Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 6 : Administrative ActionsPart 2 : Administrative justice95. Revocation of decisions |
| (1) | A financial sector regulator may, by notice to a person in relation to whom the regulator made a decision in terms of a financial sector law (or, if more than one such person, all of them), revoke the decision if— |
| (a) | the decision was made as a result of fraud or illegality; |
| (b) | the information on which the decision was made was inaccurate or incomplete and the financial sector regulator would not have made the decision if it had had accurate and complete information; or |
| (c) | the decision is, for any reason, invalid. |
| (2) | A revocation of a decision in terms of subsection (1) has effect from the date on which the revoked decision was made. |
| (3) | A financial sector regulator may not take action in terms of subsection (1)— |
| (a) | if the action would adversely affect the existing or accrued rights of any person (except the person in relation to whom the regulator made the decision); or |
| (b) | if— |
| (i) | the financial sector regulator has been notified that an application to the Tribunal or a court in relation to the decision will be made; or |
| (ii) | proceedings have commenced in the Tribunal or a court in relation to the decision. |
| (4) | Before a financial sector regulator takes action in terms of subsection (1), it must— |
| (a) | notify its intention to do so to the person in relation to whom the regulator made a decision; and |
| (b) | give the person a reasonable period, of at least 14 days, to make submissions to the regulator. |
| (5) | In determining whether to take action in terms of subsection (1), the financial sector regulator must take into account all the submissions received during the period referred to in subsection (4)(b). |