Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 4 : Financial Sector Conduct AuthorityPart 2 : Governance72. Disclosure of interests |
| (1) | A member of the Executive Committee must disclose, at a meeting of the Executive Committee, or in writing to each of the other members, any interest in any matter that is being or is intended to be considered by him or her, whether or not at a meeting of the Executive Committee, being an interest that— |
| (a) | the member has; or |
| (b) | a person who is a related party to the member has. |
| (2) | A disclosure in terms of subsection (1) must be given as soon as practicable after the member concerned becomes aware of the interest. |
(3)
| (a) | A member referred to in subsection (1) may not perform a function in relation to the matter concerned unless— |
| (i) | the member has disclosed the interest as required by subsection (1); and |
| (ii) | the other members of the Executive Committee have decided that the interest does not affect the proper execution of the member’s functions in relation to the matter. |
| (b) | Any consideration of, or decision on, a matter which does not comply with paragraph (a) is void and must be reconsidered or decided without the member present. |
| (4) | A member of a subcommittee of the Financial Sector Conduct Authority established as contemplated in section 51(1)(a)(ii) of the Public Finance Management Act or section 68(1) of this Act must disclose, at a meeting of the subcommittee, or in writing to each of the other members of that subcommittee, any interest in a matter that is being or is intended to be considered by that subcommittee, being an interest that— |
| (a) | the member has; or |
| (b) | a person who is a related party to the person has. |
| (5) | A disclosure in terms of subsection (4) must be given as soon as practicable after the member concerned becomes aware of the interest. |
| (6) | A member referred to in subsection (4) may not participate in the consideration of or decision on that matter by the subcommittee unless— |
| (a) | the member has disclosed the interest in accordance with subsection (4); and |
| (b) | the other members of that subcommittee have decided that the interest does not affect the proper execution of the member’s functions in relation to the matter. |
(7)
| (a) | Each member of the Financial Sector Conduct Authority’s staff and each other person to whom a power or function of the Financial Sector Conduct Authority has been delegated must make timely, proper and adequate disclosure of their interests, including the interests of a related party, that could reasonably be seen as interests that may affect the proper execution of their functions of office or the delegated power. |
| (b) | The Commissioner must ensure that paragraph (a) is complied with. |
| (8) | 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. |
| (9) | 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 Financial Sector Conduct Authority; or |
| (ii) | a financial customer of a financial institution; or |
| (b) | an interest that is not material. |
| (10) | The Commissioner must maintain a register of all disclosures made in terms of this section and of all decisions made in terms of this section. |