairs meetings of the Prudential Committee at which the Governor is present. (b) If the Governor is not present at a meeting, a Deputy Governor other than the Chief Executive Officer, who is nominated by the Governor, or selected in accordance with a procedure determined by the Governor, chairs the meeting. (5) The Governor or the Deputy Governor chairing a meeting of the Prudential Committee may invite or allow any other person, including a representative of the Financial Sector Conduct Authority or the National Credit Regulator, to attend a meeting of the Prudential Committee, but a person who is invited has no right to vote at the meeting. (6) The members may regulate proceedings at Prudential Committee meetings as they consider appropriate. (7) The Chief Executive Officer must ensure that minutes of each meeting of the Prudential Committee are kept in a manner determined by the Chief Executive Officer. Decisions of Prudential Committee
44. (1) (a) A proposal before a meeting of the Prudential Committee becomes a
decision of the committee if a majority of the members present, or regarded as being present, and voting on the proposal, vote for the proposal. (b) In the event of an equality of votes on a proposal, the person chairing the meeting has a casting vote in addition to a deliberative vote. (2) The Prudential Committee may, in accordance with procedures determined by it, make a decision on a proposal outside a meeting of the Prudential Committee. (3) A decision of the Prudential Committee is not invalid merely because— (a) there was a vacancy in the office of a member when the decision was taken; or (b) a person who was not a member participated in the decision, as long as such person did not vote. Governance and other subcommittees
45. (1) The Prudential Committee must establish—
(a) a subcommittee to review, monitor and advise the Prudential Committee on the risks faced by the Prudential Authority and plans for managing those risks; and (b) a subcommittee to advise the Prudential Committee on measures that must be taken to ensure that the Prudential Authority complies with its obligations in relation to auditing and financial management. 72 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 73 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (v) go thapa maloko a dikomititlaleletso tsa Bothati jwa Tlhokomelo a a tlhokegang kgotsa dumeletsweng ke molao, le go bontsha tsela mabapi le maitsholo a tiro a komititlaleletso nngwe le nngwe; (vi) go dira maemo a tlhokomelo, maemo a tlhakanelo le didiriswa tse dingwe tsa taolo go latela melao ya lephata la ditsˇhelete; (vii) go dira ditlhomamiso tsa dituelo go ya ka molao wa lephata la ditsˇhelete; le (viii) morero mongwe le mongwe o o abetsweng go ya ka molao wa lephata la ditsˇhelete kwa Komiting ya Tlhokomelo. Dikopano tsa Komiti ya Tlhokomelo
43. (1) (a) Komiti ya Tlhokomelo e tshwanetse go kopana kgapetsakgapetsa fa go
tlhokega go dira ditiro tsa yona.
(b) Khonferense ya kutlo kgotsa kutlopono magareng ga bontsi jwa maloko a Komiti ya Tlhokomelo, e e kgontshang leloko lengwe le lengwe le le tsayang karolo go utlwa le go utlwelelwa ke mongwe le mongwe wa maloko a mangwe a a tsayang karolo, e tshwanetse go tsewa jaaka kopano ya Komiti ya Tlhokomelo, e bile leloko lengwe le lengwe le le tsayang karolo le tshwanetse go tsewa jaaka fa le le teng kwa kopanong eo. (2) Dikopano tsa Komiti ya Tlhokomelo di tshwarwa ka nako le, ntle le moo karolotlaleletso (1)(b) e diragatswang, kwa mafelong a a tlhomamisitsweng ke Mmusisi. (3) Khoramo ya kopano ya Komiti ya Tlhokomelo ke bontsi jwa maloko a yona. (4) (a) Mmusisi o okamela dikopano tsa Komiti ya Tlhokomelo tse a leng teng mo go tsona. (b) Fa Mmusisi a se teng kwa kopanong, Motlatsammusisi, yo mongwe yo e seng Motlhankedimogolo wa Khuduthamaga, yo o supilweng ke Mmusisi kgotsa yo o tlhophilweng go ya ka tsamaiso e e tlhomamisitsweng ke Mmusisi, o okamela kopano. (5) Mmusisi kgotsa Motlatsammusisi yo o okametseng kopano ya Komiti ya Tlhokomelo o ka laletsa kgotsa letla motho mongwe le mongwe, go akaretsa le kemedi ya Bothati jwa Boitshwaro a Lephata la Ditsˇhelete kgotsa Bolaodi jwa Bosetsˇhaba jwa Sekoloto, go tla kopanong ya Komiti ya Tlhokomelo, fela motho yo o laleditsweng ga a na tshwanelo ya go tlhopha kwa kopanong. (6) Maloko a ka laola ditsamaiso kwa dikopanong tsa Komiti ya Tlhokomelo jaaka ba bona go le maleba. (7) Motlhankedimogolo wa Khuduthamaga o tshwanetse go netefatsa gore metsotso ya kopano e gatiswa ka mokgwa o o rebotsweng ke Motlhankedimogolo wa Khuduthamaga. Ditshwetso tsa Komiti ya Tlhokomelo
44. (1) (a) Tshitsinyo e e dirilweng kwa kopanong ya Komiti ya Tlhokomelo e nna
tshwetso ya komiti e e kailweng fa bontsi jwa maloko a a tlileng kopanong, kgotsa tseetsweng go nna teng kwa kopanong, le ao a ka tsayang karolo mo tshekatshekong ya tshitsinyo, a boutela tshitsinyo. (b) Mo lebakeng la fa diboutu tsa tshitsinyo di lekana, motho yo o okametseng kopano o dira boutu ya makgaolakgang mo godimo ga boutu ya tlwaelo. (2) Komiti ya Tlhokomelo e ka, go tsamaelana le ditsamaiso tse di tlhomamisitsweng ke komiti e e kailweng, dira tshwetso ka ga tshitsinyo kwa ntle ga kopano ya komiti. (3) Tshwetso ya Komiti ya Tlhokomelo ga e tlhoke kamogelesego fela ka ntlha ya gore— (a) go nnile le phatlatiro mo ofising ya leloko fa tshwetso e ne e tsewa; kgotsa (b) motho yo o neng e se leloko o tsere karolo mo tshwetsong, fa fela motho yoo a sa bouta. Puso le dikomititlaleletso tse dingwe
45. (1) Komiti ya Tlhokomelo e tshwanetse go tlhoma—
(a) komititlaleletso go sekaseka, lekola le go gakolola Komiti ya Tlhokomelo ka ga dikotsi tse Bothati jwa Tlhokomelo bo lebaganeng le tsona le maano a go laola dikotsi tseo; le (b) komititlaleletso go gakolola Komiti ya Tlhokomelo ka ga dikgato tse di tshwanetseng go tsewa go netefatsa gore Bothati jwa Tlhokomelo bo ikamanya le ditlamego tsa jona mabapi le boruni le taolo ya ditsˇhelete. 73 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 74 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (2) The Prudential Committee may establish one or more other subcommittees for the Prudential Authority, with functions that the Prudential Committee may determine. (3) (a) The Prudential Committee determines the membership of a subcommittee established in terms of this section. (b) The majority of the members of a subcommittee established in terms of subsection (1) may not be staff members of the Prudential Authority or the Reserve Bank. (c) A subcommittee established in terms of subsection (2) may include persons who are neither members of the Prudential Committee nor staff members of the Prudential Authority. (d) A disqualified person may not be a member of a subcommittee established in terms of this section. (4) The Prudential Committee may, instead of establishing a subcommittee referred to in subsection (1), assign the subcommittee’s function to a committee of the Reserve Bank performing a similar function. (5) A member of a subcommittee established in terms of this section, including a member who is not in the service of an organ of state, holds office for the period, and on the terms and conditions, and terms regarding remuneration, as determined by the Prudential Committee. (6) A subcommittee established in terms of subsection (1) must be chaired by a person who is not the Governor, a Deputy Governor, the Chief Executive Officer or a staff member of the Prudential Authority. (7) A subcommittee established in terms of this section determines its procedures subject to any directions by the Prudential Committee. (8) The Chief Executive Officer must ensure that minutes of each meeting of each subcommittee established in terms of this section are kept in a manner determined by the Prudential Committee. Duties of members of Prudential Committee and members of subcommittees
46. (1) A member of the Prudential Committee or of a subcommittee established in
terms of section 45(1) must—
(a) act honestly in all matters relating to the Prudential Authority; and (b) perform the functions of office as a member— (i) in good faith; (ii) for a proper purpose; and (iii) with the degree of care and diligence that a reasonable person in the member’s position would exercise. (2) A person who is or has been a member of the Prudential Committee or of a subcommittee established in terms of section 45(1) may not use that position or any information obtained as such a member to— (a) improperly benefit himself or herself or another person; (b) impede the Prudential Authority’s ability to perform its functions; or (c) cause improper detriment to another person. (3) For the purposes of this section, ‘‘benefit’’ and ‘‘detriment’’ are not limited to financial benefit or detriment. Regulatory strategy
47. (1) The Prudential Committee must, within six months after the date on which this
Chapter takes effect, adopt a regulatory strategy for the Prudential Authority to give
general guidance to the Prudential Authority in the achievement of its objective and the performance of its regulatory and supervisory functions. (2) A regulatory strategy must— (a) state— (i) the regulatory and supervisory priorities for the Prudential Authority for the next three years; and (ii) the intended key outcomes of the strategy; (b) set guiding principles for the Prudential Authority on— (i) how it should perform its regulatory and supervisory functions; 74 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 75 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (2) Komiti ya Tlhokomelo e ka tlhoma komiti e le esi kgotsa go feta e e nang le ditiro tse di tla tlhomamisiwang ke Komiti ya Kelotlhoko ya Bothati jwa Tlhokomelo. (3) (a) Komiti ya Tlhokomelo e tlhomamisa botokololo jwa komititlaleletso e e tlhomilweng go ya ka karolo eno. (b) Bontsi jwa maloko a komititlaleletso e e tlhomilweng go ya ka karolotlaleletso (1) bo ka se nne badirammogo ba Bothati jwa Tlhokomelo kgotsa Banka ya Resefe. (c) Komititlaleletso e e tlhomilweng go ya ka karolotlaleletso (2) e ka akaretsa batho bao e seng maloko a Komiti ya Tlhokomelo kgotsa badirammogo ba Bothati jwa Tlhokomelo. (d) Motho yo o ileditsweng o ka se nne leloko la komititlaleletso e e tlhomilweng go ya ka karolo eno. (4) Komiti ya Tlhokomelo e ka, boemong jwa go tlhoma komititlaleletso e e kailweng mo karolotlaleletsong (1), naya tiro ya komititlaleletso go komiti ya Banka ya Resefe dirang tiro e e tshwanang. (5) Leloko la komititlaleletso e e tlhomilweng go ya ka karolo eno, go akaretsa le leloko le le seng mo tirelong ya lephata la puso, o thapiwa mo pakeng, le go ya ka mabaka le dipeelo, le dipeelo tse di amanang le mogolo, jaaka go tlhomamisitse Komiti ya Tlhokomelo. (6) Komiti e e tlhomilweng go ya ka karolotlaleletso (1) e tshwanetse go okamelwa ke motho yo o seng Mmusisi, Motlatsammusisi, Motlhankedimogolo wa Khuduthamaga kgotsa leloko la badirammogo ba Bothati jwa Tlhokomelo. (7) Komititlaleletso e e tlhomilweng go ya ka karolo eno e tlhomamisa ditsamaiso tsa yona go tsamaelana le kaelo ya Komiti ya Tlhokomelo. (8) Motlhankedimogolo wa Khuduthamaga o tshwanetse go netefatsa gore metsotso ya kopano nngwe le nngwe ya komititlaleletso nngwe le nngwe tlhomilweng go ya ka karolo eno e tsholwa go ya ka mokgwa o o tlhomamisitsweng ke Komiti ya Tlhokomelo. Ditiro tsa maloko a Komiti ya Tlhokomelo le maloko a dikomititlaleletso
46. (1) Leloko la Komiti ya Tlhokomelo kgotsa komititlaleletso e e tlhomilweng go
ya ka karolo 45(1) le tshwanetse go—
(a) dira ka botshepegi mo mererong yotlhe amanang le Bothati jwa Tlhokomelo; le (b) dira ditiro tsa ofisi jaaka leloko— (i) le le ikanyegang; (ii) mabapi le maitlhomo a nnete; le (iii) ka tlhokomelo e e tseneletseng le matsetseleko tse motho yo o mo maemong a leloko a ka di diragatsang. (2) Motho yo e leng kgotsa yo o kileng a nna leloko la Komiti ya Tlhokomelo kgotsa komititlaleletso e e tlhomilweng go ya ka karolo 45(1) o ka se dirise maemo ao kgotsa tshedimosetso nngwe le nngwe e a e fitlheletseng jaaka leloko leo go— (a) una molemo ka boena kgotsa go dira motho yo mongwe a une molemo ka tsela e e sa siamang; (b) kgoreletsa Bothati jwa Tlhokomelo go dira tiro ya jona; kgotsa (c) thatafaletsa motho yo mongwe. (3) Mabapi le maitlhomo a karolo eno, ‘‘kunomolemo’’ le ‘‘thatafaletso’’ ga di a lekanyetswa go kunomolemo ya ditsˇhelete kgotsa thatafaletso ya ditsˇhelete. Leano la bolaodi
47. (1) Komiti ya Tlhokomelo e tshwanetse, mo dikgweding tse thataro morago ga
letlha la go tsenngwa tirisong ga Kgaolo eno, go amogela leano la bolaodi gore Bothati jwa Tlhokomelo bo neye kgakololo e e akaretsang go Bothati jwa Tlhokomelo mo go fitlheleleng maikaelelo le go dira ditiro tsa jona tsa bolaodi le botlhokomedi. (2) Leano la bolaodi le tshwanetse go— (a) tlhagisa— (i) ditlapele tsa bolaodi le botlhokomedi tsa Bothati jwa Tlhokomelo mo dingwageng tse tharo tse di latelang; le (ii) dipoelo tse di botlhokwa tse di lebeletsweng tsa leano; (b) tlhama ditheo tsa kaelo boemong jwa Bothati jwa Tlhokomelo ka ga— (i) mokgwa o bo tshwanetseng go dira ditiro tsa jona tsa bolaodi le botlhokomedi; 75 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 76 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (ii) the matters to which it should have regard in performing those functions; (iii) its approach to administrative actions; and (iv) how it should give effect to the requirements applicable to it with respect to— (aa) transparency; (bb) openness to consultation; and (cc) accountability; and (c) be aimed at giving effect to section 34(4). (3) The Prudential Committee must review the regulatory strategy at least annually, and may amend it at any time. (4) (a) Before the Prudential Committee adopts a regulatory strategy or an amendment to a regulatory strategy, it must— (i) provide a copy of the draft of the strategy or amendment to the Minister, the Financial Sector Conduct Authority and the National Credit Regulator; and (ii) invite comments from the Minister, the Financial Sector Conduct Authority and the National Credit Regulator, on the draft, to be made within a period specified by the Prudential Committee. (b) The period referred to in paragraph (a)(ii) must be at least one month. (5) In deciding whether to adopt a regulatory strategy or an amendment of a regulatory strategy, the Prudential Authority must have regard to all comments made on the draft. (6) The Prudential Committee must seek to minimise, to the extent that is practicable and appropriate, inconsistencies between the Prudential Authority’s regulatory strategy and the Financial Sector Conduct Authority’s regulatory strategy. (7) The Chief Executive Officer must— (a) provide a copy of the Prudential Authority’s regulatory strategy, and each amendment, as adopted, to the Minister, the Financial Sector Conduct Authority and the National Credit Regulator; and (b) publish the regulatory strategy and each amendment. Delegations
48. (1) The Prudential Committee may, in writing—
(a) delegate any power or duty referred to in section 42(b)(viii) to the Chief Executive Officer or another staff member of the Prudential Authority; and (b) at any time, amend a delegation made in terms of paragraph (a). (2) The Chief Executive Officer may, in writing— (a) delegate to a staff member of the Prudential Authority or an official or staff member of the Reserve Bank any power or duty assigned or delegated to the Chief Executive Officer in terms of a financial sector law, except the power to delegate contained in this subsection; (b) delegate to an administrative action committee the power to impose administrative penalties that are specified in the delegation, if the Prudential Authority establishes an administrative action committee; and (c) at any time amend a delegation made in terms of paragraph (a) or (b). (3) A delegation in terms of subsection (1)(a) or (2)(a) may be to a specific person or to a person holding a specific position. (4) Any power or duty of the Prudential Authority may be delegated to the Financial Sector Conduct Authority by a section 77 memorandum of understanding in accordance with a framework and system of delegation developed by the financial sector regulators to ensure that any delegation does not constrain the Prudential Authority or the Financial Sector Conduct Authority from achieving their respective objectives as set out in sections 33 and 57. (5) A delegation in terms of this section— (a) is subject to the limitations and conditions specified in the delegation; 76 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 77 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (ii) merero e bo tshwanetseng go e ela tlhoko mo go direng ditiro tsa jona; (iii) itlhagiso ya jona go ditiro tsa tsamaiso; le (iv) ka moo bo ka neelanang ka ditlhokego tse di maleba go jona mabapi le— (aa) ponaletshego; (bb) ditherisano tse di seng bofitlha; le (cc) boikarabelo; le (c) go lebiswa mo go tsamaelaneng le ditheo tsa karolo 34(4). (3) Komiti ya Tlhokomelo e tshwanetse go sekaseka leano la bolaodi bonnye ngwaga le ngwaga, le go ka le tlhabolola nako nngwe le nngwe. (4) (a) Pele ga Komiti ya Tlhokomelo e ka amogela leano la bolaodi kgotsa tlhabololo go leano la bolaodi, e tshwanetse— (i) go tlamela ka kgatiso ya thalo ya leano kgotsa tlhabololo go Tona, Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete le Bolaodi jwa Bosetsˇhaba jwa Sekoloto; le (ii) go laletsa ditshwaelo go tswa go Tona, Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete le Bolaodi jwa Bosetsˇhaba jwa Sekoloto, ka ga thalo, gore di dirwe mo pakeng e e kailweng ke Komiti ya Tlhokomelo. (b) Paka e e kailweng mo temaneng (a)(ii) e tshwanetse go nna bonnye kgwedi e le esi. (5) Mo go swetseng ka ga go amogela leano la bolaodi kgotsa tlhabololo ya leano la bolaodi, Bothati jwa Tlhokomelo bo tshwanetse go tsaya tsia ditshwaelo tsotlhe tse di dirilweng mo thalong. (6) Komiti ya Tlhokomelo e tshwanetse go leka ka gotlhe go fokotsa, ka moo go kgonagalang e bile go tshwanetse, go sa tsamaelaneng magareng ga leano la bolaodi la Bothati jwa Tlhokomelo le leano la bolaodi la Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete. (7) Motlhankedimogolo wa Khuduthamaga o tshwanetse— (a) go tlamela kgatiso ya leano la bolaodi la Bothati jwa Tlhokomelo, le tlhabololo nngwe le nngwe jaaka e amogetswe, go Tona, Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete le Bolaodi jwa Bosetsˇhaba jwa Sekoloto; le (b) go phasalatsa leano le tlhabololo nngwe le nngwe. Ditholelo
48. (1) Komiti ya Tlhokomelo e ka, ka go kwala—
(a) rolela thata nngwe le nngwe kgotsa tiro e e kailweng mo karolong 42(b)(viii) go Motlhankedimogolo wa Khuduthamaga kgotsa modirammogo mongwe wa Bothati jwa Tlhokomelo; le (b) ka nako nngwe le nngwe, tlhabolola tholelo e e dirilweng go ya ka temana (a). (2) Motlhankedimogolo wa Khuduthamaga o ka, ka go kwala— (a) rolela go modirimmogo wa Bothati jwa Tlhokomelo kgotsa mokantoro kgotsa motlhankedi kgotsa modirammogo wa Banka ya Resefe thata nngwe le nngwe kgotsa tiro e e neilweng kgotsa roletsweng Motlhankedimogolo wa Khuduthamaga go ya ka molao wa lephata la ditsˇhelete, ntle le thata ya tholelo e e umakilweng mo karolotlaleletsong eno; (b) rolela go komiti ya tiro ya tsamaiso thata ya go pateletsa dikotlhao tsa tsamaiso tse di tsepamisitsweng mo tholelong, fa Bothati jwa Tlhokomelo bo tlhoma komiti ya tiro ya tsamaiso; le (c) ka nako nngwe le nngwe go tlhabolola tholelo e e dirilweng go ya ka temana (a) kgotsa (b). (3) Tholelo go ya ka karolotlaleletso (1)(a) kgotsa (2)(a) e ka dirwa go motho yo o tsepameng kgotsa go motho yo o tshwereng maemo a a tsepameng. (4) Thata nngwe le nngwe kgotsa tiro ya Bothati jwa Tlhokomelo e ka rolelwa go Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete ka memorantamo wa tumalano wa karolo 77 go tsamaelana le letlhomeso le thulaganyo ya tholelo e e tlhabolotsweng ke balaodi ba lephata la ditsˇhelete go netefatsa gore tholelo nngwe le nngwe ga e thibele Bothati jwa Tlhokomelo kgotsa Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete mo go fitlheleleng maitlhomo a jona tlhalositsweng mo dikarolong 33 le 57. (5) Tholelo go ya ka karolo eno— (a) e tsamaelana le ditekanyetso le dipeelo tse di tlhalositsweng mo tholelong; 77 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 78 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (b) does not divest the Prudential Authority, the Prudential Committee or the Chief Executive Officer of responsibility in respect of the delegated power or duty; and (c) may be revoked at any time, but a revocation does not affect any rights or liabilities accrued because of the acts of the delegate. (6) Anything done by a delegate in accordance with a delegation in terms of this
section must be regarded as having been done by the Prudential Authority.
(7) This section does not affect a power under a specific financial sector law to delegate a power of the Prudential Authority. Disclosure of interests
49. (1) A member of the Prudential Committee or of a subcommittee established in
terms of section 45(1) must disclose, at a meeting of the Prudential Committee or subcommittee, as the case may be, or in writing to each of the other members of that committee or subcommittee, any interest in any matter that is being or may be considered by the relevant committee that— (a) the member has; or (b) a person who is a related party to the member has. (2) A disclosure referred to in subsection (1) must be given as soon as practicable after the member becomes aware of the interest. (3) (a) A member who has, or who has a related party who has, an interest that is required to be disclosed in terms of subsection (1), may not participate in the consideration of, or decision on, a matter to which the interest relates unless— (i) the member has disclosed the interest as required by subsection (1); and (ii) the other members of the Prudential Committee or subcommittee have decided that the interest does not affect the proper execution of that member’s functions in relation to the matter. (b) Any consideration of, or decision on, a matter which does not comply with paragraph (a) is void and must be reconsidered or decided without the member present. (4) (a) Each member of the Prudential Authority’s staff and each person to whom a power or function of the Prudential Authority has been delegated must make timely, proper and adequate disclosure of their interests, including the interests of a related party, that could reasonably be seen as interests that may affect the proper execution of their functions of office or the delegated power. (b) The Chief Executive Officer must ensure that paragraph (a) is complied with. (5) For the purposes of this section, it does not matter— (a) whether an interest is direct, indirect, pecuniary or non-pecuniary; or (b) when the interest was acquired. (6) For the purposes of this section, a person does not have to disclose— (a) the fact that that person, or a person who is a related party to that person, is— (i) an official or employee of the Reserve Bank; or (ii) a financial customer of a financial institution; or (b) an interest that is not material. (7) A failure by a person to disclose a material interest in accordance with this section and any guidelines that may be prescribed by the Minister in terms of section 288(3) constitutes— (a) a breach of the duties in section 46 or 52, whichever section is applicable to the person; and (b) an offence in terms of section 265. (8) When a person has failed to disclose a material interest in terms of this section, the Prudential Committee must publish a notice on the Prudential Authority’s website that a failure to disclose a material interest occurred, which notice must include the details of the failure. (9) The Chief Executive Officer must maintain a register of all disclosures made in terms of this section and of all decisions made in terms of this section. 78 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 79 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (b) ga e amoge Bothati jwa Tlhokomelo, Komiti ya Tlhokomelo kgotsa Motlhankedimogolo wa Khuduthamaga maikarabelo mabapi le thata e e roletsweng kgotsa tiro; le (c) e ka gogelwa morago nako nngwe le nngwe, mme kgogelomorago ga e ame ditshwanelo dipe kgotsa melato tse di bonweng ka ntlha ya ditlamorago tsa tholelo. (6) Sengwe le sengwe se se dirwang ke moroledi go tsamaelana le tholelo go ya ka karolo eno se tshwanetse go tsewa jaaka se setse se dirilwe ke Bothati jwa Tlhokomelo. (7) Karolo eno ga e ame thata ka fa tlase ga molao rileng wa lephata la ditsˇhelete ya go rolela thata kwa Bothating jwa Tlhokomelo. Tshenolo ya dikgatlhegelo
49. (1) Leloko la Komiti ya Tlhokomelo kgotsa komititlaleletso e e tlhomilweng go
ya ka karolo 45(1) le tshwanetse go senola, kwa kopanong ya Komiti ya Tlhokomelo kgotsa komititlaleletso, go ya ka mabaka, kgotsa ka go kwalela mongwe le mongwe wa maloko a mangwe a komiti eo kgotsa komititlaleletso, kgatlhegelo nngwe le nngwe mo morerong o o tsewang kgotsa o o tla tsewang tsia ke komiti e e maleba ya gore— (a) leloko le na le yona; kgotsa (b) motho yo o amanang le leloko o na le yona. (2) Tshenolo e e kailweng mo karolotlaleletsong (1) e tshwanetse go dirwa ka bonako jo bo kgonagalang morago ga fa leloko le sena go itse ka ga kgatlhegelo. (3) (a) Leloko le lenang le, kgotsa le wa losika la gagwe a nang le, kgatlhegelo e e tshwanetseng go senolwa go ya ka karolotlaleletso (1), le ka se tseye karolo mo tshekatshekong ya, kgotsa mo tshwetsong ya, morero o kgatlhegelo e amanang le ona ntle le fa— (i) leloko le senotse kgatlhegelo jaaka go tlhokega go ya ka karolotlaleletso (1); le (ii) maloko a mangwe a komiti eo a sweditse gore kgatlhegelo e ka se tseelwe gore e ama go dira tiro go go siameng ga leloko leo mabapi le morero. (b) Tshekatsheko nngwe le nngwe ya, kgotsa tshwetso ya, morero sa ikamanyeng le temana (a) ga e amogelesege e bile e tshwanetse go sekasekwa gape kgotsa go swetswa ntle le go nna teng ga leloko. (4) (a) Mongwe le mongwe wa leloko la badiri ba Bothati jwa Tlhokomelo le mongwe le mongwe yo o roletsweng thata ya Bothati jwa Tlhokomelo o tshwanetse go dira tshenolo ya dikgatlhegelo tsa gagwe ka nako, tshiamo le tekano, go akaretsa le dikgatlhegelo tsa letlhakore le a amanang le lona, tseo di ka tsewang jaaka dikgatlhegelo tse di ka ba amang mo go direng ditiro tsa ofisi ka tlhomamo kgotsa thata e e roletsweng. (b) Motlhankedimogolo wa Khuduthamaga o tshwanetse go netefatsa gore temana (a) e a obamelwa. (5) Mabapi le maitlhomo a karolo eno, ga go kgathalesege— (a) gore kgatlhegelo ke tlhamaletseng, motsopodia, ya tsˇhelete kgotsa e seng ya tsˇhelete; kgotsa (b) gore kgatlhegelo e fitlheletswe leng. (6) Mabapi le maitlhomo a karolo eno, ga go tlhokege gore motho a senole— (a) ntlha ya gore motho yoo, kgotsa motho yo e leng letlhakore la kamano go motho yoo, ke — (i) motlhankedi kgotsa modiri wa Banka ya Resefe; kgotsa (ii) morekedi wa ditsˇhelete wa setheo sa ditsˇhelete; kgotsa (b) kgatlhegelo e e senang boleng. (7) Go palelwa ga motho go senola ka ga kgatlhego go tsamaelana le karolo eno le dikaelo dingwe le dingwe tse di ka neelwang ke Tona go ya ka karolo 288(3) go nna le ditlamorago tsa— (a) tlolo ya ditlamego mo karolong 46 kgotsa 52, karolo nngwe le nngwe diragatswang mo mothong; le (b) tlolo ya molao go ya ka karolo 265. (8) Fa motho a paletswe ke go senola kgatlhego ya gagwe go ya ka karolo eno, Komiti ya Tlhokomelo e tshwanetse go phasalatsa kitsiso mo webesaeteng ya Bothati jwa Tlhokomelo e e ka ga go diragala ga go palelwa ke go senola kgatlhego. (9) Motlhankedimogolo wa Khuduthamaga o tshwanetse go tshola rejisetara ya ditshenolo tsotlhe tse di dirilweng go ya ka karolo eno le ya ditshwetso tsotlhe tse di
dirilweng go ya ka karolo eno. 79 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 80 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017
Part 3
Staff, resources and financial management Staff and resources
50. (1) The Prudential Authority must determine the personnel, accommodation,
facilities, use of assets, resources and other services that it requires to function effectively. (2) The Prudential Authority may— (a) enter into secondment arrangements in respect of persons; (b) engage persons on contract otherwise than as employees; (c) enter into contracts; (d) acquire or dispose of property; (e) insure itself against any loss, damage, risk or liability that it may suffer or incur; and (f) do anything else necessary for the performance of its functions. (3) The Prudential Authority may not enter into a secondment arrangement in respect of a person, or engage persons on contract, unless the person and the Prudential Authority have agreed in writing on— (a) the performance measures that will be used to assess that person’s performance; and (b) the level of performance that must be achieved against those measures. Resources provided by Reserve Bank
51. (1) The Reserve Bank must provide the Prudential Authority with the personnel,
accommodation, facilities, use of assets, resources and other services determined in accordance with section 50(1) and as agreed to by the Reserve Bank. (2) The Reserve Bank must second the personnel that it provides in terms of subsection (1) to the Prudential Authority. Duties of staff members
52. (1) A person who is or has been a staff member of the Prudential Authority may
not use that position or any information obtained as a staff member to— (a) improperly benefit himself or herself or another person; (b) impede the Prudential Authority’s ability to perform its functions; or (c) cause improper detriment to another person. (2) For the purposes of this section, ‘‘benefit’’ and ‘‘detriment’’ are not limited to financial benefit or detriment. Financial management duties of Chief Executive Officer
53. The Chief Executive Officer must—
(a) recommend to the Prudential Committee fees for prudential supervision by, and other services provided by, the Prudential Authority in terms of this Act and other financial sector laws, and levies in terms of levies legislation; (b) exercise the utmost care to protect the assets and records of the Prudential Authority; (c) act with fidelity, honesty, integrity and in the best interests of the Authority in managing the financial affairs of the Prudential Authority; (d) on request, disclose to the Minister or the Governor all material facts relating to the affairs of the Prudential Authority, including those reasonably discoverable, that in any way may influence decisions or actions of the Minister or the Governor; (e) seek, within the Chief Executive Officer’s sphere of influence, to prevent any prejudice to the financial interests of the Republic; 80 5 10 15 20 25 30 35 40 45

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 81 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 Karolo 3 Badiri, ditlamelo le taolo ya ditsˇhelete Badiri le ditlamelo
50. (1) Bothati jwa Tlhokomelo bo tshwanetse go tlhomamisa badiri, marobalo,
didiriswa, tiriso ya dithoto, ditlamelwana le ditirelo tse dingwe tseo bo batlang gore di dire ka nonofo. (2) Bothati jwa Tlhokomelo bo ka— (a) tsena mo dithulaganyong tsa go tlatsa mabapi le batho; (b) go thapa batho jaaka bakonteraka go na le jaaka badiri; (c) go tsena mo dikonterakeng; (d) go reka le go rekisa thoto; (e) go insˇora kgatlhanong le ditatlhegelo, ditshenyegelo, kotsi kgotsa molato eo bo ka lebaganang le yona kgotsa ba nna le yona; le (f) go dira sengwe le sengwe se se tlhokegang go dira ditiro tsa jona. (3) Bothati jwa Tlhokomelo bo ka se tsene mo thulaganyong ya go tlatsa mabapi le motho, kgotsa go tsenya batho mo konterakeng, ntle le fa motho le Bothati jwa Tlhokomelo ba dumalane ka go kwala ka— (a) ditekanyetsotiro tse di tla diriswang go lekanyetsa tiro ya motho yoo; le (b) boemo jwa tiro jo bo tshwanetseng go fitlhelelwa kgatlhanong le ditekanyetso tseo. Ditlamelo tse di tlamelwang ke Banka ya Resefe
51. (1) Banka ya Resefe e tshwanetse go tlamela Bothati jwa Tlhokomelo ka badiri,
marobalo, didiriswa, tiriso ya dithoto, ditlamelwana le ditirelo tse dingwe tse di tlhomamisitsweng go tsamaelana le karolo 50(1) le jaaka go dumetswe ke Banka ya Resefe. (2) Banka ya Resefe e tshwanetse go tlatsa badiri bao e tlamelanang ka bona go ya ka karolotlaleletso (1) go Bothati jwa Tlhokomelo. Ditiro tsa maloko a badiri
52. (1) Motho yo e leng kgotsa yo o kileng a nna leloko la badiri ba Bothati jwa
Tlhokomelo o ka se dirise maemo ao kgotsa tshedimosetso nngwe le nngwe bonweng fa e ne e le leloko la badiri go ka— (a) una molemo ka boena kgotsa go dira motho yo mongwe a une molemo ka tsela e e sa siamang; (b) kgoreletsa Bothati jwa Tlhokomelo go dira tiro ya jona; kgotsa (c) thatafaletsa motho yo mongwe. (2) Mabapi le maitlhomo a karolo eno, ‘‘kunomolemo’’ le ‘‘thatafaletso’’ ga di a lekanyetswa go kunomolemo ya ditsˇhelete kgotsa thatafaletso ya ditsˇhelete. Ditiro tsa taolo ya ditsˇhelete tsa Motlhankedimogolo wa Khuduthamaga
53. Motlhankedimogolo wa Khuduthamaga o tshwanetse—
(a) go atlanegisa go Komiti ya Tlhokomelo dituelo tsa tlhokomelo ya botlhokomedi ka, le ditirelo tse dingwe tse di tlamelwang ke, Bothati jwa Tlhokomelo go ya ka Molao ono le melao e mengwe ya lephata la ditsˇhelete, le makgethwana go ya ka molawana wa makgethwana; (b) go bontsha tlhokomelo e kgolo go sireletsa dithoto le direkoto tsa Bothati jwa Tlhokomelo; (c) go dira ka boikanyego, botshepegi, tshiamo le ka kgatlhegelo e e tseneletseng ya Bothati mo go laoleng merero ya ditsˇhelete ya Bothati jwa Tlhokomelo; (d) ka kopo, go senolela Tona kgotsa Mmusisi dintlha ka botlalo tse di amanang le Bothati jwa Tlhokomelo, go akaretsa le tseo di ribolotsweng ka mabaka, tseo ka mokgwa mongwe di ka susumetsang ditshwetso kgotsa ditiro tsa Tona kgotsa Mmusisi; (e) go batla, mo tshusumetsong ya Motlhankedimogolo wa Khuduthamaga, go thibela kgobelelo nngwe le nngwe go dikgatlhegelo tsa ditsˇhelete tsa Rephaboliki; 81 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za 82 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (f) ensure that the Prudential Authority has and maintains— (i) effective, efficient and transparent systems of financial and risk management; (ii) an effective, efficient and transparent system of internal audit; and (iii) a procurement and provisioning system that is fair, equitable, transparent, competitive and cost-effective; (g) take appropriate and cost-effective steps to— (i) collect revenue due to the Prudential Authority; (ii) prevent losses resulting from criminal conduct and expenditure that is not in accordance with the Prudential Authority’s operational policies; and (iii) manage available working capital efficiently and economically; (h) manage and safeguard the assets of the Authority, and manage the revenue, expenditure and liabilities of the Authority; (i) establish systems and processes to ensure that effective and appropriate disciplinary steps are taken against any staff member of the Authority who— (i) contravenes a law relevant to the performance of the Authority’s functions; or (ii) engages in conduct that undermines the financial management and internal control systems of the Authority; and (j) generally ensure that the Authority complies with its legal obligations. Information by Chief Executive Officer
54. (1) The Chief Executive Officer must provide the Prudential Committee and the
National Treasury with the information, returns, documents, explanations and motivations that may be prescribed by Regulation for this section or that the Prudential Committee or the National Treasury may request. (2) Subsection (1) does not require or permit the provision of information about persons identifiable from the information. Annual reports and financial accounts
55. (1) The Chief Executive Officer must—
(a) ensure that full and proper records of the financial affairs of the Prudential Authority are kept and maintained; (b) prepare financial accounts for the Prudential Authority for each financial year which will form part of the annual report of the Reserve Bank; and (c) submit to the Minister, within five months after the end of each financial year, for tabling in the National Assembly an annual report on the activities of the Prudential Authority during that financial year, including particulars of any matters that may be prescribed by Regulation for this section. (2) The financial accounts of the Prudential Authority referred to in subsection (1)(b)— (a) must be disclosed in the annual report of the Reserve Bank in a manner that reflects the direct costs that accrue to the Prudential Authority; and (b) may be disclosed in the form of an annexure to the annual report of the Reserve Bank. 82 5 10 15 20 25 30 35 40

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 83 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (f) go netefatsa gore Bothati jwa Tlhokomelo bo na le gape bo tshegetsa— (i) dithulaganyo tsa taolo ya ditsˇhelete le kotsi tse di nonofileng, di na le bokgoni le ponalatsego; (ii) thulaganyo ya boruni jwa ka fa gare nonofileng, e na le bokgoni le ponalatsego; le (iii) thulaganyo ya tshenkelo le kabelo e e lolameng, lekalekanang, bonalatsegang, gaisanang le tlhotlhwa e e nonofileng; (g) go tsaya dikgato tse di maleba gape di le tlhotlhwa e e nonofileng go— (i) kgobokanya lotseno le le kolotwang Bothati jwa Tlhokomelo; (ii) thibela ditatlhegelo tse di bakilweng ke maitsholo a bosenyi le ditshenyegelo tse di sa tsamaelaneng le dipholisi tsa tsamaiso tsa Bothati jwa Tlhokomelo; le (iii) laola khapetlele ya tiro e e leng teng ka nonofo le tshomarelo; (h) laola le go sireletsa dithoto tsa Bothati; le go laola lotseno, ditshenyegelo le melato ya Bothati; (i) tlhoma dithulaganyo le ditsamaiso go netefatsa gore dikgato tsa kgalemo tse di nonofileng e bile di le maleba di a tsewa kgatlhanong le leloko la badirimmogo ba Bothati le le— (i) tlolang molao malebana le tiragatso ya ditiro tsa Bothati; kgotsa (ii) amegang mo maitsholong a a nyenyefatsang taolo ya ditsˇhelete le dithulaganyo tsa ka fa gare tsa taolo tsa Bothati; le (j) netefatsa ka kakaretso gore Bothati bo ikamanya le ditlamego tsa jona tsa semolao. Tshedimosetso ka Motlhankedimogolo wa Khuduthamaga
54. (1) Motlhankedimogolo wa Khuduthamaga o tshwanetse go tlamela Komiti ya
Tlhokomelo le Matlotlo a Bosetsˇhaba ka tshedimosetso, dipoelo, dikwalo, ditlhaloso le ditshegetso tse di ka neelwang ke Molawana wa karolo eno kgotsa eo e ka kopiwang ke Komiti ya Tlhokomelo kgotsa Matlotlo a Bosetsˇhaba. (2) Karolotlaleletso (1) ga e tlhoke kgotsa dumelele kabelo ya tshedimosetso ka ga batho ba ba ka supiwang go tswa mo tshedimosetsong. Dipegelo tsa ngwaga le diakhaonto tsa ditsˇhelete
55. (1) Motlhankedimogolo wa Khuduthamaga o tshwanetse go—
(a) netefatsa gore direkoto tse di feletseng tsa nnete tsa merero ya ditsˇhelete tsa Bothati jwa Tlhokomelo di a tsholwa le go tlhokomelwa; (b) baakanya diakhanto tsa ditsˇhelete tsa Bothati jwa Tlhokomelo ngwaga mongwe le mongwe wa ditsˇhelete tse di tla nnang karolo ya pegelo ya ngwaga ya Banka ya Resefe; le (c) romelela Tona mo dikgweding tse tlhano morago ga bokhutlo jwa ngwaga mongwe le mongwe wa ditsˇhelete, mabapi le go di baya fa pele ga Kokoano Bosetsˇhaba pegelo ya ngwaga e e ka ga ditiro tsa Bothati jwa Tlhokomelo mo ngwageng oo wa ditsˇhelete , go akaretsa le dintlha tsa morero mongwe le mongwe tse di ka neelwang ke Molawana wa karolo eno. (2) Diakhanto tsa ditsˇhelete tsa Bothati jwa Tlhokomelo tse di kailweng mo karolotlaleletsong (1)(b)— (a) di tshwanetse go senolwa mo pegelong ya Banka ya Resefe ka mokgwa o o bontshang ditshenyegelo ka tlhamalalo tse di tswang kwa Bothating jwa Tlhokomelo; e bile (b) di ka senolwa ka mokgwa wa mametlelelo go pegelo ya ngwaga ya Banka ya Resefe. 83 5 10 15 20 25 30 35 40 45

