"flac instrument"
means a financial instrument issued by a designated institution, being an instrument that—
| (a) | complies with the requirements prescribed by a prudential standard for a flac instrument; and |
| (b) | is of a kind that is not counted for the purpose of determining whether the designated institution satisfies the applicable requirements of— |
| (i) | Chapter VI of the Banks Act; |
| (ii) | Chapter V of the Mutual Banks Act, 1993 (Act No. 124 of 1993); |
| (iii) | Chapter III of the Co-operative Banks Act, 2007 (Act No. 40 of 2007); or |
| (iv) | Chapter 6 of the Insurance Act, 2017 (Act No. 18 of 2017), or prudential standards made for the purposes of any of those provisions; |
[Definition inserted by section 35(j) of the Financial Sector Laws Amendment Act, 2021 (Act No. 23 of 2021), Notice No. 789, GG45825, dated 28 January 2022- effective 1 June 2023 per (b)(i) of Commencement Notice No. 3202, GG48294, dated 24 March 2023]