Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)

Chapter 10 : Enforcement

Part 2 : Directives by financial sector regulators

145. Removal of person from position
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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.