This gazette is also available free online at www.gpwonline.co.za 84 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017
CHAPTER 4
FINANCIAL SECTOR CONDUCT AUTHORITY
Part 1
Establishment, objective and functions
Establishment
56. (1) The Financial Sector Conduct Authority is hereby established, as a juristic
person.
(2) The Authority is a national public entity for the purposes of the Public Finance Management Act, and despite section 49(2) of the Public Finance Management Act, the Commissioner is the accounting authority of the Financial Sector Conduct Authority for the purposes of that Act. Objective
57. The objective of the Financial Sector Conduct Authority is to—
(a) enhance and support the efficiency and integrity of financial markets; and (b) protect financial customers by— (i) promoting fair treatment of financial customers by financial institutions; and (ii) providing financial customers and potential financial customers with financial education programs, and otherwise promoting financial literacy and the ability of financial customers and potential financial customers to make sound financial decisions; and (c) assist in maintaining financial stability. Functions
58. (1) In order to achieve its objective, the Financial Sector Conduct Authority
must—
(a) regulate and supervise, in accordance with the financial sector laws, the conduct of financial institutions; (b) co-operate with, and assist, the Reserve Bank, the Financial Stability Oversight Committee, the Prudential Authority, the National Credit Regulator, and the Financial Intelligence Centre, as required in terms of this Act; (c) co-operate with the Council for Medical Schemes in the handling of matters of mutual interest; (d) promote, to the extent consistent with achieving the objective of the Financial Sector Conduct Authority, sustainable competition in the provision of financial products and financial services, including through co-operating and collaborating with the Competition Commission; (e) promote financial inclusion; (f) regularly review the perimeter and scope of financial sector regulation, and take steps to mitigate risks identified to the achievement of its objective or the effective performance of its functions; (g) administer the collection of levies and the distribution of amounts received in respect of levies; (h) conduct and publish research relevant to its objective; (i) monitor the extent to which the financial system is delivering fair outcomes for financial customers, with a focus on the fairness and appropriateness of financial products and financial services and the extent to which they meet the needs and reasonable expectations of financial customers; and (j) formulate and implement strategies and programs for financial education for the general public. (2) In relation to a financial institution that is a credit provider regulated in terms of the National Credit Act, the Financial Sector Conduct Authority may, in addition to regulating and supervising the financial institution in respect of the financial services 84 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 85 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 KGAOLO 4 BOTHATI JWA BOITSHWARO JWA LEPHATA LA DITSˇHELETE Karolo 1 Thlomo, maikaelelo le ditiro Thlomo
56. (1) Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete bo a tlhongwa, jaaka setheo
se se mo molaong.
(2) Bothati ke setheo sa setsˇhaba sa bosetsˇhaba mabapi le maitlhomo a Public Finance Management Act le, ntle le karolo 49(2) ya Public Finance Management Act, le kwa ntle ga karolo 49(2) ya Public Finance Management Act, Khomisˇenara ke moitseanape yo o ikarabelang wa Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete mabapi le maitlhomo a Molao ono. Maikaelelo
57. Maikaelelo a Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete ke go—
(a) oketsa le go tshegetsa nonofo le tshiamo ya thulaganyo ya ditsˇhelete; le (b) sireletsa barekedi ba ditsˇhelete ka go— (i) ntshetsa pele tsholo e e lolameng ya badirelwa ba ditsˇhelete ka ditheo tsa ditsˇhelete; le (ii) tlamela barekedi ba ditsˇhelete le bao ba tla nnang barekedi ba ditsˇhelete ka mananeo a thuto ya tsa ditsˇhelete, le ka go tsholetsa bobuisokwalo jwa tsa ditsˇhelete le bokgoni jwa barekedi ba ditsˇhelete le bao ba tla nnang barekedi ba ditsˇhelete go tsaya ditshwetso tse di nepagetseng tsa ditsˇhelete; le (c) thusa go tshegetsa tlhomamo ya ditsˇhelete. Ditiro
58. (1) Go fitlhelela maikaelelo a jona, Bothati jwa Boitshwaro jwa Lephata la
Ditsˇhelete bo tshwanetse go—
(a) laola le go tlhokomela, go tsamaelana le melao ya lephata la ditsˇhelete, boitshwaro jwa ditheo tsa ditsˇhelete; (b) dirisana mmogo le, le go thusa, Banka ya Resefe, Komiti ya Kelotlhoko ya Tlhomamo ya Ditsˇhelete, Bothati jwa Tlhokomelo le Bolaodi jwa Bosetsˇhaba jwa Sekoloto, jaaka go tlhokega go ya ka Molao ono; (c) dirisana mmogo le Khansele ya Dikema tsa Kalafi mo go sekasekeng merero eo ka bobedi e nang le kgatlhego mo go yona; (d) ntshetsa pele, go fitlhela mo go tsamaisaneng le phitlhelelong ya maikaelelo a Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete, kgaisano e e tsweletswang mo kabelong ya dikuno tsa ditsˇhelete le ditirelo tsa ditsˇhelete, go akaretsa le ka go dirisana mmogo le go kopana le Khomisˇene ya Kgaisano; (e) ntshetsa pele tsenyeletso ya ditsˇhelete; (f) tlhatlhoba nako le nako modiko le seelo tsa bolaodi jwa lephata la ditsˇhelete, le go tsaya dikgato go fokotsa dikotsi tse di supilweng go fitlhelela maikaelelo a jona kgotsa tiragatso e e nonofileng ya ditiro tsa jona; (g) tsamaisa go kgobokanngwa ga makgethwana le go phatlalatsa madi a a amogetsweng mabapi le makgethwana; (h) dira le go phasalatsa patlisiso e e malebana le maikaelelo a jona; (i) tlhokomela seelo se thulaganyo ya ditsˇhelete e abelang barekedi ba ditsˇhelete dipoelo tse di lolameng ka teng, ka go tsepama mo tolamong le tshiamong ya dikuno tsa ditsˇhelete le ditirelo tsa ditsˇhelete le seelo seo bo tla fitlhelelang ditlhokego le ditsholofelo tse di amogelesegang tsa barekedi ba ditsˇhelete; le (j) tlhama le go tsenya tirisong maano le mananeo a a mabapi le thuto ya tsa ditsˇhelete mo setsˇhabeng ka kakaretso. (2) Mabapi le setheo sa ditsˇhelete seo e leng batlamedi ba sekoloto se se laolwang go ya ka Molao wa Bosetsˇhaba wa Sekoloto, Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete bo ka, mo godimo ga go laola le go tlhokomela setheo sa ditsˇhelete mabapi 85 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za 86 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 that the financial institution provides, and notwithstanding section 2(1)(g), regulate and supervise the financial institution’s conduct in relation to the provision of credit under a credit agreement only in respect of those matters referred to in section 108. (3) The Financial Sector Conduct Authority must also perform any other function conferred on it in terms of any other provision of this Act or other legislation. (4) The Financial Sector Conduct Authority may do anything else reasonably necessary to achieve its objective, including— (a) co-operating with its counterparts in other jurisdictions; and (b) participating in relevant international regulatory, supervisory, financial stability and standard setting bodies. (5) When performing its functions, the Financial Sector Conduct Authority must— (a) take into account the National Credit Act and regulatory requirements for financial institutions that are authorised and regulated under that Act; (b) take into account the need for a primarily pre-emptive, outcomes focused and risk-based approach, and prioritise the use of its resources in accordance with the significance of risks to the achievement of its objective; and (c) to the extent practicable, have regard to international regulatory and supervisory standards set by bodies referred to in subsection (4)(b), and circumstances prevalent in the Republic. (6) The Financial Sector Conduct Authority must perform its functions without fear, favour or prejudice.
Part 2
Governance
Overall governance objective
59. The Financial Sector Conduct Authority must manage its affairs in an efficient and
effective way, and establish and implement appropriate and effective governance systems and processes, having regard, among other things, to internationally accepted standards in these matters. Establishment and role of Executive Committee
60. (1) A committee called the Executive Committee is hereby established for the
Financial Sector Conduct Authority.
(2) The Executive Committee consists of the Commissioner and the Deputy Commissioners. (3) The Executive Committee must— (a) generally oversee the management and administration of the Financial Sector Conduct Authority to ensure that it is efficient and effective; and (b) act for the Financial Sector Conduct Authority in the following matters:
(i) Authorising the Commissioner to sign, on behalf of the Financial Sector Conduct Authority, a section 27 or section 77 memorandum of understanding and any amendments to such a memorandum; (ii) delegating powers of the Financial Sector Conduct Authority to the Prudential Authority in terms of a section 77 memorandum of understanding; (iii) adopting the regulatory strategy of the Financial Sector Conduct Authority, and any amendments to the strategy; (iv) adopting the administrative action procedures of the Financial Sector Conduct Authority, and any amendments to those procedures; (v) appointing members of subcommittees of the Financial Sector Conduct Authority required or permitted by a law, and giving directions regarding the conduct of the work of any subcommittee; 86 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 87 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 le ditirelo tsa ditsˇhelete tse di tlamelwang ke setheo sa ditsˇhelete, le go sa nyatswe karolo 2(1)(g), laola le go tlhokomela maitsholo a setheo sa ditsˇhelete mabapi le kabelo ya sekoloto ka fa tlase ga tumalano ya sekoloto fela mabapi le merero e e kailweng mo karolong 108. (3) Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete bo tshwanetse gape go dira tiro nngwe le nngwe e bo e neetsweng go ya ka kabelo nngwe le nngwe ya Molao ono kgotsa molawana mongwe le mongwe. (4) Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete bo ka dira sengwe le sengwe se se tlhokegang go fitlhelela maikaelelo a jona, go akaretsa go— (a) dirisana mmogo le badirikabona mo ditaolong tse dingwe; le (b) tsaya karolo mo bolaoding jwa boditsˇhabatsˇhaba jo bo maleba, tlhokomelo, tlhomamo ya ditsˇhelete le mekgatlho e e bayang maemo. (5) Mo go direng ditiro tsa jona, Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete bo tshwanetse go— (a) tsaya tsia Molao wa Bosetsˇhaba wa Sekoloto le ditlhokego tsa taolo tsa ditheo tsa ditsˇhelete tse di dumeletsweng le go laolwa ka fa tlase ga Molao oo; (b) tsaya tsia tlhokego ya itlhagiso e bogolo e thibelang, e e tsepameng mo dipoelong le mokgwa o o theilweng mo dikotsing, le go tlisa pele tiriso ya ditlamelwana tsa jona go tsamaelana le botlhokwa jwa dikotsi mo go ftlheleleng maikaelelo a jona; le (c) go ya ka moo go ka kgonegang, go tsaya tsia bolaodi jwa boditsˇhabatsˇhaba le maemo a tlhokomelo a a beilweng ke mekgatlho e e kailweng mo karolotlaleletsong (3)(b), le maemo a a renang mo Rephaboliking. (6) Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete bo tshwanetse go dira ditiro tsa jona ntle le letshogo, tseoletlhakore kgotsa kgobelelo. Karolo 2 Puso Maithlomo ka Kakaretso a puso
59. Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete bo tshwanetse go laola merero
ya jona ka nonofo le bokgoni, le go tlhoma le go tsenya mo tirisong dithulaganyo tsa tsamaiso le ditirego tse di maleba gape di na le bokgoni, ka go elwa tlhoko, mo gare ga tse dingwe, ga maemo a a amogelesegang boditsˇhabatsˇhaba mo mererong eno. Thlome lebotsayakarolo jwa Komiti Khuduthamaga
60. (1) Komiti e e bidiwang Komiti Khuduthamaga e tlhongwa mabapi le Bothati jwa
Boitshwaro jwa Lephata la Ditsˇhelete.
(2) Komiti Khuduthamaga e na le Khomisˇenara le Batlatsakhomisˇenara. (3) Komiti Khuduthamaga e tshwanetse go— (a) baya leitlho ka kakaretso taolo le tsamaiso ya Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete go netefatsa gore bo nonofile e bile bo na le bokgoni; le (b) dira boemong jwa Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete mo mererong e e latelang:
(i) Go dumelela Khomisˇhenara go saena, mo boemong jwa Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete, memorantamo wa tumalano wa karolo 27 kgotsa karolo 77 le ditlhabololo dingwe le dingwe go memorantamo oo; (ii) go rolela dithata tsa Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete go Bothati jwa Tlhokomelo go ya ka karolo 77 ya memorantamo wa tumalano; (iii) go amogela leano la taolo la Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete, le ditlhabololo dingwe le dingwe go leano; (iv) go amogela ditsamaiso tsa tiro ya tsamaiso ya Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete, le ditlhabololo dingwe le dingwe go ditsamaiso tseo; (v) go thapa maloko a dikomiti tsa Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete tse di tlhokegang kgotsa letleletsweng ke molao, le go neelana ka dikaelo mabapi le tiragatso ya tiro ya komiti nngwe le nngwe; 87 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 88 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (vi) making conduct standards, joint standards and other regulatory instruments in terms of financial sector laws for which it is the responsible authority; (vii) granting, varying, suspending and revoking licences in terms of a financial sector law; (viii) making determinations of fees in terms of financial sector laws; (ix) any other matter assigned in terms of a financial sector law to the Executive Committee. Commissioner and Deputy Commissioners
61. (1) The Minister must appoint a person who is fit and proper and has appropriate
expertise in the financial sector as the Commissioner of the Financial Sector Conduct Authority. (2) The Minister must appoint at least two, but no more than four, persons who have appropriate expertise in the financial sector as Deputy Commissioners. (3) The Commissioner and Deputy Commissioners serve in a full-time executive capacity. (4) A process for the selection of persons for appointment as Commissioner or Deputy Commissioner must be prescribed by Regulation. (5) (a) The Commissioner may designate a Deputy Commissioner to act as Commissioner when the Commissioner is absent from office. (b) If the Commissioner is unable to designate an acting Commissioner in terms of paragraph (a), or if the office of Commissioner is vacant, the Minister may designate a Deputy Commissioner to act as Commissioner during the Commissioner’s absence or pending the appointment of a Commissioner. (6) A person may not be appointed or hold office as Commissioner or Deputy Commissioner if the person— (a) is a disqualified person; or (b) is not ordinarily resident in the Republic. (7) When appointing the Commissioner or Deputy Commissioner, the Minister and the person appointed must agree, in writing, on— (a) the performance measures that must be used to assess the person’s performance; and (b) the level of performance to be achieved against those performance measures. Roles of Commissioner and Deputy Commissioners
62. (1) The Commissioner—
(a) is responsible for the day-to-day management and administration of the Financial Sector Conduct Authority; and (b) subject to section 60(3)(b), must perform the functions of the Financial Sector Conduct Authority, including exercising the powers and carrying out the duties associated with those functions. (2) The roles of the Deputy Commissioners are determined by the Executive Committee. (3) When acting in terms of subsection (1) or (2), the Commissioner or a Deputy Commissioner must implement the policies and strategies adopted by the Executive Committee. Terms of office
63. (1) A person appointed as Commissioner or Deputy Commissioner—
(a) holds office for a term determined by the Minister, which term may not be longer than five years; (b) is, at the expiry of that term, eligible for re-appointment for one further term; and (c) must vacate office before the expiry of a term of office if that person— (i) resigns by giving at least three months written notice to the Minister, or a shorter period that the Minister may accept; or (ii) is removed from office as Commissioner or Deputy Commissioner, as the case may be. 88 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 89 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (vi) go dira maemo a boitshwaro kgotsa maemo a kopanelo, le didiriswa tse dingwe tsa bolaodi go ya ka melao ya lephata la ditsˇhelete eo e leng bolaodi jo bo rwalang maikarabelo; (vii) go neelana, go farologantsha, go sekega le go gogela morago dilaesense go ya ka molao wa lephata la ditsˇhelete; (viii) go tlhomamisa dituelo go ya ka melao ya lephata la ditsˇhelete; (ix) morero mongwe le mongwe o o abetsweng go ya ka molao wa lephata la ditsˇhelete go Komiti Khuduthamaga. Khomisˇenara le Batlatsakhomisˇenara
61. (1) Tona o tshwanetse go thapa motho yo o nang le boitseanape jo bo maleba mo
lephateng la ditsˇhelete jaaka Khomisˇenara wa Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete. (2) Tona o tshwanetse go thapa bonnye batho ba le babedi, mme e seng go feta ba le bane, ba ba nang le boitseanape jo bo maleba mo lephateng la ditsˇhelete jaaka Batlatsakhomisˇenara. (3) Khomisˇenara le Batlatsakhomisˇenara ba dira mo maemong a nako e e tletseng a khuduthamaga. (4) Kgato ya go tlhopha batho ba ba tla thapiwang jaaka Khomisˇenara kgotsa batlatsakhomisˇenara e ka kaelwa ka Molawana. (5) (a) Khomisˇenara o ka thapa Motlatsakhomisˇenara go tshwara marapo nakwana jaaka Khomisˇenara fa Khomisˇenara a seyo mo ofising. (b) Fa Khomisˇenara a sa kgone go thapa Khomisˇenara wa nama-o-tshwere go ya ka temana (a), kgotsa fa go na le phatlhatiro mo ofising ya Khomisˇenara, Tona o ka thapa Motlatsakhomisˇenara go tshwara marapo nakwana jaaka Khomisˇenara ka nako e Khomisˇenara a seng teng kgotsa go fitlhela go thapiwa Khomisˇenara. (6) Motho a ka se thapiwe, kgotsa go nna go nna mo tirong jaaka, Khomisˇenara kgotsa Motlatsakhomisˇenara fa motho— (a) a ileditswe; kgotsa (b) e se moagi wa Rephaboliki ka tlhago. (7) Fa a thapa Khomisˇenara kgotsa Motlatsakhomisˇenara, Tona le motho yo o thapilweng ba tshwanetse go dumalana, ka go kwala, ka— (a) ditekanyetsotiro tse di tshwanetseng go diriswa go lekanyetsa tiro ya motho yoo; le (b) boemo jwa tiro jo bo tshwanetseng go fitlhelelwa kgatlhanong le ditekanyetso tseo. Botsayakarolo jwa Khomisˇenara le Batlatsakhomisˇenara
62. (1) Khomisˇenara—
(a) o rwala maikarabelo a taolo le tsamaiso ya letsatsi le letsatsi ya Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete; le (b) go tsamaelana le karolo 60(3)(b), o tshwanetse go dira ditiro tsa Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete, go akaretsa le go diragatsa dithata le maikarabelo a a tsamaelanang le ditiro tseo. (2) Ditiro tsa Batlatsakhomisˇenara di tlhomamiswa ke Komitikhuduthamaga. (3) Fa a dira go ya ka karolotlaleletso (1) kgotsa (2), Khomisˇenara kgotsa Motlatsakhomisˇenara o tshwanetse go tsenya mo tirisong dipholisi le maano tse di amogetsweng ke Komitikhuduthamaga. Paka ya ofisi
63. (1) Motho yo o thapilweng jaaka Khomisˇenara kgotsa Motlatsakhomisˇenara—
(a) o dira sebaka sa paka e e tlhomamisitsweng ke Tona, paka eo e ka se feteng dingwaga tse tlhano; (b) o, ka nako ya bokhutlo jwa paka eo ya tiro, na le tshwanelo ya go tlhophiwa gape sebaka sa paka e nngwe gape; le (c) o tshwanetse go tlogela tiro pele ga paka e ya bokhutlong fa motho yoo— (i) a rola tiro ka go kwalela Tona kitsiso ya bonnye dikgwedi tse tharo, kgotsa nako e khutshwane e Tona o ka e amogelang; kgotsa (ii) o beleseditswe mo tirong jaaka Khomisˇenara kgotsa Motlatsakhomisˇenara, go ya ka boemo. 89 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 90 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (2) The Minister must, at least three months before the end of a person’s first term of office as Commissioner or Deputy Commissioner, inform the person whether the Minister proposes to re-appoint that person as Commissioner or Deputy Commissioner, as the case may be. Service conditions
64. (1) Subject to this Act, the Commissioner and the Deputy Commissioners hold
office on the terms and conditions determined in writing by the Minister. (2) The terms and conditions of office of the Commissioner or a Deputy Commissioner may not be reduced during that person’s term of office. Removal from office
65. (1) The Minister must, subject to due process, remove the Commissioner from
office if the Commissioner becomes a disqualified person.
(2) The Commissioner must, subject to due process and with the concurrence of the Minister, remove a Deputy Commissioner from office if the Deputy Commissioner becomes a disqualified person. (3) The Minister may remove the Commissioner from office if an independent inquiry established by the Minister has found that the Commissioner— (a) is unable to perform the duties of office for health or other reasons; (b) has failed in a material way to achieve the level of performance against the performance measures agreed to in terms of section 61(7); (c) has failed in a material way to discharge any of the responsibilities of office, including any responsibilities entrusted in terms of legislation; or (d) has acted in a way that is inconsistent with continuing to hold the office. (4) If an independent inquiry has been established in terms of subsection (3), the Minister may suspend the Commissioner from office pending a decision on that person’s removal from office. (5) The Commissioner may, with the concurrence of the Minister, remove a Deputy Commissioner from office if an independent inquiry established by the Commissioner, with the concurrence of the Minister, has found that the Deputy Commissioner— (a) is unable to perform the duties of office for health or other reasons; (b) has failed in a material way to achieve the level of performance against the performance measures agreed to in terms of section 61(7); (c) has failed in a material way to discharge any of the responsibilities of office, including any responsibilities entrusted in terms of legislation; or (d) has acted in a way that is inconsistent with continuing to hold the office. (6) If an independent inquiry has been established in terms of subsection (5), the Commissioner may suspend the Deputy Commissioner from office pending a decision on that person’s removal from office. (7) Without limiting subsection (3)(c) or (5)(c), the Commissioner or a Deputy Commissioner, as the case may be, must be taken to have failed in a material way to discharge the responsibilities of office if he or she is absent from two consecutive meetings of the Executive Committee without the leave of the Executive Committee. (8) If the Commissioner or a Deputy Commissioner is removed from office in terms of this section, the Minister must, within 30 days, submit the report and findings of the independent inquiry to the National Assembly. Meetings of Executive Committee
66. (1) (a) The Executive Committee must meet as often as necessary for the
performance of its functions.
(b) An audio or audio-visual conference among a majority of the members of the Executive Committee, which enables each participating member to hear and be heard by each of the other participating members, must be regarded as a meeting of the Executive Committee, and each participating member must be regarded as being present at such a meeting. 90 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 91 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (2) Tona o tshwanetse, bonnye dikgwedi tse tharo pele ga paka ya ntlha ya tiro ya motho jaaka Khomisˇenara kgotsa Motlatsakhomisˇenara e ya bokhutlong, go itsise motho yoo fa Tona a thitsinya go mo thapa gape jaaka Khomisˇenara kgotsa Motlatsakhomisˇenara kgotsa nnyaa, go ya ka boemo. Mabaka a tirelo
64. (1) Go tsamaelana le Molao ono, Khomisˇenara le Motlatsakhomisˇenara ba
thapiwa go ya ka dipeelo le mabaka tse di tlhomamisitsweng ka go kwalwa ke Tona. (2) Dipeelo le mabaka tsa go thapiwa ga Khomisˇenara kgotsa Motlatsakhomisˇenara di ka se fokotswe ka paka ya tiro ya motho yoo. Go tloswa mo ofising
65. (1) Tona o tshwanetse, go tsamaelana le dikgato tse di maleba, go tlosa
Khomisˇenara mo tirong fa Khomisˇenara a nna motho yo o ileditsweng. (2) Khomisˇenara o tshwanetse, go tsamaelana le dikgato tse di maleba le tumalano le Tona, go tlosa Motlatsakhomisˇenara mo tirong fa Motlatsakhomisˇenara a nna motho yo o ileditsweng. (3) Tona o ka tlosa Khomisˇenara mo tirong fa patlisiso e e ikemetseng e e tlhomilweng ke Tona e fitlheletse gore Khomisˇenara— (a) ga a kgone go dira ditiro tse a di thapetsweng ka ntlha ya boitekanelo kgotsa mabaka a mangwe; (b) o paletswe ka gotlhe go fitlhelela boemo jwa tiro kgatlhanong le ditekanyetsotiro tse go dumalanweng ka tsona go ya ka karolo 61(7); (c) o paletswe ka gotlhe go diragatsa nngwe le nngwe ya maikarabelo a tiro, go akaretsa nngwe le nngwe ya maikarabelo a a abilweng go ya ka molawana; kgotsa (d) o dirile ka mokgwa o o sa tsamaelaneng le go ka tswelela pele go dira. (4) Fa patlisiso e e ikemetseng e tlhomilwe go ya ka karolotlaleletso (3), Tona o ka sekega Khomisˇenara mo tirong go letilwe tshwetso ya go tlosa motho yoo mo tirong. (5) Khomisˇenara o ka, ka tumalano le Tona, tlosa Motlatsakhomisˇenara mo tirong fa patlisiso e e ikemetseng e e tlhomilweng ke Khomisˇenara, ka tumalano le Tona, e fitlheletse gore Motlatsakhomisˇenara— (a) ga a kgone go dira tiroeae thapetsweng ka ntlha ya boitekanelo kgotsa mabaka a mangwe; (b) o paletswe ka gotlhe go fitlhelela boemo jwa tiro kgatlhanong le ditekanyetsotiro tse go dumalanweng ka tsona go ya ka karolo 61(7); (c) o paletswe ka gotlhe go diragatsa nngwe le nngwe ya maikarabelo a tiro, go akaretsa nngwe le nngwe ya maikarabelo a a abilweng go ya ka molawana; kgotsa (d) o dirile ka mokgwa o o sa tsamaelaneng le go ka tswelela pele go dira. (6) Fa patlisiso e e ikemetseng e tlhomilwe go ya ka karolotlaleletso (5), Khomisˇenara o ka emisa Motlatsakhomisˇenara mo tirong go letilwe tshwetso ya go tlosa motho yoo mo tirong. (7) Ntle le go lekanyetsa karolotlaleletso (3)(c) kgotsa (5)(c), Khomisˇenara kgotsa Motlatsakhomisˇenara, go ya ka maemo, o ka tseelwa gore o paletswe ka gotlhe go diragatsa maikarabelo a tiro fa a sa nna teng kwa dikopanong tse pedi tse di latelanang tsa Komitikhuduthamaga ntle le khunologo ya Komitikhuduthamaga. (8) Fa Khomisˇenara kgotsa Motlatsakhomisˇenara a beleseditswe mo tirong go ya ka karolo eno, Tona o tshwanetse; mo matsatsing a le 30, go romela pegelo le diphitlhelelo tsa patlisiso e e ikemetseng go Kokoano Bosetsˇhaba. Dikopano tsa Komitikhuduthamaga
66. (1) (a) Komitikhuduthamaga e tshwanetse go kopana kgapetsakgapetsa ga go
tlhokega go dira ditiro tsa yona.
(b) Khonferense ya kutlo kgotsa kutlopono magareng ga bontsi jwa maloko a Komitikhuduthamaga, e e kgontshang leloko lengwe le lengwe le le tsayang karolo go utlwa le go utlwelelwa ke mongwe le mongwe wa maloko a mangwe a a tsayang karolo, e tshwanetse go tsewa jaaka kopano ya Komiti ya Khuduthamaga, e bile leloko lengwe le lengwe le le tsayang karolo le tshwanetswe go tseelwa gore le teng kwa kopanong eo. 91 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 92 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (2) Meetings of the Executive Committee must be held at times and, except where subsection (1)(b) applies, at places determined by the Commissioner. (3) A quorum for a meeting of the Executive Committee is a majority of its members. (4) (a) The Commissioner chairs the meetings of the Executive Committee at which the Commissioner is present. (b) If the Commissioner is not present at a meeting, a Deputy Commissioner nominated by the Commissioner or selected in accordance with a procedure determined by the Commissioner, chairs the meeting. (5) The Commissioner or Deputy Commissioner chairing a meeting of the Executive Committee may invite or allow any other person, including a representative of the Prudential Authority, the Reserve Bank, the Financial Intelligence Centre, the Council for Medical Schemes or the National Credit Regulator, to attend the meeting, but a person who is invited has no right to vote at the meeting. (6) The members may regulate proceedings at Executive Committee meetings as they consider appropriate. (7) The Commissioner must ensure that minutes of each meeting of the Executive Committee are kept in a manner determined by the Commissioner. Decisions of Executive Committee
67. (1) (a) A proposal before a meeting of the Executive Committee becomes a
decision of the Executive Committee if a majority of the members present, or regarded as being present, and who may participate in the consideration of the proposal, vote for the proposal. (b) In the event of an equality of votes on a proposal, the person chairing the meeting has a casting vote in addition to a deliberative vote. (2) The Executive Committee may, in accordance with procedures determined by it, make a decision on a proposal outside a meeting of the Executive Committee. (3) A decision of the Executive Committee is not invalid merely because— (a) there was a vacancy in the office of a member when the decision was taken; or (b) a person who was not a member participated in the decision, as long as such person did not vote. Governance and other subcommittees
68. (1) The Director-General must establish—
(a) a subcommittee to review, monitor and advise the Executive Committee on the remuneration policy of the Financial Sector Conduct Authority; and (b) a subcommittee to review, monitor and advise the Executive Committee on the risks faced by the Financial Sector Conduct Authority and plans for managing those risks. (2) The Executive Committee may establish one or more other subcommittees for the Financial Sector Conduct Authority, with functions that the Executive Committee may determine. (3) (a) The Director-General determines the membership of each subcommittee established in terms of subsection (1). (b) The majority of the members of a subcommittee established in terms of subsection (1) may not be staff members of the Financial Sector Conduct Authority. (c) The Executive Committee determines the membership of each subcommittee established in terms of subsection (2). (d) A subcommittee established in terms of subsection (2) may include persons who are neither members of the Executive Committee nor staff members of the Financial Sector Conduct Authority. (e) A disqualified person may not be or remain a member of a subcommittee established in terms of this section. (4) A member of a subcommittee established in terms of this section, including a person who is not in the service of an organ of state, holds office for the period, and on the terms and conditions, including terms regarding remuneration, determined by the Director-General or the Executive Committee, as the case may be, who established the subcommittee. 92 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 93 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (2) Dikopano tsa Komitikhuduthamaga di tshwanetse go tshwarwa ka nako le, ntle le mo karolotlaleletso (1)(b) e diragatswang, kwa mafelong a a tlhomamisitsweng ke Khomisˇenara. (3) Khoramo ya kopano ya Komitikhuduthamaga ke bontsi jwa maloko a yona. (4) (a) Khomisˇenara o okamela dikopano tsa Komitikhuduthamaga tseo Khomisˇenara a leng teng kwa go tsona. (b) Fa Khomisˇenara a se teng kwa kopanong, Motlatsakhomisˇenara yo o tlhophilweng ke Khomisˇenara kgotsa a tlhophilwe go tsamaelana le tsamaiso e e tlhomamisitsweng ke Khomisˇenara, o okamela kopano. (5) Khomisˇenara kgotsa Motlatsakhomisˇenara yo o okametseng kopano ya Komitikhuduthamaga o ka laletsa kgotsa letlelela motho mongwe le mongwe, go akaretsa moemedi wa Bothati jwa Tlhokomelo, Banka ya Resefe, Senthara ya Botlhodi jwa tsa Ditsˇhelete, Khansele ya Dikema tsa Kalafi kgotsa Bolaodi jwa Bosetsˇhaba jwa Sekoloto, go tsenela kopano, mme motho yo o laleditsweng o ka tsaya karolo mme ga a na tshwanelo ya go bouta mo kopanong. (6) Maloko a ka laola ditsamaiso kwa dikopanong tsa Komitikhuduthamaga jaaka a bona go tshwanetse. (7) Khomisˇenara o tshwanetse go netefatsa gore metsotso ya kopano nngwe le nngwe ya Komiti e tsholwa ka mokgwa o o tlhomamaisitsweng ke Khomisˇenara. Ditshwetso tsa Komitikhuduthamaga
67. (1) (a) Tshitsinyo pele ga kopano ya Komitikhuduthamaga e nna tshwetso ya
Komitikhuduthamaga fa bontsi jwa maloko a a leng teng, kgotsa tseelwang gore a teng, le ao a ka tsayang karolo mo go sekasekeng tshitsinyo, a boutela tshitsinyo. (b) Fa go diragala gore diboutu tsa tshitsinyo di lekane, motho yo o okametseng kopano o ka dira boutu e e kgethegileng mo godimo ga boutu e e tlwaelegileng. (2) Komiti ya Khuduthamaga e ka, go tsamaelana le ditsamaiso tse di tlhomamisitsweng ke Komitikhuduthamaga, tsaya tshwetso ka ga tshitsinyo kwa ntle ga kopano ya Komitikhuduthamaga. (3) Tshwetso ya Komitikhuduthamaga e amogelesega fela ka ntlha ya— (a) fa go nnile le phatlatiro kwa tirong ya leloko fa tshwetso e ne e tsewa; kgotsa (b) fa motho yo o neng e se leloko a tsere karolo mo tshwetsong, fa fela motho yoo a sa bouta. Puso le dikomiti tlaleletso dingwe
68. (1) Mokaedikakaretso o tshwanetse go tlhoma—
(a) komititlaleletso go thadisa, lekola le go gakolola Komitikhuduthamaga ka ga pholisi ya moputso ya Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete; le (b) komititlaleletso go thadisa, lekola le gakolola Komitikhuduthamaga ka ga dikotsi tse Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete bo lebaganeng le tsona le maano a go laola dikotsi tseo. (2) Komitikhuduthamaga e ka tlhomela Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete komititlaleletso e le nngwe kgotsa go feta, eo ditiro tsa yona di ka tlhomamiswang ke Komitikhuduthamaga. (3) (a) Mokaedikakaretso o tlhomamisa botokololo jwa komititlaleletso nngwe le nngwe tlhomilweng go ya ka karolotlaleletso (1). (b) Bontsi jwa maloko a komititlaleletso e e tlhomilweng go ya ka karolotlaleletso (1) bo ka se nne maloko a badirammogo ba Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete. (c) Komitikhuduthamaga e tlhomamisa botokololo jwa komititlaleletso nngwe le nngwe tlhomilweng go ya ka karolotlaleletso (2). (d) Komititlaleletso e e tlhomilweng go ya ka karolotlaleletso (2) e ka akaretsa batho bao e seng maloko a Komitikhuduthamaga kgotsa badirammogo ba Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete. (e) Motho yo o ileditsweng o ka se nne kgotsa o ka se tswelele go nna leloko la komititlaleletso e etlhomilweng go ya ka karolo eno. (4) Leloko la komititlaleletso e e tlhomilweng go ya ka karolo eno go akaretsa le motho yo o seng mo tirelong ya lephata la puso, yo o dirang sebaka sa paka, le go ya ka dipeelo le mabaka, le dipeelo mabapi le moputso, tse di tlhomamisitsweng ke Mokaedikakaretso kgotsa Komitikhuduthamaga, jaaka mabaka a ntse, yo o tlhomileng komititlaleletso. 93 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 94 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (5) A subcommittee established in terms of subsection (1) must be chaired by a person who is not the Commissioner, a Deputy Commissioner or a staff member of the Financial Sector Conduct Authority. (6) A subcommittee established in terms of this section determines its procedures, subject to any directions of the Director-General or the Executive Committee, as the case may be, who established the subcommittee. (7) The Commissioner must ensure that minutes of each meeting of each subcommittee established in terms of this section are kept in a manner determined by the Executive Committee. Duties of Commissioner, Deputy Commissioners and other subcommittee members
69. (1) The Commissioner, each Deputy Commissioner and each member of a
subcommittee of the Financial Sector Conduct Authority established as contemplated in
section 51(1)(a)(ii) of the Public Finance Management Act or of section 68 of this Act
must—
(a) act honestly in all matters relating to the Financial Sector Conduct Authority; and (b) perform the functions of office as a member— (i) in good faith; (ii) for a proper purpose; and (iii) with the degree of care and diligence that a reasonable person in that person’s position would exercise. (2) A person who is or has been a person mentioned in subsection (1) must not use the position, or any information obtained because of the position, to— (a) improperly benefit himself or herself or another person; (b) impede the Financial Sector Conduct Authority’s ability to perform its functions; or (c) cause improper detriment to another person. (3) For the purposes of this section, ‘‘benefit’’ and ‘‘detriment’’ are not limited to financial benefit or detriment. Regulatory strategy
70. (1) The Executive Committee must, within six months after the date on which this
Chapter takes effect, adopt a regulatory strategy for the Financial Sector Conduct
Authority to give general guidance in the achievement of its objective and the performance of its regulatory and supervisory functions. (2) A regulatory strategy must— (a) state— (i) the regulatory and supervisory priorities for the Financial Sector Conduct Authority for the next three years; and (ii) the intended key outcomes of the strategy; (b) set guiding principles for the Financial Sector Conduct Authority on— (i) how it should perform its regulatory and supervisory functions; (ii) the matters which it should have regard to in performing those functions; (iii) its approach to administrative actions; and (iv) how it should give effect to the requirements applicable to it with respect to— (aa) transparency; (bb) openness to consultation; and (cc) accountability; and (c) be aimed at giving effect to section 58. (3) The Executive Committee must review its regulatory strategy at least annually, and may amend it at any time. 94 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 95 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (5) Komititlaleletso e e tlhomilweng go ya ka karolotlaleletso (1) e tshwanetse go okamelwa ke motho yo o seng Khomisˇenara, Motlatsakhomisˇenara kgotsa leloko la badirammogo ba Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete. (6) Komititlaleletso e e tlhomilweng go ya ka karolo eno e tlhomamisa tsamaiso ya yona, go tsamaelana le kaelo ya Mokaedikakaretso kgotsa Komitikhuduthamaga, jaaka mabaka a ntse, yo o tlhomileng komititlaleletso. (7) Khomisˇenara o tshwanetse go netefatsa gore metsotso ya kopano nngwe le nngwe ya komititlaleletso e e tlhomilweng go ya ka karolo eno e tsholwa ka mokgwa o o tlhomamisitsweng ke Komitikhuduthamaga. Ditiro tsa Khomisˇenara, Batlatsakhomisˇenara le maloko a mangwe a komititlaleletso
69. (1) Khomisˇenara, Motlatsakhomisˇenara mongwe le mongwe le leloko lengwe le
lengwe la komititlaleletso ya Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete tlhomilweng jaaka go kailwe mo karolong 51(1)(a)(ii) ya Public Finance Management Act kgotsa karolo 68 ya Molao ono ba tshwanetse go— (a) dira ka botshepegi mo mererong yotlhe amanang le Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete; le (b) dira ditiro tse ba di thapetsweng jaaka maloko— (i) a a tshepagalang; (ii) a maitlhomo a a siameng; le (iii) a tlhokomelo e e kwa godimo le matsetseleko tse motho yo o mo maemong ao a ka di diragatsang. (2) Motho yo kaiwang kgotsa yo o kailweng mo karolotlaleletsong (1) ga a tshwanela go dirisa maemo, kgotsa tshedimosetso nngwe le nngweeae fitlheletseng ka ntlha ya maemo, go— (a) una molemo ka boena kgotsa go dira motho yo mongwe a une molemo ka tsela e e sa siamang; (b) go kgoreletsa Bothati jwa Tlhokomelo go dira tiro ya jona; kgotsa (c) thatafaletsa motho yo mongwe. (3) Mabapi le maitlhomo a karolo eno, ‘‘kunomolemo’’ le ‘‘thatafaletso’’ ga di a lekanyetswa go kunomolemo ya ditsˇhelete kgotsa thatafaletso ya ditsˇhelete. Leano la bolaodi
70. (1) Komitikhuduthamaga e tshwanetse, mo dikgweding tse thataro morago ga
letlha la go tsenngwa tirisong ga Kgaolo eno, go amogela leano la bolaodi la Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete go neelana ka kaelo ya kakaretso mo go fitlheleleng maikaelelo a Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete le go dira ditiro tsa yona tsa bolaodi le botlhokomedi. (2) Leano la bolaodi le tshwanetse— (a) go tlhagisa— (i) ditlapele tsa bolaodi le botlhokomedi tsa Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete tsa dingwaga tse tharo tse di tlang; le (ii) dipoelo tse di botlhokwa tse di ikaeletsweng tsa leano; (b) go tlhagisetsa Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete ditheo tsa kaelo ka ga— (i) mokgwa o bo tshwanetseng go dira ditiro tsa bolaodi le botlhokomedi ka ona; (ii) merero e bo tshwanetseng go e ela tlhoko mo go direng ditiro tseo; (iii) itlhagiso ya jona go ditiro tsa tsamaiso; le (iv) ka mokgwa o e tshwanetseng go diragatsa ditlhokego tse di diragatswang go jona mabapi le— (aa) ponalatshego; (bb) go kgona go rerisana; le (cc) boikarabelo; le (c) go nna le maikaelelo a go kgontsha go nna teng ga karolo 58. (3) Komitikhuduthamaga e tshwanetse go thadisa leano la yona la bolaodi bonnye ngwaga le ngwaga, e bile e ka le tlhabolola nako nngwe le nngwe. 95 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 96 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (4) (a) Before the Executive Committee adopts a regulatory strategy or an amendment to a regulatory strategy, it must— (i) provide a copy of the draft of the strategy or amendment to the Minister, the Prudential Authority and the National Credit Regulator; and (ii) invite comments from the Minister, the Prudential Authority and the National Credit Regulator, on the draft, to be made within a period specified by the Executive Committee. (b) The period referred to in paragraph (a)(ii) must be at least one month. (5) In deciding whether to adopt a regulatory strategy or an amendment of a regulatory strategy, the Executive Committee must have regard to all comments made on the draft. (6) If the Minister agrees, the Financial Sector Conduct Authority’s adopted regulatory strategy may be incorporated into its corporate plan in terms of section 52(b) of the Public Finance Management Act. (7) The Executive Committee must seek to minimise, to the extent that is practicable and appropriate, inconsistencies between the Financial Sector Conduct Authority’s regulatory strategy and the Prudential Authority’s regulatory strategy. (8) The Commissioner must— (a) provide a copy of the Financial Sector Conduct Authority’s regulatory strategy, and each amendment, as adopted, to the Minister, the Prudential Authority and the National Credit Regulator; and (b) publish the regulatory strategy and each amendment. Delegations
71. (1) The Executive Committee may, in writing—
(a) delegate any power or duty of, or delegated to, the Financial Sector Conduct Authority in terms of a financial sector law to the Commissioner or a Deputy Commissioner, except— (i) the power to delegate contained in this subsection; and (ii) the powers referred to in section 60(3)(b)(i) to (viii); (b) delegate to an administrative action committee the power to impose administrative penalties that are specified in the delegation, if the Financial Sector Conduct Authority establishes an administrative action committee; and (c) at any time, amend a delegation made in terms of paragraph (a) or (b). (2) The Commissioner may, in writing— (a) delegate any power or duty assigned or delegated to the Commissioner in terms of a financial sector law, except the power to delegate contained in this subsection, to— (i) a Deputy Commissioner; or (ii) a staff member of the Financial Sector Conduct Authority; and (b) at any time, amend a delegation made in terms of paragraph (a). (3) A Deputy Commissioner may, in writing— (a) delegate any power or duty delegated to that Deputy Commissioner in terms of a financial sector law, except the power to delegate contained in this subsection, to a staff member of the Financial Sector Conduct Authority; and (b) at any time, amend a delegation made in terms of paragraph (a). (4) A delegation in terms of subsection (2)(a)(ii) or (3)(a) may be made to a specified person or to a person holding a specified position. (5) Any power or duty of the Financial Sector Conduct Authority may be delegated to the Prudential Authority by a section 77 memorandum of understanding in accordance with a framework and system of delegation developed by the financial sector regulators to ensure that any delegation does not constrain the Prudential Authority or the Financial Sector Conduct Authority from achieving their respective objectives as set out in sections 33 and 57. (6) A delegation made in terms this section— (a) is subject to the limitations and conditions specified in the delegation; 96 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 97 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (4) (a) Pele Komitikhuduthamaga e ka amogela leano la bolaodi kgotsa tlhabololo ya leano la tbolaodi, e tshwanetse go— (i) tlamela Tona, Bothati jwa Tlhokomelo le Bolaodi jwa Bosetsˇhaba jwa Sekoloto ka kgatiso ya leano kgotsa tlhabololo e e thadilweng; le (ii) laletsa ditshwaelo go tswa go Tona, Bothati jwa Tlhokomelo le Bolaodi jwa Bosetsˇhaba jwa Sekoloto, ka ga thadiso, tseo di tshwanetseng go dirwa mo pakeng e e tsepamisitsweng ke Komitikhuduthamaga. (b) Paka e e kailweng mo temaneng (a)(ii) e tshwanetse go nna bonnye kgwedi e le esi. (5) Mo go tseyeng tshwetso ka ga go amogela leano la bolaodi kgotsa tlhabololo ya leano la bolaodi, Komitikhuduthamaga e tshwanetse go tsaya tsia ditshwaelo tsotlhe tse di dirilweng mo thalong. (6) Fa Tona a dumela, leano la bolaodi la Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete le le amogetsweng le ka tsenyeletswa mo leanong la setlamo go ya ka karolo 52(b) ya Public Finance Management Act. (7) Komitikhuduthamaga e tshwanetse go isa tlase, go ya ka boemo jo bo kgonagalang e bile bo le maleba, go sa tlhomamang magareng ga leano la bolaodi la Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete le leano la bolaodi la Bothati jwa Tlhokomelo. (8) Khomisˇenara o tshwanetse go— (a) tlamela Tona, Bothati jwa Tlhokomelo le Bolaodi jwa Bosetsˇhaba jwa Sekoloto ka kgatiso ya leano labolaodi la Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete; le (b) phasalatsa leano la bolaodi le tlhabololo nngwe le nngwe. Ditholelo
71. (1) Komitikhuduthamaga e ka, ka go kwala—
(a) rolela thata nngwe kgotsa tiro ya, kgotsa go rolela go, Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete go Khomisˇenara kgotsa Motlatsakhomisˇenara, ntle le— (i) thata ya go romeletsa e e tlhagelelang mo karolotlaleletsong eno; le (ii) dithata tse di kailweng mo karolong 60(3)(b)(i) go fitlha go (viii); (b) rolela go komiti ya tsamaiso ya tiro thata ya go lefisa dikotlhao tsa tsamaiso tse di tsepamisitsweng mo thomeletsong, fa Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete bo tlhoma komiti ya tsamaiso ya tiro; le (c) ka nako nngwe le nngwe, tlhabolola tholelo e e dirilweng go ya ka temana (a) kgotsa (b). (2) Khomisˇenara o ka, ka go kwala— (a) rolela thata kgotsa tiro nngwe le nngwe neetsweng kgotsa neetsweng Khomisˇhenara go ya ka molao wa lephata la ditsˇhelete, ntle le thata ya go romeletsa e e tlhagelelang mo karolotlaleletsong eno, go— (i) Motlatsakhomisˇenara; kgotsa (ii) leloko la badirimmogo ba Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete; le (b) ka nako nngwe le nngwe, tlhabolola tholelo e e dirilweng go ya ka temana (a). (3) Motlatsakhomisˇenara o ka, ka go kwala— (a) rolela thata kgotsa tiro nngwe le nngwe roletsweng go Motlatsakhomisˇhenara yoo go ya ka molao wa lephata la ditsˇhelete, ntle le thata ya go romeletsa e e tlhagelelang mo karolotlaleletsong eno, go leloko la badirimmogo ba Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete; le (b) ka nako nngwe le nngwe, tlhabolola tholelo e e dirilweng go ya ka temana (a). (4) Tholelo go ya ka karolotlaleletso (2)(a)(ii) kgotsa (3)(a) e ka direlwa motho yo o supilweng kgotsa go motho yo o tshwereng maemo a a tsepameng. (5) Tholelo kgotsa tiro nngwe ya Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete e ka rolelwa go Bothati jwa Tlhokomelo ka karolo 77 ya memorantamo wa tumalano go tsamaelana la letlhomeso le thulaganyo ya tholelo e e tlhabolotsweng ke balaodi ba lephata la ditsˇhelete go netefatsa gore tholelo nngwe le nngwe ga e thibele Bothati jwa Tlhokomelo kgotsa Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete gore bo fitlhelele maikaelelo a jona jaaka a tlhagisitswe mo dikarolong 33 le 57. (6) Tholelo e e dirilweng go ya ka karolo eno— (a) e go ya ka ditekanyetso le dipeelo tse di tlhalositsweng mo tholelong eno; 97 5 10 15 20 25 30 35 40 45 50 55 60

