FINANCIAL SECTOR REGULATION ACT 9 OF 2017
SECTIONS 153, 229 & 230 ONLY
(Last updated: 1 June 2024)
Skillfully usually provides the full text of the relevant act, but in this case, the Financial Sector Regulation Act is very long, and only a few sections are relevant to the course, RE5 Exam Prep for Representatives, which is the reason we provide the legislation. We therefore include only the relevant sections here.
CONTENTS
229. Right to reasons for decisions
230. Applications for reconsideration of decisions
153. Debarment
(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;
(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.
229. Right to reasons for decisions
(1) A person who has not already been given the reasons for the decision may, within 30 days after the person was notified of the decision, request a statement of the reasons for the decision from the decision-maker.
(2) The decision-maker must, within one month after receiving a request in terms of subsection (1), give the person a statement of the reasons for the decision, which must include a statement of the material facts on which the decision was based.
230. Applications for reconsideration of decisions
(1)
(a) A person aggrieved by a decision may apply to the Tribunal for a reconsideration of the decision by the Tribunal in accordance with this Part.
(b) A reconsideration of a decision in terms of this Part constitutes an internal remedy as contemplated in section 7(2) of the Promotion of Administrative Justice Act.
(2) The application must be made:-
(a) if the applicant requested reasons in terms of section 229, within 30 days after the statement of reasons was given to the person; or
(b) in all other cases, within 60 days after the applicant was notified of the decision, or such longer period as may on good cause be allowed.
(3) An application in terms of subsection (1) must be made in accordance with the Tribunal rules.