| (a) | law of a foreign country; or |
| (b) | regulatory or supervisory action taken by an authority or body in a foreign country, a manager connected with the Republic is suspended, disqualified or restricted from administering a collective investment scheme in that country under the same requirements as persons connected with that country are able to administer such a scheme, the Authority may by notice served on a person connected with that country who is administering or intends to administer a collective investment scheme in the Republic, suspend, disqualify or restrict the business of such person in a similar manner. |
| (2) | Notice may not be served in terms of subsection (1) unless— |
| (a) | it is in the national interest; and |
| (b) | the Authority has consulted the person concerned or, if expedient, a body representing the interest of the person to be affected. |
| (a) | state the grounds on which it is given; |
| (b) | identify the country to which the person is connected; |
| (c) | specify the date on which such notice comes into force; and |
| (d) | provide for a reasonable period to complete performance of transactions entered into before the date on which the notice in terms of this section comes into force or for the termination of contracts of a continuing nature. |
| (4) | A notice in terms of subsection (1) may suspend, disqualify, restrict or partially restrict the administration of a collective investment scheme by a person and may provide for— |
| (a) | the withdrawal of the registration or approval under this Act of a manager to administer a collective investment scheme in the Republic; |
| (b) | the disqualification of a person from being registered or approved as a manager under this Act; or |
| (c) | the restriction or partial restriction of a manager registered or approved under this Act in respect of the administration of a collective investment scheme. |
| (5) | A partially restrictive notice may prohibit a manager from— |
| (a) | entering into transactions of a specified kind or entering into them in specified circumstances or to a specified extent; |
| (b) | soliciting investments of a specified kind or otherwise than from a specified person; or |
| (c) | administering a collective investment scheme in a specified manner or otherwise than in a specified manner. |
| (6) | For the purposes of this section a person or manager is connected with a foreign country or the Republic, as the case may be, if— |
| (a) | in the case of an individual, he or she is a national of or resident in that country or the Republic and administers a collective investment scheme from a principal place of business in that country or the Republic; |
| (b) | in the case of a body corporate, it is incorporated or has a principal place of business in that country or the Republic or is controlled by a person or persons connected with that country or the Republic; |
| (c) | in the case of a partnership, it has a principal place of business in that country or the Republic or any partner is connected with that country or the Republic; or |
| (d) | in the case of an unincorporated association which is not a partnership, it is formed under the law of that country or the Republic, has a principal place of business in that country or the Republic or is controlled by a person connected with that country or the Republic. |
[Section 66 substituted by section 290, item 7 in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
