Financial Sector Regulation Act, 2017 (Act No. 9 of 2017) > Chapter 11 : Significant Owners > Part 1 : Significant owners > 159. Standards in respect of, and regulator’s directives to, significant owners

(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 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.

(4)	A significant owner of a financial institution must comply with a directive issued in terms of subsection (2) or (3).

[Section 159(4) inserted by section 62 of the General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Act, 2022 (Act No. 22 of 2022) Notice No. 1532, GG47802, dated 29 December 2022 - effective 31 December 2022 per Proclamation Notice 109 (a), GG47805, dated 31 December 2022]