This gazette is also available free online at www.gpwonline.co.za 98 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (b) does not divest the Financial Sector Conduct Authority, the Commissioner or the Deputy Commissioner concerned of responsibility in respect of the delegated power or duty; and (c) may be revoked in writing at any time, but a revocation does not affect any rights or liabilities accrued because of the acts of the delegate. (7) Anything done by a delegate in terms of the delegation must be regarded as having been done by the Financial Sector Conduct Authority. (8) This section does not affect a power under a specific financial sector law to delegate a power of the Financial Sector Conduct Authority. Disclosure of interests
72. (1) A member of the Executive Committee must disclose, at a meeting of the
Executive Committee, or in writing to each of the other members, any interest in any matter that is being or is intended to be considered by him or her, whether or not at a meeting of the Executive Committee, being an interest that— (a) the member has; or (b) a person who is a related party to the member has. (2) A disclosure in terms of subsection (1) must be given as soon as practicable after the member concerned becomes aware of the interest. (3) (a) A member referred to in subsection (1) may not perform a function in relation to the matter concerned unless— (i) the member has disclosed the interest as required by subsection (1); and (ii) the other members of the Executive Committee have decided that the interest does not affect the proper execution of the member’s functions in relation to the matter. (b) Any consideration of, or decision on, a matter which does not comply with paragraph (a) is void and must be reconsidered or decided without the member present. (4) A member of a subcommittee of the Financial Sector Conduct Authority established as contemplated in section 51(1)(a)(ii) of the Public Finance Management Act or section 68(1) of this Act must disclose, at a meeting of the subcommittee, or in writing to each of the other members of that subcommittee, any interest in a matter that is being or is intended to be considered by that subcommittee, being an interest that— (a) the member has; or (b) a person who is a related party to the person has. (5) A disclosure in terms of subsection (4) must be given as soon as practicable after the member concerned becomes aware of the interest. (6) A member referred to in subsection (4) may not participate in the consideration of or decision on that matter by the subcommittee unless— (a) the member has disclosed the interest in accordance with subsection (4); and (b) the other members of that subcommittee have decided that the interest does not affect the proper execution of the member’s functions in relation to the matter. (7) (a) Each member of the Financial Sector Conduct Authority’s staff and each other person to whom a power or function of the Financial Sector Conduct Authority has been delegated must make timely, proper and adequate disclosure of their interests, including the interests of a related party, that could reasonably be seen as interests that may affect the proper execution of their functions of office or the delegated power. (b) The Commissioner must ensure that paragraph (a) is complied with. (8) For the purposes of this section, it does not matter— (a) whether an interest is direct, indirect, pecuniary or non-pecuniary; or (b) when the interest was acquired. (9) For the purposes of this section, a person does not have to disclose— (a) the fact that that person, or a person who is a related party to that person, is— (i) an official or employee of the Financial Sector Conduct Authority; or (ii) a financial customer of a financial institution; or (b) an interest that is not
material. (10) The Commissioner must maintain a register of all disclosures made in terms of this section and of all decisions made in terms of this section. 98 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 99 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (b) ga e amoge Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete, Khomisˇenara kgotsa Motlatsakhomisˇenara yo o amegang mabapi le thata kgotsa tiro e e roletsweng; le (c) e ka gogelwa morago ka go kwala nako nngwe le nngwe, go latela ditshwanelo dingwe le dingwe tse di ka tswang di fitlheletswe. (7) Sengwe le sengwe se se dirilweng ke baemedi go ya ka tholelo se tshwanetse go tsewa jaaka se dirilwe ke Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete. (8) Karolo eno ga e ame thata e e ka fa tlase ga molao wa lephata la ditsˇhelete o o rileng wa go rolela thata ya Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete. Tshenolo ya dikgatlhegelo
72. (1) Leloko la Komitikhuduthamaga le tshwanetse go senola, mo kopanong ya
Khuduthamaga, kgotsa ka go kwalela go mongwe le mongwe wa maloko, kgatlhego nngwe le nngwe mo morerong o o kgotsa o a ikaeletseng go o tsaya tsia, kwa kopanong kgotsa e seng kwa kopanong ya Komitikhuduthamaga, go ka nna kgatlhegelo e— (a) leloko le nang le yona; kgotsa (b) motho yo o amanang le leloko a nang le yona. (2) Tshenolo go ya ka karolotlaleletso (1) e tshwanetse go dirwa ka bonako jo bo kgonagalang morago ga fa leloko le le amegang le sena go lemoga ka kgatlhegelo. (3) (a) Leloko le le kailweng mo karolotlaleletsong (1) le ka se dire tiro mabapi le morero o kailweng fa fela— (i) leloko le senotse kgatlhegelo go tsamaelana le karolotlaleletso (1); le (ii) maloko a mangwe a Komitikhuduthamaga a sweditse gore kgatlhegelo ga e ame ka gope go dira tiro ka matsetseleko ga leloko mabapi le morero amegang. (b) Tshekatsheko nngwe le nngwe ya, kgotsa tshwetso ka ga, morero sa ikamanyeng le temana (a) ga e amogelesege e bile e tshwanetse go sekasekwa gape kgotsa go swetswa leloko le se teng. (4) Leloko la komititlaleletso ya Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete jo bo tlhomilweng go ya ka karolo 51(1)(a)(ii) ya Public Finance Management Act kgotsa karolo 68(1) ya Molao ono le tshwanetse go senola, kwa kopanong ya komititlaleletso, kgotsa ka go kwalela mongwe le mongwe wa maloko a komititlaleletso, kgatlhegelo nngwe le nngwe mo morerong o o kgotsa o komititlaleletso e ikaelelang go o sekaseka, e le kgatlhego e— (a) leloko le nang le yona; kgotsa (b) motho yo o amanang le leloko a nang le yona. (5) Tshenolo go ya ka karolotlaleletso (4) e tshwanetse go dirwa ka bonako jo bo kgonagalang morago ga fa leloko le le amegang le sena go lemoga ka kgatlhegelo eo. (6) Leloko le le kailweng mo karolotlaleletsong (4) le ka se tseye karolo mo tshekatshekong ya kgotsa tshwetso ya morero oo ke komititlaleletso fa fela— (a) leloko le senotse kgatlhegelo go tsamaelana le karolotlaleletso (4); le (b) maloko a mangwe a komititlaleletso eo a sweditse gore kgatlhegelo eo e ka se ame ka gope go dira ditiro ka matsetseleko ga leloko mabapi le morero amegang. (7) (a) Leloko lengwe le lengwe la badirimmogo ba Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete le motho mongwe le mongwe yo o amegang mo go direng tiro ya Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete kgotsa tiragatso ya dithata tsa jona o tshwanetse go senola ka nako, nepagalo le tlhomamo, dikgatlhegelo, go akaretsa le dikgatlhegelo tsa losika, tseo di ka amang go dira ditiro tsa bona ka matsetseleko kgotsa thata e e roletsweng. (b) Khomisˇenara o tshwanetse go netefatsa gore temana (a) e a diragatswa. (8) Mabapi le maitlhomo a karolo eno, ga go kgathalesege— (a) gore kgatlhegelo e tlhamaletse, ga e a tlhamalala, ya tsˇhelete kgotsa e e seng ya tsˇhelete; kgotsa (b) fa kgatlhegelo e ne e fitlhelelwa. (9) Mabapi le maitlhomo a karolo eno, motho ga a tshwanela go senola— (a) ntlha ya gore motho yoo, kgotsa motho yo a amanang le ena, ke— (i) motlhankedi kgotsa mothapiwa wa Bothati jwa Boitshwaro
jwa Lephata la Ditsˇhelete; kgotsa (ii) morekedi wa ditsˇhelete wa setheo sa ditsˇhelete; kgotsa (b) kgatlhegelo e e seng ya botlhokwa. (10) Khomisˇenara o tshwanetse go tshola rejisetara ya ditshenolo tsotlhe tse di dirilweng go ya ka karolo eno le ka ga ditshwetso tsotlhe tse di dirilweng go ya ka karolo eno. 99 5 10 15 20 25 30 35 40 45 50 55 60

This gazette is also available free online at www.gpwonline.co.za 100 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017
Part 3
Staff and resources
Staff and resources
73. (1) The Financial Sector Conduct Authority may, in accordance with applicable
law—
(a) for the work of the Financial Sector Conduct Authority— (i) appoint persons as employees; (ii) enter into secondment arrangements; or (iii) engage persons on contract otherwise than as employees; (b) enter into contracts; (c) acquire and dispose of property; (d) insure itself against any loss, damage, risk or liability that it may suffer or incur; and (e) do anything else necessary for the performance of its functions. (2) The Financial Sector Conduct Authority may not enter into a secondment arrangement in respect of a person, or engage persons as employees or on contract, unless the person and the Authority have agreed in writing on— (a) the performance measures that must be used to assess that person’s performance; and (b) the level of performance that must be achieved against those measures. Duties of staff members
74. (1) A person who is or was a staff member of the Financial Sector Conduct
Authority may not use that position or any information obtained as a staff member to— (a) improperly benefit himself or herself or another person; (b) impede the Financial Sector Conduct Authority’s ability to perform its functions; or (c) cause improper detriment to another person. (2) For the purposes of this section, ‘‘benefit’’ and ‘‘detriment’’ are not limited to financial benefit or detriment. Information by Commissioner
75. (1) The Commissioner must provide the Executive Committee and the National
Treasury with the information, returns, documents, explanations and motivations that may be prescribed by Regulation for this section or that the Executive Committee or the National Treasury may request. (2) Subsection (1) does not require or permit the provision of information about persons identifiable from the information.
CHAPTER 5
CO-OPERATION AND COLLABORATION
Part 1
Co-operation and collaboration
Co-operation and collaboration between financial sector regulators and Reserve Bank
76. (1) The financial sector regulators and the Reserve Bank must co-operate and
collaborate when performing their functions in terms of financial sector laws, the National Credit Act, and the Financial Intelligence Centre Act, and must for this purpose— 100 5 10 15 20 25 30 35 40 45

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 101 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 Karolo 3 Badiri le ditlamelwana Badiri le ditlamelwana
73. (1) Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete bo ka, go tsamaelana le
molao maleba—
(a) mabapi le tiro ya Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete— (i) thapa batho jaaka badiri; (ii) tsena mo thulaganyong ya kadimisano; kgotsa (iii) rerisana le batho ka ga konteraka fela e seng jaaka bathapiwa; (b) tsena mo dikonterakeng; (c) fitlhelela le go fetisa thoto; (d) insˇora kgatlhanong le tatlhegelo, tshenyego, dikotsi kgotsa molato e bo ka e itemogelang kgotsa ya nna ka fa tlase ga yona; le (e) dira sengwe le sengwe se se tlhokegang go dira ditiro tsa jona. (2) Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete bo ka se tsene mo thulaganyong ya kadimisano mabapi le motho, kgotsa go rerisana le batho jaaka bathapiwa kgotsa mo konterakeng, fa fela motho yoo le Bothati ba dumalane ka go kwala ka— (a) ditekanyetsotiro tse di tshwanetseng go diriswa go tlhatlhoba tiro ya motho yoo; le (b) boemo jwa tiro jo bo tshwanetseng go fitlhelelwa kgatlhanong le ditekanyetso tseo. Ditiro tsa maloko a badirimmogo
74. (1) Motho yo e leng kgotsa yo e neng e le leloko la badirimmogo ba Bothati jwa
Boitshwaro jwa Lephata la Ditsˇhelete o kase dirise maemo ao kgotsa tshedimosetso nngwe le nngwe e a e boneng jaaka leloko la badirimmogo go— (a) una molemo ka boena kgotsa go dira motho yo mongwe a une molemo ka tsela e e sa siamang; (b) kgoreletsa Bothati jwa Tlhokomelo go dira tiro ya jona; kgotsa (c) thatafaletsa motho yo mongwe. (2) Mabapi le maitlhomo a karolo eno, ‘‘kunomolemo’’ le ‘‘thatafaletso’’ ga di a lekanyetswa go kunomolemo ya ditsˇhelete kgotsa thatafaletso ya ditsˇhelete. Tshedimosetso ka Khomisˇenara
75. (1) Khomisˇenara o tshwanetse go tlamela Komitikhuduthamaga le Matlotlo a
Bosetsˇhaba ka tshedimosetso, dipoelo, dikwalo, ditlhaloso le ditshegetso tse di ka neelwang ke Molawana mabapi le karolo eno kgotsa tshedimosetso e Komiti Khuduthamaga kgotsa Matlotlo a Bosetsˇhaba a ka e kopang. (2) Karolotlaleletso (1) ga e tlhoke kgotsa neye tetla kabelo ya tshedimosetso ka ga batho ba ba ka supiwang go tswa mo tshedimosetsong. KGAOLO 5 TIRISANOMMOGO LE KOPANO Karolo 1 Tirisanommogo le kopano Tirisanommogo le kopano magareng ga balaodi ba lephata la ditsˇhelete le Banka ya Resefe
76. (1) Balaodi ba lephata la ditsˇhelete le Banka ya Resefe ba tshwanetse go
dirisanammogo le go kopana fa ba dira ditiro tsa bona go ya ka melao ya lephata la ditsˇhelete, Molao wa Bosetsˇhaba wa Sekoloto, le Financial Intelligence Centre Act, ba tshwanetse mabapi le maitlhomo ano— 101 5 10 15 20 25 30 35 40 45

This gazette is also available free online at www.gpwonline.co.za 102 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (a) generally assist and support each other in pursuing their objectives in terms of financial sector laws, the National Credit Act and the Financial Intelligence Centre Act; (b) inform each other about, and share information about, matters of common interest; (c) strive to adopt consistent regulatory strategies, including addressing regulatory and supervisory challenges; (d) co-ordinate, to the extent appropriate, actions in terms of financial sector laws, the National Credit Act and the Financial Intelligence Centre Act, including in relation to— (i) standards and other regulatory instruments, including similar instruments provided for in terms of the National Credit Act and the Financial Intelligence Centre Act; (ii) licensing; (iii) supervisory on-site inspections and investigations; (iv) actions to enforce financial sector laws, the National Credit Act and the Financial Intelligence Centre Act; (v) information sharing; (vi) recovery and resolution; and (vii) reporting by financial institutions, including statutory reporting and data collection measures; (e) minimise the duplication of effort and expense, including by establishing and using, where appropriate, common or shared databases and other facilities; (f) agree on attendance at relevant international forums; and (g) develop, to the extent that is appropriate, consistent policy positions, including for the purpose of presentation and negotiation at relevant South African and international forums. (2) The financial sector regulators and the Reserve Bank must, at least annually as part of their annual reports, or on request, report to the Minister, the Cabinet member responsible for administering the National Credit Act and the National Assembly on measures taken to co-operate and collaborate with each other. Memoranda of understanding
77. (1) The financial sector regulators and the Reserve Bank, must, as soon as
practicable but not later than six months after the date on which this Chapter comes into effect, enter into one or more memoranda of understanding to give effect to their obligations in terms of section 76. (2) A delegation of a power or duty by a financial sector regulator to another financial sector regulator must be effected by a memorandum of understanding entered into in terms of this section. (3) The validity of any action taken by a financial sector regulator, the Reserve Bank or the Governor in terms of a financial sector law, the National Credit Act and the Financial Intelligence Centre Act is not affected by a failure to comply with this section or a memorandum of understanding in terms of this section. (4) The financial sector regulators and the Reserve Bank must review the memoranda of understanding at least once every three years and amend them as appropriate. (5) The financial sector regulators and the Reserve Bank must provide a copy of each memorandum of understanding entered into in terms of this section, and each amendment of such a memorandum of understanding, to the Minister and the Cabinet member responsible for administering the National Credit Act. (6) The financial sector regulators and the Reserve Bank must each publish each memorandum of understanding in terms of this section and each amendment thereof. Other organs of state
78. (1) An organ of state that has a regulatory or supervisory function in relation to
financial institutions must, to the extent practicable, consult the financial sector regulators and the Reserve Bank in relation to the performance of that function. 102 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 103 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (a) ka kakaretso go thusana le go tshegetsana mo go fitlheleleng maikaelelo a bona go ya ka melao ya lephata la ditsˇhelete le , Molao wa Bosetsˇhaba wa Sekoloto le Financial Intelligence Centre Act; (b) go sedimosetsana ka, le go arogana tshedimosetso ka merero ya kgatlhego e e tshwanang; (c) go leka ka thata go amogela maano a taolo a a tlhomameng, go akaretsa le go rarabolola dikgwetlho tsa taolo le tlhokomelo; (d) go rulaganya, ka mokgwa o o maleba, ditiro mabapi le melao ya lephata la ditsˇhelete, Molao wa Bosetsˇhaba wa Sekoloto le Financial Intelligence Centre Act, go akaretsa mabapi le— (i) maemo le didiriswa tse dingwe tsa taolo, go akaretsa didiriswa tse di tshwanang le tse di tlametsweng go ya ka , Molao wa Bosetsˇhaba wa Sekoloto le Financial Intelligence Centre Act; (ii) kabo ya dilaesense; (iii) ditlhatlhobo tsa botlhokomedi tsa kwa tirong le dipatlisiso; (iv) ditiro tsa go gatelela melao ya lephata la ditsˇhelete le Molao wa Bosetsˇhaba wa Sekoloto; (v) karogano ya tshedimosetso; (vi) pusetso le tharabololo; le (vii) pegelo ka ditheo tsa ditsˇhelete, go akaretsa pegelosemolao le mekgwa ya go kgobokanya tshedimosetso; (e) go isa tlase sebedi sa matsapa le ditshenyegelo, go akaretsa le go tlhoma le go dirisa, mo go tshwanetseng, dideithabeise tse di tshwanang kgotsa tse di aroganwang le dibebofatsi tse dingwe; (f) go dumalana ka go nneng teng kwa diforamong tsa boditsˇhabatsˇhaba tse di maleba; le (g) go tlhabolola, go ya ka mokgwa o o maleba, maemo a a tlhomameng a pholisi, go akaretsa mabapi le tlhagiso le therisano kwa diforamong tse di maleba tsa Aforikaborwa le tsa boditsˇhabatsˇhaba. (2) Balaodi ba lephata la ditsˇhelete le Banka ya Resefe ba tshwanetse, bonnye ka ngwaga, jaaka karolo ya dipegelo tsa bona tsa ngwaga kgotsa go kopilwe, go begela Tona, maloko a Kabinete a a diragatsang Molao wa Bosetsˇhaba wa Sekoloto le Kokoano Bosetsˇhaba ka ga dikgato tse di tserweng go dirisana mmogo le go kopana. Memorantamo wa tumalano
77. (1) Balaodi ba lephata la ditsˇhelete le Banka ya Resefe, ba tshwanetse, ka bonako
jo bo kgonagalang fela e seng morago ga dikgwedi tse thataro tsa go tsenngwa tirisong ga Kgaolo eno, go dira memorantamo wa tumalano o le esi kgotsa go feta go diragatsa ditlamego tsa bona go ya ka karolo 76. (2) Tholelo ya thata kgotsa tiro ke molaodi wa lephata la ditsˇhelete go molaodi yo mongwe wa lephata la ditsˇhelete go tshwanetse go tsenngwa tirisong ka memorantamo wa tumalano dirilweng go ya ka karolo eno. (3) Kamogelesego ya kgato nngwe le nngwe tserweng ke molaodi, Banka ya Resefe kgotsa Mmusisi go ya ka molao wa lephata la ditsˇhelete kgotsa Molao wa Bosetsˇhaba wa Sekoloto le Financial Intelligence Centre Act ga e angwe ke go palelwa ke go ikamanya le karolo eno kgotsa memorantamo wa tumalano go ya ka karolo eno. (4) Balaodi ba lephata la ditsˇhelete le Banka ya Resefe ba tshwanetse go thadisa memorantamo wa tumalano bonnye gangwe mo dingwageng dingwe le dingwe tse tharo le go o tlhabolola jaaka go tshwanetse. (5) Balaodi ba lephata la ditsˇhelete le Banka ya Resefe ba tshwanetse go tlamela Tona le maloko a Kabinete a a tsamaisang Molao wa Bosetsˇhaba wa Sekoloto ka kgatiso ya memorantamo wa tumalano mongwe le mongwe o o dirilweng go ya ka karolo eno, le tlhabololo nngwe le nngwe ya memorantamo oo wa tumalano. (6) Balaodi ba lephata la ditsˇhelete le Banka ya Resefe ba tshwanetse go phasalatsa memorantamo mongwe le mongwe wa tumalano o ba o dirileng le tlhabololo nngwe le nngwe ya ona. Maphata a mangwe a puso
78. (1) Lephata la puso le le nang le tiro ya bolaodi kgotsa botlhokomedi mabapi le
ditheo tsa ditsˇhelete le tshwanetse, ka mokgwa o o kgonagalang, go rerisana le balaodi ba lephata la ditsˇhelete mabapi le go dira tiro eo. 103 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 104 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (2) A financial sector regulator or the Reserve Bank may, in writing, request an organ of state referred to in subsection (1) to provide information about any action that the organ of state has taken or proposes to take in relation to a financial institution specified in the request. (3) The organ of state must comply with a request in terms of subsection (2), but this subsection does not require or permit an organ of state to do something that contravenes a law.
Part 2
Financial System Council of Regulators
Financial System Council of Regulators
79. (1) The Financial System Council of Regulators is hereby established.
(2) The objective of the Financial System Council of Regulators is to facilitate co-operation and collaboration, and, where appropriate, consistency of action, between the institutions represented on the Financial System Council of Regulators by providing a forum for senior representatives of those institutions to discuss, and inform themselves about, matters of common interest. (3) The Financial System Council of Regulators must be composed of the following members:
(a) The Director-General;
(b) the Director-General of the Department of Trade and Industry; (c) the Director-General of the Department of Health; (d) the Chief Executive Officer; (e) the Commissioner; (f) the Chief Executive Officer of the National Credit Regulator; (g) the Registrar of Medical Schemes; (h) the Director of the Financial Intelligence Centre; (i) the Commissioner of the National Consumer Commission; (j) the Commissioner of the Competition Commission; (k) the Deputy Governor responsible for financial stability matters; and (l) the head, however described, of any organ of state or other organisation that the Minister may determine. Meetings
80. (1) Meetings of the Financial System Council of Regulators must be held at least
twice a year, or more frequently as determined by the Director-General. (2) The Director-General, or an alternate nominated by the Director-General, chairs the meetings of the Financial System Council of Regulators. (3) The Director-General must convene a meeting at the request of a member of the Financial System Council of Regulators. (4) A member of the Financial System Council of Regulators may, with the concurrence of the Director-General, nominate a senior official of the member’s institution to act as an alternate for the member. (5) Meetings of the Financial System Council of Regulators must be conducted in accordance with procedures determined by it. Working groups and subcommittees
81. (1) The Financial System Council of Regulators must establish working groups or
subcommittees in respect of the following matters:
(a) Enforcement and financial crime;
(b) financial stability and resolution;
(c) policy and legislation;
(d) standard-setting;
(e) financial sector outcomes;
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This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 105 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (2) Molaodi wa lephata la ditsˇhelete kgotsa Banka ya Resefe o ka, ka go kwala, kopa lephata la puso le le kailweng mo karolotlaleletsong (1) go neelana ka tshedimosetso ka ga kgato nngwe le nngwe tserweng ke lephata la puso kgotsa e le tshitsinyang go ka e tsaya mabapi le setheo sa ditsˇhelete se se tsepamisitsweng mo kopong. (3) Lephata la puso le tshwanetse go ikamanya le kopo go ya ka karolotlaleletso (2), mme karolotlaleletso eno ga e tlhoke kgotsa neye tetla lephata la puso go dira sengwe se se kgatlhanong le molao. Karolo 2 Khansele ya Balaodi ba Thulaganyo ya Ditsˇhelete Khansele ya Balaodi ba Thulaganyo ya Ditsˇhelete
79. (1) Khansele ya Balaodi ba Thulaganyo ya Ditsˇhelete e a tlhongwa.
(2) Maikaelelo a Khansele ya Balaodi ba Thulaganyo ya Ditsˇhelete ke go nolofatsa tirisanommogo le kopano, le, mo go tlhokegang, tlhomamo ya tiro, magareng ga ditheo tse di emetsweng mo Khanseleng ya Balaodi ba Thulaganyo ya Ditsˇhelete ka go abelana ka foramo ya baemedi ba bagolo ba ditheo tseo go buisana, le go itshedimosa ka, merero ya kgatlhego e e tshwanang. (3) Khansele ya Balaodi ba Thulaganyo ya Ditsˇhelete e tshwanetse go nna le maloko a a latelang:
(a) Mokaedikakaretso;
(b) Mokaedikakaretso wa Lefapha la Kgwebisano le Madirelo; (c) Mokaedikakaretso wa Lefapha la Boitekanelo; (d) Motlhankedimogolo wa Khuduthamaga; (e) Khomisˇenara; (f) Motlhankedimogolo wa Khuduthamaga wa Bolaodi jwa Bosetsˇhaba jwa Sekoloto; (g) Mokwadisi wa Dikema tsa Kalafi; (h) Mokaedi wa Senthara ya Botlhodi jwa Ditsˇhelete; (i) Khomisˇenara wa Khomisˇene ya Bosetsˇhaba ya Badirisi; (j) Khomisˇenara wa Khomisˇene ya Kgaisano; (k) Motlatsammusisi yo o rweleng maikarabelo a merero ya tlhomamo ya ditsˇhelete; le (l) tlhogo, ka mokgwa o e tlhalositsweng, ya lephata lengwe le lengwe la puso kgotsa mokgatlho mongwe o Tona a ka o tlhomamisang. Dikopano
80. (1) Dikopano tsa Khansele ya Balaodi ba Thulaganyo ya Ditsˇhelete di tshwanetse
go tshwarwa bonnye gabedi mo ngwageng, kgotsa kgapetsakgapetsa jaaka go tlhomamisitswe ke Mokaedikakaretso. (2) Mokaedikakaretso, kgotsa mongwe yo o tlhophilweng ke Mokaedikakaretso, o okamela dikopano tsa Khansele ya Balaodi ba Thulaganyo ya Ditsˇhelete. (3) Mokaedikakaretso o tshwanetse go tshwara kopano ka kopo ya leloko la Khansele ya Balaodi ba Thulaganyo ya Ditsˇhelete. (4) Leloko la Khansele ya Balaodi ba Thulaganyo ya Ditsˇhelete le ka, ka tumalano le Mokaedikakaretso, tlhopha motlhankedi yo mogolo wa setheo sa leloko go dira jaaka morefosani wa leloko. (5) Dikopano tsa Khansele ya Balaodi ba Thulaganyo ya Ditsˇhelete di tshwanetse go tshwarwa go tsamaelana le ditsamaiso tse di tlhomamisitsweng ke yona. Ditlhopha tse didirang
81. (1) Khansele ya Balaodi ba Thulaganyo ya Ditsˇhelete e tshwanetse go tlhoma
ditlhopha tsa tiro tse di kwa thoko kgotsa dikomititlaleletso mabapi le merero e e latelang:
(a) Kgatelelo le bosenyi jwa ditsˇhelete; (b) tlhomamo ya ditsˇhelete le tharabololo; (c) pholisi le molao; (d) peo ya maemo; (e) dipoelo tsa lephata la ditsˇhelete; 105 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 106 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (f) financial inclusion; (g) transformation of the financial sector; and (h) any other matter that the Director-General may determine after consulting the other members of the Financial System Council of Regulators. (2) The Financial System Council of Regulators must determine the membership, terms of reference and procedure of a working group or subcommittee. Support for Financial System Council of Regulators
82. (1) The Financial Sector Conduct Authority must provide administrative support
and other resources for the Financial System Council of Regulators and its working groups and subcommittees. (2) The Financial Sector Conduct Authority must ensure that minutes of each meeting of the Financial System Council of Regulators, and of each meeting of a working group or subcommittee, are kept in a manner determined by the Financial Sector Conduct Authority.
Part 3
Financial Sector Inter-Ministerial Council Financial Sector Inter-Ministerial Council
83. (1) The Financial Sector Inter-Ministerial Council is hereby established.
(2) The objective of the Inter-Ministerial Council is to facilitate co-operation and collaboration between Cabinet members responsible for administering legislation relevant to the regulation and supervision of the financial sector by providing a forum for discussion and consideration of matters of common interest. (3) The members of the Inter-Ministerial Council are— (a) the Minister; (b) the Cabinet members responsible for consumer protection and consumer credit matters; (c) the Cabinet member responsible for health; and (d) the Cabinet member responsible for economic development. Meetings
84. (1) Meetings of the Inter-Ministerial Council take place at times and places
determined by the Minister.
(2) The Minister, or another Cabinet member nominated by the Minister, chairs the meetings of the Inter-Ministerial Council. (3) The Minister must convene a meeting at the request of a member of the Inter-Ministerial Council. (4) A member of the Inter-Ministerial Council may nominate a Deputy Minister to act as alternate for the member at a particular meeting of the Inter-Ministerial Council. (5) The Minister may invite any Cabinet member who is not a member of the Inter-Ministerial Council to attend a meeting of the Inter-Ministerial Council. (6) Meetings of the Inter-Ministerial Council are conducted in accordance with procedures determined by it. Protection for financial customers in terms of financial sector laws, National Credit Act and Consumer Protection Act
85. (1) The Cabinet members responsible for consumer protection and consumer
credit matters may request the Inter-Ministerial Council to consider whether or not a provision in a financial sector law, or in a proposed financial sector law, Regulation or regulatory instrument, provides or would provide for a standard of protection for financial customers that is equivalent to, or higher than, the protection provided for them in terms of the National Credit Act or the Consumer Protection Act. (2) The Inter-Ministerial Council— (a) must comply with the request; and 106 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 107 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (f) tsenyeletso ya ditsˇhelete; le (g) phetolo ya lephata la ditsˇhelete; le (h) morero mongwe le mongwe o o ka tlhomamiswang ke Mokaedikakaretso morago ga go rerisana le maloko a mangwe a Khansele ya Balaodi ba Thulaganyo ya Ditsˇhelete. (2) Khansele ya Balaodi ba Thulaganyo ya Ditsˇhelete e tshwanetse go tlhomamisa botokololo, mabaka a kaelo le tsamaiso ya setlhopha sa tiro kgotsa komititlaleletso. Tshegetso go Khansele ya Balaodi ba Thulaganyo ya Ditsˇhelete
82. (1) Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete bo tshwanetse go tlamela ka
tshegetso ya tsamaiso le ditlamelo tse dingwe go Khansele ya Balaodi ba Thulaganyo ya Ditsˇhelete le ditlhopha tsa yona tsa tiro le dikomititlaleletso. (2) Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete bo tshwanetse go netefatsa gore metsotso ya kopano nngwe le nngwe ya Khansele ya Balaodi ba Thulaganyo ya Ditsˇhelete, le ya kopano nngwe le nngwe ya setlhopha sa tiro kgotsa komititlaleletso, e tsholwa ka mokgwa o o tlhomamisitsweng ke Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete. Karolo 3 Khansele ya Ditona ya Lephata la Ditsˇhelete Khansele ya Ditona ya Lephata la Ditsˇhelete
83. (1) Khansele ya Ditona ya Lephata la Ditsˇhelete e a tlhongwa.
(2) Maikaelelo a Khansele ya Ditona ya Lephata la Ditsˇhelete ke go nolofatsa tirisanommogo le kopano magareng ga maloko a Kabinete a a tsamaisang molao maleba go taolo le tlhokomelo ya lephata la ditsˇhelete ka go tlamela ka foramo ya dipuisano le tshekatsheko ya merero ya kgatlhegelo e e tshwanang. (3) Maloko a Khansele ya Ditona ya Lefapha la Ditsˇhelete ke— (a) Tona; (b) maloko a Kabinete a a rwalang maikarabelo a tshireletso ya badirisi le merero ya sekoloto sa badirisi; (c) leloko la Kabinete le le rwalang maikarabelo a boitekanelo; le (d) leloko la Kabinete le le rwalang maikarabelo a tlhabololo ya ikonomi. Dikopano
84. (1) Dikopano tsa Khansele ya Ditona ya Lefapha la Ditsˇhelete di diragala ka
dinako le kwa mafelong a a tlhomamisitsweng ke Tona.
(2) Tona, kgotsa leloko le lengwe la Kabinete le tlhophilweng ke Tona, le okamela dikopanotsa Khansele ya Ditona. (3) Tona o tshwanetse go bitsa kopano ka kopo ya leloko la Khansele ya Ditona. (4) Leloko la Khansele ya Ditona le ka tlhopha Motlatsamoporesidente go dira jaaka morefosani go leloko kwa kopanong e e rileng ya Khansele ya Ditona. (5) Tona o ka laletsa leloko lengwe le lengwe la Kabinete leo e seng leloko la Khansele ya Ditona go tla kopanong ya Khansele ya Ditona. (6) Dikopano tsa Khansele ya Ditona di tshwarwa go tsamaelana le ditsamaiso tse di tlhomamisitsweng ke yona. Tshireletso ya barekedi ba ditsˇhelete go ya ka melao ya lephata la ditsˇhelete, Molao wa Bosetsˇhaba wa Sekoloto le Molao wa Tshireletso ya Badirisi
85. (1) Maloko a Kabinete a a rwalang maikarabelo a merero ya tshireletso ya badirisi
le sekoloto sa badirisi a ka kopa Khansele ya Ditona go sekaseka fa ka gongwe kabelo e e maleba mo molaong wa lephata la ditsˇhelete, kgotsa mo molaong o o tshitsintsweng wa lephata la ditsˇhelete, Molawana kgotsa sediriso sa taolo, se tlamela kgotsa se tla tlamela ka maemo a tshireletso go barekedi ba ditsˇhelete a a lekanang, kgotsa fetang, tshireletso e ba e tlametsweng go ya ka Molao wa Bosetsˇhaba wa Sekoloto kgotsa Molao wa Tshireletso ya Badirisi. (2) Khansele ya Ditona— (a) e tshwanetse go ikamanya le kopo; le 107 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za 108 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (b) may, if it considers that the provision does not provide for such a standard of protection for financial customers, make recommendations to amend the provision, or to take other lawful and appropriate action, to ensure that the protection is at least equivalent. Independent evaluation of effectiveness of co-operation and collaboration
86. (1) (a) The Inter-Ministerial Council must, as soon as practicable following the
expiration of the six month period described in section 77(1), commission an independent evaluation of the establishment of co-operative and collaborative mechanisms between the financial sector regulators, the Reserve Bank, the Financial Intelligence Centre, the Council for Medical Schemes and the Competition Commission. (b) The Inter-Ministerial Council must, every two years after the initial independent evaluation referred to in paragraph (a), commission an independent evaluation of the effectiveness of co-operative and collaborative mechanisms between the financial sector regulators, the Reserve Bank, the Financial Intelligence Centre, the Council for Medical Schemes and the Competition Commission. (2) An evaluation in terms of this section must at least contain an analysis and evaluation of the memoranda of understanding required in terms of section 77, the outcome of any and all consultations in terms of section 78, and compliance with those sections. (3) The Inter-Ministerial Council may on its own initiative, or at the request of a financial sector regulator, at any time commission an independent evaluation of the effectiveness of co-operation and collaboration between the financial sector regulators, the Reserve Bank, the Financial Intelligence Centre, the Council for Medical Schemes and the Competition Commission. (4) When a financial sector regulator makes a request for an evaluation, the Inter-Ministerial Council must consider the request and the concerns raised in the request regarding the effectiveness of co-operation and collaboration, and, if the Council rejects the request, provide the financial sector regulator that made the request with the reasons for rejecting the request. (5) Any evaluation commissioned by the Inter-Ministerial Council in terms of this
section must be tabled in Parliament immediately following the Council’s consideration
of the evaluation, and must be accompanied by a report from the Council on the evaluation’s contents.
CHAPTER 6
ADMINISTRATIVE ACTIONS
Part 1
Administrative action committees
Establishment and membership
87. (1) A financial sector regulator may establish an administrative action committee
to consider and make recommendations to the financial sector regulator on matters that are referred to it by that financial sector regulator. (2) The members of an administrative action committee— (a) must include— (i) a retired judge; or (ii) an advocate or attorney with at least 10 years relevant legal experience; and (b) may include persons who are not members of the Prudential Committee or the Executive Committee or staff members of the financial sector regulator. (3) A person referred to in subsection (2)(a) must be appointed as chairperson of an administrative action committee. (4) A disqualified person may not be appointed to, or remain a member of, an administrative action committee. 108 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 109 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (b) e ka, fa e tsaya gore kabelo e e maleba ga e tlamele maemo ao a tshireletso go badirisi ba ditsˇhelete, dira dikatlanegiso go tlhabolola kabelo e e maleba, kgotsa go tsaya dikgato tse dingwe tsa semolao tse di matshwanedi, go netefatsa gore bonnye tshireletso e lekane. Tekanyetso e e ikemetseng ya nonofo ya tirisanommogo le kopano
86. (1) (a) Khansele ya Ditona e tshwanetse, ka bonako jo bo kgonegang go latela go
ya bokhutlong ga paka ya dikgwedi tse thataro e e tlhalositsweng mo karolong 77(1), go dira tshekatsheko e e ikemetseng ya tlhomo ya mekgwa ya tirisanommogo le kopano magareng ga balaodi ba lephata la ditsˇhelete, Banka ya Resefe, Senthara ya Botlhodi jwa Ditsˇhelete, Khansele ya Dikema tsa Kalafi le Khomisˇene ya Kgaisano. (b) Khansele ya Ditona e tshwanetse, mo dingwageng dingwe le dingwe tse pedi morago ga tshekatsheko ya ntlha e e ikemetseng e e kailweng mo temaneng (a), go dira tshekatsheko e e ikemetseng ya nonofo ya mekgwa ya tirisanommogo le kopano magareng ga balaodi ba lephata la ditsˇhelete, Banka ya Resefe, Senthara ya Botlhodi jwa Ditsˇhelete, Khansele ya Dikema tsa Kalafi le Khomisˇene ya Kgaisano. (2) Tshekatsheko go ya ka karolo eno e tshwanetse go nna le bonnye kanoko le tshekatsheko ya memorantamo wa tumalano tlhokegang go ya ka karolo 77, ditlamorago tsa ditherisano dingwe le dingwe tsotlhe go ya ka karolo 78, le boikamanyo le dikarolo tseo. (3) Khansele ya Ditona ka boitlhamedi jwa yona, kgotsa ka kopo ya molaodi wa lephata la ditsˇhelete, ka nako nngwe le nngwe e ka dira tshekatsheko e e ikemetseng ya nonofo ya mekgwa ya tirisanommogo le kopano magareng ga balaodi ba lephata la ditsˇhelete, Banka ya Resefe, Senthara ya Botlhodi jwa Ditsˇhelete, Khansele ya Dikema tsa Kalafi le Khomisˇene ya Kgaisano. (4) Fa bolaodi jwa lefapha la ditsˇhelete bo dira kopo ya tshekatsheko, Khansele ya Ditona e tshwanetse go tsaya tsia kopo le matshwenyego a a tlhagisitsweng mo kopong mabapi le nonofo ya tirisanommogo le kgolagano, e bile, fa Khansele e gana kopo, go tlamela bolaodi jwa lephata la ditsˇhelete jo bo dirileng kopo ka mabaka a go gana kopo. (5) Tshekatsheko nngwe le nngwe dirilweng ke Khansele ya Ditona go ya ka karolo eno e tshwanetse go tlhagiswa kwa Palamenteng ka bonako go latela tshekatsheko ya kanoko, e bile e tshwanetse go patwa ke pegelo go tswa kwa Khanseleng ya tshekatsheko ya diteng. KGAOLO 6 DITIRO TSA TSAMAISO Karolo 1 Dikomiti tsa tiro ya tsamaiso Go tlhongwa le botokololo
87. (1) Molaodi wa lephata la ditsˇhelete o ka tlhama komiti ya tiro ya tsamaiso go
sekaseka le go dira dikatlanegiso go molaodi wa lephata la ditsˇhelete ka ga ditiro tsa tsamaiso tse di rometsweng go ena ke molaodi wa lephata la ditsˇhelete. (2) Maloko a komiti ya tiro ya tsamaiso— (a) a tshwanetse go akaretsa- (i) moatlhodi yo o rotseng tiro; kgotsa (ii) mmueledi kgotsa ramolao a le esi yo o nang le maitemogelo a molao a a maleba a dingwaga tse 10; le (b) a ka akaretsa batho ba e seng maloko a Komiti ya Tlhokomelo kgotsa Komiti Khuduthamagga kgotsa maloko a badirammogo a bolaodi jwa lephata la ditsˇhelete. (3) Motho yo o kailweng mo karolotlaleletsong (2)(a) o tshwanetse go thapiwa jaaka modulasetilo wa komiti ya tiro ya tsamaiso. (4) Motho yo o ileditsweng a ka se thapiwe go, kgotsa go nna leloko la, komiti ya tiro ya tsamaiso. 109 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za 110 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Terms of membership
88. (1) A person appointed as a member of a financial sector regulator’s administrative
action committee who is not a member of the Prudential Committee, the Executive Committee or a staff member of a financial sector regulator holds office for a period not exceeding five years, and on the terms, including terms regarding remuneration, determined by the financial sector regulator. (2) A member of an administrative action committee whose term expires may be reappointed. (3) The financial sector regulator that established an administrative action committee may, subject to due process, remove a member of the administrative action committee from office if the member— (a) is unable to perform the functions of the office effectively; (b) has failed in a material way to discharge any of the responsibilities of the office; or (c) has acted in a way that is inconsistent with continuing to hold the office. (4) Without limiting subsection (3)(b), a member must be taken to have failed in a material way to discharge the responsibilities of office if he or she is absent from two consecutive meetings of the administrative action committee without the leave of the administrative action committee. Meetings
89. (1) A meeting of an administrative action committee—
(a) is convened by the chairperson of the committee; and (b) is chaired by the chairperson or, in the chairperson’s absence, by another member designated by the chairperson or the remaining members. (2) An administrative action committee determines its procedures, subject to any directions of the financial sector regulator that established the administrative action committee. (3) The financial sector regulator must ensure that written minutes of each meeting of its administrative action committee are kept in a manner determined by the financial sector regulator. Application of Part to Ombud Council
90. This Part applies, with the necessary changes required by the context, in relation
to the Ombud Council.
Part 2
Administrative justice
Applicability of Promotion of Administrative Justice Act to administrative action by financial sector regulators
91. The Promotion of Administrative Justice Act applies to any administrative action
taken by a financial sector regulator in terms of this Act or a specific financial sector law. Procedures for specific administrative action in terms of Act
92. (1) A financial sector regulator may, by notice in the Register, determine
procedures for administrative action to be taken by it in terms of a financial sector law, which procedures must— (a) be aimed at promoting a fair and consistent approach to administrative action taken by the financial sector regulator in terms of the financial sector laws; and (b) be consistent with— (i) the principles of the Promotion of Administrative Justice Act; and (ii) any applicable requirements of a financial sector law. (2) If it is reasonable and justifiable in the circumstances, procedures for administrative action may depart from specific requirements of the Promotion of Administrative Justice Act, in accordance with sections 3(4), 4(4) and 5(4) of that Act. 110 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 111 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 Dipeelo tsa botokololo
88. (1) Motho yo o thapilweng jaaka leloko la komiti ya tiro ya tsamaiso ya bolaodi
jwa lephata la ditsˇhelete yo e seng leloko la Komiti ya Tlhokomelo, Komiti Khuduthamaga kgotsa leloko la badirimmogo ba bolaodi jwa lephata la ditsˇhelete o thapiwa sebaka se se sa feteng dingwaga tse tlhano, le ka dipeelo, go akaretsa le dipoelo tse di amanang le tuelo, tse di tlhomamisitsweng ke bolaodi jwa lephata la ditsˇhelete. (2) Leloko la komiti ya tiro ya tsamaiso yo paka ya gagwe e yang bokhutlong o ka thapiwa gape. (3) Molaodi jwa lephata la ditsˇhelete yo o tlhomileng komiti ya tiro ya tsamaiso o ka, go tsamaelana le kgato e e maleba, tlosa leloko la komiti ya tiro ya tsamaiso mo ofising fa leloko le— (a) sa kgone go dira tiro e le e thapetsweng ka nonofo; (b) paletswe ka gotlhe go diragatsa nngwe ya maikarabelo a tiroi; kgotsa (c) le dirile ka mokgwa o o sa tsamaelaneng le ditlhokego tsa go tswelela go dira. (4) Ntle le go lekanyetsa karolotlaleletso (3)(b), leloko le tshwanetse go tseelwa gore le paletswe ka gotlhe go diragatsa maikarabelo a ofisi fa le ka se nne teng mo dikopanong tse pedi tse di latelanang tsa komiti ya tiro ya tsamaiso ntle le khunulogo ya komiti ya tiro ya tsamaiso. Dikopano
89. (1) Kopano ya komiti ya tiro ya tsamaiso—
(a) e kokoanngwa ke modulasetilo wa komiti; le (b) e okamelwa ke modulasetilo kgotsa, fa modulasetilo a se teng, ke leloko le lengwe le le thapilweng ke modulasetilo kgotsa maloko a a setseng. (2) Komiti ya tiro ya tsamaiso e tlhomamisa ditsamaiso tsa yona, go tsamaelana le dikaelo tsa molaodi wa lephata la ditsˇhelete yo o tlhomileng komiti ya tiro ya tsamaiso. (3) Molaodi wa lephata la ditsˇhelete o tshwanetse go netefatsa gore metsotso e e kwetsweng ya kopano nngwe le nngwe ya komiti ya bona ya tiro ya tsamaiso e a tsholwa. Tiriso ya Karolo go Khansele ya Ombud
90. Karolo eno e diragatswa, ka diphetogo tse di tlhokegang go ya ka bokao, mabapi
le Khansele ya Ombud.
Karolo 2
Bosiamisi jwa tsamaiso
Tirego ya Promotion of Administrative Justice Act go tiro ya tsamaiso ka balaodi ba lephata la ditsˇhelete
91. Promotion of Administrative Justice Act e diragatswa mo tirong nngwe le nngwe
ya tsamaiso e e dirilweng ke molaodi wa lephata la ditsˇhelete go ya ka Molao ono kgotsa molao tsepameng wa lephata la ditsˇhelete. Ditsamaiso mabapi le tiro ya tsamaiso e e tsepameng go ya ka Molao
92. (1) Bolaodi jwa lephata la ditsˇhelete bo ka, ka kitsiso mo Rejisetareng,
tlhomamisa ditsamaiso tsa tiro ya tsamaiso e e dirilweng ke jona go ya ka molao wa lephata la ditsˇhelete, o o tshwanetseng— (a) go ikaelela go tsweletsa pele kgato e e lolameng le go tlhomama mo tirong ya tsamaiso e e dirilweng ke bolaodi jwa lephata la ditsˇhelete go ya ka melao ya lephata la ditsˇhelete; le (b) go tlhomama mabapi le— (i) meono ya Promotion of Administrative Justice Act; le (ii) ditlhokego dingwe le dingwe tse di maleba tsa molao wa lephata la ditsˇhelete. (2) Fa go utlwalega e bile go na le lebaka mo maemong, ditsamaiso mabapi le tiro ya tsamaiso di ka tswa mo ditlhokegong tse di tsepameng tsa Promotion of Administrative Justice Act, go tsamaelana le karolo 3(4), 4(4) le 5(4) ya Molao oo. 111 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za 112 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (3) Different procedures may be determined for different types of administrative actions and different circumstances. Processes for determining or amending administrative action procedures
93. (1) Before a financial sector regulator determines or amends an administrative
action procedure in terms of section 92, the financial sector regulator must— (a) publish on its website— (i) a draft of the proposed procedure or amendment; and (ii) a notice calling for written public comment within a period stated in the notice, which must be at least 30 days from the date of publication of the notice; (b) submit a draft of the proposed procedure or amendment to the DirectorGeneral and the other financial sector regulator; and (c) consider any comments received. (2) If a financial sector regulator intends to make an administrative action procedure or amendment that is materially different in form from the draft procedure or amendment that was previously published in terms of subsection (1), the regulator must, before making the procedure or amendment, repeat the process referred to in subsection (1). Review of administrative action procedures
94. A financial sector regulator must review its administrative action procedures at
least once every three years.
Revocation of decisions
95. (1) A financial sector regulator may, by notice to a person in relation to whom the
regulator made a decision in terms of a financial sector law (or, if more than one such person, all of them), revoke the decision if— (a) the decision was made as a result of fraud or illegality; (b) the information on which the decision was made was inaccurate or incomplete and the financial sector regulator would not have made the decision if it had had accurate and complete information; or (c) the decision is, for any reason, invalid. (2) A revocation of a decision in terms of subsection (1) has effect from the date on which the revoked decision was made. (3) A financial sector regulator may not take action in terms of subsection (1)— (a) if the action would adversely affect the existing or accrued rights of any person (except the person in relation to whom the regulator made the decision); or (b) if— (i) the financial sector regulator has been notified that an application to the Tribunal or a court in relation to the decision will be made; or (ii) proceedings have commenced in the Tribunal or a court in relation to the decision. (4) Before a financial sector regulator takes action in terms of subsection (1), it must— (a) notify its intention to do so to the person in relation to whom the regulator made a decision; and (b) give the person a reasonable period, of at least 14 days, to make submissions to the regulator. (5) In determining whether to take action in terms of subsection (1), the financial sector regulator must take into account all the submissions received during the period referred to in subsection (4)(b). Interpretation
96. In this Part ‘‘financial sector regulator’’ includes the Ombud Council.
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This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 113 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (3) Ditsamaiso tse di farologaneng di ka tlhomamisetswa ditiro tse di farologaneng tsa tsamaiso. Dikgato tsa go tlhomamisa kgotsa go tlhabolola ditsamaiso tsa tiro ya tsamaiso
93. (1) Pele molaodi wa lephata la ditsˇhelete a tlhomamisa kgotsa tlhabolola tsamaiso
ya tiro ya tsamaiso go ya ka karolo 92, bolaodi jwa lephata la ditsˇhelete bo tshwanetse go— (a) phasalatsa mo webesaeteng ya jona— (i) thalo ya tsamaiso kgotsa tlhabololo e e tshitsintsweng; le (ii) kitsiso e e laletsang tshwaelo e e kwetsweng ya setsˇhaba mo pakeng e e neetsweng mo kitsisong, eo e tshwanetseng go nna bonnye matsatsi a le 30 go simolola ka letsatsi la phasalatso ya kitsiso; (b) gorosa thalo ya tsamaiso kgotsa tlhabololo e e tshitsintsweng go Mokaedikakaretso le molaodi yo mongwe jwa lephata la ditsˇhelete; le (c) sekaseka ditshwaelo dingwe le dingwe tse di amogetsweng. (2) Fa bolaodi jwa lephata la ditsˇhelete bo ikaelela go dira tsamaiso kgotsa tlhabololo ka mokgwa o o farologaneng go tswa go tsamaiso e e thadilweng kgotsa tlhabololo e e phasaladitsweng go ya ka karolotlaleletso (1), molaodi o tshwanetse, pele a dira tsamaiso kgotsa tlhabololo, go boeletsa dikgato tse di kailweng mo karolotlaleletsong (1). Thadiso ya ditsamaiso tsa kgato ya tsamaiso
94. Bolaodi ba lephata la ditsˇhelete bo tshwanetse go thadisa ditsamaiso tsa jona tsa
tiro bonnye gangwe mo dingwageng dingwe le dingwe tse tharo.
Kgogelomorago ya ditshwetso
95. (1) Bolaodi jwa lephata la ditsˇhelete bo ka, ka kitsiso go motho wa kamano yo
bolaodi bo dirileng tshwetso ka ena go ya ka molao wa lephata la ditsˇhelete (kgotsa, fa batho bao ba feta bongwe, botlhe), gogela morago tshwetso fa— (a) tshwetso e dirilwe ka ntlha ya tsietso kgotsa e seng ka molao; (b) tshedimosetso e tshwetso e dirilweng ka yona e ne e sa nepagala kgotsa e sa felela e bile bolaodi jwa lephata la ditsˇhelete bo ne bo ka se dire tshwetso fa bo ne bo na le tshedimosetso e e nepagetseng e bile e feletse; kgotsa (c) tshwetso e, ka lebaka lengwe, sa amogelesege. (2) Kgogelomorago ya tshwetso go ya ka karolotlaleletso (1) e tsena mo tirisong go simolola ka letlha le tshwetso e e gogetsweng morago ka lona. (3) Molaodi wa lephata la ditsˇhelete o ka se tseye kgato go ya ka karolotlaleletso (1)— (a) fa kgato e ka ama bobe ditshwanelo tse di leng teng kgotsa tse di bonweng tsa motho mongwe le mongwe (ntle le motho yo molaodi a dirileng tshwetso mabapi le ena); kgotsa (b) fa— (i) bolaodi jwa lephata la ditsˇhelete bo itsisitswe gore kopo go Lekgotla kgotsa kgotlatshekelo mabapi le tshwetso e tla dirwa; kgotsa (ii) ditsamaiso di simolotse kwa Lekgotleng kgotsa kgotlatshekelong mabapi le tshwetso. (4) Pele bolaodi jwa lephata la ditshelete bo tsaya kgato go ya ka karolotlaleletso (1), bo tshwanetse go— (a) itsise ka ga maikaelelo a jona a go dira jalo go motho yo tshwetso e dirilweng mabapi le ena; le (b) naya motho sebaka se se lekaneng, sa bonnye matsatsi a le 14, go dira ditlhagiso kwa bolaoding. (5) Mo go tlhomamiseng gore kgato e tsewe go ya ka karolotlaleletso (1), bolaodi jwa lephata la ditsˇhelete bo tshwanetse go tsaya tsia ditlhagiso tsotlhe tse di amogetsweng ka nako e e kailweng mo karolotlaleletsong (4)(b). Tlhaloso
96. Mo Karolong eno ‘‘molaodi wa lephata la ditsˇhelete’’ o akaretsa Khansele ya
Ombud.
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This gazette is also available free online at www.gpwonline.co.za 114 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017
CHAPTER 7
REGULATORY INSTRUMENTS
Part 1
Regulatory instruments
Interpretation
97. In this Part, ‘‘maker’’, in relation to a regulatory instrument, means the person
that proposes to make the regulatory instrument.
Process for making regulatory instruments
98. (1) A regulatory instrument must not be made unless the maker—
(a) has published—
(i) a draft of the regulatory instrument; (ii) a statement explaining the need for and the intended operation of the regulatory instrument; (iii) a statement of the expected impact of the regulatory instrument; and (iv) a notice inviting submissions in relation to the regulatory instrument and stating where, how and by when submissions are to be made; and (b) has, once submissions referred to in paragraph (a)(iv) have been received and considered, submitted the regulatory instrument to Parliament in terms of
section 103(1).
(2) The period allowed for making submissions referred to in subsection (1)(a)(iv) must be at least six weeks. (3) If the maker is a financial sector regulator, the maker must, when complying with subsection (1)(a), provide a copy of the documents referred to in that paragraph to— (a) the other financial sector regulator, the Reserve Bank, the National Credit Regulator, the Council for Medical Schemes and the Director-General; and (b) if the regulatory instrument would impose requirements on providers of securities services, the market infrastructure that has the function of licensing those providers in terms of a financial sector law. (4) If the maker is the Ombud Council, the maker must, when complying with subsection (1)(a), provide a copy of the documents referred to in that subsection to the financial sector regulators, the Council for Medical Schemes, the National Credit Regulator and the Director-General. Substantially different regulatory instrument
99. If a maker of a regulatory instrument intends, whether or not as a result of a
consultation process, to make a regulatory instrument in a materially different form from the draft regulatory instrument published in terms of section 98, the maker must, before making the regulatory instrument, repeat the process referred to in section 98. Urgent regulatory instruments
100. (1) If the maker of a regulatory instrument determines that compliance with
section 98 or 99 is likely to lead to prejudice to financial customers or harm to the
financial system, or defeat the object of the proposed regulatory instrument, the maker must before making the instrument— (a) publish— (i) a draft of the regulatory instrument and a statement explaining the need for and the intended operation of the regulatory instrument; (ii) a notice inviting submissions in relation to the regulatory instrument and stating where, how and by when submissions are to be made; and (iii) a statement of the reasons why the delay involved in complying with sections 98 and 99 is considered likely to lead to prejudice to financial 114 5 10 15 20 25 30 35 40 45

