Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001) Board Notices Guidelines on the Conduct of Curators 1. Definitions

 

In these Guidelines, "the Act" means Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001) and any word or expression in these Guidelines has the same meaning as that assigned thereto in the Act; and

 

"advocate"

means an advocate of the High Court admitted in terms of the Admissions of Advocates Act, 1964 (Act No. 74 of 1964);

 

"attorney"

means any person admitted to practise as an attorney in the Republic in terms of the Attorneys Act, 1979 (Act No. 53 of 1979);

 

"auditor"

means an auditor registered in terms of the Auditing Profession Act, 2005 (Act No. 26 of 2005);

 

"Auditor-General"

means the Auditor-General contemplated in the Public Audit Act, 2004 (Act No. 25 of 2004);

 

"business interest"

means holding any position or interest in a business as a director, officer, employee or otherwise, regardless of compensation;

 

"compensation relationship"

includes the receipt or expectation to receive any remuneration or consideration, such as a consulting fee, salary, rent or a gift;

 

"conflict of interest"

includes a conflict in a business interest, financial interest or personal interest;

 

"curator"

means a curator appointed in terms of section 5 of the Act;

 

"curator's firm"

means a firm of attorneys or auditors or any other firm that conducts forensic investigations, in which a curator has a substantial direct or indirect business or financial interest, or with which the curator is financially associated;

 

"financial interest"

means an investment beneficial interest in, or a compensation relationship with, an institution;

 

"forensic investigation"

means an investigation into the business of an institution with the object of expressing an opinion or making a finding as to the compliance by the institution or those responsible for all or some of that business on behalf, or for the benefit, of the institution, with any law or governance, accounting, valuation or other applicable standard of best practice;

 

"independent firm"

means a firm of attorneys or auditors or a firm that conducts forensic investigations, other than a curator's firm;

 

"institution"

means an 'institution' as defined in the Act, the business of which has been placed under curatorship in terms of the Act;

 

"investor"

means the user of a 'financial service' as defined in the Financial Services Board Act, 1990 (Act No. 97 of 1990);

 

"legal proceeding"

means a notice of motion, rule nisi, summons and any document whereby legal proceedings are commenced or advanced in a court of law;

 

"personal interest"

includes a situation where a spouse, partner, dependent child or any other family member of a curator may personally benefit from actions taken by the curator; and

 

"web site"

means a web site as defined in section 1 of the Electronic Communications and Transactions Act, 2002 (Act No. 25 of 2002).