Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 3 : Prudential AuthorityPart 2 : Governance46. Duties of members of Prudential Committee and members of subcommittees |
| (1) | A member of the Prudential Committee or of a subcommittee established in terms of section 45(1) must— |
| (a) | act honestly in all matters relating to the Prudential Authority; and |
| (b) | perform the functions of office as a member— |
| (i) | in good faith; |
| (ii) | for a proper purpose; and |
| (iii) | with the degree of care and diligence that a reasonable person in the member’s position would exercise. |
| (2) | A person who is or has been a member of the Prudential Committee or of a subcommittee established in terms of section 45(1) may not use that position or any information obtained as such a member to— |
| (a) | improperly benefit himself or herself or another person; |
| (b) | impede the Prudential Authority’s ability to perform its functions; or |
| (c) | cause improper detriment to another person. |
| (3) | For the purposes of this section, "benefit" and "detriment" are not limited to financial benefit or detriment. |