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 115 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 KGAOLO 7 DIDIRISWA TSA BOLAODI Karolo 1 Didiriswa tsa bolaodi Tlhaloso
97. Mo Karolong eno ‘‘modiri’’, mabapi le sediriswa sa bolaodi, o kaya motho yo o
tshitsinyang go dira sediriswa sa bolaodi.
Dikgato tsa go dira didiriswa tsa bolaodi
98. (1) Sediriswa sa bolaodi ga se a tshwanela go dirwa ntle le fa modiri
(a) a phasaladitse—
(i) thalo ya sediriswa sa bolaodi;
(ii) polelo e e tlhalosang tlhokego ya le tiro e e ikaeletsweng ya sediriswa sa bolaodi; (iii) polelo ya kutlwalo e e solofetsweng ya sediriswa sa bolaodi; le (iv) kitsiso e e laletsang ditlhagiso mabapi le didiriswa tsa bolaodi le tlhaloso ya gore ditlhagiso di ka dirwa kae, jang le gore leng; le (b) a, fa ditlhagiso tse di kailweng mo temaneng (a)(iv) di sena go amogelwa le go sekasekwa, rometse sediriswa sa bolaodi kwa Palamenteng go ya ka karolo 103(1). (2) Paka e e dumeletsweng ya go dira ditlhagiso e e kailweng mo karolotlaleletsong (1)(a)(iv) e tshwanetse go nna bonnye dibeke tse thataro. (3) Fa modiri e le molaodi wa lephata la ditsˇhelete, modiri o tshwanetse go, fa a ikamanya le karolotlaleletso (1)(a), neelana ka kgatiso ya dikwalo tse di kailweng mo temaneng eo go— (a) molaodi yo mongwe wa lephata la ditsˇhelete, Banka ya Resefe, Bolaodi jwa Bosetsˇhaba jwa Sekoloto, Khansele ya Dikema tsa Kalafi le Mokaedikakaretso; le (b) fa sediriswa sa bolaodi se ka gobelela ditlhokego mo batlameding ba ditirelo tsa dithoto, dithulaganyetso tsa popegotheo ya mmaraka tse di nang le tiro. (4) Fa modiri e le Khansele ya Ombud, modiri o tshwanetse, fa a ikamanya le karolotlaleletso (1)(a), tlamela kgatiso ya dikwalo tse di kailweng mo karolotlaleletsong eo go balaodi ba lephata la ditsˇhelete, Bolaodi jwa Bosetsˇhaba jwa Sekoloto le Mokaedikakaretso. Didiriswa tsa bolaodi tsa pharologano e kgolo
99. Fa modiri wa sediriswa sa bolaodi a ikaelela, e le ka ntlha ya kgato ya therisano
kgotsa nnyaa, go dira sediriswa sa bolaodi ka mokgwa o o farologaneng thata go tswa mo sedirisong sa bolaodi se se thadilweng se se phasaladitsweng go ya ka karolo 98, modiri o tshwanetse, pele a dira sediriswa sa bolaodi, go boeletsa kgato ya therisano e e kailweng mo karolong 98. Didiriswa tsa bolaodi tsa Potlako
100. (1) Fa modiri wa sediriswa sa bolaodi a tlhomamisa gore go ikamanya le karolo
98 kgotsa 99 go na le bokgoni jwa go isa kwa kgobelelong ya barekedi ba ditsˇhelete kgotsa go ka ama segolo thulaganyo ya ditshelete, kgotsa go fenya maitlhomo a sediriswa sa bolaodi se se tshitsintsweng, modiri o tshwanetse go, pele a dira sediriswa— (a) phasalatsa— (i) thalo ya sediriso sa bolaodi le polelo e e tlhalosang tlhokego ya le tiriso e e ikaeletsweng ya sediriswa sa boaodi; (ii) kitsiso e e laletsang ditlhagiso mabapi le sediriswa sa bolaodi le tlhaloso ya gore ditlhagiso di ka dirwa kae, jang le gore leng; le (iii) polelo ya mabaka tlhalosang gore goreng go nnile le tiego mo go ikamanyeng le dikarolo 98 le 99 e tseelelwa gore e ka isa kwa 115 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za 116 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 customers or harm to the financial system, or defeat the object of the proposed regulatory instrument; and (b) submit the regulatory instrument to Parliament in terms of section 103(2). (2) The period allowed for making submissions in terms of subsection (1)(a)(ii) must be at least seven days. (3) A maker must, after making an instrument pursuant to subsection (1), as soon as possible, but not later than within 30 days of making the instrument— (a) submit to Parliament a report of the consultation process, which report must include a general account of the issues raised in the submissions and a response to the issues raised in the submissions. (b) if the maker is a financial sector regulator, provide a copy of the documents referred to in paragraph (a) to— (i) the other financial sector regulator, the Reserve Bank, the National Credit Regulator, the Council for Medical Schemes and the Director-General; and (ii) if the regulatory instrument would impose requirements on providers of securities services, the market infrastructure that has the function of licensing those providers in terms of a financial sector law. (c) if the maker is the Ombud Council, provide a copy of the documents referred to in that subsection to the financial sector regulators, the National Credit Regulator and the Director-General.
Part does not limit other consultation
101. This Part does not prevent a maker of a regulatory instrument from engaging in
consultations in addition to those required in terms of this Part. Making, publication and commencement of regulatory instruments
102. (1) In deciding whether to make a regulatory instrument, the maker must take
into account all submissions received by the expiry of the period referred to in section 98(2) or 100(2) and any deliberations of Parliament. (2) A regulatory instrument must be published in the Register after it is made. (3) A regulatory instrument comes into effect— (a) on the date the instrument is published in the Register; or (b) if the instrument provides that it comes into effect on a later date, on the later date. Submission of regulatory instruments to Parliament
103. (1) Before making a regulatory instrument in terms of section 98 or 99, the maker
of the regulatory instrument must submit the regulatory instrument to Parliament, for a period of at least 30 days while Parliament is in session, together with— (a) the documents mentioned in section 98(1)(a); and (b) a report on the consultation process referred to in section 104. (2) Before making a regulatory instrument in terms of section 100, the maker of the regulatory instrument must submit to Parliament, whether in session or not, the documents mentioned in section 100(1)(a) for a period of at least seven days (which period may run concurrently with the seven days referred to in section 100(2)). Reports on consultation processes
104. (1) With each regulatory instrument, the maker must publish a consultation
report.
(2) A consultation report must include—
(a) a general account of the issues raised in the submissions made during the consultation; and (b) a response to the issues raised in the submissions. 116 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 117 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 kgobelelong ya barekedi ba ditsˇhelete kgotsa e ka ama segolo thulaganyo ya ditshelete, kgotsa ya fenya maitlhomo a sediriswa sa bolaodi se se tshitsintsweng; le (b) romela sediriswa sa bolaodi kwa Palamenteng go ya ka karolo 103(2). (2) Nako e e letlelelwang go dira ditlhagiso go ya ka karolotlaleletso (1)(a)(ii) e tshwanetse go nna bonnye matsatsi a le supa. (3) Modiri o tshwanetse, morago ga go dira sediriso se se tsamaelanang le karolotlaleletso (1), ka bonako jo kgonagalang, fela e seng morago ga mo matsatsing a le 30 a go dira sediriswa— (a) go romelela Palamente pegelo ya kgato ya therisano, eo e tshwanetseng go akaretsa maikarabelo ka kakaretso a morero tlhagisitsweng mo ditlhagisong le tsibogelo go merero e e tlhagisitsweng mo ditlhagisong; (b) fa modiri e le bolaodi jwa lephata la ditsˇhelete, go tlamela ka kgatiso ya makwalo a a kailweng mo temaneng (a) kwa— (i) bolaoding jo bongwe jwa ditshelete, Banka ya Resefe, Bolaodi jwa Bosetshaba jwa Sekoloto, Khansele ya Dikema tsa Kalafi le Mokaedikakakaretso; le (ii) fa sediriso sa bolaodi se ka pateletsa ditlhokego mo batlameding ba ditirelo tsa dithoto, thulaganyetso ya popegotheo ya mmaraka e e nang le maikarabelo a go abela batlamedi bao ka dilaesense go ya ka molao wa lephata la ditsˇhelete. (c) fa modiri e le Khansele ya Ombud, go tlamela ka kgatiso ya makwalo a a kailweng mo karolotlaleletsong eo go balaodi ba lephata la ditsˇhelete, Molaodi wa Bosetsˇhaba wa Sekoloto le Mokaedikakaretso. Karolo ga e lekanyetse ditherisano tse dinngwe
101. Karolo eno ga e thibele modiri wa sediriswa sa boaodi mo go rerisaneng le mo
godimo ga tseo di tlhokegang go ya ka Karolo eno.
Go dira, phasalatso le tshimologo ya didiriswa tsa bolaodi
102. (1) Mo go swetseng ka ga go dira sediriswa sa bolaodi, modiri o tshwanetse go
ela tlhoko ditlhagiso tsotlhe tse di amogetsweng ka nako ya go ya bokhutlong gap aka e e kailweng mo karolotlaleletsong 98(2) kgotsa 100(2) le dipuisano dingwe le dingwe tsa Palamente. (2) Sediriswa sa bolaodi se tshwanetse go phasalatswa mo Rejisetareng fa se sena go dirwa. (3) Sediriswa sa bolaodi se tsena mo tirisong— (a) ka letlha le sediriswa si phasaladitsweng mo Rejisetareng ka lona, kgotsa (b) fa sediriswa se tlamela gore se tsenngwa mo tirisong mo letlheng le le kwa moragnyana, ka letlha le le kwa moragonyana. Thomelo ya didiriswa tsa bolaodi kwa Palamenteng
103. (1) Pele go dirwa sediriswa sa bolaodi go ya ka karolo 98 kgotsa 99, modiri wa
sediriswa sa bolaodi o tshwanetse go romela sediriswa sa bolaodi kwa Palamenteng, mo matsatsing a le 30 fa Palamente e kokoane, mmogo le— (a) makwalo a a kailweng mo karolong 98(1)(a); le (b) pegelo ka ga kgato ya therisano e e kailweng mo karolong 104. (2) Pele go dirwa sediriswa sa bolaodi go ya ka karolo 100, modiri wa sediriswa sa bolaodi o tshwanetse go romelela Palamente, e kokoane kgotsa e sa kokoana, makwalo a a kailweng mo karolong 100(1)(a) mo matsatsing a le supa (paka e e tsamaelanang mmogo le matsatsi a le supa kailweng mo karolong 100(2)). Dipegelo ka ga kgato tsa therisano
104. (1) Ka sediriswa sengwe le sengwe sa bolaodi, modiri o tshwanetse go phasalatsa
pegelo ya kgato ya ditherisano.
(2) Pegelo ya ditherisano e tshwanetse go akaretsa— (a) karabelo ka kakaretso ya merero e e tlhagisitsweng mo ditlhagisong tse di dirilweng ka nako ya ditherisano; le (b) tsibogelo go merero e e tlhagisitsweng mo ditlhagisong. 117 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 118 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (3) If the maker did not comply with section 98 or 99 for the reason stated in section 100, the consultation report must be published 30 days after the instrument was made and the report must include a statement of the reasons why the delay involved in complying, or complying fully, with sections 98 and 99 was considered likely to lead to prejudice to financial customers or harm to the financial system, or defeat the object of the regulatory instrument.
Part 2
Standards
Prudential standards
105. (1) The Prudential Authority may make prudential standards for, or in respect
of—
(a) financial institutions that provide financial products or securities services; (b) financial institutions that are market infrastructures; and (c) key persons of such financial institutions. (2) A prudential standard must be aimed at one or more of the following:
(a) Ensuring the safety and soundness of those financial institutions; (b) reducing the risk that those financial institutions and key persons engage in conduct that amounts to, or contributes to, financial crime; and (c) assisting in maintaining financial stability. (3) Without limiting subsection (1), a prudential standard may be made on any of the following matters:
(a) Financial soundness requirements, including requirements in relation to capital adequacy, minimum liquidity and minimum asset quality; (b) matters on which a regulatory instrument may be made by the Prudential Authority in terms of a specific financial sector law; (c) matters that may in terms of any other provision of this Act be regulated by prudential standards, including matters as contemplated in section 30; and (d) any other matter that is appropriate and necessary for achieving any of the aims set out in subsection (2). Conduct standards
106. (1) The Financial Sector Conduct Authority may make conduct standards for or
in respect of—
(a) financial institutions;
(b) representatives of financial institutions; (c) key persons of financial institutions; and (d) contractors. (2) A conduct standard must be aimed at one or more of the following:
(a) Ensuring the efficiency and integrity of financial markets; (b) ensuring that financial institutions and representatives treat financial customers fairly; (c) ensuring that financial education programs, or other activities promoting financial literacy are appropriate; (d) reducing the risk that financial institutions, representatives, key persons and contractors engage in conduct that is or contributes to financial crime; and (e) assisting in maintaining financial stability. (3) Without limiting subsections (1) and (2), a conduct standard may be made on any of the following matters:
(a) Efficiency and integrity requirements for financial markets; (b) measures to combat abusive practices; 118 5 10 15 20 25 30 35 40 45

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 119 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (3) Fa modiri a sa ikamanya le karolo 98 kgotsa 99 ka mabaka tlhalositsweng mo karolong 100, pegelo ya ditherisano e tshwanetse go phasalatswa mo matsatsing a la 30 morago ga go dirwa ga sediriswa e bile pegelo e tshwanetse go akaretsa polelo ya mabaka a gore goreng go diega mo go ikamanyeng, kgotsa go ikamanyeng ka botlalo, le dikarolo 98 le 99 go tseetswe gore go ka isa kwa kgobelelong ya morekedi wa ditsˇhelete kgotsa go ama bobe thulaganyo ya ditsˇhelete, kgotsa go fenya maitlhomo a sediriswa sa bolaodi. Karolo 2 Maemo Maemo a tlhokomelo
105. (1) Bothati jwa Tlhokomelo bo ka dira maemo a tlhokomelo mabapi le, kgotsa
malebana le—
(a) ditheo tsa ditsˇhelete ts di tlamelang ka dikuno tsa ditsˇhelete kgotsa ditirelo tsa dithoto; (b) ditheo tsa ditsˇhelete tse e leng dithulaganyetso tsa popegotheo ya mmaraka; le (c) batho ba botlhokwa ba ditheo tseo tsa ditsˇhelete. (2) Maemo a tlhokomelo e tshwanetse go nna le maikaelelo a e le nngwe kgotsa go feta ya tse di latelang:
(a) Go netefatsa polokego le tolamo ya ditheo tseo tsa ditsˇhelete; (b) fokotsa kotsi ya gore ditheo tseo tsa ditsˇhelete, le batho ba ba botlhokwa ba itshotse ka mokgwa o o ka tlisang, kgotsa o o bakang, bosenyi jwa ditsˇhelete; le (c) go thusa go tshegetsa tlhomamo ya ditsˇhelete. (3) Ntle le go lekanyetsa karolotlaleletso (1), maemo a tlhokomelo a ka dirwa mo go nngwe le nngwe ya merero e e latelang:
(a) Ditlhokego tsa ditsˇhelete tse di nepagetseng, go akaretsa ditlhokego mabapi le tekano ya khapetlele, maemotlase a thekiso le theko ya dithoto le maemotlase a boleng jwa dithoto; (b) merero e mo go yona go ka dirwang sediriso sa bolaodi ke Bothati jwa Tlhokomelo go ya ka molao wa ditsˇhelete o o tsepamisitsweng; (c) merero e go ya ka kabelo nngwe le nngwe ya Molao ono e ka laolwang ke maemo a tlhokomelo, go akaretsa le merero e e kailweng mo karolong 30; le (d) morero mongwe le mongwe o o maleba le botlhokwa go fitlhelela nngwe le nngwe ya maikaelelo a a tlhagisitsweng mo karolotlaleletsong (2). Maemo a boitshwaro
106. (1) Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete bo ka dira maemo a
boitshwaro go, kgotsa mabapi le—
(a) ditheo tsa ditsˇhelete;
(b) dikemedi tsa ditheo tsa ditsˇhelete;
(c) batho ba ba botlhokwa ba ditheo tsa ditsˇhelete; le (d) bakonteraka. (2) Maemo a boitshwaro a tshwanetse go nna le maikaelelo a e le nngwe kgotsa go feta ya tse di latelang:
(a) Go netefatsa nonofo le tshiamo ya mebaraka ya ditsˇhelete; (b) go netefatsa gore ditheo tsa ditsˇhelete le baemedi ba tshola barekedi ba ditsˇhelete ka tolamo; (c) go netefatsa gore mananeo a thuto ya tsa ditsˇhelete, kgotsa ditiro tse dingwe tse di tsweletsang kitso ya tsa ditsˇhelete di nepagetse; (d) go fokotsa kotsi ya gore ditheo tsa ditsˇhelete, dikemedii, batho ba ba botlhokwa le bakonteraka ba tsaya karolo mo boitshwarong jwa kgotsa jo bo nang le seabe mo bosenying jwa ditsˇhelete; le (e) go thusa mo go tshegetseng tlhomamo ya ditsˇhelete. (3) Ntle le go lekanyetsa dikarolotlaleletso (1) le (2), maemo a boitshwaro a ka dirwa mo go nngwe le nngwe ya mereo e e latelang:
(a) Ditlhokego tsa nonofo le tshiamo tsa mebaraka ya ditsˇhelete; (b) mekgwa ya go lwantsha ditiragatso tse di botlhaswa; 119 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 120 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (c) requirements for the fair treatment of financial customers, including in relation to— (i) the design and suitability of financial products and financial services; (ii) the promotion, marketing and distribution of, and advice in relation to, those products and services; (iii) the resolution of complaints and disputes concerning those products and services, including redress; (iv) the disclosure of information to financial customers; and (v) principles, guiding processes and procedures for the refusal, withdrawal or closure of a financial product or a financial service by a financial institution in respect of one or more financial customers, taking into consideration relevant international standards and practices, and subject to the requirements of any other financial sector law or the Financial Intelligence Centre Act, including— (aa) disclosures to be made to the financial customer; and (bb) reporting of any refusal, withdrawal or closure to a financial sector regulator; (d) the design, suitability, implementation, monitoring and evaluation of financial education programs, or other initiatives promoting financial literacy; (e) matters on which a regulatory instrument may be made by the Financial Sector Conduct Authority in terms of a specific financial sector law; (f) matters that may in terms of any other provision of this Act be regulated by conduct standards; and (g) any other matter that is appropriate and necessary for achieving any of the aims set out in subsection (2). (4) A conduct standard may declare specific conduct in connection with a financial product or a financial service to be unfair business conduct if the conduct— (a) is or is likely to be materially inconsistent with the fair treatment of financial customers; (b) is deceiving, misleading or is likely to deceive or mislead financial customers; (c) is unfairly prejudicing or is likely to unfairly prejudice financial customers or a category of financial customers; or (d) impedes in any other way the achievement of any of the objectives of a financial sector law. (5) (a) In relation to a credit provider regulated in terms of the National Credit Act, a conduct standard may only be made in relation to a financial service provided in relation to a credit agreement and matters provided for in section 108. (b) A conduct standard referred to in paragraph (a) may only be made after consultation with the National Credit Regulator. Joint standards
107. The Prudential Authority and the Financial Sector Conduct Authority may make
joint standards on any matter in respect of which either of them have the power to make a standard. Additional matters for making standards
108. (1) To achieve the respective objectives of the financial sector regulators as set
out in sections 33 and 57, the standards referred to in sections 105, 106 or 107 may be made on any of the following additional matters:
(a) 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 120 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 121 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (c) ditlhokego tsa go tshola barekedi ba ditsˇhelete ka tolamo, go akaretsa le mabapi le— (i) go tlhangwa le go tshwanela ga dikuno tsa ditsˇhelete le ditirelo tsa ditsˇhelete; (ii) tsweletso pele, papatso le phatlalatso ya, le kgakololo mabapi le, dikuno tseo le ditirelo; (iii) tharabololo ya dingongorego le dithulano mabapi le dikuno tseo le ditirelo, go akaretsa le go busetsa mo maemong; (iv) tshenolo ya tshedimosetso go barekedi ba ditsˇhelete; le (v) meono e e kaelang dikgato le ditsamaiso mabapi le go ganwa, go gogelwa morago kgotsa go tswalwa ga tlhagiso ya ditsˇhelete kgotsa tirelo ya ditsˇhelete ka setheo sa ditsˇhelete mabapi le morekedi a le esi kgotsa go feta wa ditsˇhelete, go etswe tlhoko maemo a a maleba a boditsˇhabatsˇhaba le ditiragatso, le go latela ditlhokego tsa molao mongwe le mongwe wa lephata la ditsˇhelete kgotsa Financial Intelligence Centre Act, go akaretsa le— (aa) ditshenolo tse di tshwanetseng go dirwa kwa morekeding wa ditsˇhelete; le (bb) pegelo ya kgano nngwe le nngwe, kgogelomorago kgotsa tswalo go molaodi wa lephata la ditsˇhelete; (d) tlhamo, tshwanelo, tsenyotirisong, tlhokomelo le tekanyetso ya mananeo a thuto ya tsa ditsˇhelete, kgotsa mananeo a mangwe a a tsweletsang kitso ya tsa ditsˇhelete; (e) merero e mo go yona sediriswa sa bolaodi se ka dirwang ke Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete go ya ka molao tsepameng wa lephata la ditsˇhelete; (f) merero e go ya ka kabelo nngwe le nngwe ya Molao ono e ka laolwang ke maemo a boitshwaro; le (g) morero mongwe le mongwe o o maleba le botlhokwa mo go fitlheleleng nngwe le nngwe ya maikaelelo a a tlhalositsweng mo karolotlaleletsong (2). (4) Maemo a boitshwaro a ka tlhomamisa boitshwaro jo bo tsepameng mabapi le kuno ya ditsˇhelete kgotsa tirelo ya ditsˇhelete go nna boitshwaro jwa kgwebo jo bo sa lolamang fa boitshwaro joo— (a) bo kgotsa bo ka tlhoka tlhomamo ya botlhokwa ka go tshola barekedi ba ditsˇhelete ka tolamo; (b) bo tsietsa kgotsa bo faposa kgotsa bo ka tsietsa kgotsa bo ka faposa barekedi ba ditsˇhelete; (c) bo gobelela e seng ka tolamo kgotsa bo ka gobelela e seng ka tolamo barekedii ba ditsˇhelete kgotsa setlhopha sa badirisi ba ditsˇhelete; kgotsa (d) bo kgoreletsa ka mokgwa ofe phitlhelelo ya nngwe ya maikaelelo a molao wa lephata la ditsˇhelete. (5) (a) Mabapi le motlamedi wa sekoloto yo o laolwang ke Molao wa Bosetsˇhaba wa Sekoloto, maemo a boitshwaro a ka dirwa fela mabapi le tirelo ya ditsˇhelete tlametsweng mabapi le tumalano ya sekoloto le merero e e tlametsweng mo karolong 108. (b) Maemo a boitshwaro a a kailweng mo temaneng (a) a ka dirwa fela morago ga therisano le Molaodi wa Bosetsˇhaba wa Sekoloto. Maemo a a kopantsweng
107. Bothati jwa Tlhokomelo le Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete bo
ka dira maemo a a kopantsweng mo morerong mongwe le mongwe mabapi le gore mongwe le mongwe wa bona o na le thata ya go ka dira maemo. Mereto ya tlaleletso ya go dira maemo
108. (1) Go fitlhelela maemo a a kailweng a bolaodi jwa lephata la ditsˇhelete jaaka a
tlhagisitswe mo dikarolong 33 le 57, maemo a a kailweng mo dikarolong 105, 106 kgotsa 107 a ka dirwa mo go nngwe le nngwe ya dintlha tse di latelang tsa tlaleletso:
(a) Ditlhokego tsa motho yo o itekanetseng a le matshwanedi, go akaretsa mabapi le— (i) boleng jwa semelo sa motho jwa boikanyego le tshiamo; (ii) bokgoni, go akaretsa le maitemogelo, borutegi le kitso; le 121 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 122 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (iii) financial standing; (b) governance, including in relation to— (i) the composition, membership and operation of governing bodies and of substructures of governing bodies; and (ii) the roles and responsibilities of governing bodies and their substructures; (c) the appointment, duties, responsibilities, remuneration, reward, incentive schemes and, subject to applicable labour legislation, the suspension and dismissal of, members of governing bodies and of their substructures; (d) the appointment, duties, responsibilities, remuneration, reward, incentive schemes and, subject to applicable labour legislation, the suspension and dismissal of, key persons; (e) the operation of, and operational requirements for, financial institutions; (f) financial management, including— (i) accounting, actuarial and auditing requirements; (ii) asset, debt, transaction, acquisition and disposal management; and (iii) financial statements, updates on financial position, and public reporting and disclosures; (g) risk management and internal control requirements; (h) the control functions of financial institutions, including the outsourcing of control functions; (i) record-keeping and data management by financial institutions and representatives; (j) reporting by financial institutions and representatives to a financial sector regulator; (k) outsourcing by financial institutions; (l) insurance arrangements, including reinsurance, of financial institutions; (m) the amalgamation, merger, acquisition, disposal and dissolution of financial institutions; (n) recovery, resolution and business continuity of financial institutions; (o) requirements for identifying and managing conflicts of interest; (p) requirements for the safekeeping of assets, including requirements pertaining to the approval and supervision of nominees and custodians. (2) A standard may— (a) provide for a financial sector regulator or the Reserve Bank to make determinations, in accordance with procedures defined in a standard, for the purposes of the standard; and (b) impose requirements for approval by a financial sector regulator in respect of specified matters. (3) A standard made by a financial sector regulator may amend or revoke another standard made by the financial sector regulator. Standards requiring concurrence of Reserve Bank
109. (1) The Financial Sector Conduct Authority may not make a standard that
imposes requirements on providers of payment services without the concurrence of the Reserve Bank. (2) A financial sector regulator may not make a standard aimed at assisting in maintaining financial stability without the concurrence of the Reserve Bank. General
110. (1) Different standards may be made for, or in respect of—
(a) different categories of financial institutions, representatives, contractors or key persons; or (b) different circumstances. (2) A standard may be made applicable to existing actions, activities, transactions, policies and appointments. (3) A standard must be published on the maker’s website. 122 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 123 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (iii) kemo ya ditsˇhelete; (b) puso, go akaretsa mabapi le— (i) popego, botokololo le tsamaiso ya mokgatlho busang le wa ditlhophatlaleletso tsa mekgatlho e e busang; le (ii) ditiro le maikarabelo a mekgatlho e e busang le ditlhophatlaleletso tsa yona; (c) go thapiwa, ditiro, maikarabelo, tuelo, tebogo, dikema tsa thotloetso, le go ya ka melawana ya tiro, go sekegwa le go belesetswa ga maloko a mekgatlho ya puso le ditlhophatlaleletso tsa yona; (d) go thapiwa, ditiro, maikarabelo, tuelo, tebogo, dikema tsa thotloetso, le go ya ka melawana ya tiro, go sekegwa le go belesetswa ga batho ba ba botlhokwa; (e) tiro ya, le ditlhokego tsa tiro tsa, ditheo tsa ditsˇhelete; (f) taolo ya ditsˇhelete, go akaretsa le— (i) ditlhokego tsa palotlotlo, bogakolodi le boruni; (ii) taolo ya dithoto, sekoloto, tirisano, kgobokanyo le tatlho; le (iii) dikanego tsa ditsˇhelete, dipeonakong tsa maemo a ditsˇhelete, le pegelo go setsˇhaba le ditshenolo; (g) taolo ya dikotsi le ditlhokego tsa taolo ya ka fa gare; (h) ditiro tsa taolo tsa ditheo tsa ditsˇhelete, go akaretsa le go batla tirelo ya konteraka ya ditiro tsa taolo go tswa kwa ntle; (i) tsholo ya direkoto le taolo ya tshedimosetso ke ditheo tsa ditsˇhelete le dikemedi; (j) pegelo ka ditheo tsa ditsˇhelete le dikemedi go bolaodi jwa lephata la ditsˇhelete; (k) dithulaganyo tsa go bona tirelo ya konteraka go tswa kwa ntle ke ditheo tsa ditsˇhelete; (l) dithulaganyo tsa insˇorense, go akaretsa le go insˇorwa gape, ga ditheo tsa ditsˇhelete; (m) kopano, tlhakano, tirisano, tatlho le phatlalatso ya ditheo tsa ditsˇhelete; (n) namolo ya kgwebo le tswelelo ya ditheo tsa ditsˇhelete; (o) ditlhokego tsa go supa le go laola thulano ya dikgatlhego; le (p) ditlhokego tsa go boloka dithoto ka tshireletsego, go akaretsa le ditlhokego mabapi le thebolo le tlhokomelo ya ba ba kgethilweng le badisi. (2) Maemo a ka— (a) tlamela mabapi le bolaodi jwa lephata la ditsˇhelete kgotsa Banka ya Resefe go dira ditlhomamiso, go tsamaelana le ditsamaiso tse di tlhalositsweng mo maemong, mabapi le maitlhomo a maemo; le (b) pateletsa ditlhokego mabapi le thebolo ka bolaodi jwa lephata la ditsˇhelete mabapi le merero e e tsepamisitsweng. (3) Maemo a a dirilweng ke bolaodi jwa lephata la ditsˇhelete a ka tlhabolola kgotsa a gogela morago maemo a mangwe a a dirilweng ke bolaodi jwa lephata la ditsˇhelete. Maemo a a tlhokang tumelelo ya Banka ya Resefe
109. (1) Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete bo ka se dire maemo a a
gobelelang ditlhokego mo batlameding ba ditirelo tsa tuelo ntle le tumalano ya Banka ya Resefe. (2) Molaodi wa lephata la ditsˇhelete o ka se dire maemo a a ikaelelang go thusa go tshegetsa tlhomamo ya ditsˇhelete ntle le tumalano ya Banka ya Resefe. Kakaretso
110. (1) Maemo a a farologaneng a ka direlwa, kgotsa mabapi le—
(a) ditlhopha tse di farologaneng tsa ditheo tsa ditsˇhelete, baemedi, beng ba ba botlhokwa, bakonteraka kgotsa batho ba ba botlhokwa; kgotsa (b) mabaka farologaneng. (2) Maemo a ka dirwa go tsamaelana le dikgato, ditiro, ditirisano, dipholisi le dithapo. (3) Maemo a tshwanetse go phasalatswa mo webesaeteng ya modiri. 123 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za 124 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017
CHAPTER 8
LICENSING
Part 1
Licensing requirements
Licence requirement in respect of providers of financial products and financial services, and market infrastructures
111. (1) A person may not provide, as a business or part of a business, a financial
product, financial service or market infrastructure except— (a) in accordance with a licence in terms of a specific financial sector law, the National Credit Act or the National Payment System Act; or (b) if no specific financial sector law provides for such a licence, in accordance with a licence in terms of this Act. (2) A person may not provide, as a business or part of a business, a financial product designated in terms of section 2, or a financial service designated in terms of section 3, except in accordance with a licence in terms of this Chapter. (3) Subsections (1) and (2) only apply to a contractor if a responsible authority specifically, in a standard, requires that contractor to be licensed. (4) A person may not describe or hold itself out as being licensed in terms of a financial sector law, including being licensed to provide particular financial products, financial services or market infrastructure, unless that person is so licensed. (5) A person may not permit another person to identify the first person as licensed in terms of a financial sector law, including licensed in terms of a financial sector law to provide particular financial products, financial services or market infrastructure, unless the first person is so licensed. (6) For the purposes of subsections (4) and (5), a person whose licence has been suspended or revoked is not licensed. (7) Except to the extent expressly provided by this Act, this Act does not affect the provisions of the specific financial sector laws with respect to licensing in relation to financial products, financial services and market infrastructures.
Part 2
Licences required in terms of section 111(1)(b) or (2) or section 162 Interpretation
112. In this Part—
‘‘application’’ means an application for a licence required in terms of section 111(1)(b) or (2) or section 162; ‘‘licence’’ means a licence required in terms of section 111(1)(b) or (2) or section 162; ‘‘licensee’’ means a person licensed in terms of section 111(1)(b) or (2) or section 162. Power to grant licences
113. (1) The responsible authority may, on application, grant a licence.
(2) The application must—
(a) be in writing and in a form approved or accepted by the responsible authority; and (b) include or be accompanied by the information and documents— (i) required in the form; or (ii) required by the responsible authority. 124 5 10 15 20 25 30 35 40 45

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 125 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 KGAOLO 8 KABO YA LAESENSE Karolo 1 Ditlhokego tsa kabo ya laesense Tlhokego ya laesense mabapi le batlamedi ba dikuno tsa ditsˇhelete, ditirelo tsa ditsˇhelete, le dithulaganyetso tsa popegotheo ya mmaraka
111. (1) Motho o ka se tlamele, jaaka kgwebo kgotsa karolo ya kgwebo, kuno ya
tsˇhelete, tirelo ya tsˇhelete kgotsa thulaganyetso ya popegotheo ya mmaraka ntle le— (a) go tsamaelana le laesense go ya ka molao tsepameng wa lephata la ditsˇhelete kgotsa Molao wa Bosetsˇhaba wa Sekoloto kgotsa National Payment System Act; kgotsa (b) fa go se molao tsepameng wa lephata la ditsˇhelete o o tlamelang ka laesense eo, go tsamaelana le laesense go ya ka Molao ono. (2) Motho o ka se tlamele, jaaka kgwebo kgotsa karolo ya kgwebo, kuno ya ditsˇhelete thapilweng go ya ka karolo 2, kgotsa kuno ya ditsˇhelete tlhomilweng go ya ka karolo 3, ntle le go tsamaelana le laesense go ya ka Kgaolo eno. (3) Dikarolotlaleletso (1) le (2) di diriswa fela go mokonteraka fa bothati jo bo rwalang maikarabelo ka tsepamo, mo maemong, bo tlhoka gore mokonteraka a abelwe laesense. (4) Motho o ka se itlhalose kgotsa ga tsewa gore o abetswe laesense go ya ka molao wa lephata la ditsˇhelete, go akaretsa le go abelwa laesense go tlamela ka dikuno tse di rileng tsa ditsˇhelete, ditirelo tsa ditsˇhelete kgotsa thulaganyetso ya popegotheo ya mmaraka, fa fela motho yoo a abetswe laesense jalo. (5) Motho o ka se letle motho yo mongwe go supa motho wa ntlha jaaka yo o abetsweng laesense go ya ka molao wa lephata la ditsˇhelete, go akaretsa le go abelwa laesense go ya ka molao wa lephata la ditsˇhelete go tlamela ka dikuno tse di rileng tsa ditsˇhelete, ditirelo tsa ditsˇhelete kgotsa thulaganyetso ya popegotheo ya mmaraka, ntle le fa motho wa ntlha a abetswe laesense jalo. (6) Mabapi le maitlhomo a dikarolotlaleletso (4) le (5), motho yo laesense ya gagwe e sekegilweng kgotsa phimotsweng ga a abelwa laesense. (7) Ntle le ka moo go tlametsweng ka tlhamalalo ke Molao ono, Molao ono ga o ame dikabelo tsa melao e e tsepameng ya lephata la ditsˇhelete mabapi le kabo ya laesense amanang le dikuno tsa ditsˇhelete le ditirelo tsa ditsˇhelete le thulaganyetso ya popegotheo ya mmaraka. Karolo 2 Laesense tlhokegang go ya ka karolo 111(1)(b) kgotsa (2) kgotsa karolo 162 Tlhaloso
112. Mo Karolong eno—
‘‘kopo’’ e kaya kopo ya laesense tlhokegang go ya ka karolo 111(1)(b) kgotsa (2) kgotsa karolo 162; ‘‘laesense’’ e kaya laesense tlhokegang go ya ka karolo 111(1)(b) kgotsa (2) kgotsa karolo 162; ‘‘moabelwalaesense’’ o kaya motho yo o abetsweng laesense go ya ka karolo 111(1) (b) kgotsa (2) kgotsa karolo 162. Thata ya go aba dilaesense
113. (1) Bothati jo bo rwalang maikarabelo bo ka, ka kopo, aba laesense.
(2) Kopo e tshwanetse—
(a) go kwalwa le go nna mo foromong e e rebotsweng kgotsa amogetsweng ke bothati jo bo rwalang maikarabelo; le (b) go akaretsa kgotsa go romelwa le tshedimosetso le dikwalo— (i) tse di tlhokwang mo foromong; kgotsa (ii) tse di tlhokwang ke bothati jo bo rwalang maikarabelo. 125 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za 126 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Request for further information or documents by responsible authority
114. (1) The responsible authority may, by notice in writing, require an applicant for
a licence to—
(a) give the responsible authority additional information or documents specified by the responsible authority; and (b) verify any information given by the applicant in connection with the application in a manner specified by the responsible authority. (2) The responsible authority need not deal further with the application until the applicant has complied with the notice. Relevant matters for application for licence
115. The matters to be taken into account in relation to an application for a licence
include—
(a) the objective of the responsible authority as set out in section 33 or 57; (b) the financial and other resources of and available to the applicant; (c) fit and proper person requirements applicable to the applicant and to any key person or significant owner of the applicant; (d) the governance and risk management arrangements of the applicant; and (e) whether the applicant made a statement that is false or misleading, including by omission, in or in relation to the application. Determination of applications
116. (1) The responsible authority to which an application for a licence has been made
must determine the application by—
(a) granting the application and issuing a licence to the applicant; or (b) refusing the application and notifying the applicant accordingly. (2) The responsible authority may not grant a licence to an applicant unless satisfied that— (a) the applicant has or has available to it sufficient resources and capacity to ensure that it will comply with the requirements of financial sector laws in relation to the licence; and (b) issuing the licence to the applicant will not be contrary to the interests of financial customers, the financial sector or the public interest. (3) (a) The responsible authority must determine an application as contemplated in subsection (1) and notify the applicant within three months after the application is made. (b) The responsible authority may, by notice to the applicant, extend the period of three months in paragraph (a) for one or more further periods, but the total period may not be more than nine months. (c) In working out when the period mentioned in paragraph (a) or (b) expires, any period between the responsible authority giving the applicant a notice in terms of section 114 and the requirements in the notice being satisfied is not to be counted. Reporting obligations of licensee
117. (1) A licensee must promptly report any of the following to the responsible
authority that issued the licence:
(a) The fact that the licensee has contravened or is contravening, in a material way— (i) a financial sector law; (ii) a regulator’s directive or a directive in terms of section 202; (iii) an enforceable undertaking; (iv) an order of a court made in terms of a financial sector law; or (v) a decision of the Tribunal; 126 5 10 15 20 25 30 35 40 45

