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

Chapter 12A : Resolution of Designated Institutions

Part 6 : Corporation for Deposit Insurance - establishment, functions and governance

166AZ. Duties of directors, committee members and staff members
Purchase cart Previous page Return to chapter overview Next page

 

(1) A person who is or has been a director of the Board, a member of a committee established in terms of section 166AO or a staff member of the Corporation, may not use that position or any information obtained as a result of holding that position to—
(a) improperly benefit himself or herself or another person;
(b) cause improper detriment to the Corporation’s or the Reserve Bank’s ability to perform its functions; or
(c) cause improper detriment to another person.

 

(2) For the purposes of this section, ‘benefit’ and ‘detriment’ are not limited to financial benefit or detriment.

 

[Section 166AZ 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]