Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 6 : Administrative ActionsPart 1 : Administrative action committees87. Establishment and membership |
| (1) | A financial sector regulator may establish an administrative action committee to consider and make recommendations to the financial sector regulator on matters that are referred to it by that financial sector regulator. |
| (2) | The members of an administrative action committee— |
| (a) | must include— |
| (i) | a retired judge; or |
| (ii) | an advocate or attorney with at least 10 years relevant legal experience; and |
| (b) | may include persons who are not members of the Prudential Committee or the Executive Committee or staff members of the financial sector regulator. |
| (3) | A person referred to in subsection (2)(a) must be appointed as chairperson of an administrative action committee. |
| (4) | A disqualified person may not be appointed to, or remain a member of, an administrative action committee. |