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 127 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 Kopo ya tshedimosetso e nngwe kgotsa dikwalo ka bothati jo bo rweleng maikarabelo
114. (1) Bothati jo bo rwalang maikarabelo bo ka, ka kitsiso e e kwetsweng, kopa
modirakopo ya laesense go—
(a) neela bothati jo bo rwalang maikarabelo tshedimosetso e nngwe kgotsa dikwalo tse di tsepamisitsweng ke bothati jo bo rwalang maikarabelo; le (b) netefatsa tshedimosetso nngwe le nngwe neilweng ke modirakopo mabapi le kopo ka mokgwa o o tsepamisitsweng ke bothati jo bo rwalang maikarabelo. (2) Bothati jo bo rwalang maikarabelo bo ka nna jwa se sekegele kopo tsebe go fitlhela modirakopo a ikamanya le kitsiso. Merero e e maleba ya go dira
115. Dintlha tse di tshwanetseng go tsewa tsia mabapi le kopo ya kabelo ya laesense
di akaretsa—
(a) maikaelelo a bothati jo bo rwalang maikarabelo jaaka go tlhagisitswe mo karolong 33 kgotsa 57; (b) ditlamelo tsa ditsˇhelete le tse dingwe tsa, le tse di leng teng go, modirakopo; (c) ditlhokego tsa batho ba ba itekanetseng e bile ba le matshwanedi tse di diragatswang go modirakopo le go motho mongwe le mongwe yo o botlhokwa kgotsa mong yo o botlhokwa wa modirakopo; (d) dithulaganyo tsa puso le taolo ya dikotsi tsa modirakopo; le (e) gore a modirakopo o dirile polelo e e fosagetseng kgotsa e e timetsang, go akaretsa le ka tlogelo, ka kgotsa mabapi le kopo. Tlhomamiso ya dikopo
116. (1) Bothati jo bo maleba mabapi le kopo ya laesense bo tshwanetse go
tlhomamisa kopo ka go—
(a) sekegela kopo le go rebola laesense go modirakopo; kgotsa (b) sa amogele kopo le go itsise modirakopo ka tshwanelo. (2) Bothati jo bo rwalang maikarabelo bo ka se abele modirakopo laesense ntle le fa bo kgotsofetse gore— (a) modirakopo o na le ditlamelo tse di lekaneng le bokgoni go netefatsa gore o tla ikamanya le ditlhokego tsa melao ya lephata la ditsˇhelete mabapi le laesense; le (b) go rebolela modirakopo laesense go ka se nne kgatlhanong le dikgatlhego tsa barekedi ba ditsˇhelete kgotsa lephata la ditsˇhelete kgotsa dikgatlhego tsa setsˇhaba. (3) (a) Bothati jo bo rwalang maikarabelo bo tshwanetse go go tlhomamisa kopo jaaka go tlhalositswe mo karolotlaleletsong (1) le go itsise modirakopo mo dikgweding tse tharo morago ga fa kopo e sena go dirwa. (b) Bothati jo bo rwalang maikarabelo bo ka, ka kitsiso go modirakopo, oketsa paka ya dikgwedi tse tharo mo temaneng (a) go paka ele nngwe kgotsa go feta, fela paka yotlhe e se fete dikgwedi tse robongwe. (c) Mo go batleng go itse gore paka e e kailweng mo temaneng (a) kgotsa (b) e ya bokhutlong leng, paka nngwe le nngwe magareng ga nako e bothati jo bo rwalang maikarabelo bo nayang modirakopo kitsiso go ya ka karolo 114 le nako e ditlhokego tse di mo kitsisong di kgotsofatswang ka yona ga e balellwe. Go bega Ditlamego tsa moabelwalaesense
117. (1) Moabelwalaesense o tshwanetse go begela bothati jo bo rwalang maikarabelo
jo bo rebotseng laesense ka potlako nngwe le nngwe ya tse di latelang:
(a) Ntlha ya gore laesense e tlotse kgotsa e tlola, ka mokgwa o o fetang tekano— (i) molao wa lephata la ditsˇhelete; (ii) taelo ya molaodi kgotsa taelo go ya ka karolo 202; (iii) tumalano e e gatelelwang; (iv) taelo ya kgotlatshekelo e e dirilweng go ya ka molao wa lephata la ditsˇhelete; kgotsa (v) tshwetso ya Lekgotla; 127 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 128 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 CONTINUES ON PAGE 130 - PART 2

AIDS HELPLINE: 0800-0123-22 Prevention is the cure REPUBLIC OF SOUTH AFRICA Government Gazette Vol. 626 22 August 2017 No. 41060 Cape Town Kaapstad No. 853 22 August 2017 It is hereby notified that the President has assented to the following Act, which is hereby published for general information:— No. 853 22 August 2017 Mo go tsebiswa gore Mo-Presidente o dumetse molao o latelago, wona o tla gatiswa e le tsebiso ya kakaretso:— Act No. 9 of 2017: Financial Sector Regulation Act, 2017 Nmr 9 ya 2017: Molao wa Taolo ya Lephata la Ditshelete , 2017 THE PRESIDENCY MO-PRESIDENTE 9 771682 584003 ISSN 1682-5843 41060
PART 2 OF 5

This gazette is also available free online at www.gpwonline.co.za 130 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (b) the fact that the licensee has become aware that information given in connection with the application for the licence was false or misleading. (2) Subsection (1) also applies in relation to events and circumstances that occur while a licence is suspended. (3) Information that is reported in terms of this section is not admissible in evidence in any criminal proceedings, except in criminal proceedings for perjury. Licences not transferable
118. A licence is not transferable from the licensee to another person.
Variation of licences
119. (1) The responsible authority that issued a licence may, by notice to the licensee,
vary the licence if to do so will assist in achieving the objective of the responsible authority as set out in section 33 or 57. (2) A variation of a licence may include— (a) removing or varying a condition of the licence, or adding a condition; and (b) changing the categories of financial products, financial services or financial customers to which the licence relates. (3) A variation of a licence takes effect on a date of the notice in terms of subsection (1) or, if a later date is specified in the notice, the later date. Suspension of licences
120. (1) The responsible authority that issued a licence may, by notice to the licensee,
suspend the licence, for the period specified in the notice, if— (a) the licensee applies for suspension of the licence; (b) a condition of the licence has been contravened or not been complied with in a material way; (c) the licensee has contravened in a material way— (i) a financial sector law; (ii) a prudential standard, a conduct standard or a joint standard; (iii) a regulator’s directive or a directive in terms of section 202; (iv) an enforceable undertaking; (v) an order of a court made in terms of a financial sector law; or (vi) a decision of the Tribunal; (d) the licensee has in a foreign country contravened in a material way a law of that country that corresponds to a financial sector law; (e) information provided in or in relation to an application in relation to the licence was false or misleading (including by omission) in a material way; (f) the suspension is necessary to prevent— (i) a serious contravention of a financial sector law; or (ii) financial customers of the licensee suffering material prejudice; or (g) fees in respect of the licence, a levy or an administrative penalty payable by the licensee, including any interest, are unpaid and have been unpaid for at least 30 days. (2) The responsible authority may refuse to suspend a licence in terms of subsection (1)(a) if the suspension— (a) would not be in the best interests of financial customers; or (b) would frustrate the objects of a financial sector law applicable to the licence. (3) The responsible authority that suspended a licence may at any time revoke the suspension. 128 5 10 15 20 25 30 35 40 45

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 131 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (b) ntlha ya gore moabelwalaesense o itse gore tshedimosetso e eneilweng mabapi le kopo ya laesense e fosagetse kgotsa e a timetsa. (2) Karolotlaleletso (1) e diragatswa mabapi le ditiragalo le mabaka diragalang fa laesense e emisitswe. (3) Tshedimosetso e e begilweng go ya ka karolo eno ga e amogelesege mo bopaking mo ditsamaisong dingwe le dingwe tsa bosenyi, ntle le mo ditsamaisong tsa bosenyi mabapi le go bua maaka ka fa tlase ga maikano. Dilaesense tse di sa fetisiweng
118. Laesense ga e fetisiwe go tswa go moabelwalaesense go ya go motho yo
mongwe.
Pharologantsho ya dilaesense
119. (1) Bothati jo bo rwalang maikarabelo jo bo rebotseng laesense bo ka, ka kitsiso
go moabelwalaesense, farologanya laesense fa go dira jalo go tla thusa ka phitlhelelo ya maikaelelo a bothati jo bo rwalang maikarabelo jaaka go tlhagisitswe mo karolong 33 kgotsa 57. (2) Pharologanyo ya laesense e ka akaretsa go— (a) tlosa kgotsa farologanya lebaka la laesense, kgotsa go tsenya lebaka; le (b) fetola ditlhopha tsa dikuno tsa ditsˇhelete kgotsa ditirelo tsa ditsˇhelete tseo laesense e amanang le tsona. (3) Pharologanyo ya laesense e tsena mo tirisong ka letlha la kitsiso go ya ka karolotlaleletso (1) kgotsa, fa letlha le le kwa morago le tsepamisitswe mo kitsisong, letlha le le kwa morago. Tshekego ya dilaesense
120. (1) Bothati jo bo rwalang maikarabelo jo bo rebotseng laesense bo ka, ka kitsiso
go moabelwalaesense, sekega laesense fa, sebaka se se tsepamisitsweng mo kitsisong, fa— (a) moabelwalaesense a dira kopo ya tshekego ya laesense; (b) lebaka la laesense le tlotswe kgotsa go sa ikamanngwa le lona ka tlotlo yotlhe; (c) moabelwalaesense o dirile tlolo e kgolo ya — (i) molao wa lephata la ditsˇhelete; (ii) maemo a tlhokomelo, maemo a boitshwaro, maemo a a kopanetsweng kgotsa taolo ya Khansele ya Bolaodi jwa Ombud; (iii) taelo ya molaodi kgotsa taelo go ya ka karolo 202; (iv) tumalano e e gatelelwang; (v) taelo ya kgotlatshekelo e e dirilweng go ya ka molao wa lephata la ditsˇhelete; kgotsa (vi) tshwetso ya Lekgotla; (d) moabelwalaesense a tlotse molao thata kwa nageng ya boditsˇhaba o o tsamaelanang le molao wa lephata la ditsˇhelete; (e) tshedimosetso e e tlametsweng ka kgotsa mabapi le kopo e e amanang le laesense e fosagetse kgotsa e timetsa (go akaretsa le ka tlogelo) thata; (f) tshekego e botlhokwa go thibela— (i) tlolomolao e e masisi ya molao wa lephata la ditsˇhelete; kgotsa (ii) barekedi ba ditsˇhelete ba moabelwalaesense ba le ka fa tlase ga kgobelelo; kgotsa (g) dituelo mabapi le laesense, lekgethwana kgotsa kotlhao ya tsamaiso e e duelwang ke moabelwalaesense, e akaretsa le morokotso mongwe le mongwe, ga di a duelwa e bile di ntse di sa duelwa bonnye matsatsi a le 30. (2) Bothati jo bo rwalang maikarabelo bo ka gana go sekega laesense go ya ka karolotlaleletso (1)(a) fa tshekego— (a) e ka senne mo kgatlhegong ya barekedi ba ditsˇhelete; kgotsa (b) e tla dira gore maikaelelo a molao wa lephata la ditsˇhelete a a diragatswang mo laesenseng a tsielege. (3) Bothati jo bo rwalang maikarabelo jo bo sekegileng laesense bo ka nako nngwe le nngwe phimola tshekego eo. 129 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 132 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (4) The suspension of a licence takes effect on the date of the notice in terms of subsection (1) or, if a later date is specified in the notice, the later date. (5) The suspension of a licence does not affect an obligation of the licensee that it has in terms of a financial sector law. Revocation of licences
121. (1) The responsible authority that issued a licence may, by notice to the licensee,
revoke the licence—
(a) if the licensee applies for revocation of the licence; (b) on any of the bases on which it may suspend the licence, as set out in section 120(1)(b) to (g); or (c) if the licensee has ceased to conduct the licensed business. (2) The responsible authority may refuse to revoke a licence in terms of subsection (1)(a) if the revocation— (a) would not be in the best interests of financial customers; or (b) would frustrate the objects of a financial sector law applicable to the licence. (3) Revocation of a licence takes effect on the date of the notice in terms of subsection (1) or, if a later date is specified in the notice, the later date. Continuation of licensed activity despite suspension or revocation of licence
122. (1) The responsible authority that suspended or revoked a licence may, by notice
to the licensee, on conditions specified in the licence, allow the licensee to carry out the licensed activity to the extent, and for the period, specified in the notice to facilitate the orderly suspension or termination of the activity. (2) Conditions in terms of subsection (1) must be aimed at— (a) ensuring that financial customers of the licensee are treated fairly; or (b) the orderly suspension or termination of the licensed activity. (3) Carrying out the licensed activity in accordance with the requirements of a notice in terms of subsection (1) is not a contravention of section 111 or 162. Procedure for varying, suspending and revoking licences
123. (1) (a) Before the responsible authority varies, suspends or revokes a licence, it
must—
(i) give the licensee notice of the proposed action and a statement of the reasons for it; and (ii) invite the licensee to make submissions on the matter, and give it a reasonable period to do so. (b) The period referred to in paragraph (a)(ii) must be at least one month. (c) The responsible authority need not comply with paragraph (a) if the licensee has applied for the proposed action to be taken. (2) In deciding whether to vary, suspend or revoke a licence, the responsible authority must take into account all submissions made within the period specified in the notice in terms of subsection (1)(a)(ii). (3) If the delay involved in complying, or complying fully, with subsection (1)(a) in respect of a proposed action is likely to prejudice financial customers, prejudicially affect financial stability or defeat the object of the action, the responsible authority may take the action without having complied, or complied fully, with that subsection. (4) (a) If the responsible authority takes action without having complied, or complied fully, with subsection (1)(a) for the reason set out in subsection (3), the responsible authority must give the licensee a written statement of the reasons why that subsection was not complied with. (b) The licensee may make submissions to the responsible authority within one month after being provided with the statement. 130 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 133 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (4) Go sekegwa ga laesense go tsenngwa mo tirisong ka letlha la kitsiso go ya ka karolotlaleletso (1) kgotsa, fa letlha le le kwa morago le tsepamisitswe, letlha le le kwa morago. (5) Go sekegwa ga laesense ga go ame ka gope tlamego e moabelwalaesense a nang le yona go ya ka molao wa lephata la ditsˇhelete. Phediso ya dilaesense
121. (1) Bothati jo bo rwalang maikarabelo jo bo rebotseng laesense, ka kitsiso go
moabelwalaesense, bo ka phimola laesense— (a) fa moabelwalaesense a dirile kopo ya phimolo ya laesense; (b) mo mabakeng mangwe le mangwe ao bo ka emisang laesense, jaaka go tlhalositswe mo karolong 120(1)(b) go fitlha go (g); kgotsa (c) fa moabelwalaesense a khutlisitse go dira kgwebo e e abetsweng laesense. (2) Bothati jo bo rwalang maikarabelo bo ka gana go phimola laesense go ya ka karolotlaleletso (1)(a) fa phimolo— (a) e ka se nne mo kgatlhegong ya barekedi ba ditsˇhelete; kgotsa (b) e tla dira gore maikaelelo a molao wa lephata la ditsˇhelete a a diragatswang mo laesenseng a tsielege. (3) Phimolo ya laesense e tsenngwa mo tirisong ka letlha la kitsiso go ya ka karolotlaleletso (1) kgotsa, fa letlha le le kwa morago le tsepamisitswe mo kitsisong, letlha le le kwa morago. Go tswela pele ga tiro e e abetsweng laesense go sa kgathalasege tshekego kgotsa phediso ya laesense
122. (1) Bothati jo bo rwalang maikarabelo jo bo sekegileng kgotsa phimotseng
laesense bo ka, ka kitsiso go moabelwalaesense, go ya ka mabaka tsepamisitsweng mo laesenseng, dumelela moabelwalaesense go tswelela ka ditiro tse di abetsweng laesense go fitlhela, le ka paka e e tsepamisitsweng mo kitsisong, go nolofatsa kemiso e e rulaganeng kgotsa khutliso ya tiro. (2) Mabaka go ya ka karolotlaleletso (1) a tshwanetse go lebiswa mo go— (a) netefatseng gore barekedi ba ditsˇhelete ba moabelwalaesense ba tshwarwa ka tolamo; kgotsa (b) kemiso e erulaganeng kgotsa khutliso ya tiro e e abetsweng laesense. (3) Go dira tiro e e abetsweng laesense go tsamaelana le ditlhokego tsa kitsiso go ya ka karolotlaleletso (1) ga se tlolo ya karolo 111 kgotsa 162. Tsamaiso Mapapi le go farologanya, go sekega le go fedisa dilaesense
123. (1) (a) Pele bothati jo bo rwalang maikarabelo bo farologanya, sekega kgotsa
phimola laesense, bo tshwanetse go—
(i) naya moabelwalaesense kitsiso ya kgato e e tshitsintsweng le polelo ya mabaka a yona; le (ii) laletsa moabelwalaesense go dira ditlhagiso ka ga ntlha eno, le go mo naya nako e e lekaneng go dira jalo. (b) Paka e e kailweng mo temaneng (a)(ii) e tshwanetse go nna bonnye kgwedi e le esi. (c) Bothati jo bo rwalang maikarabelo ga bo tlhoke go ikamanya le temana (a) fa moabelwalaesense a dirile kopo ya kgato e e tshitsintsweng gore e tsewe. (2) Mo go swetseng ka go farologanya, sekega kgotsa phimola laesense, bothati jo bo rwalang maikarabelo bo tshwanetse go tsaya tsia ditlhagiso tsotlhe tse di dirilweng mo pakeng e e tsepamisitsweng mo kitsisong go ya ka karolotlaleletso (1)(a)(ii). (3) Fa tiego e e tsamaelanang le go ikamanya, kgotsa go ikamanya ka gotlhe, le karolotlaleletso (1)(a) mabapi le kgato e e tshitsintsweng e na le bokgoni jwa go gobelela barekedi ba ditsˇhelete, ya ama tlhomamo ya ditsˇhelete ka kgobelelo kgotsa ya fenya maikaelelo a kgato, bothati jo bo rwalang maikarabelo bo ka tsaya kgato ntle le go ikamanya, kgotsa go ikamanya ka botlalo, le karolotlaleletso eo. (4) (a) Fa bothati jo bo rwalang maikarabelo bo tsaya kgato ntle le go ikamanya, kgotsa go ikamanya ka botlalo, le karolotlaleletso (1)(a) go ya ka mabaka kailweng mo karolotlaleletsong (3), moabelwalaesense o tshwanetse go abelwa polelo e e kwetsweng ya mabaka a gore goreng go sa ikamanngwa le karolotlaleletso eo. (b) Moabelwalaesense o ka dira ditlhagiso go bothati jo bo rwalang maikarabelo mo kgweding e le esi morago ga go abelwa polelo. 131 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 134 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (c) The responsible authority must consider the submissions, and notify the licensee, as soon as practicable, whether the responsible authority proposes to amend or revoke the variation, suspension or revocation. Applications for licences
124. (1) The responsible authority may, in writing, determine procedures and
requirements for applications.
(2) Requirements determined in terms of subsection (1) may include requirements with respect to— (a) the institutional form of an applicant; (b) an applicant’s business activities; (c) an applicant’s financial capacity; (d) fit and proper person requirements; and (e) an applicant’s operational, management, governance and risk management arrangements. (3) An application to the responsible authority for the purposes of this Part must be made in accordance with the relevant procedures in terms of subsection (1). (4) The responsible authority must publish requirements determined in terms of subsection (1).
Part 3
Provisions relating to all licences under financial sector laws Application
125. This Part applies in relation to licences in terms of all financial sector laws.
Concurrence of financial sector regulators on licensing matters
126. (1) The responsible authority may not take any of the actions specified in
subsection (2) unless—
(a) the other financial sector regulator has concurred; and (b) if the action relates to or affects a systemically important financial institution, the Reserve Bank has also concurred. (2) The actions are— (a) issuing a licence; (b) varying, suspending or revoking a licence, however these are described in the relevant financial sector law; and (c) granting an exemption in terms of section 281. Compulsory disclosure of licences
127. (1) A licensed financial institution must comply with the applicable requirements
of a prudential standard, a conduct standard and a joint standard in relation to the identification of relevant licences under financial sector laws in business documentation, including advertisements and other promotional material. (2) A licensed financial institution must make its licence or a copy of its licence available at no cost to any person on request. Publication
128. (1) Each licence must be published by the responsible authority that issues it.
(2) Each variation, suspension and revocation of a licence must be published by the responsible authority that takes the action. 132 5 10 15 20 25 30 35 40

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 135 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (c) Bothati jo bo rwalang maikarabelo bo tshwanetse go sekaseka ditlhagiso, le go itsise moabelwalaesense, ka bonako jo bo kgonagalang, fa bothati jo bo rwalang maikarabelo bo tshitsinya go tlhabolola kgotsa phimola pharologanyo, tshekego kgotsa phimolo. Go dira kopo ya dilaesense
124. (1) Bothati jo bo rwalang maikarabelo bo ka, ka go kwala, tlhomamisa
ditsamaiso le ditlhokego tsa dikopo.
(2) Ditlhokego tse di tlhomamisitsweng go ya ka karolotlaleletso (1) di ka akaretsa ditlhokego mabapi le— (a) foromo ya setheo ya modirakopo; (b) ditiro tsa kgwebo tsa modirakopo; (c) maemo a ditsˇhelete a modirakopo; (d) ditlhokego tsa motho yo o itekanetseng le e bile a siame; le (e) dithulaganyo tsa modirakopo tsa puso le taolo ya dikotsi. (3) Kopo go bothati jo bo rwalang maikarabelo mabapi le maitlhomo a Karolo eno e tshwanetse go dirwa go tsamaelana le ditsamaiso tse di maleba go ya ka karolotlaleletso (1). (4) Bothati jo bo rwalang maikarabelo bo tshwanetse go phasalatsa ditlhokego tse di tlhomamisitsweng go ya ka karolotlaleletso (1). Karolo 3 Dikabelo tse di amanang le dilaesense tsotlhe tse di ka fa tlase ga melao ya lephata la ditsˇhelete Tiragatso
125. Karolo eno e diriswa mababi le dilaesense go ya ka melao yotlhe ya lephata la
ditsˇhelete.
Tumalano ya balaodi ba lephata la ditsˇhelete ka ga meroro ya kabo ya laesense
126. (1) Bothati jo bo rwalang maikarabelo bo ka se tseye epe ya dikgato tse di
tsepamisitsweng mo karolotlaleletsong (2) ntle le fa— (a) bothati jo bongwe jwa ditsˇhelete bo dumetse; le (b) kgato e amana le kgotsa e ama setheo sa ditsˇhelete se se botlhokwa mo thulaganyong, Banka ya Resefe le yona e dumetse. (2) Dikgato tseo ke— (a) go aba laesense; (b) go farologanya, emisa kgotsa fedisa laesense (mme fela di tlhalositswe mo molaong o o maleba wa lephata la ditsˇhelete); le (c) go neelana ka kgololo go ya ka karolo 281. Tshenolo ya pateletso ya dilaesense
127. (1) Setheo sa ditsˇhelete se se abetsweng laesense se tshwanetse go ikamanya le
ditlhokego tse di diriswang tsa maemo a tlhokomelo, maemo a boitshwaro le maemo a a kopanetsweng mabapi le tshupo ya dilaesense tse di maleba ka fa tlase ga melao ya lephata la ditsˇhelete mo makwalong a kgwebo, go akaretsa le dipapatso le materiale o mongwe wa tsweletso. (2) Setheo se se abetsweng laesense sa ditsˇhelete se tshwanetse go dira gore laesense ya sona kgotsa kgatiso ya laesense ya sona e fitlhelege ntle le tuelelo epe go mongwe le mongwe ka kopo . Phasalatso
128. (1) Laesense nngwe le nngwe e tshwanetse go phasalatswa ke bothati jo bo
rwalang maikarabelo jo bo e rebotseng.
(2) Pharologanyo, tshekego kgotsa phimolo nngwe le nngwe ya laesense e tshwanetse go phasalatswa ke bothati jo bo rwalang maikarabelo jo bo tsayang kgato. 133 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za 136 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017
CHAPTER 9
INFORMATION GATHERING, SUPERVISORY ON-SITE INSPECTIONS AND INVESTIGATIONS
Part 1
Application and interpretation
Application and interpretation of Chapter
129. (1) This Chapter applies to information gathering, supervisory on-site
inspections and investigations by the Prudential Authority or the Financial Sector Conduct Authority. (2) The Council for Medical Schemes may exercise powers in terms of this Chapter in respect of powers and functions set out in the Medical Schemes Act, and powers and functions granted to it in this Act. (3) In relation to the exercise of the powers in terms of this Chapter by the Council for Medical Schemes in respect of a medical scheme, a reference in this Chapter to— (a) a financial sector regulator or the responsible authority must be read as including a reference to the Council for Medical Schemes; (b) the head of a financial sector regulator must be read as including a reference to the Registrar of Medical Schemes appointed in terms of section 18 of the Medical Schemes Act; (c) a financial sector law must be read as including a reference to regulatory instruments and to the Medical Schemes Act; and (d) a licensed financial institution must be read as including a reference to a medical scheme registered in terms of the Medical Schemes Act or an administrator of a medical scheme approved in terms of the Medical Schemes Act. Legal professional privilege
130. (1) (a) A person does not have to answer a question asked, or comply with a
requirement to produce a document or information, in terms of this Chapter to the extent that the person is entitled to claim legal professional privilege in relation to the answer, contents of the document or the information. (b) If the person contemplated in paragraph (a) is a legal practitioner, the person is entitled or required to claim that privilege on behalf of a client of the person. (2) Subsection (1) does not limit any right of a person.
Part 2
Information gathering
Information gathering
131. (1) (a) The responsible authority for a financial sector law may, by written notice
to any person, request the person to provide specified information or a specified document in the possession of, or under the control of, the person that is relevant to assisting the responsible authority to perform its functions in terms of a financial sector law. (b) A supervised entity that has been given a notice in terms of paragraph (a) must comply with the requirements in the notice. (2) (a) The responsible authority for a financial sector law may, by written notice to a supervised entity, require the supervised entity to provide specified information or a specified document in the possession of, or under the control of, the entity that is relevant to the responsible authority’s assessment of compliance by a supervised entity with, or risk of contraventions by a supervised entity of— (i) a financial sector law; 134 5 10 15 20 25 30 35 40 45

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 137 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 KGAOLO 9 KGOBOKANYO YA TSHEDIMOSETSO, DITLHATLHOBO TSA BOTLHOKOMEDI TSA KWA TIRONG LE DIPATLISISO Karolo 1 Tiragetso le tlhaloso Tiragetso le tlhaloso ya Kgaolo
129. (1) Kgaolo eno e diriswa mo kgobokanyong ya tshedimosetso, ditlhatlhobo tsa
botlhokomedi tsa kwa tirong le dipatlisiso ke Bothati jwa Tlhokomelo kgotsa Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete. (2) Khansele ya Dikema tsa Kalafi e ka diragatsa dithata go ya ka Kgaolo eno mabapi le dithata le ditiro tse di tlhagisitsweng mo Medical Schemes Act, le dithata le ditiro tse e di abetsweng mo Molaong ono. (3) Mabapi le tiragatso ya dithata go ya ka Kgaolo eno ka Khansele ya Dikema tsa Kalafi mabapi le sekema sa kalafi, tshupetso mo Kgaolong eno go— (a) molaodi wa lephata la ditsˇhelete kgotsa bothati jo bo rwalang maikarabelo bo tshwanetse go buiswa jaaka bo akaretsa tshupetso go Khansele ya Dikema tsa Kalafi; (b) tlhogo ya molao wa lephata la ditsˇhelete e tshwanetse go tseelwa gore e akaretsa tshupetso go Mokwadisi wa Sekema sa Kalafi yo o thapilweng go latela karolo 18 ya Medical Schemes Act; (c) molao wa lephata la ditsˇhelete o tshwanetse go tseelwa gore o akaretsa tshupetso go didiriswa tsa taolo le go Medical Schemes Act; le (d) setheo sa ditsˇhelete se se abetsweng laesense se tshwanetse go buiswa jaaka se akaretsa tshupetso go sekema sa kalafi se se kwadisitsweng go ya ka Medical Schemes Act kgotsa motsamaisi wa sekema sa kalafi se se rebotsweng go ya ka Medical Schemes Act. Tshwanelo ya badiredi ba Semolao
130. (1) (a) Motho ga a tshwanela go araba potso e e boditsweng, kgotsa go ikamanya
le tlhokego ya go tlhagisa lokwalo kgotsa tshedimosetso, go ya ka Kgaolo eno go ya ka moo motho a tshwanetsweng ke go tleleima tshwanelo ya boithutelo jwa molao mabapi le karabo, diteng tsa lokwalo kgotsa tshedimosetso. (b) Fa motho yo o kailweng mo temaneng (a) e le modirakamolao, motho o na le tshwanelo ya go tleleima tshwanelo eo mo boemong jwa modirelwa wa motho. (2) Karolotlaleletso (1) ga e lekanyetse tshwanelo epe ya motho. Karolo 2 Kgobokanyo ya tshedimosetso Kgobokanyo ya tshedimosetso
131. (1) (a) Bothati jo bo rwalang maikarabelo a molao wa lephata la ditsˇhelete bo ka,
ka kitsiso e e kwetsweng go mongwe le mongwe, kopa motho go tlamela ka tshedimosetso kgotsa lokwalo le le tsepamisitsweng le le tshotsweng ke, kgotsa le le ka fa tlase ga taolo ya, motho yo o leng maleba mo go thuseng bothati jo bo rwalang maikarabelo go dira ditiro tsa jona go ya ka molao wa lephata la ditsˇhelete. (b) Setheo se se tlhokometsweng se se neilweng kitsiso go ya ka temana (a) se tshwanetse go ikamanya le ditlhokego tse di mo kitsisong. (2) (a) Bothati jo bo rwalang maikarabelo mabapi le molao wa lephata la ditsˇhelete bo ka, ka kitsiso e e kwaletsweng setheo se se tlhokometsweng, kopa setheo se se tlhokometsweng go tlamela ka tshedimosetso e e tsepamisitsweng kgotsa lokwalo le le tsepamisitsweng leo se le tshotseng la, kgotsa le le ka fa tlase ga taolo ya sona ya, setheo se se maleba go tekanyetso ya bothati jo bo rwalang maikarabelo ya go ikamanya ka setheo se se tlhokometsweng ka, kgotsa kotsi ya ditlolo ka setheo se se tlhokometsweng sa— (i) molao wa lephata la ditsˇhelete; 135 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za 138 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (ii) a regulator’s directive issued by the responsible authority; or (iii) an enforceable undertaking accepted by the responsible authority. (b) The responsible authority may require the information or document to be verified as specified in the notice, including by an auditor approved by the responsible authority. (c) A supervised entity that has been given a notice in terms of paragraph (a) or (b) must comply with the requirements in the notice. (3) The responsible authority for a financial sector law may, for the purpose of gathering information relevant to its functions, engage in the activity commonly called ‘‘mystery shopping’’ in respect of financial products or financial services, and similar activities.
Part 3
Supervisory on-site inspections
Powers to conduct supervisory on-site inspections
132. (1) A financial sector regulator may conduct a supervisory on-site inspection at
the business premises of a supervised entity with prior notification to the supervised entity and, if the business premises of a supervised entity is a private residence, with the prior agreement of— (a) the person apparently in control of the business reasonably believed to be conducted at the private residence; and (b) the occupant of the private residence or the part of the private residence to be inspected. (2) The purpose for which a financial sector regulator may conduct a supervisory on-site inspection of a supervised entity is to— (a) check compliance by the entity with a financial sector law for which the financial sector regulator is the responsible authority, a regulator’s directive issued by the financial sector regulator or an enforceable undertaking accepted by the financial sector regulator; (b) determine the extent of the risk posed by the entity of contraventions of a financial sector law for which the financial sector regulator is the responsible authority; and (c) assist the financial sector regulator in supervising the relevant financial institution. (3) (a) A financial sector regulator may determine the time and place of a supervisory on-site inspection, provided that the supervisory on-site inspection must be done at a reasonable time within ordinary business hours. (b) A financial sector regulator must conduct a supervisory on-site inspection with strict regard to— (i) an affected person’s right to— (aa) dignity; (bb) freedom and security; (cc) privacy; and (dd) other constitutional rights; and (ii) decency and good order as the circumstances require, in particular by— (aa) conducting the supervisory on-site inspection discreetly and with due decorum; (bb) causing as little disturbance as possible; and (cc) concluding the supervisory on-site inspection as soon as possible. (4) (a) An official of a financial sector regulator, when conducting a supervisory on-site inspection, may do any of the following:
(i) Request any person who has a specified business document that is relevant to the inspection in his, her or its possession or under his, her or its control to produce that document and examine, make extracts from and copy any business document on the premises; (ii) question any person on the premises to find out information relevant to the inspection; (iii) give the supervised entity a written directive to produce to the financial sector regulator, at a time and place and in a manner specified in the directive, a 136 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 139 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (ii) taelo ya molaodi wa lephata la ditsˇhelete rebotsweng ke bothati jwa lephata la ditsˇhelete; kgotsa (iii) tumalano e e gatelelwang e e amogetsweng ke bothati jo bo maleba. (b) Bothati jo bo rwalang maikarabelo bo ka kopa tshedimosetso kgotsa lokwalo go netefatswa jaaka go tsepamisitswe mo kitsisong, go akaretsa le ka moruni yo o rebotsweng ke bothati jo bo rwalang maikarabelo. (c) Setheo se se tlhokometsweng se se neetsweng kitsiso go ya ka temana (a) kgotsa (b) se tshwanetse go ikamanya le ditlhokego tse di mo kitsisong. (3) Bothati jo bo rwalang maikarabelo jwa lephata la ditsˇhelete bo ka, mabapi le maitlhomo a go kgobokanya tshedimosetso e e malebana le ditiro tsa jona, tsaya karolo mo tirong e e itsegeng ka ‘‘theko e e makatsang’’ mabapi le dikuno tsa ditsˇhelete kgotsa ditirelo tsa ditsˇhelete, le ditiro tse di tshwanang. Karolo 3 Ditlhatlhobo tsa botlhokomedi tsa tirong Dithata tsa go dira ditlhatlhobo tsa botlhokomedi tsa tirong
132. (1) Bolaodi jwa lephata la ditsˇhelete bo ka dira ditlhatlhobo tsa botlhokomedi
kwa tirong kwa mafelong a kgwebo a setheo se se tlhokometsweng ka kitsiso e e dirilweng pele kwa setheong se se tlhokometsweng e bile, fa mafelo a kgwebo a setheo se se tlhokometsweng e le a poraefete, ka tumalano ya pele le— (a) motho yo go tsewang gore o mo taolong ya kgwebo e ka mabaka go dumelwang gore e dirwa kwa lefelong la poraefete; le (b) badirisi ba lefelo leo la poraefete kgotsa karolo ya lefelo la poraefete le le tla tlhatlhobiwang. (2) Maitlhomo a bolaodi jwa lephata la ditsˇhelete a go ka dira tlhatlhobo ya botlhokomedi kwa tirong ya setheo se se tlhokometsweng ke go— (a) tlhola go ikamanya ga setheo le molao wa lephata la ditsˇhelete o molaodi wa lephata la ditsˇhelete a rwalang maikarabelo a ona kgotsa tumalano e e gatelelwang e e amogetsweng ke molaodi wa lephata la ditsˇhelete; (b) tlhomamisa ka moo kotsi e e tlisitsweng ke setheo ka ditlolo tsa molao wa lephata la ditsˇhelete o molaodi wa lephata la ditsˇhelete a rwalang maikarabelo a ona; le (c) thusa molaodi wa lephata la ditsˇhelete mo go tlhokomeleng setheo sa ditsˇhelete se se maleba. (3) (a) Molaodi wa lephata la ditsˇhelete o ka tlhomamisa nako le lefelo la tlhatlhobo ya botlhokomedi kwa tirong, fa fela tlhatlhobo ya botlhokomedi kwa tirong e dirwa ka nako e e maleba e e welang ka fa tlase ga nako e e tlwaelegileng ya tiro. (b) Molaodi wa lephata la ditsˇhelete o tshwanetse go dira tlhatlhobo ya botlhokomedi kwa tirong ka keletlhoko e kgolo go— (i) tshwanelo ya motho yo o amegang ya— (aa) seriti; (bb) kgololosego le tshireletsego; (cc) sephiri; le (dd) ditshwanelo tse dingwe tsa semolaotheo; le (ii) tlotlego le tolamo jaaka maemo a tlhoka, segolosegolo ka go— (aa) dira tlhatlhobo ya botlhokomedi kwa tirong ka bofitlha le ka manontlhotlho; (bb) dira gore go se nne le kgoreletsego e kgolo; le (cc) konosetsa tlhatlhobo ya botlhokomedi kwa tirong ka bonako jo bo kgonegang. (4) (a) Motlhankedi wa bolaodi jwa lephata la ditsˇhelete, fa a dira tlhatlhobo ya botlhokomedi kwa tirong, o ka dira nngwe le nngwe ya tse di latelang:
(i) Kopa motho mongwe le mongwe yo o tshotseng kgotsa yo o neng a tshotse lokwalo la kgwebo le le tsepamisitsweng le le leng malebana le tlhatlhobo go tlhagisa lokwalo leo le go le sekaseka, go dira ditswa le go dira khopi go tswa mo lokwalong lengwe le lengwe la kgwebo mo lefelong; (ii) botsa motho mongwe le mongwe mo lefelong go batla tshedimosetso e e malebana le tlhatlhobo; (iii) naya setheo se se tlhokometsweng kgotsa motho yo o mo lefelong taelo e e kwetsweng ya go tlhagisa go bolaodi jwa lephata la ditsˇhelete, ka nako, kwa 137 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 140 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 specified business document that is relevant to the inspection and is in the possession or under the control of the supervised entity; (iv) when a business document is produced as required by a directive in terms of subparagraph (iii), examine, make extracts from and copy the document; (v) if, as a result of the inspection, the official or the financial sector regulator suspects on reasonable grounds that a contravention of a financial sector law has occurred or is likely to occur— (aa) give a written directive to the supervised entity or the person apparently in control of the premises to ensure that no person removes from the premises, or conceals, destroys or otherwise interferes with, any business document; or (bb) take possession of, and remove from the premises, a business document for the purpose of preventing another person from removing, concealing, destroying or otherwise interfering with the document. (b) A directive in terms of paragraph (a)(iii) or (v)(aa) is effective if given to a person apparently in control of the premises. (c) The financial sector regulator must ensure that the person apparently in control of the premises is given a written receipt for the business documents taken as mentioned in paragraph (a)(v)(bb). (d) The financial sector regulator must ensure that any business document removed as contemplated in paragraph (a)(v)(bb) is returned to the supervised entity when retention of the business document is no longer necessary to achieve the object of a financial sector law. (e) The supervised entity from whose premises a document was removed as contemplated in paragraph (a)(v)(bb), or its authorised representative, may, during normal office hours and under the supervision of the financial sector regulator, examine, copy and make extracts from the document. Interference with supervisory on-site inspections
133. A person may not intentionally or negligently interfere with or hinder the
conduct of a supervisory on-site inspection.
Part 4
Investigations
Investigators
134. (1) A financial sector regulator may, in writing, appoint a person as an
investigator and may appoint any person to assist the investigator in carrying out an investigation. (2) A person appointed as an investigator must — (a) not be a disqualified person; (b) not have any conflict of interest in respect of the subject matter of the investigation; and (c) have appropriate skills and expertise. (3) The financial sector regulator must issue an investigator appointed in terms of subsection (1) with a certificate of appointment, which must be in the possession of the investigator when an investigator exercises any power or performs any duty in terms of this Act, and such investigator must produce the certificate of appointment at the request of any person in respect of whom such power is being exercised. Powers to conduct investigations
135. (1) A financial sector regulator may instruct an investigator appointed by it to
conduct an investigation in terms of this Part in respect of any person, if the financial sector regulator— (a) reasonably suspects that a person may have contravened, may be contravening or may be about to contravene, a financial sector law for which the financial sector regulator is the responsible authority; or 138 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 141 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 lefelong le ka mokgwa o o tsepamisitsweng mo taelong, lokwalo la kgwebo le le tsepamisitsweng le le malebana le tlhatlhobo e bile le mo diatleng tsa kgotsa ka fa tlase ga taolo ya setheo se se tlhokometsweng; (iv) fa lokwalo la kgwebo le tlhagisitswe jaaka go kopilwe ka taelo go ya ka temanatlaleletso (iii), tlhatlhoba, dira ditswa go tswa go lona le go gatisa lokwalo; (v) fa, go ya ka ditlamorago tsa tlhatlhobo, motlhankedi kgotsa molaodi wa lephata la ditsˇhelete a belaela ka mabaka utlwalang gore tlolo ya molao wa lephata la ditsˇhelete e diragetse kgotsa e ka diragala— (aa) neela taelo e e kwetsweng go setheo se se tlhokometsweng kgotsa motho yo o laolang lefelo gore a se ntshe mo lefelong, kgotsa fitlha, senya kgotsa ka gongwe go tshwenyana le, lokwalo le le tsepamisitsweng la kgwebo; kgotsa (bb) go itseela, le go tlosa mo lefelong, lokwalo la kgwebo mabapi le maitlhomo a go thibela motho yo mongwe go tlosa, fitlha, senya kgotsa ka gongwe go tshwenyana le lokwalo. (b) Taelo go ya ka temana (a)(iii) kgotsa (v)(aa) e tsenngwa mo tirisong fa e neilwe motho yo a ka tswang a laola lefelo. (c) Molaodi wa lephata la ditsˇhelete o tshwanetse go netefatsa gore motho yo o ka tswang a laola lefelo o newa rasiti e e kwetsweng mabapi lelokwalo lengwe le lengwe la kgwebo le le tlositsweng jaaka go kailwe mo temaneng (a)(v)(bb). (d) Bolaodi jwa lephata la ditsˇhelete bo tshwanetse go netefatsa gore lokwalo lengwe le lengwe la kgwebo le le tlositsweng jaaka go tlhalositswe mo temaneng (a)(v)(bb) le busetswa kwa setheong se se tlhokometsweng fa pusetso ya lokwalo la kgwebo e sa tlhole e tlhokega go fitlhelela maitlhomo a molao wa lephata la ditsˇhelete. (e) Setheo se se tlhokometsweng se kwa lefelong la sona go tlositsweng lokwalo jaaka go kailwe mo temaneng (a)(v)(bb), kgotsa moemedi wa sona yo o letleletsweng, se ka, ka nako e e tlwaelegileng ya diura tsa tiro le ka fa tlase ga tlhokomelo ya molaodi wa lephata la ditsˇhelete, tlhatlhoba, gatisa le go dira ditswa go tswa go lokwalo. Go ltshunyatshunya mo dithlathobong tsa botlhokomedi tsa tirong
133. Motho o ka se tshwenyane le kgotsa kgoreletse go dirwa ga tlhatlhobo ya kwa
tirong ya botlhokomedi ka maikemisetso kgotsa botlhaswa.
Karolo 4
Dipatlisiso
Babatlisisi
134. (1) Molaodi wa lephata la ditsˇhelete o ka, ka go kwala, thapa motho jaaka
mmatlisisi le go ka thapa motho mongwe le mongwe go thusa mmatlisisi mo go direng patlisiso. (2) Motho yo o thapilweng jaaka motlhatlhobi o tshwanetse— (a) gore a bo a se motho yo o ileditsweng; (b) gore a bo a sena kgotlhang ya dikgatlhego mabapi le morero batlisiswang; e bile (c) go nna le bokgoni jo bo maleba le boitseanape. (3) Molaodi wa lephata la ditsˇhelete o tshwanetse go abela mmatlisisi yo o thapilweng go ya ka karolotlaleletso (1) setifikeite sa go thapiwa, seo se tshwanetseng go tsholwa ke mmatlisisi fa mmatlisisi a diragatsa thata nngwe le nngwe kgotsa a dira tiro nngwe go ya ka Molao ono, e bile mmatlisisi yoo o tshwanetse go tlhagisa setifikeite sa go thapiwa ka kopo ya motho mongwe le mongwe mabapi le yoo thata e diragatswang mo go ena. Dithata tsa go dira dipatlisiso
135. (1) Molaodi wa lephata la ditsˇhelete o ka laela mmatlisisi yo a mo thapileng go
dira patlisiso go ya ka Karolo eno mabapi le motho mongwe le mongwe, fa molaodi wa lephata la ditsˇhelete — (a) ka lebaka, a belaela gore motho oka tswa a tlotse, kgotsa o tlola kgotsa o ka tswa a le gaufi le go tlola, molao wa lephata la ditsˇhelete o molaodi wa lephata la ditsˇhelete a rwalang maikarabelo a ona; kgotsa 139 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 142 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (b) reasonably believes that an investigation is necessary to achieve the objects referred to in section 251(3)(e) pursuant to a request by a designated authority in terms of a bilateral or multilateral agreement or memorandum of understanding contemplated in that section. (2) The responsible authority may investigate any matter relating to an offence or contravention referred to in sections 78, 80 and 81 of the Financial Markets Act, including insider trading in terms of the Insider Trading Act, 1998 (Act No. 135 of 1998), and the offences referred to in Chapter VIII of the Securities Services Act, 2004 (Act No. 36 of 2004), committed before the repeal of those Acts. Powers of investigators to question and require production of documents or other items
136. (1) (a) An investigator may, for the purposes of conducting an investigation, do
any of the following:
(i) By written notice, require any person who the investigator reasonably believes may be able to provide information relevant to the investigation to appear before the investigator, at a time and place specified in the notice, to be questioned by an investigator; (ii) by written notice, require any person who the investigator reasonably believes may be able to produce a document or item relevant to the investigation, to— (aa) produce the document or item to an investigator, at a time and place specified in the notice; or (bb) produce the document or item to an investigator, at a time and place specified in the notice, to be questioned by an investigator about the document or item; (iii) question a person who is complying with a notice in terms of subparagraph (i) or (ii)(bb); (iv) require a person being questioned as mentioned in subparagraph (i) or (ii)(bb) to make an oath or affirmation, and administer such an oath or affirmation; (v) examine, copy or make extracts from any document or item produced to an investigator as required in terms of this paragraph; (vi) take possession of, and retain, any document or item produced to an investigator as required in terms of this paragraph; and (vii) give a directive to a person present while the investigator is exercising powers in terms of this section, to facilitate the exercise of such powers. (b) An investigator who takes a document or item in terms of paragraph (a)(vi) must give the person producing it a written receipt. (c) Subject to paragraph (d), the investigator must ensure that a document or item taken in terms of paragraph (a)(vi) is returned to the person who produced it when— (i) retention of the document or item is no longer necessary to achieve the object of the investigation; or (ii) all proceedings arising out of the investigation have been finally disposed of. (d) A document or item need not be returned to the person who produced it if — (i) the document or item has been handed over to a designated authority; or (ii) it is not in the best interest of the public or any member or members of the public for the document or item to be returned. (e) A person otherwise entitled to possession of a document or item taken in terms of paragraph (a)(vi), or its authorised representative, may, during normal office hours and under the supervision of the financial sector regulator, examine, copy and make extracts from the document, or inspect the item. (2) A person being questioned in terms of this section is entitled to have a legal practitioner present at the questioning to assist the person. 140 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 143 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (b) a dumela ka mabaka gore patlisiso e tlhokega go fitlhelela maikaelelo a a kailweng mo karolong 251(3)(e) go ikamanya le kopo ya bothati jo bo kopang go ya ka tumalano ya sebedi kgotsa bontsi kgotsa memorantamo wa tumalano tlhalositsweng mo karolong eo. (2) Bolaodi jo bo rwalang maikarabelo bo ka batlisisa morero mongwe o o amarang le molato kgotsa tlolomolao e e kailweng mo dikarolong 78, 80 le 81 tsa Financial Markets Act, go akaretsa le go gweba go go seng mo molaong ga motho yo o nang le tshedimosetso e e bofitlha go ya ka Insider Trading Act, 1998 (Molao 135 wa 1998), le melato e e kailweng mo Kgaolong VIII ya Securities Services Act, 2004 (Molao 36 wa 2004), e e dirilweng pele ga go phimolwa ga Melao eo. Dithata tsa babatlisisi tsa botsolotsa le go kopa go thlagiswa ga makwalo kgotsa dilo dingwe
136. (1) (a) Mmatlisisi o ka, ka maitlhomo a go dira patlisiso, dira nngwe le nngwe ya
tse di latelang:
(i) Ka kitsiso e e kwetsweng, kopa motho mongwe le mongwe yo mmatlisisi a dumelang ntle le pelaelo gore o ka kgona go tlamela ka tshedimosetso e e maleba go patlisiso go itlhagisa fa pele ga mmatlisisi, ka nako le kwa lefelong le tsepamisitsweng mo kitsisong, go botsolotswa ke mmatlisisi; (ii) ka kitsiso e e kwetsweng, kopa motho mongwe le mongwe yo mmatlisisi a dumelang ntle le pelaelo gore o ka kgona go tlhagisa lokwalo kgotsa sengwe se se maleba go patlisiso, go— (aa) tlhagisa lokwalo kgotsa ntlha go mmatlisisi, ka nako le kwa lefelong le le tsepamisitsweng mo kitsisong; kgotsa (bb) tlhagisa lokwalo kgotsa selo go mmatlisisi, ka nako le kwa lefelong le le tsepamisitsweng mo kitsisong, go botsolotswa ke mmatlisisi ka ga lokwalo kgotsa sengwe; (iii) botsa motho yo o ikamanyang le kitsiso go ya ka temanatlaleletso (i) kgotsa (ii)(bb); (iv) kopa motho yo o botswang dipotso jaaka go kailwe mo temanatlaleletsong (i) kgotsa (ii)(bb) go dira maikano kgotsa tlhomamiso, le go tsamaisa maikano ao kgotsa tlhomamiso eo; (v) tlhatlhoba, gatisa kgotsa dira ditswa go tswa mo lokwalong lengwe le lengwe kgotsa selong se se tlhagisitsweng go mmatlisisi jaaka go tlhokega go ya ka temana eno (a); (vi) go itseela, le go tlosa mo lefelong, lokwalo lengwe le lengwe kgotsa selo se se tlhagisitsweng go mmatlisisi jaaka go tlhokega go ya ka temana eno (a); le (vii) neela taelo go motho yo o leng teng fa mmatlisisi a diragatsa dithata go ya ka karolo eno, go nolofatsa tiragatso ya dithata tseo. (b) Mmatlisisi yo o tsayang lokwalo kgotsa selo go ya ka temana (a)(vi) o tshwanetse go naya motho yo o le tlhagisang rasiti e e kwetsweng. (c) Go latela temana (d), mmatlisisi o tshwanetse go netefatsa gore lokwalo kgotsa sengwe se se tserweng go ya ka temana (a)(vi) se busetswa kwa mothong yo a se tlhagisitseng fa— (i) pusetso ya lokwalo kgotsa sengwe e sa tlhole e tlhokega go fitlhelela maitlhomo a patltisiso; kgotsa (ii) ditsamaiso tsotlhe tse di tlhageletseng go tswa mo patlisisong di latlhilwe kwa bokhutlong. (d) Lokwalo kgotsa sengwe se tshwanetse go busetswa kwa mothong yo o se tlhagisitseng fa— (i) lokwalo kgotsa sengwe se gorositswe kwa bothating jo bo tlhophilweng; kgotsa (ii) ka mogopolo wa Khomisˇenara, go se mo kgatlhegong ya setsˇhaba kgotsa leloko lengwe le lengwe kgotsa maloko a setsˇhaba gore dikwalo kgotsa dingwe di buswe. (e) Motho yo ka gongwe a tshwanetsweng go nna mong wa lokwalo kgotsa sengwe se se tserweng go ya ka temana (a)(vi), kgotsa moemedi yo o letleletsweng, o ka, ka nako ya diura tsa tiro e e tlwaelegileng le ka fa tlase ga tlhokomelo ya bolaodi jwa lephata la ditsˇhelete, tlhatlhoba, gatisa le go dira ditswa go tswa mo lokwalong, kgotsa go tlhatlhoba selo. (2) Motho yo o botswang go ya ka karolo eno o tshwanetse ke go emelwa ke moitseanape wa semolao yo o leng teng kwa potsolotsong go mo thusa. 141 5 10 15 20 25 30 35 40 45 50 55 60

