"supervised entity"
means each of the following:
| (a) | A licensed financial institution; |
| (aA) | a designated institution that is not otherwise a licensed financial institution; |
| (b) | a person with whom a licensed financial institution has entered into an outsourcing arrangement; and |
| (c) | a representative of a financial institution; |
[Definition substituted by section 35(s) 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]