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

Chapter 15 : Financial Services Tribunal

Part 1 : Interpretation

218. Definitions

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For the purposes of this Chapter—

 

"decision"

means each of the following:

(a)A decision by a financial sector regulator or the Ombud Council in terms of a financial sector law in relation to a specific person;
(b)a decision by an authorised financial services provider, as defined in section 1 of the Financial Advisory and Intermediary Services Act, in terms of section 14 of that Act in relation to a specific person;
(c)a decision in relation to a specific person by a market infrastructure, being a decision in terms of rules of the market infrastructure contemplated by the Financial Markets Act, or a decision contemplated in section 105 of the Financial Markets Act;
(d)a decision of a statutory ombud in terms of a financial sector law in relation to a specific complaint by a person;
(e)a decision of a kind prescribed by Regulation for the purposes of this paragraph,

and includes—

(f)an omission to take such a decision within the period prescribed or specified in a financial sector law, rules, or other requirements pertaining to the decision-maker;
(g)an omission to take such a decision within a reasonable period, if the applicable financial sector law, or rules of, or other requirements pertaining to, the decision-maker require the decision to be taken but without prescribing or specifying a period;
(h)an action taken as a result of such a decision; and
(i)an omission to take action as a result of such a decision within the prescribed or a reasonable period, if the applicable financial sector law requires the action to be taken but does not prescribe a period,

but does not include—

(j)a decision of a financial sector regulator that the financial sector regulator is directed to take in terms of section 18(2) or 30(1);
(k)a decision to conduct a supervisory on-site inspection or an investigation;
(l)an assessment of a levy issued to a specific person; or
(m)a decision prescribed by Regulations made for this paragraph;

 

"decision-maker"

means—

(a)in relation to a decision by a financial sector regulator, the financial sector regulator;
(b)in relation to a decision by the Ombud Council, the Ombud Council;
(c)in relation to a decision referred to in paragraph (b) of the definition of "decision" in this section, the authorised financial services provider;
(d)in relation to a decision referred to in paragraph (c) of the definition of "decision" in this section, the market infrastructure;
(e)in relation to a decision by a statutory ombud, the statutory ombud; and
(f)in relation to a decision referred to in paragraph (e) of the definition of "decision" in this section, the person identified in the Regulations as the decision-maker.