This gazette is also available free online at www.gpwonline.co.za 144 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Powers of investigators to enter and search premises
137. (1) An investigator may, for the purposes of conducting an investigation, do any
of the following:
(a) Enter any premises—
(i) with the prior consent of—
(aa) in the case of a private residence, the person apparently in control of the business reasonably believed to be conducted at the private residence, and the occupant of the private residence or the part of the private residence to be entered; or (bb) in the case of any other premises, the person apparently in control of the premises, after informing that person that— (AA) granting consent will enable the investigator to enter the premises and for the investigator to subsequently search the premises as referred to in paragraph (b) or (c), and to do anything contemplated in subsection (6); and (BB) he or she is under no obligation to admit the investigator in the absence of a warrant; or (ii) without prior consent and without prior notice to any person— (aa) if the entry is authorised by a warrant; or (bb) with the prior authority of the head of a financial sector regulator or a senior staff member of the financial sector regulator delegated to perform the function, if the head of a financial sector regulator or senior staff member on reasonable grounds believes that— (AA) a warrant will be issued under section 138(1) if applied for; (BB) the delay in obtaining the warrant is likely to defeat the purpose for which entry of the premises is sought; and (CC) it is necessary to enter the premises to conduct the investigation and search the premises as referred to in paragraph (b) or (c), and to do anything contemplated in subsection (6); (b) if the investigation is one referred to in section 135(1)(a), search the premises for evidence of a contravention of a financial sector law; or (c) if the investigation is one referred to in section 135(1)(b), search the premises pursuant to the request, subject to section 251. (2) The authority of an investigator in terms of subsection (1)(a) to enter a premises also provides authority for the investigator to subsequently search the premises as referred to in subsection (1)(b) or (c), and to do anything contemplated in subsection (6). (3) An investigator exercising powers in terms of this section must do so with strict regard to— (a) an affected person’s right to— (i) dignity; (ii) freedom and security; (iii) privacy; and (iv) other constitutional rights; and (b) decency and good order as the circumstances require, in particular by— (i) entering and searching only such areas or objects as are reasonably required for the purposes of the investigation; (ii) conducting the search discreetly and with due decorum; (iii) causing as little disturbance as possible; and (iv) concluding the search as soon as possible. (4) An entry or search of premises in terms of this Part must be done, at a reasonable time within ordinary business hours,— (a) unless the warrant authorising it expressly authorises entry at night; or (b) in the case of a search contemplated in subsection (1)(a)(ii)(bb), if the investigator on reasonable grounds believes that the purpose for which the entry and search is sought, is likely to be defeated
by a delay, as close to ordinary business hours as the circumstances reasonably permit. 142 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 145 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 Dithata tsa babatlisisi tsa go tsena le go batla mo mafelong
137. (1) Mmatlisisi o ka, ka maitlhomo a go dira patlisiso, dira nngwe ya tse di
latelang:
(a) Go tsena mo lefelong lengwe le lengwe— (i) ka tumelelo ya pele ya— (aa) mabapi le tulo ya poraefete, motho yo onnang mo tulong ya poraefete kgotsa karolo ya tulo ya poraefete e go tla tsenwang mo go yona; kgotsa (bb) mo lebakeng la ditulo dingwe le dingwe, motho yo o ka tswang a le mo taolong ya ditulo, morago ga go itsise motho yoo gore— (AA) go abelana ka tumelelo go tla kgontsha mmatlisisi go tsena mo tulong le gore mmatlisisi a phuruphutse ditulo jaaka go kailwe mo temanatlaleletsong (b) kgotsa (c), le go dira sengwe le sengwe se se tlhalositsweng mo karolotlaleletsong (6); le (BB) ga a patelesege go amogela mmatlisisi fa thebolo e seyo; kgotsa (ii) ntle le tumelelo eo le ntle le tumelelo ya pele go motho mongwe le mongwe— (aa) fa go tsena go letleletswe ka thebolo; kgotsa (bb) ka taolo ya pele ya tlhogo ya bolaodi jwa lephata la ditsˇhelete kgotsa modirimmogo yo mogolo wa bolaodi jwa lephata la ditsˇhelete yo o romilweng go dira tiro, fa tlhogo ya bolaodi jwa lephata la ditsˇhelete kgotsa modirimmogo yo mogolo a dumela ka mabaka utlwalang gore— (AA) thebolo e tla rebolwa ka fa tlase ga karolo 138(1) fa e diretswe kopo; (BB) tiego mo go fitlhelelng thebolo e ka ama maitlhomo a kopo e e dirilweng mabapi le go tsena mo ditulong; le (CC) go botlhokwa go tsena mo ditulong go dira dipatlisiso le diphuruphutso jaaka go kailwe mo temaneng (b) kgotsa (c), le go dira sengwe le sengwe se se tlhalositsweng mo karolotlaleletsong (6); (b) fa patlisiso e le kailweng mo karolong 135(1)(a), go phuruphutsa lefelo go batla sengwe le sengwe se se ka thusang ka bosupi jwa tlolo ya molao wa lephata la ditsˇhelete; kgotsa (c) fa patlisiso e le e kailweng mo karolong 135(1)(b), go phuruphutsa lefelo go latela kopo, go latela karolo 251. (2) Taolo ya mmatlisisi go ya ka karolotlaleletso (1)(a) go tsena mo lefelong e tlamela gape ka taolo ya mmatlisisi ya go phuruphutsa mo mafelong jaaka go tlhalositswe mo karolotlaleletsong (1)(b) kgotsa (c), le go dira sengwe le sengwe se se kailweng mo karolotlaleletsong (6). (3) Mmatlisisi yo o dirisang dithata go ya ka karolo eno o tshwanetse go dira seno ka keletlhoko e kgolo go— (a) tshwanelo ya moamegi ya— (i) seriti; (ii) kgololosego le tshireletsego; (iii) bosephiri jwa bowena; le (iv) ditshwanelo tse dingwe tsa semolaotheo; le (b) tshiamo le tolamo jaaka maemo a letla, segolosegolo ka— (i) go tsena le go phuruphutsa felo mo mafelong ao le maikaelelo ao jaaka go tlhokega ka mabaka mabapi le maitlhomo a patlisiso; (ii) go phuruphutsa ka tidimalo le ka nepagalo e e maleba; (iii) go dira gore go se nne le kgoreletsego e kgolo; le (iv) go konosetsa patlisiso ka bonako jo bo kgonegang. (4) Tseno kgotsa phuruphotso mo lefelong go ya ka Karolo eno e tshwanetse go dirwa ka nako e e maleba mo dinakong tse di tlwaelegileng tsa tiro— (a) ntle le fa thebolo e e nayang tetla e letlelela gore go tsenwe bosigo; kgotsa (b) mo lebakeng la phuruphutso e e tlhalositsweng mo karolotlaleletsong (1)(a)(ii)(bb), fa mmatlisisi ka mabaka
utlwalang a dumela gore maitlhomo a tseno kgotsa phuruphutso e a diretsweng, a ka angwa ke tiego, mo nakong e e gaufi le dinako tse di tlwaegileng tsa tiro jaaka maemo a letla go ya ka mabaka. 143 5 10 15 20 25 30 35 40 45 50 55 60

This gazette is also available free online at www.gpwonline.co.za 146 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (5) An investigator may be accompanied and assisted during the entry and search of any premises for an investigation by a police officer or a person appointed in terms of
section 134.
(6) (a) While on the premises in terms of this section, an investigator, for the purpose of conducting the investigation, has the right of access to any part of the premises and to any document or item on the premises, and may do any of the following:
(i) Open or cause to be opened any strongroom, safe, cabinet or other container in which the investigator reasonably suspects there is a document or item that may afford evidence of the contravention concerned or be relevant to the request; (ii) examine, make extracts from and copy any document on the premises; (iii) question any person on the premises to find out information relevant to the investigation; (iv) require a person on the premises to produce to the investigator any document or item that is relevant to the investigation and is in the possession or under the control of the person; (v) require a person on the premises to operate any computer or similar system on or available through the premises to— (aa) search any information in or available through that system; and (bb) produce a record of that information in any media that the investigator reasonably requires; (vi) if it is not practicable or appropriate to make a requirement in terms of subparagraph (v), operate any computer or similar system on or available through the premises for a purpose set out in that subparagraph; and (vii) take possession of, and take from the premises, a document or item that may afford evidence of the contravention concerned or be relevant to the request. (b) An investigator must give the person apparently in charge of the premises a written receipt for documents or items taken as mentioned in paragraph (a)(vii). (c) Subject to paragraph (d), the investigator must ensure that any document or item taken by the investigator as mentioned in paragraph (a)(vii) is returned to the person when— (i) retention of the document or item is no longer necessary to achieve the object of the investigation; or (ii) all proceedings arising out the investigation have been finally disposed of. (d) A document or item need not be returned to the person who produced it if — (i) the document or item has been handed over to a designated authority; or (ii) it is not in the best interest of the public or any member or members of the public for the documents or items to be returned. (e) A person from whose premises a document or item was taken as mentioned in paragraph (a)(vii), or its authorised representative, may, during normal office hours and under the supervision of the financial sector regulator, examine, copy and make extracts from the document or item. (7) An investigator, and any person assisting an investigator as mentioned in subsection (5), may use reasonable force to exercise any power in terms of this section. Warrants
138. (1) (a) A judge or magistrate who has jurisdiction may issue a warrant for the
purposes of this Part on application by an investigator.
(b) The judge or magistrate may issue a warrant in terms of this section— (i) on written application by the investigator setting out under oath or affirmation why it is necessary to enter and investigate the premises; and (ii) if it appears to the magistrate or judge from the information under oath or affirmation that— (aa) in the case of an investigation under section 135(1)(a), that— (AA) there are reasonable grounds for suspecting that a contravention of a financial sector law has occurred, may be occurring or may be about to occur; 144 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 147 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (5) Mmatlisisi o ka patwa le go thuswa ka nako ya tseno le patlo ya lefelo lengwe le lengwe go ya go dira patlisiso ke motlhankedi wa sepodisi kgotsa motho yo thapilweng go ya ka karolo 134. (6) (a) Fa a le kwa lefelong go ya ka karolo eno mmatlisisi, ka maitlhomo a go dira patlisiso, o na le tshwanelo ya go tsena mo karolong nngwe le nngwe ya lefelo le go lokwalo lengwe le lengwe kgotsa sengwe le sengwe e bile o ka dira nngwe le nngwe ya tse di latelang:
(i) Bula kgotsa a dira gore go bulwe kamore ya polokelo, polokelo, kobotlo kgotsa setshelo sengwe se mmatlisisi a ka belaelang ka mabaka utlwalang gore se na le lokwalo kgotsa sengwe se se ka nnang bopaki jwa tlolo e e amegang; (ii) tlhatlhoba, dira ditswa le go gatisa lokwalo lengwe le lengwe mo lefelong; (iii) botsa motho mongwe le mongwe mo lefelong go batlisisa tshedimosetso e e malebana le patlisiso; (iv) kopa motho mo lefelong go tlhagisetsa mmatlisisi lokwalo lengwe le lengwe kgotsa sengwe se se malebana le patlisiso e bile se tshotswe kgotsa se le mo tlase ga taolo ya motho; (v) kopa motho yo o mo lefelong go dirisa khomputara nngwe le nngwe kgotsa thulaganyo e e tshwanang le leng teng mo lefelong go— (aa) batla tshedimosetso nngwe le nngwe e eleng teng ka tiriso ya thulaganyo eo; le (bb) tlhagisa rekoto ya tshedimosetso eo mo tlhaeletsanong e e tlhokwang ke mmatlisisi; (vi) fa go sa kgonege kgotsa go le matshwanedi go dira tlhokego go ya ka temanatlaleletso (v), dirisa khomputara nngwe le nngwe kgotsa thulaganyo e e tshwanang e e ka ga kgotsa e e leng teng mo lefelong ka maitlhomo a a kailweng mo temanatlaleletsong eo; le (vii) itseela, le go go tsaya go tswa mo lefelong, lokwalo kgotsa sengwe seo se ka nnang bopaki jwa tlolo e e amegang kgotsa seo se ka nnang maleba mo kopong. (b) Mmatlisisi o tshwanetse go naya motho yo ka ponalo a rwalang maikarabelo a lefelo rasiti e e kwetsweng ya lokwalo lengwe le lengwe kgotsa sengwe se se tserweng ke mmatlisisi jaaka go kailwe mo temaneng (a)(vii). (c) Go latela temana (d), mmatlisisi o tshwanetse go netefatsa gore lokwalo lengwe le lengwe kgotsa sengwe se se tserweng ke mmatlisisi jaaka go kailwe mo temaneng (a)(vii) se busetswa kwa mothong fa— (i) go tsholwa ga lokwalo kgotsa sengwe go sa tlhole go tlhokega go fitlhelela maitlhomo a patlisiso; kgotsa (ii) ditsamaiso tsotlhe tse di tlhageletseng go tswa mo patlisisong di latlhilwe kwa bokhutlong. (d) Lokwalo kgotsa sengwe se tshwanetse go busetswa kwa mothong yo o se tlhagisitseng fa— (i) lokwalo kgotsa sengwe se sena go newa bothati jo bo tlhomilweng; kgotsa (ii) go se mo kgatlhegong ya setsˇhaba kgotsa leloko kgotsa maloko a setsˇhaba gore dikwalo kgotsa dinngwe di buswe. (e) Motho yo lokwalo kgotsa sengwe se tserweng kwa lefelong la gagwe jaaka go kailwe mo temaneng (a)(vii), kgotsa kemedi ya gagwe dumeletsweng, o ka, ka dinako tsa tiro tse di tlwaelegileng tsa tiro le ka fa tlase ga tlhokomelo ya molaodi wa lephata la ditsˇhelete, tlhatlhoba, gatisa le go dira ditswa go tswa mo lokwalong kgotsa sengweng. (7) Mmatlisisi, le motho mongwe le mongwe yo o thusang mmatlisisi jaaka go tlhalositswe mo karolotlaleletsong (5), o ka dirisa kgatelelo go diragatsa thata nngwe le nngwe go ya ka karolo eno. Dithebolelo
138. (1) (a) Moatlhodi kgotsa magiseterata yo o nang le taolo o ka rebola thebolo
mabapi le maitlhomo a Karolo eno mo kopong ya mmatlisisi.
(b) Moatlhodi kgotsa magiseterata o ka rebola thebolo go ya ka karolo eno— (i) ka kopo e e kwetsweng ke mmatlisisi e e tlhalosang ka fa tlase ga maikano kgotsa netefatso gore goreng go tlhokega go tsena le go batlisisa kwa mafelong; le (ii) fa go tswa mo tshedimosetsong e e ikanetsweng kgotsa netefaditsweng magiseterata kgotsa moatlhodi a lemoga gore— (aa) mo lebakeng la patlisiso e e ka fa tlase ga karolo 135(1)(a), go— (AA) na le mabaka utlwalang a go belaela gore molao wa lephata la ditsˇhelete o tlotswe, o ka tswa o tlolwa kgotsa o ka tlolwa; 145 5 10 15 20 25 30 35 40 45 50 55 60

This gazette is also available free online at www.gpwonline.co.za 148 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (BB) entry and investigation of the premises are likely to yield information pertaining to the contravention; and (CC) entry and investigation of those premises is reasonably necessary for the purposes of the investigation; (bb) in the case of an investigation under section 135(1)(b), that there are reasonable grounds to believe that the investigation is necessary to comply with a request referred to in that section. (2) A warrant issued in terms of this section must be signed by the judge or magistrate issuing it. (3) An investigator who enters premises under the authority of a warrant must— (a) if there is apparently no one in charge of the premises when the warrant is executed, fix a copy of the warrant on a prominent and accessible place on the premises; and (b) on reasonable demand by any person on the premises, produce the warrant or a copy of the warrant. Interference with investigations
139. (1) A person may not intentionally or negligently interfere with or hinder the
conduct of an investigation.
(2) Subject to section 140, a person who is given a notice or directive in terms of this
Part must comply with the requirements in the notice or directive, as the case may be.
(3) Subject to section 140, a person who is asked a question in terms of this Part must answer the question fully and truthfully, to the best of the person’s knowledge. (4) A person may not, except with a lawful excuse, refuse or fail to comply with any reasonable request by an investigator in connection with the conduct of an investigation. (5) A person may not give an investigator any information that is false or misleading, including by omission, and is relevant to an investigation, if the person knew that the information was false or misleading, including by omission.
Part 5
Protections
Protections
140. (1) (a) A person who is questioned, or required to produce a document or
information, during a supervisory on-site inspection contemplated in section 132, or by an investigator in terms of Part 4 of this Chapter, whether in response to a notice contemplated in section 136, or when an investigator is exercising the powers contemplated in section 137(6)(a)(iii) to (v), may object to answering the question or to producing the document or the information on the grounds that the answer, the contents of the document or the information may tend to incriminate the person. (b) On such an objection, the official of the financial sector regulator conducting the supervisory on-site inspection or the investigator may require the question to be answered or the document or information to be produced, in which case the person must answer the question or produce the document. (c) An incriminating answer given, and an incriminating document or information produced, as required in terms of paragraph (b), is not admissible in evidence against the person in any criminal proceedings, except in criminal proceedings for perjury or in which that person is tried for a contravention of section 273 based on the false or misleading nature of the answer. (2) An official of the financial sector regulator conducting a supervisory on-site inspection or an investigator must inform the person of the right to object in terms of this
section at the commencement of the supervisory on-site inspection or the investigation.
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This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 149 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (BB) tseno le patlisiso mo mafelong e ka tlisa tshedimosetso e e mabapi le tlolo; le (CC) tseno le patlisiso mo mafelong ao e tlhokega ka mabaka mabapi le maitlhomo a patlisiso; (bb) mo lebakeng la patlisiso e e ka fa tlase ga karolo 135(1)(b), go na le mabaka utlwalang go dumela gore patlisiso e a tlhoka go ikamanya le kopo e e kailweng mo karolong eo. (2) Thebolo e e rebotsweng go ya ka karolo eno e tshwanetse go saenwa ke moatlhodi kgotsa magiseterata yo o e rebolang. (3) Mmatlisisi yo o tsenang kwa lefelong ka fa tlase ga tumelelo ya thebolo o tshwanetse— (a) fa ka ponalo go se ope yo o rwalang maikarabelo a lefelo fa thebolo e diragatswa, go baya kgatiso ya thebolo mo lefelong le le bonalang e bile le fitlhelega; le (b) ka topo e e utlwalang ya motho mongwe le mongwe mo lefelong, go tlhagisa thebolo kgotsa kgatiso ya thebolo. Go itshunyatshunya mo dipatlisisong
139. (1) Motho o ka se itshunye ka maikaelelo kgotsa boatla mo kgotsa o ka se thibele
go dirwa ga patlisiso.
(2) Go ya ka karolo 140, motho yo o neetsweng kitsiso kgotsa taelo go ya ka Karolo eno o tshwanetse go ikamanya le ditlhokego tse di mo kitsisong kgotsa taelong, jaaka go le maleba. (3) Go ya ka karolo 140, motho yo o boditsweng potso go ya ka Karolo eno o tshwanetse go araba potso ka botlalo le ka bonnete, go ya ka kitso ya gagwe. (4) Motho o ka se, ntle le lebaka la semolao, gane kgotsa palelwe ke go ikamanya le kopo e e utlwalang ya mmatlisisi mabapi le go dirwa ga patlisiso. (5) Motho o ka se neye mmatlisisi tshedimosetso e e fosagetseng kgotsa e e timetsang, go akaretsa le ka tlogelo, e bile e le maleba mo patlisisong, fa motho a ne a itse gore tshedimosetso e fosagetse kgotsa e a timetsa, go akaretsa le ka tlogelo. Karolo 5 Ditshireletso Ditshireletso
140. (1) (a) Motho yo o botsolotswang kgotsa yo o tlhokegang go tlhagisa lokwalo
kgotsa tshedimosetso, ka nako ya tlhatlhobo ya botlhokomedi kwa tirong e e tlhalositsweng mo karolong 132, kgotsa ka mmatlisisigo ya ka Karolo 4 ya Kgaolo eno, e ka tswa e le ka tsibogelo ya kitsiso e e tlhalositsweng mo karolong 136, kgotsa fa mmatlisisi a diragatsa dithata tse di tlhalositsweng mo karolong 137(6)(a)(iii) go fitlha go (v), o ka ema kgatlhanong le go araba dipotso kgotsa go tlhagisa lokwalo kgotsa tshedimosetso ka mabaka a gore karabo, diteng tsa lokwalo kgotsa tshedimosetso e ka baya motho molato. (b) Mo kemokgatlhanong eo,motlhankedi wa bolaodi jwa lephata la ditsˇhelete yo o dirang tlhatlhobo ya botlhokomedi kwa lefelong kgotsa mmatlisisi o ka kopa gore potso e arabiwe kgotsa lokwalo kgotsa tshedimosetso e tlhagisiwe, e mo lebakeng le motho a tshwanetseng go araba potso kgotsa go tlhagisa lokwalo. (c) Karabo e e bofelelang e e neilweng, le lokwalo le le bofelelang kgotsa tshedimosetso e e tlhagisitsweng, jaaka go tlhokega go ya ka temana (b), ga e amogelesege mo bopaking kgatlhanong le motho mo tsamaisong nngwe le nngwe ya bosenyi, ntle le fa mo tsamaisong ya bosenyi mabapi le maikano a maaka kgotsa e mo go yona motho a sekisetswang go tlola karolo 273 go ikaegilwe mo mofuteng wa karabo e e fosagetseng kgotsa e e timetsang. (2) Motlhankedi wa bolaodi jwa lephata la ditsˇhelete yo o dirang tlhatlhobo ya botlhokomedi kwa tirong kgotsa mmatlisisi o tshwanetse go itsise motho ka tshwanelo ya go ema kgatlhanong go ya ka karolo eno kwa tshimologong ya tlhatlhobo ya botlhokomedi kwa lefelong kgotsa patlisiso. 147 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za 150 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017
CHAPTER 10
ENFORCEMENT
Part 1
Guidance notices and interpretation rulings Guidance notices
141. (1) The responsible authority for a financial sector law may publish guidance
notices on the application of the financial sector law.
(2) Guidance notices are for information, and are not binding. Interpretation rulings
142. (1) The responsible authority for a financial sector law may publish a statement
(an ‘‘interpretation ruling’’) regarding the interpretation or application of a specified provision of that law, in circumstances specified in the statement. (2) The purpose of an interpretation ruling is to promote clarity, consistency and certainty in the interpretation and application of financial sector laws. (3) The responsible authority must interpret and apply the provision of the financial sector law to which the interpretation ruling relates in accordance with the interpretation ruling. (4) An interpretation ruling ceases to be effective if— (a) a provision of the financial sector law that was the subject of the interpretation ruling is repealed or amended in a manner that materially affects the interpretation ruling, in which case the interpretation ruling will cease to be effective from the date that the repeal or amendment is effective; or (b) a court overturns or modifies an interpretation of the financial sector law on which the interpretation ruling is based, in which case the interpretation ruling will cease to be effective from the date of judgment unless— (i) the decision is under appeal; (ii) the decision is fact-specific and the general interpretation upon which the interpretation ruling was based is unaffected; or (iii) the reference to the interpretation upon which the interpretation ruling was based did not form a part of the reasoning on which the judgment of the court was based. (5) The responsible authority that issues an interpretation ruling may amend or revoke the interpretation ruling if it is necessary to do so because of a judicial decision or a change in the law. (6) An interpretation ruling ceases to be effective upon the occurrence of any of the circumstances described in subsection (4), whether or not the responsible authority publishes a notice of withdrawal or modification of the interpretation ruling. (7) Before the responsible authority issues an interpretation ruling, it must publish— (a) a draft of the proposed interpretation ruling; and (b) a notice calling for written public comments within a period specified in the notice, which period must be at least one month from the date of publication of the notice. (8) The responsible authority is not obliged to comply with subsection (7) in relation to an amendment to, or a revocation of, an interpretation ruling. (9) The responsible authority that issues an interpretation ruling must publish it. 148 5 10 15 20 25 30 35 40 45

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 151 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 KGAOLO 10 KGATELELO Karolo 1 Dikitsiso tsa kaelo le ditshwetso tsa thaloso Dikitsiso tsa kaelo
141. (1) Bothati jo bo rwalang maikarabelo mo molaong wa lephata la ditsˇhelete bo
ka phasalatsa dikitsiso tsa kaelo mo tirisong ya molao wa lephata la ditsˇhelete. (2) Dikitsiso tsa kaelo ke tsa tshedimosetso, e bile ga di tlame. Ditshwetso tsa tlhaloso
142. (1) Bothati jo bo rwalang maikarabelo mo molaong wa lephata la ditsˇhelete bo
ka phasalatsa polelo (‘‘tshwetso ya tlhaloso’’) mabapi le tlhaloso kgotsa tiriso kabelo e e tsepamisitsweng ya molao oo, mo mabakeng a a tsepamisitsweng mo polelong. (2) Maitlhomo a tlhaloso ya tshwetso ya tlhaloso ke go ntshetsa pele tlhalosetso, tsepamo le tlhomamo mo go tlhaloseng le tirisong ya melao ya lephata la ditsˇhelete. (3) Bothati jo bo rwalang maikarabelo bo tshwanetse go tlhalosa le go dirisa kabelo ya molao wa lephata la ditsˇhelete amanang le tshwetso ya tlhaloso go tsamaelana le tshwetso ya tlhaloso. (4) Tlhaloso e e tlamang e khutla go diriswa fa— (a) kabelo ya molao wa lephata la ditsˇhelete eo e neng e le yona morero wa tshwetso ya tlhaloso e phimolwa kgotsa e tlhabololwa ka mokgwa o o amang segolo tshwetso ya tlhaloso, fa go le jalo tshwetso ya tlhaloso e tla khutlisa go dira go tloga ka letlha la go tsenngwa tirisong ga phimolo kgotsa tlhabololo; kgotsa (b) kgotlatshekelo e phimola kgotsa fetola tlhaloso ya molao wa lephata la ditsˇhelete o tshwetso ya tlhaloso e theilweng mo go ona, fa go le jalo tshwetso ya tlhaloso e tla khutla go dira go tloga ka letsatsi la katlholo ntle le fa— (i) tshwetso e le ka fa tlase ga boikuelo; (ii) tshwetso e tsepamisitswe mo ntlheng e bile tlhaloso ya kakaretso eo tshwetso ya tlhaloso e theilweng mo go yona ga e a amega; kgotsa (iii) tshupetso go tlhaloso eo tshwetso ya tlhaloso e neng e theilwe mo go yona e ne e se karolo ya neo ya mabaka eo katlholo ya kgotlatshekelo e neng e theilwe mo go yona. (5) Bothati jo bo rwalang maikarabelo jo bo rebolang tshwetso yatlhaloso bo ka tlhabolola kgotsa phimola tshwetso ya tlhaloso fa go tlhokega gore go dirwe jalo ka ntlha ya phetogo mo molaong kgotsa tshwetso ya boatlhodi. (6) Tlhaloso e e tlamang e khutla go diriswa fa go diragala nngwe ya mabaka tlhalositsweng mo karolotlaleletsong (4), fa bothati jo bo rwalang maikarabelo bo phasaladitse kgotsa bo sa phasalatsa kitsiso ya kgogelomorago kgotsa phetolo ya tlhaloso e e tlamang. (7) Pele bothati jo bo rwalang maikarabelo bo rebola tshwetso ya tlhaloso, bo tshwanetse go phasalatsa— (a) thalo ya tshwetso ya tlhaloso e e tshitsintsweng; le (b) kitsiso e e laletsang ditshwaelo tsa setsˇhaba tse di kwetseng mo pakeng e e tsepamisitsweng mo kitsisong, paka eo e tshwanetse go nna bonnye kgwedi e le esi go tloga ka letlha la phasalatso ya kitsiso. (8) Bothati jo bo rwalang maikarabelo ga bo patelesege go ikamanya le karolotlaleletso (7) mabapi le tlhabololo go, kgotsa phimolo ya, tshwetso ya tlhaloso. (9) Bothati jo bo rwalang maikarabelo jo bo rebolang tshwetso ya tlhaloso bo tshwanetse go e phasalatsa. 149 5 10 15 20 25 30 35 40 45

This gazette is also available free online at www.gpwonline.co.za 152 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017
Part 2
Directives by financial sector regulators Directives by Prudential Authority
143. (1) The Prudential Authority may issue to either of the following persons:
(a) A financial institution that provides a financial product or securities services, or that is a market infrastructure; and (b) a key person of a financial institution, a written directive requiring the person to take action specified in the directive if— (i) the financial institution is conducting its business in an improper or financially unsound way and, as a result, there is a risk that the financial institution may not be able to comply with its obligations; or (ii) the financial institution or key person of a financial institution— (aa) has contravened or is likely to contravene a financial sector law for which the Prudential Authority is the responsible authority; (bb) has not complied with an enforceable undertaking accepted by the Prudential Authority; (cc) is involved or is likely to be involved in financial crime; or (dd) is causing or contributing to instability in the financial system, or is likely to do so. (2) The Prudential Authority may issue to a holding company of a financial conglomerate a written directive requiring the holding company to take action specified in the directive, if the holding company or another company in the financial conglomerate concerned— (a) is conducting its business in an improper or financially unsound way and, as a result, there is a risk that an eligible financial institution in the conglomerate will not be able to comply with its obligations under a financial sector law or in relation to a financial product or financial service that it provides or offers to provide; (b) has not complied with an enforceable undertaking accepted by the Prudential Authority; (c) has contravened or is likely to contravene a financial sector law; (d) is involved or is likely to be involved in financial crime; or (e) is causing or contributing to instability in the financial system, or is likely to do so. (3) A directive in terms of subsection (1) or (2) must be aimed at achieving the objective of the Prudential Authority set out in section 33 and— (a) reducing any risks referred to in subsection (1)(b)(i) or (2)(a); (b) ensuring that the financial institution or the directed person complies with the enforceable undertaking that was accepted by the Prudential Authority; (c) stopping the financial institution or company from contravening applicable financial sector laws, or reducing the risk of such contraventions; (d) stopping the financial institution or company from being involved in financial crime, and reducing the risk that it may be so involved; (e) reducing the risk that a systemic event may occur; or (f) remedying the effects of a contravention of a financial sector law or the person’s involvement in financial crime. (4) The Prudential Authority may not issue a directive to a financial institution on the basis set out in subsection (1)(b)(ii)(dd) unless it has been directed in terms of section 18 to do so or with the concurrence of the Reserve Bank. (5) Action that may be specified in a directive in terms of
subsection (1) includes the following:
(a) The financial institution ceasing offering or providing a specific financial product; 150 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 153 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 Karolo 2 Ditaelo tsa balaodi ba lephata la ditsˇhelete Ditaelo ka Bothati jwa Tlhokomelo
143. (1) Bothati jwa Tlhokomelo bo ka rebola go mongwe wa batho ba ba latelang:
(a) Setheo sa ditsˇhelete se se tlamelang ka kuno ya ditsˇhelete kgotsa ditirelo tsa dithoto, kgotsa ba e leng thulaganyetso ya popegotheo; le (b) motho yo o botlhokwa wa setheo sa ditsˇhelete, taelo e e kwetsweng e e tlhokang motho go tsaya kgato e e tsepamisitsweng mo taelong fa— (i) setheo sa ditsˇhelete se dira tiro ya sona ka mokgwa o o sa siamang kgotsa wa tsamaiso ya ditsˇhelete sokameng le, ka ntlha ya seo, go na le kotsi ya gore setheo sa ditsˇhelete se ka se kgone go ikamanya le ditlamego tsa sona; kgotsa (ii) setheo sa ditsˇhelete kgotsa motho wa botlhokwa wa setheo sa ditsˇhelete— (aa) a tlotse kgotsa a ka tlola molao wa lephata la ditsˇhelete o Bothati jwa Tlhokomelo bo tsayang maikarabelo a ona; (bb) a sa ikamanyang le tumalano e e gatelelwang e e amogetsweng ke Bothati jwa Tlhokomelo; (cc) yo o amanang kgotsa o o ka amanang le bosenyi jwa ditsˇhelete; kgotsa (dd) o dira kgotsa o na le seabe mo go sa tsepamang ga thulaganyo ya ditsˇhelete, kgotsa o ka dira jalo. (2) Bothati jwa Tlhokomelo bo ka rebolela kgwebo e e okameng tse dingwe taelo e e kwetsweng e e lopang kgwebo e e okameng tse dingwe go tsaya kgato e e tsepamisitsweng mo taelong fa kgwebo e e okameng tse dingwe kgotsa setlamo se sengwe mo dikgwebong tsa ditsˇhelete tse di tlhakaneng— (a) se dira tiro ya sona ka mokgwa o o sa siamang kgotsa wa tsamaiso ya ditsˇhelete sokameng le, ka ntlha ya seo, go na le kotsi ya gore setheo sa ditsˇhelete se se mo ditheong tse di tlhakaneng se ka se kgone go ikamanya le ditlamego tsa jona; (b) se sa ikamanya le tumalano e e gatelelwang e e amogetsweng ke Bothati jwa Tlhokomelo; (c) se tlotse kgotsa se ka tlola molao wa lephata la ditsˇhelete; (d) se amega kgotsa se ka amega mo bosenying jwa ditsˇhelete; kgotsa (e) se tlisa kgotsa se na le seabe mo go sa tsepamang ga thulaganyo ya ditsˇhelete, kgotsa se ka dira jalo. (3) Taelo go ya ka karolotlaleletso (1) kgotsa (2) e tshwanetse go lebiswa mo go fitlheleleng maikaelelo a Bothati jwa Tlhokomelo a a tlhagisitsweng mo karolong 33 le— (a) go fokotsa dikotsi dingwe le dingwe tse di kailweng mo karolotlaleletsong (1)(b)(i) kgotsa (2)(a); (b) go netefatseng gore setheo sa ditsˇhelete kgotsa motho yo o laetsweng o ikamanya le tumalano e e gatelelwang e e amogetsweng ke Bothati jwa Tlhokomelo; (c) go thibela setheo tsa ditsˇhelete kgotsa setheo se se tlolang melao e e diriswang; ya lephata la ditsˇhelete, kgotsa go fokotsa kotsi ya ditlolo tseo; (d) go thibela setheo sa ditsˇhelete kgotsa setlamo mo go amegeng mo bosenying jwa ditsˇhelete, le go fokotsa kotsi ya gore se ka amega jalo; (e) go fokotsa kotsi ya gore tiragalo e e rulagantsweng e ka diragala; kgotsa (f) go namola ditlamorago tsa tlolo ya molao wa ditshelete kgotsa botsayakarolo jwa motho mo bosenying jwa ditsˇhelete. (4) Bothati jwa Tlhokomelo bo ka se rebole taelo go setheo sa ditsˇhelete go ya ka mabaka tlhalositsweng mo karolotlaleletsong (1)(b)(ii)(dd) ntle le fa bo laetswe jalo go ya ka karolo 18 kgotsa go ya ka tumalano ya Banka
ya Resefe. (5) Tiro e e ka tsepamiswang mo taelong go ya ka karolotlaleletso (1) e akaretsa tse di latelang:
(a) Setheo sa ditsˇhelete se se khutlisang go neelana kgotsa go tlamela ka kuno e e tsepameng ya ditsˇhelete; 151 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 154 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (b) the financial institution modifying a specific financial product or the terms on which it is provided; (c) removing a person from a specified position or function in or in relation to the financial institution; (d) the financial institution not paying a dividend or a specified bonus or performance payment; (e) the financial institution not entering into a specific transaction or undertaking a specific obligation, contingent or otherwise; (f) the financial institution remedying the effects of a contravention of a financial sector law. (6) In addition to its powers to issue regulator’s directives, if a person is engaging, or is proposing to engage, in conduct that contravenes a financial sector law for which the Prudential Authority is the responsible authority, the Prudential Authority may issue a written directive to the person requiring the person to cease engaging, or not to engage, in the conduct. Directives by Financial Sector Conduct Authority
144. (1) The Financial Sector Conduct Authority may issue to a financial institution a
written directive requiring the financial institution to take action specified in the directive if— (a) the financial institution is conducting its business in a way that poses a material risk to the efficiency and integrity of financial markets; (b) the financial institution’s treatment of its financial customers is such that the institution will not be able to comply with its obligations in relation to the fair treatment of financial customers; (c) the financial institution is providing financial education in a manner that is not in accordance with relevant conduct standards; (d) the financial institution or a key person, representative or contractor of the financial institution— (i) has contravened or is likely to contravene a financial sector law for which the Financial Sector Conduct Authority is the responsible authority; (ii) has not complied with an enforceable undertaking accepted by the Financial Sector Conduct Authority; (iii) is involved or is likely to be involved in financial crime; or (iv) is causing or contributing to instability in the financial system, or is likely to do so. (2) The Financial Sector Conduct Authority may issue to a key person, a representative or a contractor of a financial institution (in this section, a ‘‘directed person’’) a written directive requiring the directed person to take action specified in the directive if the financial institution or the directed person— (a) has contravened or is likely to contravene a financial sector law for which the Financial Sector Conduct Authority is the responsible authority; (b) has not complied with an enforceable undertaking accepted by the Financial Sector Conduct Authority; (c) is involved or is likely to be involved in financial crime; or (d) is causing or contributing to instability in the financial system, or is likely to do so. (3) A directive in terms of subsection (1) or (2) must be aimed at achieving the objective of the Financial Sector Conduct Authority set out in section 57 and— (a) stopping the financial institution or the directed person from contravening applicable financial sector laws, or reducing the risk of such contraventions; (b) ensuring that the financial institution or the directed person complies with the enforceable undertaking that was accepted by the Financial Sector Conduct Authority; (c) stopping the financial institution or the directed person from being involved in financial crime, and reducing the risk that it may be so involved; 152 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 155 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (b) setheo sa ditsˇhelete se se fetolang kuno e e tsepameng ya ditsˇhelete kgotsa dipeelo tseo e tlametsweng ka tsona; (c) go ntsha motho mo maemong a a tsepamisitsweng kgotsa tiro mo kgotsa mabapi le setheo sa ditsˇhelete; (d) setheo sa ditsˇhelete se se sa dueleng karolelo kgotsa bonase tsepamisitsweng kgotsa tuelo ya tiro; (e) setheo sa ditsˇhelete se se sa tseneng mo tirisanong e e tsepameng kgotsa se se sa direng tumalano ya tlamego e e tsepameng, ya tshoganyetso kgotsa ka mokgwa mongwe; (f) setheo sa ditsˇhelete se se namolang ditlamorago tsa tlolo ya molao wa lephata la ditsˇhelete. (6) Mo godimo ga dithata tsa jona tsa go rebola ditaelo tsa molaodi, fa motho a dira, kgotsa a tshitsinya go dira, tlolo ya maitsholo jwa molao wa lephata la ditsˇhelete o Bothati jwa Tlhokomelo e leng bothati jo bo rwalang maikarabelo a ona, Bothati ba Tlhokomelo bo ka rebolela motho taelo e e kwetsweng e e lopang motho go emisa go dira kgotsa go se direng, maitsholo ao. Ditaelo ka Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete
144. (1) Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete bo ka rebolela setheo sa
ditsˇhelete taelo e e kwetsweng e e lopang gore setheo sa ditsˇhelete se tseye kgato e e tsepamisitsweng mo taelong fa— (a) setheo sa ditsˇhelete se dira ditiro tsa sona ka mokgwa o o bayang bokgoni le tshiamo ya mebaraka ya ditsˇhelete mo kotsing; (b) tsholo ya setheo sa ditsˇhelete ya barekedi ba ditsˇhelete ba sona e ka mokgwa o e leng gore setheo se ka se kgone go ikamanya le ditlamego tsa sona mabapi le tsholo e e lolameng ya barekedi ba ditsˇhelete; (c) setheo sa ditsˇhelete se palelwa ke go tlamela ka mananeo a a maleba a thuto ya tsa ditsˇhelete le ditiro tse dingwe go tsweletsa kitso ya tsa ditsˇhelete; (d) setheo sa ditsˇhelete kgotsa motho yo o botlhokwa, kemedi kgotsa mokonteraka wa setheo sa ditsˇhelete— (i) se tlotse kgotsa se ka tlola molao wa lephata la ditsˇhelete o Bothati jwa Bitshwaro jwa Lephata la Ditsˇhelete e leng bothati jo bo rwalang maikarabelo a ona; (ii) se sa ikamanyang le tumalano e e gatelelwang e e amogetsweng ke Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete; (iii) se amegang kgotsa se ka amega mo bosenying jwa ditsˇhelete; kgotsa (iv) se tlisang kgotsa se nang le seabe mo go sa tsepamang ga thulaganyo ya ditsˇhelete, kgotsa se ka dira jalo. (2) Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete bo ka rebolela motho yo o botlhokwa, kemedi kgotsa mokonteraka wa setheo sa ditsˇhelete (mo karolong eno, ‘‘motho yo o laelwang’’) taelo e e kwetsweng e e lopang motho yo o laelwang go tsaya kgato e e tsepamisitsweng mo taelong fa setheo sa ditsˇhelete kgotsa motho yo o laelwang— (a) se tlotse kgotsa se ka tlola molao wa lephata la ditsˇhelete o Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete e leng jona bothati jo bo rwalang maikarabelo a ona; (b) ga se a ikamanya le tumalano e e gatelelwang e e amogetsweng ke Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete; (c) se amega kgotsa se ka amega mo bosenying jwa ditsˇhelete; kgotsa (d) se dira kgotsa se dira kgotsa se na le seabe mo go sa tlhomamang mo thulaganyong ya ditshelete, kgotsa se ka dira jalo. (3) Taelo go ya ka karolotlaleletso (1) kgotsa (2) e tshwanetse go lebiswa mo go fitlhelelng maitlhomo a Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete a a tlhagisitsweng mo karolong 57 le— (a) go thibela setheo sa ditshelete kgotsa motho yo o laelwang mo go tloleng melao e e diragatswang ya lephata la ditsˇhelete, kgotsa fo fokotsa kotsi ya ditlolo tseo; (b) go netefatsa gore setheo sa ditsˇhelete kgotsa motho yo o laelwang o ikamanya le tumalano e e gatelelwang e e amogetsweng ke Bothati jwaBoitshwaro jwa Ditsˇhelete; (c) go thibela setheo sa ditsˇhelete kgotsa motho yo o laolwang mo go amegeng mo bosenying jwa ditshelete, le go fokotsa kotsi ya go amega mo go jona; 153 5 10 15 20 25 30 35 40 45 50 55 60

