| (1) | A director of the Board must disclose, at a meeting of the Board, or in writing to each of the other directors, any interest in any matter that is being or may be considered by the Board that— |
| (b) | a person who is a related party to the director has. |
| (2) | A disclosure referred to in subsection (1) must be made as soon as practicable after the director of the Board becomes aware of the interest. |
| (3) | A director of the Board who has, or who has a related party who has, an interest that is required to be disclosed in terms of subsection (1), may not participate in the consideration of, or decision on, a matter to which the interest relates unless— |
| (a) | the director has disclosed the interest as required by subsection (1); and |
| (b) | the other directors have decided that the interest does not affect the proper execution of that director’s functions in relation to the matter. |
| (4) | Subsections (1) to (3) apply, with the necessary changes required by the context, to members of committees established in terms of section 166AO. |
(5)
| (a) | Each member of the Corporation’s staff and each person to whom a power or function of the Corporation has been delegated must make timely, proper and adequate disclosure of his or her interests, including the interests of a related party, that could reasonably be seen as interests that may affect the proper execution of his or her functions of office or the delegated power. |
| (6) | For the purposes of this section, it does not matter— |
| (a) | whether an interest is direct, indirect, pecuniary or non-pecuniary; or |
| (b) | when the interest was acquired. |
| (7) | For the purposes of this section, a person does not have to disclose— |
| (a) | the fact that that person, or a person who is a related party to that person, is— |
| (i) | an official or employee of the Reserve Bank; or |
| (ii) | a financial customer of a financial institution; or |
| (b) | an interest that is not material. |
| (8) | The Chief Executive Officer of the Corporation must maintain a register of all disclosures made in terms of this section and of all decisions made in terms of this section. |
[Section 166AQ inserted by section 51 of the Financial Sector Laws Amendment Act, 2021 (Act No. 23 of 2021), Notice No. 789, GG45825, dated 28 January 2022- effective 24 March 2023 per (a) of Commencement Notice No. 3202, GG48294, dated 24 March 2023]
