Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 11A : Beneficial Owners159C. Regulator's directives in relation to beneficial owners |
(1)
| (a) | A financial sector regulator may issue to a beneficial owner a written directive requiring the beneficial owner to take action specified in the directive if the beneficial owner 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 aim to stop the beneficial owner from contravening the financial sector law, or reducing the risk of such a contravention, and may include requiring the beneficial owner to take steps to cease being a beneficial owner. |
| (2) | A beneficial owner of a financial institution must comply with a directive issued in terms of subsection (1). |
[Section 159C inserted by section 63 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]