This gazette is also available free online at www.gpwonline.co.za 156 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (d) reducing the risk that a systemic event may occur; or (e) remedying the effects of a contravention of a financial sector law or the person’s involvement in financial crime. (4) The Financial Sector Conduct Authority may not issue a directive on the basis set out in subsection (1)(d)(iv) unless it has been directed in terms of section 18 to do so or with the concurrence of the Reserve Bank. (5) Action that may be specified in a directive in terms of subsection (1) includes the following:
(a) The financial institution ceasing offering or providing a specific financial product or financial service; (b) the financial institution modifying a specific financial product or financial service or the terms on which it is provided; (c) removing a person from a specified position or function in or in relation to the financial institution; (d) the financial institution not paying a specified bonus or performance payment; and (e) the financial institution remedying the effects of a contravention of a financial sector law. (6) The Financial Sector Conduct Authority may not issue a directive in terms of subsection (5)(a) or (b) to a systemically important financial institution without the concurrence of the Prudential Authority. (7) Action that may be specified in a directive in terms of subsection (2) must be aimed at achieving the objective of the Financial Sector Conduct Authority and ensuring that the key person, representative or contractor performs its function in compliance with the applicable financial sector laws. (8) In addition to its powers to issue regulator’s directives, if a person is engaging, or is proposing to engage, in conduct that contravenes a financial sector law for which the Financial Sector Conduct Authority is the responsible authority, the Financial Sector Conduct Authority may issue a written directive to the person requiring the person to cease engaging, or not to engage, in the conduct. Removal of person from position
145. A financial sector regulator may not issue a directive in terms of this Part that
requires the removal of a person from a specified position or function in or in relation to the financial institution unless the person— (a) has contravened a financial sector law; (b) has been involved in financial crime; (c) is responsible for, or in any way participated in, or failed to take steps open to him or her aimed at preventing— (i) a contravention of a financial sector law by the financial institution; or (ii) the financial institution being involved in financial crime; or (d) no longer complies with applicable fit and proper person requirements. Consultation requirements
146. (1) Before issuing a regulator’s directive in terms of this Part, the financial sector
regulator must—
(a) give the financial institution or person to whom it is proposed to issue the directive a draft of the proposed directive and a statement of the reasons why it is proposed to issue it, including a statement of the relevant facts and circumstances; and (b) invite the financial institution or person to make submissions on the matter, and give it a specified period, which must be reasonable, to do so. (2) If the directive requires removing a person from a specified position or function in or in relation to the financial institution, the financial sector regulator must also— (a) give the person a draft of the proposed directive and a statement of the reasons why it is proposed to issue it, including a statement of the relevant facts and circumstances; and (b) invite the person to make submissions on the matter within the period specified in terms of subsection (1)(b). 154 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 157 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (d) go fokotsa kotsi ya go diragala ga tiragalo e e rulagantsweng; kgotsa (e) go namola ditlamorago tsa tlolo ya molao wa lephata la ditshelete kgotsa kamego ya motho mo bosenying jwa ditsˇhelete. (4) Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete bo ka se rebole taelo go ya ka mabaka tlhalositsweng mo karolotlaleletsong (1)(d)(iv) ntle le fa go laetswe gore go dirwe jalo go ya ka karolo 18 kgotsa ka tumalano ya Banka ya Resefe. (5) Tiro e e ka tsepamiswangmo taelong go ya ka karolotlaleletso (1) e akaretsa tse di latelang:
(a) Setheo sa ditsˇhelete se se khutlisang go neelana kgotsa go tlamela ka kuno e e tsepameng ya ditsˇhelete kgotsa tirelo ya ditsˇhelete; (b) setheo sa ditsˇhelete se se fetolang kuno e e tsepameng ya ditsˇhelete kgotsa tirelo ya ditsˇhelete kgotsa dipeelo tseo e tlametsweng ka tsona; (c) go ntsha motho mo maemong a a tsepameng kgotsa tirong mo kgotsa mabapi le setheo sa ditsˇhelete; (d) setheo sa ditsˇhelete se se sa dueleng bonase tsepamisitsweng kgotsa tuelo ya tiro; le (e) setlamo sa ditsˇhelete se se namolang ditlamorago tsa tlolo ya molao wa lephata la ditsˇhelete. (6) Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete bo ka se rebole taelo go ya ka karolotlaleletso (5)(a) kgotsa (b) go setheo sa thulaganyo ya botlhokwa ntle le tumalano ya Bothati Jwa Tlhokomeloto. (7) Tiro e e ka tsepamiswang mo taelong go ya ka karolotlaleletso (2) e tshwanetse go lebiswa mo go fitlheleleng maikaelelo a Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete le go netefatsa gore motho yo o botlhokwa, moemedi kgotsa mokonteraka o dira tiro ya gagwe go tsamaelana le melao e ediragatswang ya lephata la ditsˇhelete. (8) Mo go tlatseng dithata tsa jona tsa go rebola ditaelo tsa molaodi, fa motho a dira, kgotsa a tshtsinya go dira, boitshwaro jo bo tlolang molao wa lephata la ditsˇhelete jo Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete e leng bothati jo bo rwalang maikarabelo, Bothati jwa Boitshwaro jwa Ditsˇhelete bo ka rebolela motho taelo e e kwetsweng e e laelang motho go emisa go dira, kgotsa go se dire, boitshwaro. Go ntshiwa ga batho mo maemong
145. Bolaodi jwa lephata la ditsˇhelete bo ka se rebole taelo go ya ka Karolo eno e e
lopang go tloswa ga motho mo maemong a a tsepamisitsweng kgotsa tiro mo kgotsa mabapi le setheo sa ditsˇhelete ntle le fa motho— (a) a tlotse molao wa lephata la ditsˇhelete; (b) a amegile mo bosenying jwa ditsˇhelete; (c) a rwala maikarabelo a, kgotsa ka mokgwa mongwe a tsere karolo mo, kgotsa a paletswe ke, go tsaya dikgato tse di leng teng tse di ikaeletseng go thibela— (i) tlolo ya molao wa lephata la ditsˇhelete ka setheo sa ditsˇhelete; kgotsa (ii) setheo sa ditsˇhelete se amega mo bosenying jwa ditsˇhelete; kgotsa (d) a sa tlhole a ikamanya le ditlhokego tsa go itekanelela tiro le tshiamo. Ditlhokego tsa ditherisano
146. (1) Pele go rebolwa taelo ya bolaodi go ya ka Karolo eno, molaodi wa lephata la
ditsˇhelete o tshwanetse go—
(a) naya setheo sa ditsˇhelete kgotsa motho yo a tshitsinyang go mo naya taelo thalo ya taelo e e tshitsintsweng le polelo ya mabaka a gore goreng e le ntlha e e tshitsintsweng, go akaretsa le polelo ya dintlha tse di maleba le mabaka; le (b) laletsa setheo sa ditsˇhelete kgotsa motho go dira ditlhagiso ka ga morero, le go se naya nako e e tsepamisitsweng, e e amogelesegang, go dira jalo. (2) Fa taelo e laela gore motho a tloswe mo maemong a a tsepamisitsweng kgotsa mo tirong ya kgotsa e e mabapi le setheo sa ditsˇhelete, molaodi wa lephata la ditsˇhelete o tshwanetse gape go— (a) naya motho thalo ya taelo e e tshitsintsweng le polelo ya mabaka a gore goreng go tshitsintswe gore e rebolwe, le go akaretsa le polelo ya dintlha tse di maleba le mabaka; le (b) laletsa motho go dira ditlhagiso ka ga morero mo pakeng e e tsepamisitsweng go ya ka karolotlaleletso (1)(b). 155 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 158 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (3) In deciding whether to issue the directive, the financial sector regulator must take into account all submissions received by the end of the period referred to in subsection (1)(b) or (2)(b). (4) If the delay involved in complying, or complying fully, with subsections (1) and (2) in respect of a proposed directive is likely to lead to prejudice to financial customers, prejudicially affect financial stability or defeat the object of the directive, the financial sector regulator may issue the directive without having complied, or complied fully, with those subsections. (5) (a) If a financial sector regulator issues a directive without having complied, or complied fully, with subsections (1) and (2), the person to whom it was issued, and, where subsection (2) applies, the person referred to in that subsection must be given a written statement of the reasons why those subsections were not complied with. (b) A person to whom the statement was given may make submissions to the financial sector regulator within one month after being provided with the statement. (c) The financial sector regulator must consider the submissions, and notify the person, as soon as practicable, whether the financial sector regulator proposes to revoke the directive. Period for compliance
147. A regulator’s directive must specify a reasonable period for compliance, where
applicable.
Revoking directives
148. A financial sector regulator may at any time revoke a regulator’s directive it has
issued by written notice to the person to whom it was issued. Compliance with directives
149. (1) A financial institution, key person, representative or contractor to which a
regulator’s directive in terms of this Part has been issued must comply with the directive. (2) The High Court may, on application by a party to a contract with a financial institution, other than the financial institution, make an order relating to the effect of a directive in terms of this Part on the contract. (3) (a) Without limiting what the order may do, the order may require the financial institution to— (i) perform its obligations under the contract; or (ii) compensate the applicant, as specified in the order. (b) An order in terms of paragraph (a) may not require a person to take action that would contravene the directive of a financial sector regulator. Application and interpretation
150. This Part applies in addition to any power in a specific financial sector law that
relates to the issuing of directives by a financial sector regulator.
Part 3
Enforceable undertakings
Enforceable undertakings
151. (1) A person may give a written undertaking to the responsible authority
concerning that person’s future conduct in relation to a matter regulated by a financial sector law, and that undertaking, upon its acceptance by the responsible authority, becomes enforceable by the responsible authority as contemplated in this Act. (2) A written undertaking referred to in subsection (1) may include an undertaking to provide specified redress to financial customers. 156 5 10 15 20 25 30 35 40 45

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 159 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (3) Mo go swetseng ka ga go rebola kgotsa go se rebole taelo, molaodi wa lephata la ditsˇhelete o tshwanetse go tsaya tsia ditlhagiso tsotlhe tse di amogetsweng ka bokhutlo jwa paka e e kailweng mo karolotlaleletsong (1)(b) kgotsa (2)(b). (4) Fa tiego e e amanang le go ikamanya, kgotsa go ikamanya ka botlalo, le dikarolotlaleletso (1) le (2) mabapi le taelo e e tshitsintsweng e ka isa kwa kgobelelong ya barekedi ba ditsˇhelete, ya ama tlhomamo ya ditsˇhelete setlhogo kgotsa ya fenya maikaelelo a taelo, molaodi wa lephata la ditsˇhelete o ka rebola taelo ntle le go ikamanya, kgotsa go ikamanya ka botlalo, le dikarolotlaleletso tseo. (5) (a) Fa molaodi wa lephata la ditsˇhelete a rebola taelo ntle le go ikamanya, kgotsa go ikamanya ka botlalo, le dikarolotlaleletso (1) le (2), motho yo a e reboletsweng, le, mo karolotlaleletso (2) e dirisitsweng, motho yo o kailweng mo karolotlaleletsong eo o tshwanetse go newa polelo e e kwetsweng ya mabaka a gore goreng go sa ikamanngwa le dikarolotlaleletso tseo. (b) Motho yo o neilweng polelo o ka dira ditlhagiso go molaodi wa lephata la ditsˇhelete mo kgweding e le esi morago ga go tlamelwa ka polelo. (c) Molaodi wa lephata la ditsˇhelete o tshwanetse go sekaseka ditlhagiso, le go itsise motho, ka bonako jo bo kgonegang, fa e le gore molaodi wa lephata la ditsˇhelete o tshitsinya go goela morago taelo. Paka ya go ikamanya
147. Taelo ya molaodi e tshwanetse go tsepamisa paka e e amogelelsegang ya go
ikamanya, fa go kgonega.
Kgogelomorago ya ditaelo
148. Molaodi wa lephata la ditsˇhelete o ka, ka nako nngwe le nngwe, phimola taelo
e a e rebotseng ka kitsiso e e kwetsweng go motho yo o neng a e reboletswe. Boikomanyo le ditaelo
149. (1) Setheo sa ditsˇhelete, motho yo o botlhokwa, moemedi kgotsa mokonteraka
yo o reboletsweng taelo go ya ka Karolo eno o tshwanetse go ikamanya le taelo. (2) Kgotlatshekelokgolo e ka, ka kopo ya moamegi mo konterakenga le setheo sa ditsˇhelete, ntle le setheo sa ditsˇhelete, dira taelo e e amanang le ditlamorago tsa taelo go ya ka Karolo eno mo konterakeng. (3) (a) Go sa lekanyetswe se taelo e ka se dirang, taelo e ka lopa setheo sa ditsˇhelete go— (i) dira ditlamego tsa sona ka fa tlase ga konteraka; kgotsa (ii) duela modirakopo, jaaka go tsepamisitswe mo taelong. (b) Taelo go ya temana (a) e ka se lope motho go tsaya kgato e e tla tlolang taelo ya molaodi wa lephata la ditsˇhelete. Tiragatso le tlhaloso
150. Karolo eno e diriswa mo godimo ga thata nngwe le nngwe mo molaong o o
tsepameng wa lephata la ditsˇhelete o o amanang le thebolo ya ditaelo ka molaodi wa lephata la ditsˇhelete. Karolo 3 Ditumalano tse di gatelelwang Ditumalano tse di gatelelwang
151. (1) Motho o ka neelana ka tumalano e e kwetsweng go bothati jo bo rwalang
maikarabelo mabapi le boitshwaro jwa nako e e tlang jwa motho mabapi le ntlha e e laolwang ke molao wa lephata la ditsˇhelete, le tumalano eo, fa e amogelwa ke bothati jo bo maleba, e nna sediriso sa molao se se gatelelwang ke bothati jo bo rwalang maikarabelo jaaka go kailwe mo Molaong ono. (2) Tumalano e e kwetsweng e e kailweng mo karolotlaleletsong (1) e ka akaretsa tumalano go tlamela ka pusetso e e tsepamisitsweng ya maemo kwa tlwaelong go barekedi ba ditsˇhelete. 157 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za 160 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (3) The person who gave an enforceable undertaking may, with the consent of the responsible authority, vary or withdraw the undertaking at any time, except if the undertaking is already a subject of enforcement. (4) If a financial institution licensed under a specific financial sector law that gave an enforceable undertaking breaches a term of the undertaking, the responsible authority may suspend or withdraw the licence. (5) The responsible authority must publish each enforceable undertaking that it accepts, and each variation or withdrawal of an enforceable undertaking. (6) If the Tribunal is satisfied, on application by the responsible authority, that a person has contravened an enforceable undertaking, the Tribunal may make any one or more of the following orders:
(a) An order directing the person to comply with the undertaking; (b) if the undertaking relates to a past contravention of the financial sector law, an order directing the person to perform a specified act, or refrain from performing a specified act, for one or both of the following purposes:
(i) to remedy the effects of the contravention; (ii) to ensure that the person does not contravene the undertaking again; (c) any other incidental or relevant order. (7) The responsible authority may file with the registrar of a competent court a certified copy of an order in terms of subsection (6), if— (a) the order has not been complied with; and (b) either— (i) no proceedings in a court in relation to the making of the order have been commenced by the end of the period for lodging such appeals; or (ii) if such proceedings have been commenced, they have been finally disposed of. (8) The order, on being filed, has the effect of a civil judgment, and may be enforced as if lawfully given in that court.
Part 4
Court orders
Compliance with financial sector laws
152. (1) The responsible authority for a financial sector law may commence
proceedings against a person in the High Court for an order to ensure compliance with the financial sector law. (2) The High Court may make an order in terms of subsection (1)— (a) if it appears to the High Court that the person is engaging, or proposes to engage, in conduct contravening a financial sector law; (b) if the person has previously engaged in such conduct; (c) if there is a danger of substantial or irreparable damage, prejudice or harm if the person engages in conduct contravening a financial sector law; or (d) even if another remedy is available. (3) The High Court may not require the responsible authority to give any undertaking as to damages in connection with the application for an order in terms of this section. (4) The responsible authority must publish each court order, other than interlocutory orders, that it obtains in terms of this section.
Part 5
Debarment
Debarment
153. (1) The responsible authority for a financial sector law may make a debarment
order in respect of a natural person if the person has— (a) contravened a financial sector law in a material way; 158 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 161 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (3) Motho yo o neetseng tumalano e e gatelelwang o ka, ka tumelelo ya bothati jo bo rwalang maikarabelo, farologantsha kgotsa gogela morago tumalano ka nako nngwe le nngwe, ntle le fa tumalano e setse e le ntlha e e gatelelwang. (4) Fa setheo sa ditsˇhelete se abetswe laesense ka fa tlase ga molao tsepameng wa lephata la ditsˇhelete o o neetseng tumalano e e gatelelwang se tlola peelo ya tumalano, bothati jo bo rwalang maikarabelo bo ka emisa kgotsa gogela morago laesense. (5) Bothati jo bo rwalang maikarabelo bo tshwanetse go phasalatsa tumalano nngwe le nngwe gatelelwang eo bo e amogelang, le pharologantsho nngwe le nngwe kgotsa kgogelomorago ya tumalano e e gatelelwang. (6) Fa Lekgotla le kgotsofetse, mo tirisong ka bothati jo bo rwalang maikarabelo, gore motho o tlotse tumalano e e gatelelwang, Lekgotla le ka dira e le nngwe kgotsa go feta ya ditaelo tse di latelang:
(a) Taelo e e laelang motho go ikamanya le tumalano; (b) fa tumalano e amana le tlolo e e fetileng ya molao wa lephata la ditsˇhelete, taelo e e laelang motho go dira tiro e e tsepamisitsweng, ka e le nngwe ya kgotsa ka bobedi jwa maitlhomo a a latelang:
(i) go namola ditlamorago tsa tlolo;
(ii) go netefatsa gore motho ga a tlole tumalano gape; (c) taelo e nngwe welwang kgotsa e e maleba. (7) Bothati jo bo rwalang maikarabelo bo ka faela le mokwadisi wa kgotlatshekelo e e nang le bokgoni kgatiso e e kanetsweng ya taelo go ya ka karolotlaleletso (6), fa— (a) go sa ikamanngwa le taelo; le (b) ka gongwe— (i) go se ditsamaiso tse di dirilweng kwa kgotlatshekelong tsa boikuelo kgatlhanong le tiragatso ya taelo mo bokhutlong jwa paka e e neilweng mabapi le go dira boikuelo joo; kgotsa (ii) fa boikuelo joo bo setse bo dirilwe, kwa bokhutlong boikuelo bo diragaditswe. (8) Taelo, mo go faelweng, e na le poelo mo katlholong ya selegae, e bile e ka gatelelwa jaaka e kete e neilwe semolao kwa kgotlatshekelong eo. Karolo 4 Ditaelo tsa Kgotlatshekelo Go ikamanyo le melao ya lephata la ditsˇhelete
152. (1) Bothati jo bo rwalang maikarabelo a molao wa lephata la ditsˇhelete bo ka
simolola ditsamaiso kgatlhanong le motho kwa Kgotlatshekelokgolo mabapi le taelo ya go netefatsa ikamanyo le molao wa lephata la ditsˇhelete. (2) Kgotlatshekelokgolo e ka dira taelo go ya ka karolotlaleletso (1)— (a) fa Kgotlatshekelo e lemoga gore motho o dira, kgotsa o tshitsinya go dira, boitshwaro jo bo tlolang molao wa lephata la ditsˇhelete; (b) fa motho a kile a dira boitshwaro joo mo nakong e e fetileng; (c) fa go na le kotsi kgotsa tshenyego e kgolo kgotsa e e sa baakanyegeng, kgobelelo kgotsa e ka tlhola kotsi fa motho a dira boitshwaro jwa tlolo ya molao wa lephata la ditsˇhelete; kgotsa (d) le fa namolo e nngwe e le teng. (3) Kgotlatshekelokgolo e ka se tlhoke bothati jo bo rwalang maikarabelo go dira tumalano ka ga ditshenyegelo tse di mabapi le kopo ya taelo go ya ka karolo eno. (4) Bothati jo bo rwalang maikarabelo bo tshwanetse go phasalatsa taelo nngwe le nngwe ya kgotlatshekelo, ntle le ditaelo tsa puisano, tseo bo di fitlhelelang go ya ka karolo eno. Karolo 5 Kganelo Kganelo
153. (1) Bothati jo bo rwalang maikarabelo a molao wa lephata la ditsˇhelete bo ka dira
taelo ya kganelo mabapi le motho ka esi fa motho ka esi a— (a) tlotse molao wa lephata la ditsˇhelete ka tsenelelo e kgolo; 159 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 162 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (b) contravened in a material way an enforceable undertaking that was accepted by the responsible authority in terms of section 151(1); (c) attempted, or conspired with, aided, abetted, induced, incited or procured another person to contravene a financial sector law in a material way; or (d) contravened in a material way a law of a foreign country that corresponds to a financial sector law. (2) A debarment order prohibits the natural person, for the period specified in the debarment order, from— (a) providing, or being involved in the provision of, specified financial products or financial services, generally or in circumstances specified in the order; (b) acting as a key person of a financial institution; or (c) providing specified services to a financial institution, whether under outsourcing arrangements or otherwise. (3) A debarment order in respect of a natural person takes effect from— (a) the date on which it is served on the person; or (b) if the order specifies a later date, the later date. (4) (a) A natural person who is subject to a debarment order may not engage in conduct that, directly or indirectly, contravenes the debarment order. (b) Without limiting paragraph (a), a natural person who is subject to a debarment order contravenes that paragraph if the natural person enters into an arrangement with another person to engage in the conduct that directly or indirectly contravenes a debarment order on behalf of, or in accordance with the directions, instructions or wishes of, the natural person who is subject to the debarment order. (5) A licensed financial institution that becomes aware that a debarment order has been made in respect of a natural person employed or engaged by the financial institution must take all reasonable steps to ensure that the debarment order is given effect to. (6) The responsible authority that made a debarment order may, by order and on application by the debarred natural person— (a) reduce the period of the debarment order; or (b) revoke the debarment order. (7) The responsible authority must publish each debarment order, and each order under subsection (6), that it makes. Consultation requirements
154. (1) Before making a debarment order in respect of a natural person, the
responsible authority must—
(a) give a draft of the debarment order to the person and to the other financial sector regulator, along with reasons for and other relevant information about the proposed debarment; and (b) invite the person to make submissions on the matter, and give the person a reasonable period to do so. (2) The period contemplated in terms of subsection (1)(b) must be at least one month. (3) In deciding whether or not to make a debarment order in respect of a natural person, the responsible authority must take into account at least— (a) any submission made by, or on behalf of, the person; and (b) any advice from the other financial sector regulator. Where person cannot be located
155. If a responsible authority after taking all reasonable steps, including through
electronic means, cannot locate a person to be given a document or information under
section 154 or a debarment order, delivering the document or information to the person’s
last known e-mail or physical business or residential address will be sufficient. 160 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 163 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (b) tlotse ka tsenelelo e kgolo tumalano e e gatelelwang e e neng e amogetswe ke bothati jo bo rwalang maikarabelo go ya ka karolo 151(1); (c) lekile, logile maano a bosenyi le, thusitse, rotloeditse, potlakisitse, tlhotlheleditse kgotsa fitlheletse motho yo mongwe go tlola molao wa lephata la ditsˇhelete ka tsenelelo e kgolo; kgotsa (d) tlotse ka tsenelelo e kgolo molao wa naga e sele o o tsamaelanang le molao wa lephata la ditsˇhelete. (2) Taelo ya kganelo e thibela motho ka esi, mo nakong e e tsepamisitsweng, jaaka go tsepamisitswe mo taelong ya kganelo, mo go— (a) tlameleng, kgotsa mo go tseyeng karolo mo kabelong ya, dikuno tse di tsepamisitsweng tsa ditsˇhelete kgotsa ditirelo tsa ditsˇhelete, ka kakaretso kgotsa mo mabakeng a a tsepamisitsweng mo taelong; (b) direng jaaka motho wa botlhokwa wa setheo sa ditsˇhelete; kgotsa (c) tlameleng ditirelo tse di tsepamisitsweng go setheo sa ditsˇhelete, ka gongwe ka fa tlase ga dithulaganyo tsa go bona tirelo go tswa kwa ntle kgotsa ka mokgwa mongwe. (3) Taelo ya kganelo mabapi le motho ka esi e simolola go dira— (a) ka letlha leo e neetsweng motho ka esi; kgotsa (b) fa taelo e tsepamisa letlha la morago, letlha la morago. (4) (a) Motho ka esi yo o neetsweng taelo ya kganelo o ka se amege mo boitshwarong jo bo, ka tlhamalalo kgotsa e seng ka tlhamalalo, tlolang taelo ya kganelo. (b) Go sa lekanyetswe temana (a), motho ka esi o tlola temana eo fa motho ka esi a dira tumalano le motho yo mongwe ya go amega mo boitshwarong jo ka tlhamalalo kgotsa e seng ka tlhamalalo bo tlolang taelo ya kganelo, mo boemong jwa, kgotsa go tsamaelana le dintlha, ditaelo kgotsa dikeletso tsa, motho ka esi. (5) Setheo sa ditsˇhelete se se abetsweng laesense lemogang gore taelo ya kganelo e dirilwe mabapi le motho ka esi yo o thapilweng kgotsa yo o diriswang ke setheo sa ditsˇhelete se tshwanetse go tsaya dikgato tse di maleba go netefatsa gore taelo ya kganelo e a diragatswa. (6) Bothati jo bo rwalang maikarabelo jo bo dirileng taelo ya kganelo bo ka, ka taelo le ka tiriso ka motho ka esi— (a) fokotsa paka ya taelo ya kganelo; kgotsa (b) gogela morago taelo ya kganelo. (7) Bothati jo bo rwalang maikarabelo bo tshwanetse go phasalatsa taelo nngwe le nngwe ya kganelo, le taelo nngwe le nngwe ka fa tlase ga karolo (6), e bo e dirang. Ditlhokego tsa therisano
154. (1) Pele go dirwa taelo ya kganelo mabapi le motho ka esi, bothati jo bo rwalang
maikarabelo bo tshwanetse go—
(a) naya motho ka esi thalo ya taelo ya kganelo le go molaodi yo mongwe wa lephata la ditsˇhelete, mmogo le mabaka a le tshedimosetso e nngwe maleba ka ga, kganelo e e tshitsintsweng; le (b) laletsa motho ka esi go dira ditlhagiso ka ga ntlha eo, le go mo naya nako e e lekaneng go dira jalo. (2) Nako e e kailweng go ya ka karolotlaleletso (1)(b) e tshwanetse go nna bonnye kgwedi e le esi. (3) Mo go swetseng ka ga go dira kgotsa go se dire taelo ya kganelo mabapi le motho ka esi, bothati jo bo rwalang maikarabelo bo tshwanetse go tsaya tsia bonnye— (a) tlhagiso nngwe le nngwe dirilweng ke, kgotsa mo boemong jwa, motho ka esi; le (b) kgakololo nngwe le nngwe go tswa kwa molaoding yo mongwe wa lephata la ditsˇhelete. Fa motho a sa kgone go fitlhelelwa
155. Fa bothati jo bo rwalang maikarabelo morago ga go tsaya dikgato tse di maleba,
go akaretsa le ka mokgwa wa seeleketeroniki, bo sa kgone go fitlhelela motho gore a newe lokwalo kgotsa tshedimosetso ka fa tlase ga karolo 154 kgotsa taelo ya kganelo, thomelo ya lokwalo kgotsa tshedimosetso kwa atereseng ya motho e e itsegeng ya bofelo ya imeile kgotsa ya kgwebo kgotsa ya bodulo e tla lekana. 161 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 164 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017
Part 6
Leniency agreements
Leniency agreements
156. (1) The responsible authority for a financial sector law may, in exchange for a
person’s co-operation in an investigation or in proceedings in relation to conduct that contravenes or may contravene that law, enter into a leniency agreement with the person, which may provide that the responsible authority undertakes not to impose an administrative penalty on the person in respect of the conduct. (2) A leniency agreement with a person may provide that the agreement also applies to— (a) specified persons in the service of, or acting on behalf of, the person; or (b) specified partners and associates of the person. (3) The responsible authority may not enter into a leniency agreement with a person unless it is satisfied that it is appropriate to do so, having regard, among other matters, to— (a) the nature and effect of the contravention concerned; (b) the nature and extent of the person’s involvement in the contravention; and (c) the extent of the person’s co-operation. (4) The responsible authority that enters into a leniency agreement must publish it, unless the responsible authority determines that the publication may— (a) create an unjustifiable risk to the safety of a person; or (b) prejudice an investigation into a contravention of a law. (5) The responsible authority that enters into a leniency agreement may, by notice to the person with whom it entered into the agreement, terminate the agreement— (a) if the person agrees; (b) if the person gave the responsible authority false or misleading information in relation to entering into the agreement; (c) if the person has failed to comply with the agreement; or (d) in circumstances specified in the agreement.
CHAPTER 11
SIGNIFICANT OWNERS
Part 1
Significant owners
Significant owners
157. (1) Subject to subsections (3) and (4), a person is a significant owner of a
financial institution if the person, directly or indirectly, alone or together with a related or inter-related person, has the ability to control or influence materially the business or strategy of the financial institution. (2) Without limiting subsection (1), a person has the ability referred to in that subsection if— (a) the person, directly or indirectly, alone or together with a related or inter-related person, has the power to appoint 15% of the members of the governing body of the financial institution; (b) the consent of the person, alone or together with a related or inter-related person, is required for the appointment of 15% of the members of a governing body of the financial institution; or (c) the person, directly or indirectly, alone or together with a related or inter-related person, holds a qualifying stake in the financial institution. 162 5 10 15 20 25 30 35 40 45

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 165 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 Karolo 6 Ditumalano tsa kutlwelobotlhoko Ditumalano tsa kutlwelobotlhoko
156. (1) Bothati jo bo rwalang maikarabelo a molao wa lephata la ditsˇhelete bo ka, mo
kananyong ya tirisanommogo ya motho mo patlisisong kgotsa mo ditsamaisong tse di amanang le boitshwaro jo bo tlolang kgotsa jo bo ka tlolang molao oo, bo tsena mo tumalanong ya kutlwelobotlhoko le motho, e e ka tlamelang ka gore bothati jo bo rwalang maikarabelo bo ikana go se pateletse kotlhao ya tsamaiso mo mothong mabapi le boitshwaro. (2) Tumalano ya kutlwelobotlhoko le motho e ka tlamela ka gore tumalano e diragatswa gape go— (a) batho ba ba tsepamisitsweng mo tirelong ya, kgotsa go direng mo boemong jwa, motho; kgotsa (b) badirisani ba ba tsepamisitsweng le batsalani ba motho. (3) Bothati jo bo rwalang maikarabelo bo ka se tsene mo tumalanong ya kutlwelobotlhoko le motho ntle le fa bo kgotsofetse gore go matshwanedi go dira jalo, ka go ela tlhoko, magareng ga merero e mengwe— (a) tlholego le ditlamorago tsa tlolo e e kaiwang; (b) tlholego le bogolo jwa botsayakarolo jwa motho mo tlolong; le (c) bogolo jwa tirisanommogo ya motho. (4) Bothati jo bo rwalang maikarabelo jo bo tsenang mo tumalanong bo tshwanetse go e phasalatsa ntle le fa bothati jo bo rwalang maikarabelo bo tlhomamisa gore phasalatso e ka— (a) tlhola kotsi e e sa siamang mo tshireletsegong ya motho; kgotsa (b) gobelela patlisiso go tlolo ya molao. (5) Bothati jo bo rwalang maikarabelo jo bo tsenang mo tumalanong ya kutlwelobotlhoko bo ka, ka kitsiso go motho yo bo dirileng tumalano nae, khutlisa tumalano— (a) fa motho a dumela; (b) fa motho a neetse bothati jo bo rwalang maikarabelo tshedimosetso e e fosagetseng kgotsa e e timetsang mabapi le go tsena mo tumalanong; (c) fa motho a paletswe ke go ikamanya le tumalano; kgotsa (d) mo mabakeng a a tsepamisitsweng mo tumalanong. KGAOLO 11 BENG BA BA BOTLHOKWA Karolo 1 Beng ba ba botlhokwa Beng ba ba botlhokwa
157. (1) Go latela dikarolotlaleletso (3) le (4), motho ke mong yo o botlhokwa wa
setheosa ditsˇhelete 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 tlhotlheletsa segolo kgwebo kgotsa leano la setheo sa ditsˇhelete. (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 mokgatlho busang wa setheo sa ditsˇhelete; (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 mokgatlho busang wa setheo sa ditsˇhelete; 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 fitlhelela ditlhokego tsa go nna karolo ya setheo sa ditsˇhelete. 163 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za 166 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 (c) a financial institution prescribed in Regulations made for the purposes of this
section.
(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, 164 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 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 ditsˇhelete ga se, mo maemong ao, beng ba ba botlhokwa ba setheo sa ditsˇhelete. (4) (a) Molaodi wa lephata la ditsˇhelete o ka, ka tumalano le bolaodi jo bongwe jwa lephata la ditsˇhelete le ka kopo, swetsa gore motho ga se mong yo o botlhokwa wa— (i) setheo sa ditsˇhelete se se matshwanedi; (ii) molaodi sekema sa peeletsommogo; kgotsa (iii) setheo sa ditsˇhelete se se neetsweng go ya ka Melawana e e dirilweng mabapi le maitlhomo a temana eno. (b) Molaodi wa lephata la ditsˇhelete o ka se dire tlhomamiso kgotsa go se dumelele tlhomamiso go ya ka temana (a), ntle le fa molaodi wa lephata la ditsˇhelete a kgotsofetse gore— (i) tlhomamiso e ka se gobelele phitlhelelo ya maikaelelo a molaodi wa lephata la ditsˇhelete 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 ditsˇhelete o ka, ka tumalano le bolaodi jo bongwe jwa lephata la ditsˇhelete, gogela morago tlhomamisoeae dirileng go ya ka temana (a). (d) Pele ga molaodi wa lephata la ditsˇhelete a gogela morago tlhomamiso mabapi le motho e e dirilweng go ya ka temana (a), molaodi wa lephata la ditsˇhelete o tshwanetse go— (i) naya motho yo o tlhomamisitsweng go se nne mong yo o botlhokwa kitsiso ya kgato e 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 ditsˇhelete ba tshwanetse go tsaya tsia ditlhagiso tsotlhe tse di dirilweng mo pakeng e 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 e tshitsintsweng e lebega e kete e tla kgobelela barekedi ba ditsˇhelete, e tla amam ka kgobelelo tsepamo ya ditsˇhelete kgotsa ya fenya maikaelelo a kgogelomorago, balaodi ba lephata la ditsˇhelete b aka gogela morago tlhomamiso ntle le go ikamanya, kgotsa go ikamanya ka botlalo, le temana eo. (h) Fa balaodi ba lephata la ditsˇhelete 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 ikamanngwa le temana (d). (i) Motho o ka dira ditlhagiso kwa molaoding wa lephata la ditsˇhelete mo kgweding e le esi morago ga go newa polelo. (j) Balaodi ba lephata la ditsˇhelete 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 ditsˇhelete. (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
158. (1) Mabapi le maitlhomo a karolo eno, setheo sa ditsˇhelete se kaya fela—
(a) setheo sa ditsˇhelete se se matshwanedi; (b) molaodi wa sekema sa tsadisommogo; le (c) setheo sa ditsˇhelete se se neetsweng mo Melawaneng e e dirilweng mabapi le maitlhomo a karolo eno. (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 ditsˇhelete, ntle le thebelo e e kwetsweng ya pele ya bothati jo bo rwalang maikarabelo mabapi le molao wa lephata la ditsˇhelete o go ya ka ona setheo sa ditsˇhelete se tlhokegang go abelwa laesense. (3) Mong yo o botlhokwa wa setheo sa ditsˇhelete— (a) se se sa tlhongwang jaaka setheo sa thulaganyetso ya botlhokwa, se ka se, ntle le go fitlhelela thebolo e e kwetsweng ya pele ya bothati jo bo rwalang maikarabelo mabapi le molao wa lephata la ditsˇhelete o ka ona ditheo tsa ditsˇhelete di tshwanetseng go abelwa dilaesense, diragatse thulaganyo epe e ka nnang le ditlamorago tsa, motho, ka nosi kgotsa mmogo le motho yo o 165 5 10 15 20 25 30 35 40 45 50 55 60

This gazette is also available free online at www.gpwonline.co.za 168 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 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
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 166 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 169 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 amanang kgotsa motho wa kamano ya segareng, a emisang go nna mong yo o botlhokwa wa setheo sa ditsˇhelete; 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 ditsˇhelete o ka ona ditheo tsa ditsˇhelete 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 ditsˇhelete. (4) Motho o ka se diragatse thulaganyo epe 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 tlhotlheletsa ka maatla kgwebo kgotsa leano la setheo sa ditsˇhelete— (a) ntle le go fitlhelela thebolo e e kwetsweng ya pele ya bothati jo bo rwalang maikarabelo mabapi le molao wa lephata la ditsˇhelete o go ya ka ona setheo sa ditsˇhelete 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 ditsˇhelete o go ya ka ona setheo sa ditsˇhelete 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 disˇere 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 tlhotlheletsa kgwebo kgotsa leano la setheo sa ditsˇhelete o ka se ame ka kgobelelo kgotsa o ka ama taolo ya botlhokwa le tlhomamo ya ditsˇhelete ya setheo; le (b) motho o fitlhelela e bile o ka tswelela go fitlhelela ditlhokego tse di maleba tsa motho yo o itekanetseng ka nepagalo. (8) Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete bo ka se rebole go ya ka karolotlaleletso (2) kgotsa
(4) mabapi le setheo sa ditsˇhelete 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 ditsˇhelete ya go fitlhelela 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 ditsˇhelete o tshwanetse go dira maemo, ao beng ba ba botlhokwa ba ba ditheo tsa ditsˇhelete 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 ditsˇhelete; le (b) balaodi ba lephata la ditsˇhelete ba tshwanetse go dira maemo a 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 167 5 10 15 20 25 30 35 40 45 50 55 60

This gazette is also available free online at www.gpwonline.co.za 170 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 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. 168 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 171 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 kamano ya segareng, go laola kgotsa go tlhotlheletsa 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 ditsˇhelete o ka rebolela mong yo o botlhokwa wa setheo sa ditsˇhelete taelo e e kwetsweng e e laelang mong yo o botlhokwa go tsaya kgato e e tsepamisitsweng mo taelong fa setheo se tlotse kgotsa se ka tlola molao wa lephata la ditsˇhelete o molaodi wa lephata la ditsˇhelete e leng bothati jo bo rwalang maikarabelo. (b) Taelo go ya ka temana (a) e tshwanetse go lebiswa kwa go thibeleng setheo sa ditsˇhelete mo go tloleng molao wa lephata la ditsˇhelete, kgotsa go fokotsa kotsi ya tlolo eo. (3) Mo go tlatseng karolotlaleletso (2), molaodi wa lephata la ditsˇhelete o ka rebola taelo go mong yo o botlhokwa wa setheo sa ditsˇhelete, le kwa setheong sa ditsˇhelete, a kopa gore di— (a) baakanye le go romelela molaodi wa lephata la ditsˇhelete leano le le kgotsofatsang molaodi wa lephata la ditsˇhelete, leo ka fa tlase ga lona mong yo o botlhokwa a tla, mo nakong e e amogelesegang go ya ka molaodi wa lephata la ditsˇhelete, khutlisa go nna mong yo o botlhokwa wa setheo sa ditsˇhelete; le (b) ka thebolo ya molaodi ya leano, go tsenya leano mo tirisong. KGAOLO 12 DITHEO TSA DI KOPANTSWENG TSA DITSˇHELETE Go thapiwa ga ditheo tsa ditshelete tse di
160. (1) Bothati jwa Tlhokomelo bo ka supa maloko a setlhopha sa ditlamo jaaka
setheo se se kopantsweng sa ditsˇhelete.
(2) Setheo se se kopantsweng sa ditsˇhelete se se supilweng go ya ka karolotlaleletso (1) se tshwanetse go akaretsa ka bobedi setheo se se matshwanedi sa ditsˇhelete le setlamo se se laolang sa setheo se se matshwanedi sa ditsˇhelete, mme ga se tlhoke go akaretsa maloko otlhe a setlhopha sa ditlamo. (3) Ntle le go fapoga mo karolong 3(3) le (4) ya Molao wa Tsweletso ya Tshiamo ya Tsamaiso, le ntle le karolo 3(5) ya Molao, pele go supiwa maloko a setlhopha sa ditlamo jaaka setheo se se kopantsweng sa ditsˇhelete go ya karolotlaleletso (1), Bothati jwa Tlhokomelo bo tshwanetse go— (a) naya setlamo se se okameng tse dingwe sa setheo se se matshwanedi sa ditsˇhelete kitsiso ya tshupo e e tshitsintsweng le polelo ya maitlhomo a le mabaka a gore goreng tshupo e tshitsintswe; le (b) laletsa setlamo se se okameng tse dingwe go dira ditlhagiso ka ga morero, le go neelana ka nako e e lekaneng go dira jalo. (4) Bothati jwa Tlhokomelo bo tshwanetse go rerisana le Bolaodi jwa Boitshwaro jwa Lephata la Ditsˇhelete mabapi le tshupo nngwe le nngwe go ya ka karolotlaleletso (1). (5) Tshupo go ya ka karolotlaleletso (1) e tshwanetse go nna ya maitlhomo a go nolofatsa tlhokomelo e e manontlhotlho ya setheo se se matshwanedi sa ditsˇhelete. (6) Mo go swetseng ka ga go supa maloko a setlhopha sa ditlamo jaaka ditheo tse di kopantsweng tsa ditsˇhelete go ya ka karolotlaleletso (1), Bothati jwa Tlhokomelo bo tshwanetse go ela tlhoko ditshekatsheko tsotlhe, go akaretsa le bonnye tse di latelang:
(a) Kotsi ya tlhatlhobelo e e nonofileng ya setheo se se matshwanedi sa ditsˇhelete go tswa mo popegong ya setlhopha sa ditlamo; (b) ditlhagiso tse di dirilweng ke kgotsa mabapi le setlamo se se okameng tse dingwe; le (c) merero mengwe le mengwe ka neelwang ke Molawana. (7) Bothati jwa Tlhokomelo bo ka supa maloko a setlhopha sa ditlamo jaaka setheo se se kopantsweng sa ditsˇhelete go ya ka karolotlaleletso (1) ntle le go ikamanya, kgotsa go ikamanya ka botlalo, le karolotlaleletso (3) fa go utlwagala kgotsa ka mabaka mo maemong jaaka go tlhalositswe mo karolong 3(4)(a) le (b) ya Molao wa Tsweletso ya Tshiamo ya Tsamaiso le tiego e e nnileng teng mo go ikamanyeng, kgotsa mo go ikamanyeng ka botlalo, le karolotlaleletso eomabapi le kgato e e tshitsintsweng e ka lere kgobelelo e e tseneletseng mo barekeding ba ditsˇhelete, ya ama ka kgobelelo tsepamo ya ditsˇhelete kgotsa maitlhomo a tshupo. 169 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 172 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (8) (a) If the Prudential Authority designates members of a group of companies as a financial conglomerate in terms of subsection (1) without having complied, or complied fully, with subsection (3), the holding company of the designated financial conglomerate must be given a written statement of the reasons why that subsection was not complied with. (b) The holding company may make submissions to the Prudential Authority within one month after being provided with the statement. (c) The Prudential Authority must have regard to the submissions, and notify the holding company, as soon as practicable, whether the Prudential Authority proposes to amend or revoke the designation. (9) The Prudential Authority must continually reassess designations made, or any decision not to make a designation, in terms of subsection (1), and consider making a designation or reconsider the terms of any designation made if the Prudential Authority becomes aware of a change in the risk profile of the members of a group of companies or a designated financial conglomerate. (10) (a) Without detracting from section 3(3) and (4) of the Promotion of Administrative Justice Act, and despite section 3(5) of that Act, the Prudential Authority may amend or revoke a designation in terms of subsection (1) by notice to— (i) the holding company of a financial conglomerate; and (ii) any companies that are not currently designated as part of a financial conglomerate, but which it is proposed to include as part of a currently designated financial conglomerate. (b) A notice referred to in paragraph (a) must— (i) include a statement of the purpose of and the reasons why the amendment to or revocation of the designation is proposed; and (ii) invite the entities referred to in paragraph (a) to make submissions on the matter, and give a reasonable period to do so. (11) The Prudential Authority must publish each designation made in terms of this
section, and each amendment and revocation of a designation.
Notification by eligible financial institution
161. (1) An eligible financial institution must, within 30 days of becoming part of a
group of companies, notify the Prudential Authority of that event. (2) A notification in terms of subsection (1) must be in the form determined by the Prudential Authority, completed in accordance with the instructions on the form, and be accompanied by any information that the Prudential Authority may determine. (3) If an eligible financial institution contravenes subsection (1), the holding company of the financial institution commits the same contravention. Licensing requirements for holding companies of financial conglomerates
162. (1) (a) The Prudential Authority may, by notice to a holding company of a
financial conglomerate, require the holding company to be licensed in terms of this Act. (b) A notice referred to in paragraph (a) must— (i) include a statement of the purpose of and the reasons why the requirement for the holding company to be licensed is proposed; and (ii) invite the holding company to make submissions on the matter, and give a reasonable period to do so. (2) Subsection (1) does not apply to a holding company that is licensed in terms of a financial sector law. (3) A requirement in terms of subsection (1) must be for the purpose of enabling the Prudential Authority to exercise its powers with respect to the financial conglomerate, to enhance the safety and soundness of the eligible financial institution. (4) A holding company given a notice in terms of subsection (1) must comply with the requirements of the notice. 170 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 173 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (8) (a) Fa Bothati jwa Tlhokomelo bo supa maloko a setlhopha sa ditlamo jaaka setheo se se kopantsweng go ya ka karolotlaleletso (1) ntle le go ikamanya, kgotsa go ikamanya ka botlalo, le karolotlaleletso (3), setlamo se se okameng sa setheo se se kopantsweng sa ditsˇhelete se se supilweng se tshwanetse go abelwa polelo e e kwetsweng ya mabaka a gore goreng go sa ikamanngwa le karolotlaleletso eo. (b) Setlamo se se okameng tse dingwe se ka direla Bothati jwa Tlhokomelo ditlhagiso mo kgweding e le esi morago ga go abelwa polelo. (c) Bothati jwa Tlhokomelo bo tshwanetse gotsaya ditlhagiso tsia, le go itsise setlamo se se okameng tse dingwe, ka bonako jo bo kgonegang, gore a Bothati jwa Tlhokomelo bo tshitsinya go tlhabolola kgotsa go gogela morago tshupo. (9) Bothati jwa Tlhokomelo bo tshwanetse go sekasekagape nako le nako ditshupo tse di dirilweng, kgotsa tshwetso nngwe le nngwe ya go se dire tshupo, go ya ka karolotlaleletso (1), le go akanya ka go dira tshupo kgotsa go sekasekagape dipeelo tsa tshupo e e dirilweng fa Bothati jwa Tlhokomelo bo lemoga ka phetogo mo porofaeleng ya kotsi ya ditokololo tsa setlhopha sa ditlamo kgotsa ditheo tse di kopantsweng tsa ditsˇhelete tse di supilweng. (10) (a) Ntle le go fapoga mo karolong 3(3) le (4) ya Molao wa Tsweletso ya Tshiamo ya Tsamaiso, le ntle le karolo 3(5) ya Molao, Bothati jwa Tlhokomelo bo ka tlhabolola kgotsa gogela morago tshupo go ya ka karolotlaleletso (1) ka kitsiso go— (i) setlamo se se okameng sa setheo se se kopantsweng sa ditsˇhelete; le (ii) ditlamo dingwe le dingwe tse ga jaana di sa supiwang jaaka karolo ya setheo se se kopantsweng sa ditsˇhelete, mme tse go tshitsintsweng gore di ka akaretswa jaaka karolo ya setheo se se kopantsweng sa ditsˇhelete sa ga jaana. (b) Kitsiso e e kailweng mo temaneng (a) e tshwanetse go— (i) akaretsa polelo ya maitlhomo a mabaka a goreng tlhabololo kgotsa kgogelomorago e tshitsintswe; le (ii) laletsa ditheo tse di kailweng mo temaneng (a) go dira ditlhagiso ka ga morero, le go neelana ka nako e e lekaneng go dira jalo. (11) Bothati jwa Tlhokomelo bo tshwanetse go phasalatsa tshupo nngwe le nngwe dirilweng go ya ka karolo eno, le tlhabololo nngwe le nngwe le kgogelomorago ya tshupo. Kitsiso ka setheo sa ditsˇhelete se se matshwanedi
161. (1) Setheo se se matshwanedi sa ditsˇhelete se tshwanetse, mo matsatsing a le 30
a go nna karolo ya setlhopha sa ditlamo, go itsise Bothati jwa Tlhokomelo ka ga tiragalo eo. (2) Kitsiso go ya ka karolotlaleletso (1) e tshwanetse go nna mo foromong e e tlhomamisitsweng ke Bothati jwa Tlhokomelo, e tladitswe go tsamaelana le ditaelo tse di mo foromong, le go romelwa le tshedimosetso nngwe le nngwe ka tlhomamiswang ke Bothati jwa Tlhokomelo. (3) Fa setheo se se matshwanedi sa ditsˇhelete se tlola karolotlaleletso (1), setlamo se se okameng tse dingwe sa setheo sa ditsˇhelete se dira tlolo e e tshwanang le eo. Tlhokego ya kabo ya laesense go dikwebo tse di okameng tse dinge tsa ditheo tsa ditsˇhelete tse dikopaneng
162. (1) (a) Bothati jwa Tlhokomelo bo ka, ka kitsiso go setlamo se se laolang sa
setheo se se kopantsweng sa ditsˇhelete, lopa gore setlamo se se laolang se abelwe laesense go ya ka Molao ono. (b) Kitsiso e e kailweng mo temaneng (a) e tshwanetse go— (i) akaretsa polelo ya maitlhomo a le mabaka a gore goreng go tlhokega gore setlamo se se okameng se abelwe laesense a tshitsintswe; le (ii) laletsa setlamo se se okameng go dira ditlhagiso ka ga morero, le go neelana ka nako e e lekaneng go dira jalo. (2) Karolotlaleletso (1) ga e dirisiwe mo setlamong se se laolang se se abetsweng laesense go ya ka molao wa lephata la ditsˇhelete. (3) Tlhokego go ya ka karolotlaleletso (1) e tshwanetse go nna ya maitlhomo a go dira gore Bothati jwa Tlhokomelo bo diragatse dithata tsa jona mabapi le setheo se se kopantsweng sa ditsˇhelete, go oketsa polokego le itekanelo ya setheo se se matshwanedi sa ditsˇhelete. (4) Setlamo se se laolang se se neilweng kitsiso go ya ka karolotlaleletso (1) se tshwanetse go ikamanya le ditlhokego tsa kitsiso. 171 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 174 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (5) (a) If— (i) the Prudential Authority gives a holding company a notice in terms of subsection (1); or (ii) a holding company is licensed in terms of a financial sector law, each other member of the group of companies in the financial conglomerate, including the eligible financial institution, must, on demand by the holding company, provide any information to the holding company that is needed to enable the holding company to comply with its obligations in terms of this Act or a specific financial sector law. (b) To give effect to paragraph (a), a holding company of a financial conglomerate must impose binding corporate rules on, or enter into a binding agreement with, members of the conglomerate, that includes terms regarding the processing of information, including personal information, within the financial conglomerate. Non-operating holding companies of financial conglomerates
163. (1) (a) The Prudential Authority may, by notice to a holding company of a
financial conglomerate, require that the holding company be a non-operating company. (b) A notice referred to in paragraph (a) must— (i) include a statement of the purpose of and the reasons why the requirement for the holding company to be a non-operating company is proposed; and (ii) invite the holding company to make submissions on the matter, and give a reasonable period to do so. (2) A requirement in terms of subsection (1) must be for the purpose of managing more effectively risks to the safety and soundness of the eligible financial institution arising from the other members of the financial conglomerate. (3) In deciding whether to impose a requirement that a holding company be a non-operating company in terms of subsection (1), the Prudential Authority must take into account all relevant considerations, including at least the following:
(a) The risks to the safety and soundness of the eligible financial institution arising from the other members of the financial conglomerate; (b) submissions made by or for the holding company; and (c) any other matters that may be prescribed by Regulation. (4) A holding company that is given a notice in terms of subsection (1) must comply with the requirements of the notice. Standards for financial conglomerates
164. (1) The power of the Prudential Authority to make prudential standards extends
to making prudential standards that must be complied with by holding companies of financial conglomerates. (2) In addition to the matters referred to in sections 105 and 108, a prudential standard contemplated in subsection (1) may include requirements with respect to— (a) financial or other exposures of companies within financial conglomerates; (b) the governance and management arrangements for holding companies of financial conglomerates; (c) reporting of information about companies within financial conglomerates that are not financial institutions; and (d) reducing or managing risks to the safety and soundness of an eligible financial institution arising from the other members of the financial conglomerate. (3) The power of the Financial Sector Conduct Authority to make conduct standards extends to making such standards to be complied with by holding companies of financial conglomerates. 172 5 10 15 20 25 30 35 40 45

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 175 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (5) (a) Fa— (i) Bothati jwa Tlhokomelo bo ka naya setlamo se se laolang kitsiso go ya ka karolotlaleletso (1); kgotsa (ii) setlamo se se laolang se abetswe laesense go ya ka molao wa lephata la ditsˇhelete, leloko lengwe le lengwe la setlhopha sa ditlamo mo setheong se se kopantsweng sa ditsˇhelete, (go akaretsa le setheo sa ditsˇhelete se se matshwanedi) le tshwanetse, ka pateletso ka setlamo se se laolang, go tlamela setlamo se se laolang ka tshedimosetso nngwe le nngwe tlhokegang go kgontsha setlamo se se laolang go ikamanya le le ditlamego tsa sona go ya ka Molao ono kgotsa molao tsepameng wa lephata la ditsˇhelete. (b) Go tsenya mo tirisong temana (a), setlamo se se laolang sa setheo se se kopantsweng sa ditsˇhelete se tshwanetse go pateletsa melawana e e tlamang ya ditlamo ka ga, kgotsa go dira tumalano e e tlamang le, maloko a setheo se se kopantsweng sa ditsˇhelete, e e akaretsang dipeelo mabapi le tiragatso ya tshedimosetso, go akaretsa tshedimosetso ya bowena, mo setheong sa ditsˇhelete se se kopantsweng. Dikgwebo tse di okameng tse dingwe tse di sa direng tsa ditheo tsa ditsˇhelete tse di kopaneng
163. (1) (a) Bothati jwa Tlhokomelo bo ka, ka kitsiso go setlamo se se laolang sa
setheo se se kopantsweng sa ditsˇhelete, lopa setheo se se laolang go nna setheo se se sa direng. (b) Kitsiso e e kailweng mo temaneng (a) e tshwanetse go— (i) akaretsa polelo ya maitlhomo a le mabaka a goreng go dirilwe tshitsinyo ya gore setlamo se se laolang se nne setheo se se sa direng; le (ii) laletsa setlamo se se laolang gore se dire ditlhagiso ka ga morero oo, le go tlamela ka nako e e lekaneng go dira jalo. (2) Tlhokego go ya ka karolotlaleletso (1) e tshwanetse go nna ya maitlhomo a go laola dikotsi go polokego le itekanelo ya setheo se se matshwanedi sa ditsˇhelete go tswa go maloko a mangwe a setheo se se kopantsweng sa ditsˇhelete, ka nonofo. (3) Mo go swetseng ka go pateletsa kgotsa go se pateletse tlhokego ya gore setheo se se okameng se nne setheo se se sa direng go ya ka karolotlaleletso (1), Bothati jwa Tlhokomelo bo tshwanetse go ela tlhoko ditshekatsheko tsotlhe tse di maleba, go akaretsa le bonnye tse di latelang:
(a) Dikotsi go pabalesego le tshiamo ya ditheo tsa ditsˇhelete tse di matshwanedi tse di tswang mo ditokololong tse dingwe tsa ditheo tse di kopantsweng tsa ditsˇhelete; (b) ditlhagiso tse di dirilweng ke kgotsa tse di diretsweng setheo se se okameng; le (c) merero mengwe le mengwe ka neelwang ka Molawana. (4) Setheo se se laolang sa ditsˇhelete se se neilweng kitsiso go ya ka karolotlaleletso (1) se tshwanetse go ikamanya le ditlhokego tsa kitsiso. Maemo a ditheo tse di kopaneng tsa ditsˇhelete
164. (1) Thata ya Bothati jwa Tlhokomelo ya go dira maemo a a manontlhotlho e
atolosetswa mo go direng maemo a tlhokomelo a go tshwanetseng go ikamanngwa le ona ke ditlamo tse di laolang tsa ditheo tse di kopantsweng tsa ditsˇhelete. (2) Mo go tlaleletseng dintlha tse di kailweng mo karolong 105, maemo a tlhokomelo a a kailweng mo karolotlaleletsong (1) a ka akaretsa ditlhokego mabapi le— (a) ditsˇhelete kgotsa dipeo mo pontsheng tse dingwe tsa ditlamo tse di mo teng ga ditheo tse di kopantsweng tsa ditsˇhelete; (b) dithulaganyo tsa puso le taolo tsa ditlamo tse di laolang kgotsa ditheo tse di kopantsweng tsa ditsˇhelete; (c) go bega tshedimosetso ka ga ditlamo tse di mo teng ga ditheo tse di kopantsweng tsa ditsˇhelete tseo e seng ditheo tsa ditsˇhelete; le (d) go fokotsa kgotsa go laola dikotsi go polokego le itekanelo ya setheo se se matshwanedi sa ditsˇhelete go tswa mo malokong a mangwe a setheo se se kopantsweng sa ditsˇhelete. (3) Thata ya Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete ya go dira maemo a boitshwaro e atolosetswa mo go direng maemo ao gore go ikamanngwe le ona ke ditlamo tse di laolang tsa ditheo tse di kopantsweng tsa ditsˇhelete. 173 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 176 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Directives to holding companies
165. (1) The power of the Prudential Authority to issue a directive in terms of section
143 extends to issuing a directive to the holding company of a financial conglomerate imposing requirements on the holding company to manage and otherwise mitigate risks to the prudent management or financial soundness of an eligible financial institution in the conglomerate arising from other members of the conglomerate. (2) (a) Requirements that a directive contemplated in subsection (1) may impose, include requirements with respect to restructuring the financial conglomerate in accordance with a plan submitted to the Prudential Authority by the holding company, and approved by the Prudential Authority within a period agreed by the Prudential Authority. (b) The Prudential Authority may only issue a directive imposing requirements with respect to restructuring the financial conglomerate if the Authority is objectively satisfied that another type of directive will not achieve the result sought to be attained by requiring restructuring of the financial conglomerate. (c) In deciding whether to issue a directive imposing requirements with respect to restructuring the financial conglomerate, the Prudential Authority must take into account all relevant considerations, including at least the following:
(i) The extent to which the existing structure of the financial conglomerate is hindering or is likely to hinder the effective supervision of the financial conglomerate concerned; (ii) whether the restructuring of the financial conglomerate is reasonably necessary and appropriate to remedy impediments to the effective supervision of the financial conglomerate; and (iii) submissions made by or for the holding company. (3) The power of the Financial Sector Conduct Authority to issue a directive in terms of section 144 extends to issuing a directive to the holding company of a financial conglomerate requiring the holding company to ensure that a financial institution in the conglomerate complies with a financial sector law for which the Financial Sector Conduct Authority is the responsible authority. Approval and prior notification of acquisitions and disposals
166. (1) (a) A holding company of a financial conglomerate may not acquire or
dispose of a material asset as defined in prudential standards made for this section, without the approval of the Prudential Authority. (b) A prudential standard made under this subsection must clearly identify what constitutes a material asset. (2) The Prudential Authority may not give an approval in terms of subsection (1), unless the Authority is satisfied that the acquisition or disposal will not prejudicially affect— (a) the prudent management and the financial soundness of an eligible financial institution within the financial conglomerate; (b) the ability of the Prudential Authority to determine — (i) how the different types of business of the financial conglomerate are conducted; (ii) the risks of the financial conglomerate and each person that is part of that financial conglomerate; or (iii) the manner in which the governance framework is organised and conducted for the financial conglomerate. (3) (a) If the Prudential Authority contemplates refusing to grant approval of an acquisition or disposal referred to in subsection (1), prior to taking a decision, the Prudential Authority must notify the holding company of the proposed refusal to grant approval. (b) A notice referred to in paragraph (a) must— (i) include a statement of the reasons for the refusal to grant approval; and 174 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 177 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 Ditaelo go ditlamo tse di laolang
165. (1) Thata ya Bothati jwa Tlhokomelo ya go ntsha taelo go ya ka karolo 143 e
atolosetswa mo go reboleng taelo eo go setlamo se se laolang sa setheo se se kopantsweng sa ditsˇhelete se se diragatsang ditlhokego mo setheong se se laolang go laola le ka mokgwa mongwe go fokotsa dikotsi go bolaodi jwa tlhokomelo kgotsa tlhomamo ya ditsˇhelete ya setheo se se matshwanedi sa ditsˇhelete mo setheong se se kopantsweng go tswa mo malokong a mangwe a setheo se se kopantsweng. (2) (a) Ditlhokego tsa gore taelo e e kailweng mo karolotlaleletsong (1) e ka pateletsa go ya ka karolotlaleletso (1) e akaretsa ditlhokego mabapi le go baakanya sesˇwa setheo se se kopantsweng go tsamaelana le leano le le neetsweng Bothati jwa Tlhokomelo ke setlamo se se okameng, le go rebolwa ke Bothati jwa Tlhokomelo mo pakeng e go dumalanweng ka yona ke Bothati jwa Tlhokomelo, le go rebolwa ke Bothati jwa Tlhokomelo. (b) Bothati jwa Tlhokomelo bo ka rebola fela taelo e e pateletsang ditlhokego mabapi le go rulaganngwa sesˇwa gape ga ditheo tse di kopantsweng tsa ditsˇhelete fa Bothati bo kgotsofaditswe ka maikaelelo ke gore mofuta o mongwe wa taelo o ka se fitlhelele ditlamorago tse di ikaeletsweng ka go tlhoka gore setheo se se kopantsweng sa ditsˇhelete se ganelwe. (c) Mo go swetseng gore go rebolwe kgotsa go se rebolwe taelo e e pateletsang ditlhokego mabapi le go rulaganngwa sesˇwa ga setheo se se kopantsweng sa ditsˇhelete, Bothati jwa Tlhokomelo bo tshwanetse go ela tlhoko ditshekatsheko tsotlhe tse di maleba, go akaretsa le bonnye tse di latelang:
(i) Bogolo jo popego ya gajaana ya setheo sa ditsˇhelete e kgoreletsang kgotsa e ka kgoreletsang tlhokomelo e e nonofileng ya setheo se se kopantsweng sa ditsˇhelete se se amegang; (ii) gore a thulaganyosesˇwa ya setheo se se kopantsweng sa ditsˇhelete e a tlhokega ka mabaka le gore a e siametse go ka namola dikgoreletsi tsa tlhokomelo e e nonofileng ya setheo se se kopantsweng sa ditsˇhelete; le (iii) ditlhagiso tse di dirilweng ke kgotsa mabapi le setlamo se se okameng. (3) Thata ya Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete ya go neelana ka taelo go ya ka karolo 144 e atolosetswa mo go reboleng taelo go setlamo se se laolang sa setheo se se kopantsweng sa ditsˇhelete lopang setlamo se se laolang go netefatsa gore setheo sa ditsˇhelete mo setheong se se kopantsweng se ikamanya le molao wa lephata la ditsˇhelete o Bothati jwa Boitshwaro jwa Lephata la Ditsˇhelete e leng bolaodi jo bo rwalang maikarabelo a ona. Thebolo le kitsiso ya pele ya diphitlhelelo le dilatlhwa
166. (1) (a) Setlamo se se laolang sa setheo se se kopantsweng sa ditsˇhelete se ka se
fitlhelele kgotsa phimole dithoto tse di botlhokwa jaaka go tlhalositswe mo maemong a tlhokomelo a a diretsweng karolo eno, ntle le thebolo ya Bothati jwa Tlhokomelo. (b) Maemo a botlhokwa dirilweng ka fa tlase ga karolotlaleletso eno a tshwanetse go tlhagisa ka botlalotse di tlhamang thoto e e botlhokwa. (2) Bothati jwa Tlhokomelo bo ka se neelane ka thebolo go ya ka karolotlaleletso (1), ntle le fa Bothati bo kgotsofetse gore phitlhelelo kgotsa phimolo e ka se ame ka kgobelelo— (a) bolaodi jwa tlhokomelo le itekanelo ya ditsˇhelete ya setheo se se matshwanedi sa ditsˇhelete mo teng ga setheo se se kopantsweng sa ditsˇhelete; (b) bokgoni jwa Bothati jwa Tlhokomelo jwa go tlhomamisa— (i) ka moo mefuta e e farologaneng ya dikgwebo e tsamaiswang ka teng; (ii) dikotsi tsa setheo se se kopantsweng sa ditsˇhelete le motho mongwe le mongwe yo e leng karolo ya setheo se se kopantsweng seo sa ditsˇhelete; kgotsa (iii) mokgwa o letlhomeso la puso rulagantsweng le go tsamaiswang ka teng mabapi le setheo se se kopantsweng sa ditsˇhelete. (3) (a) Fa Bothati jwa Tlhokomelo bo akanya go se letle thebolo ya phitlhelelo kgotsa phimolo e e kailweng mo karolotlaleletsong (1), pele ga go tsaya tshwetso, Bothati jwa Tlhokomelo bo tshwanetse go itsise setlamo se se okameng ka ga go se letlwe go go tshitsintsweng ga thebolo. (b) Kitsiso e e kailweng mo temaneng (a) e tshwanetse go— (i) akaretsa polelo ya mabaka a gore goreng thebolo e sa letlwa; le 175 5 10 15 20 25 30 35 40 45 50 55

This gazette is also available free online at www.gpwonline.co.za 178 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 (ii) invite the holding company to make submissions on the matter, and give a reasonable period to do so. (4) In deciding whether to grant or refuse a request for approval in terms of subsection (1), the Prudential Authority must take into account all relevant considerations, including at least the following:
(a) Whether the acquisition or disposal will not prejudicially affect the matters referred to in subsection (2); and (b) submissions made in relation to the application for approval, including any submissions made in response to a request for submissions referred to in subsection (3). (5) An acquisition or disposal in contravention of subsection (1) is void.
CHAPTER 13
ADMINISTRATIVE PENALTIES
Administrative penalties
167. (1) The responsible authority for a financial sector law may, by order served on
a person, impose on the person an appropriate administrative penalty, that must be paid to the financial sector regulator, if the person— (a) has contravened a financial sector law; or (b) has contravened an enforceable undertaking accepted by the responsible authority. (2) In determining an appropriate administrative penalty for particular conduct— (a) the matters that the responsible authority must have regard to include the following:
(i) The need to deter such conduct;
(ii) the degree to which the person has co-operated with a financial sector regulator in relation to the contravention; and (iii) any submissions by, or on behalf of, the person that is relevant to the matter, including mitigating factors referred to in those submissions; and (b) without limiting paragraph (a), the matters that the responsible authority may have regard to include the following:
(i) The nature, duration, seriousness and extent of the contravention; (ii) any loss or damage suffered by any person as a result of the conduct; (iii) the extent of any financial or commercial benefit to the person, or a juristic person related to the person, arising from the conduct; (iv) whether the person has previously contravened a financial sector law; (v) the effect of the conduct on the financial system and financial stability; (vi) the effect of the proposed penalty on financial stability; (vii) the extent to which the conduct was deliberate or reckless. (3) An administrative penalty may include an amount to reimburse the responsible authority for reasonable costs incurred by the responsible authority in connection with the contravention. (4) The responsible authority may not impose an administrative penalty on a person if a prosecution of the person for an offence arising out of the same set of facts has been commenced. (5) An administrative penalty order is not a previous conviction as contemplated in
Chapter 27 of the Criminal Procedure Act, 1977 (Act No. 51 of 1977).
(6) The responsible authority that makes an administrative penalty order must publish the order. 176 5 10 15 20 25 30 35 40 45

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 179 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (ii) laletsa setlamo se se okameng go dira ditlhagiso ka ga morero, le go neelana ka nako e e lekaneng ya go dira jalo. (4) Mo go swetseng ka go letla kgotsa kgotsa go se letle kopo ya thebolo go ya ka karolotlaleletso (1), Bothati jwa Tlhokomelo bo tshwanetse go ela tlhoko ditshekatsheko tsotlhe, go akaretsa bonnye tse di latelang:
(a) Gore a phitlhelelo kgotsa phimolo e ka se ame ka kgobelelo merero e e kailweng mo karolotlaleletsong (2); le (b) ditlhagiso tse di dirilweng mabapi le kopo ya thebolo, go akaretsa le ditlhagiso dingwe le dingwe tse di dirilweng ka tsibogelo go kopo ya ditlhagiso e e kailweng mo karolotlaleletsong (3). (5) Phitlhelelo kgotsa phimolo e e tlolang karolotlaleletso (1) ga e na ditlamorago tsa semolao. KGAOLO 13 DIKOTLHAO TSA TSAMAISO Dikotlhao tsa tsamaiso
167. (1) Bothati jo bo rwalang maikarabelo a molao wa lephata la ditsˇhelete bo ka, ka
taelo e e neetsweng motho, diragatsa mo mothong kotlhao ya tsamaiso e e maleba, eo e tshwanetseng go duelwa go molaodi wa lephata la ditsˇhelete mo pakeng e e tsepamisitsweng mo taelong, fa motho— (a) a tlotse molao wa lephata la ditsˇhelete; kgotsa (b) a tlotse tumalano e e gatelelwang e e amogetsweng ke bothati jo bo rwalang maikarabelo. (2) Mo go tlhomamiseng kotlhao e e maleba ya tsamaiso ya boitshwaro jo bo rileng— (a) merero e bothati jo bo rwalang maikarabelo bo tshwanetseng go e ela tlhoko e akaretsa tse di latelang:
(i) Tlhokego ya go thibela boitshwaro joo; (ii) ka moo motho a dirisaneng mmogo le molaodi wa lephata la ditsˇhelete ka gona mabapi le tlolo; le (iii) ditlhagiso dingwe le dingwe ka, kgotsa mo boemong jwa, motho yo o maleba go morero, go akaretsa le mabaka a phokotso a a kailweng mo ditlhagisong tseo; le (b) ntle le go lekanyetsa temana (a), merero e bothati jo bo rwalang maikarabelo bo tshwanetseng go e ela tlhoko e akaretsa tse di latelang:
(i) Tlhago, nako, bomasisi le bogolo jwa tlolo; (ii) tatlhegelo kgotsa tshenyegelo nngwe le nngwe e motho mongwe le mongwe a e itemogetseng ka ntlha ya boitshwaro; (iii) bogolo jwa kunomolemo ya ditsˇhelete kgotsa kgwebo mo mothong, kgotsa setheo se se amanang le motho, go tswa mo boitshwarong; (iv) ka gongwe motho o kile a tlola molao wa lephata la ditsˇhelete mo malobeng; (v) ditlamorago tsa boitshwaro mo thulaganyong ya ditsˇhelete le tlhomamong ya ditsˇhelete; (vi) ditlamorago tsa kotlhao e e tshitsintsweng mo tlhomamong ya ditsˇhelete; (vii) bogolo jo boitshwaro bo neng bo le jwa ka bomo kgotsa jwa botlhaswa. (3) Taelo ya kotlhao ya tsamaiso e ka akaretsa tuelo ya go busetsa bothati jo bo rwalang maikarabelo madi a ditshenyegelo tse di utlwagalang tse di bonweng ke bothati jo bo rwalang maikarabelo mabapi le go batlisisa tlolo. (4) Bothati jo bo rwalang maikarabelo bo ka se duedise motho kotlhao ya tsamaiso fa katlholo ya motho mabapi le molato tswang mo seteng e e tshwanang ya dintlha e setse e simolotswe. (5) Taelo ya kotlhao ya tsamaiso ga se ponomolato ya pele jaka go kailwe mo Kgaolong 27 ya Criminal Procedure Act, 1977 (Molao 51 wa 1977). (6) Bothati jo bo rwalang maikarabelo jo bo dirang taelo ya kotlhao ya tsamaiso bo tshwanetse go phasalatsa taelo. 177 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za 180 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Payment
168. An amount payable in terms of an administrative penalty order is due and
payable as set out in Regulations made for this Chapter.
Interest
169. Interest, at the rate prescribed for the time being in terms of the Prescribed Rate
of Interest Act, 1975 (Act No. 55 of 1975), is payable in respect of the unpaid portion of the amount payable as an administrative penalty until it is fully paid. Enforcement
170. (1) The responsible authority that makes an administrative penalty order may file
with the registrar of a competent court a certified copy of the order if— (a) the amount payable in terms of the order has not been paid as required by the order; and (b) either— (i) no application for reconsideration of the order in terms of a financial sector law, or for judicial review in terms of the Promotion of Administrative Justice Act of the Tribunal’s decision, has been lodged by the end of the period for making such applications; or (ii) if such an application has been made, proceedings on the application have been finally disposed of. (2) The order, on being filed, has the effect of a civil judgment, and may be enforced as if lawfully given in that court. Application of amounts paid as administrative penalties
171. All amounts recovered by a responsible authority as administrative penalties
must be applied—
(a) first, to reimburse the responsible authority for its costs and expenses reasonably and properly incurred in connection with the relevant contravention, making the order and enforcing it; and (b) then, the balance after applying the amount in accordance with paragraph (a) must be paid into the National Revenue Fund. Administrative penalty taken into account in sentencing
172. When determining the sentence to impose on a person convicted of an offence in
terms of a financial sector law, a court must take into account any administrative penalty order made in respect of the same set of facts. Remission of administrative penalties
173. The responsible authority that imposed an administrative penalty on a person
may, on application by the person, by order, remit all or some of the administrative penalty, and all or some of the interest payable in terms of section 169. Prohibition of indemnity for administrative penalties
174. (1) Except in circumstances prescribed by a joint standard, a person may not
undertake to indemnify or compensate another person, directly or indirectly, wholly or partly, in respect of a payment made or liability incurred by the other person in connection with an administrative penalty order imposed on the other person. (2) An undertaking in terms of subsection (1) is void. 178 5 10 15 20 25 30 35 40

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168. Madi a a duelwang go ya ka taelo ya kotlhao ya tsamaiso a a tshwanetseng go
duelwa le go duediswa jaaka go tlhalositswe mo Melawaneng e e diretsweng Kgaolo eno. Morokotso
169. Morokotso, ka kelo e e neetsweng nakwana go ya ka Prescribed Rate of Interest
Act, 1975 (Molao 55 wa 1975), o duelwa mabapi le karolo e e sa duelwang ya tlhotlhwa e e duelwang jaaka kotlhao ya tsamaiso go fitlhela o duetswe ka botlalo. Kgatelelo
170. (1) Bothati jo bo rwalang maikarabelo jo bo dirang taelo ya kotlhao ya tsamaiso
bo ka faela kgatiso e e kanetsweng ya taelo le mokwadisi wa kgotlatshekelo e e nang le bokgoni fa— (a) madi a a duediswang go ya ka taelo a sa duelwa jaaka go tlhokega go ya ka taelo; le (b) gongwe— (i) go se kopo ya tshekatsheko morago mabapi le molao wa lephata la ditsˇhelete kgatlhanong le go dirwa ga taelo e e dirilweng ka nako ya bokhutlo jwa paka ya go dira dikopo tseo; kgotsa (ii) fa kopo eo e dirilwe, tshekatsheko morago e fedisitswe kwa bofelong. (2) Taelo, fa e faelwa, e na le ditlamorago tsa katlholo ya selegae, e bile e ka gatelelwa jaaka e kete go neilwe semolao kwa kgotlatshekelong eo. Tiriso ya madi a a duetsweng jaaka dikotlhao tsa tsamaiso
171. Madi otlhe a a bonweng ke bothati jo bo rwalang maikarabelo jaaka dikotlhao tsa
tsamaiso a tshwanetse go diriswa—
(a) pele, go busetsa bothati jo bo rwalang maikarabelo madi a jona a dituelo le ditshenyegelo tseo bo di iponetseng ka mabaka le tshiamo mo go batlisiseng tlolo e e maleba, go dira taelo le go e gatelela; le (b) mme morago, tshalelo nngwe le nngwe morago ga tiriso ya madi go tsamaelana le temana (a) e tshwanetse go duelwa mo Letloleng la Lotseno la Bosetshaba. Kotlhao ya tsamaiso e e tserweng mo katlholong
172. Fa go tlhomamiswa katlholo e e ka newang motho yo o bonweng molato go ya
ka molao wa lephata la ditsˇhelete, kgotlatshekelo e tshwanetse go ela tlhoko taelo ya kotlhao nngwe le nngwe ya tsamaiso e e dirilweng mabapi le sete tshwanang ya dintlha. Tebalelo melato ya dikotlhao tsa tsamaiso
173. Bothati jo bo rwalang maikarabelo jo bo duedisang motho kotlhao ya tsamaiso
bo ka, mo kopong ka motho, ka taelo, phimola dikotlhao tsotlhe kgotsa dingwe tsa dikotlhao tsa tsamaiso, le morokotso otlhe kgotsa nngwe ya morokotso duelwang go ya ka karolo 169. Thibelo ya polokego mabapi dikotlhao tsa tsamaiso
174. (1) Ntle le mo mabakeng a a neetsweng ke maemo a a kopantsweng, motho o ka
se dumalane go se tseye maikarabelo kgotsa go duela motho yo mongwe, ka tlhamalalo kgotsa e seng ka tlhamalalo, ka botlalo kgotsa e seng ka botlalo, mabapi le tuelo e e dirilweng kgotsa molato iponetsweng ke motho yo mongwe mabapi le taelo ya kotlhao ya tsamaiso e e pateleditsweng motho yo mongwe. (2) Tumalano go ya ka karolotlaleletso (1) ga e na ditlamorago dipe. 179 5 10 15 20 25 30 35 40 45

This gazette is also available free online at www.gpwonline.co.za 182 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017
CHAPTER 14
OMBUDS
Part 1
Ombud Council
Ombud Council
175. (1) The Ombud Council is hereby established.
(2) The Ombud Council is a juristic person.
(3) The Ombud Council is a national public entity for the purposes of the Public Finance Management Act, and notwithstanding section 49(2) of the Public Finance Management Act, the Chairperson of the Ombud Council is the accounting authority of the Ombud Council for the purposes of that Act. Objective
176. The objective of the Ombud Council is to assist in ensuring that financial
customers have access to, and are able to use, affordable, effective, independent and fair alternative dispute resolution processes for complaints about financial institutions in relation to financial products, financial services, and services provided by market infrastructures. Functions of Ombud Council
177. (1) In order to achieve its objective, the Ombud Council must—
(a) recognise, in accordance with this Chapter, industry ombud schemes; (b) promote co-operation between, and co-ordination of, the activities of ombuds; (c) strive to protect the independence and impartiality of ombuds; (d) promote public awareness of ombuds and ombud schemes and the services they provide; (e) take steps to facilitate access by financial customers to appropriate ombuds; (f) publicise ombud schemes, including publicising the kinds of complaints that different ombud schemes deal with; (g) resolve, in accordance with this Act, overlaps of the jurisdictional coverage of different ombud schemes; (h) monitor the performance of ombud schemes, including the extent to which they comply with the requirements of this Chapter and specific financial sector laws; and (i) support financial inclusion. (2) The Ombud Council must also perform any other function conferred on it in terms of any other provision of this Act or other applicable legislation. (3) The Ombud Council may do anything else reasonably necessary to achieve its objective. (4) The Ombud Council must perform its functions without fear, favour or prejudice. Overall governance objective
178. The Ombud Council must—
(a) manage its affairs in an efficient and effective way; and (b) establish and implement appropriate and effective governance systems and processes. Board of Ombud Council
179. (1) A Board for the Ombud Council is hereby established.
(2) The Board consists of—
(a) the Chief Ombud;
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175. (1) Khansele ya Ombud e a tlhongwa.
(2) Khansele ya Ombud ke setheo se se mo molaong.
(3) Khansele ya Ombud ke setheo sa setsˇhaba sa bosetsˇhaba mabapi le maitlhomo a Public Finance Management Act le, go sa nyatswe karolo 49(2) ya Public Finance Management Act, Modulasetilo wa Khansele ya Ombud ke molaodi yo o rwalang maikarabelo wa Khansele ya Ombud mabapi le maitlhomo a Molao ono. Maithlomo
176. Maikaelelo a Khansele ya Ombud ke go thusa mo go netefatseng gore badirisi ba
ditsˇhelete ba kgona go fitlhelela, le go kgona go dirisa, dikgato tse dingwe tsa tharabololo ya dithulano tse di tuelo tlase, nonofileng, ikemetseng le lolameng mo dingongoregong tse di ka ga ditheo tsa ditsˇhelete mabapi le dikuno tsa ditsˇhelete, ditirelo tsa ditsˇhelete, le ditirelo tse di tlamelwang ke dithulaganyetso tsa popego ya mmaraka. Ditiro tsa Khansele ya Ombud
177. (1) Gore e fitlhelele maikaelelo a yona, Khansele ya Ombud e tshwanetse go—
(a) amogela, go tsamaisana le Karolo eno, dikema tsa ombud tsa bodirelo; (b) tsweletsa pele tirisanommogo magareng, le thulaganyo ya ditiro tsa ombuds; (c) leka go sireletsa go ikemela le go sa tseyeng letlhakore ga ombuds; (d) tsweletsa pele temoso ya setsˇhaba ka ga ombuds le dikema tsa ombud le ditirelo tse ba di tlamelang; (e) tsaya dikgato go nolofatsa phitlhelelo ya barekedi ditsˇhelete go ombuds tse di maleba; (f) itsise setsˇhaba ka ga sekema sa ombud, go akaretsa go bega ka mefuta ya dingongorego tse diombud tse di farologaneng di samaganeng le tsona; (g) rarabolola, go tsamaelana le Molao ono, ditshelepano tsa phitlhelelo ya lefelotaolo la dikema tse di farologaneng tsa ombud; (h) tlhokomela tiro ya dikema tsa ombud, go akaretsa le bogolo jo di ikamanyang le ditlhokego tsa Kgaolo eno ka jona le melao e e tsepameng ya lephata la ditsˇhelete; le (i) tsweletsa pele tsenyeletso ya ditsˇhelete. (2) Khansele ya Ombud e tshwanetse gape go dira tiro nngwe le nngweeee roletsweng go ya ka kabelo nngwe le nngwe ya Molao ono kgotsa molawana mongwe le mongwe o o maleba. (3) Khansele ya Ombud e ka dira sengwe le sengwe gape se se tlhokegang ka mabaka go fitlhelela maikaelelo a yona. (4) Khansele ya Ombud e tshwanetse go dira tiro ya yona ntle le letshogo, tseoletlhakore kgotsa kgobelelo. Maithlomo ka kakaretso puso
178. Khansele ya Ombud e tshwanetse go—
(a) laola merero ya yona ka bokgoni le; le (b) tlhoma le go diragatsa ditsamaiso tsa puso le dikgato tse di maleba e bile di na le bokgoni. Boto ya Khansele ya Ombud
179. (1) Boto ya Khansele ya Ombud e a tlhongwa.
(2) Boto e bopilwe ka—
(a) Ombud yo Mogolo;
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180. (1) The members of the Board are appointed by the Minister.
(2) (a) The Minister must appoint a member as Chairperson and another member as Deputy Chairperson. (b) The Commissioner and the Chief Ombud may not be appointed as Chairperson or Deputy Chairperson. (3) The Deputy Chairperson acts as Chairperson when the Chairperson is absent from office or is otherwise unable to perform his or her functions. (4) A person may not be appointed to, or hold office as, a member of the Board if the person is— (a) an ombud; (b) a member of the governing body or staff of an ombud scheme; (c) a member of the staff of the Ombud Council; (d) a disqualified person; (e) not ordinarily resident in the Republic; or (f) engaged in— (i) the business of a financial institution; or (ii) the provision of financial products or financial services to financial customers. Terms of office of Board members
181. (1) A person appointed as a member of the Board—
(a) holds office for a term of no longer than five years, as the Minister may determine; (b) is, at the expiry of that term of office, eligible for re-appointment for one further term; and (c) must vacate office before the expiry of a term of office if that person— (i) resigns by giving at least three months written notice to the Minister, or a shorter period that the Minister may accept; or (ii) is removed from office. (2) The Minister must, at least three months before the end of a person’s first term of office, inform the person whether or not the Minister intends to re-appoint the person as a member of the Board. Service conditions of Board members
182. A member of the Board holds office on the terms and conditions, including terms
and conditions relating to remuneration, that are determined by the Minister. Removal of Board members
183. (1) The Minister must, subject to due process, remove a member of the Board
from office if the member becomes a disqualified person.
(2) The Minister may remove a member of the Board from office if an independent inquiry established by the Minister has found that the member— (a) is unable to perform the duties of office for health or other reasons; (b) has failed in a material way to discharge any of the responsibilities of office; or (c) has acted in a way that is inconsistent with continuing to hold the office. (3) Without limiting subsection (2)(b), a member of the Board must be taken to have failed in a material way to discharge the responsibilities of office if he or she is absent from two consecutive meetings of the Board without the leave of the Board. 182 5 10 15 20 25 30 35 40 45 50

This gazette is also available free online at www.gpwonline.co.za GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 185 Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 (b) Khomisˇenara; le (c) bonnye maloko a mangwe a le mane, mme e seng go feta thataro. (3) Khomisˇenara ga a na boutu mo potsong e e sekasekwang ke Boto. Go thapiwa ga maloko a Boto
180. (1) Maloko a Boto a athapiwa ke Tona.
(2) (a) Tona o tshwanetse go thapa leloko jaaka Modulasetilo le leloko le lengwe jaaka Motlatsamodulasetilo. (b) Khomisˇenara le Ombud yo Mogolo baka se thapiwe jaaka Modulasetilo kgotsa Motlatsamodulasetilo. (3) Motlatsamodulasetilo o tshwara marapo jaaka Modulasetilo fa Modulasetilo a seyo kwa tirong kgotsa ka gongwe a sa kgone go dira tiro ya gagwe. (4) Motho o ka se thapiwe go nna, kgotsa go tshwara maemo a, Modulasetilo, Motlatsamodulasetilo kgotsa leloko la Boto fa motho yoo— (a) e le ombud; (b) e le leloko la mokgatlho busang kgotsa badirimmogo mo sekemeng sa ombud; (c) e le leloko la badirimmogo ba Khansele ya Ombud; (d) a ileditswe; (e) e se ka tlwaelo moagi mo Rephaboliking; kgotsa (f) a samagane le— (i) kgwebo ya setheo sa ditsˇhelete; kgotsa (ii) kabelo ya dikuno tsa ditsˇhelete kgotsa ditirelo tsa ditsˇhelete go barekedi ba ditsˇhelete. Para ya ofisi ya maloko a Boto
181. (1) Motho yo o thapilweng jaaka leloko la Boto—
(a) o nna mo tirong sebaka sa paka e e sa feteng dingwaga tse tlhano, jaaka Tona a ka tlhomamisa; (b) o, ka go fitlha bokhutlong ga paka ya tiro, na le tshwanelo ya go ka thapiwa gape sebaka sa paka e le nngwe; le (c) o tshwanetse go tswa mo ofising pele ga paka ya tiro e ya bokhutlong fa motho yoo— (i) a rola tiro ka go naya Tona kitsiso e e kwetsweng ya bonnye dikgwedi tse tharo, kgotsa nako e khutshwane e Tona a ka e amogelang; kgotsa (ii) a ntshitswe mo ofising. (2) Tona o tshwanetse, bonnye dikgwedi di le tharo pele ga bokhutlo jwa paka ya motho ya ntlha ya ofisi, go itsise motho fa e le gore Tona o ikaelela go thapa motho yoo gape jaaka leloko la Boto. Mabaka a tirelo ya maloko a Boto
182. Leloko la Boto le thapiwa ka dipeelo le mabaka, go akaretsa le dipeelo le mabaka
tse di amanang le mogolo, tse di tlhomamisitsweng ke Tona.
Go tloswa ga maloko a Boto
183. (1) Tona o tshwanetse, go ya ka dikgato tse di maleba, go tlosa leloko la Boto mo
ofising fa leloko le nna motho yo o ileditsweng.
(2) Tona o ka tlosa leloko la Boto mo ofising fa patlisiso e e ikemetseng e e tlhomilweng ke Tona e fitlheletse gore leloko— (a) ga le kgone go dira ditiro tsa ofisi ka ntlha ya mabaka a boitekanelo kgotsa a mangwe; (b) le paletswe ka gotlhe go diragatsa epe ya maikarabelo a ofisi; kgotsa (c) le dirile ka mokgwa o o sa tsamaelaneng le ditlhokego tsa go tswelela go nna mo tirong. (3) Ntle le go lekanyetsa karolotlaleletso (2)(b), leloko la Boto le tshwanetse go tseelwa gore le paletswe ka mokgwa o o bonagalang go diragatsa maikarabelo a ofisi fa a sa nne teng mo dikopanong tse pedi tse di latelanang tsa Boto ntle le khunologo ya Boto. 183 5 10 15 20 25 30 35 40 45 50

Financial Sector Regulation Act, 2017

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