[Words preceding section 15(1)(a) substituted by section 290, item 4 (a) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
| (a) |
apply to the court under the Companies Act for the winding-up of a manager or of a collective investment scheme; |
[Subsection (1)(a) amended by section 214(b) of Act No. 45 of 2013]
| (b) |
[Subsection (1)(b) deleted by section 214(c) of Act No. 45 of 2013] |
| (c) |
apply to the court under section 5 of the Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001), for the appointment of a curator for the business of the manager or for the business of a portfolio; |
| (d) |
require a manager to appoint, in accordance with the registrar’s directions, in place of the serving trustee or custodian, a competent person nominated by the registrar; |
| (e) |
require a manager to take steps, in accordance with the registrar’s directions and the provisions of section 102, for the winding-up of a portfolio of its collective investment scheme, and for the realisation of the assets and the distribution of the net proceeds thereof, together with any income accruals or other moneys available for distribution among the investors in proportion to their respective participatory interests; |
| (f) |
direct a manager or a trustee or custodian to take any steps, or to refrain from performing or continuing to perform any act, in order to terminate or remedy any irregularity or undesirable practice or state of affairs disclosed by an investigation or inspection; |
[Proviso to section 15(1)(f) deleted by section 290, item 4(b) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
| (g) |
direct a manager to withdraw from the administration of a collective investment scheme, whereupon the trustee or custodian must in accordance with the registrar’s directions but subject to this Act arrange for another manager to take over the administration of the collective investment scheme; |
[Subsection (1)(g) amended by section 214(d) of Act No. 45 of 2013]
| (h) |
if a person administers a collective investment scheme in contravention of this Act, apply to the court to have the collective investment scheme wound up, in which case the court may make any order it considers appropriate for the winding-up of the collective investment scheme. |
| (i) |
instruct a manager to wind up a portfolio or amalgamate a portfolio with another portfolio; |
[Subsection (1)(i) inserted by section 214(d) of Act No. 45 of 2013]
| (j) |
if a manager fails to comply with a written request, direction or directive by the Authority under this Act or the Financial Sector Regulation Act, do or cause to be done all that a manager was required to do in terms of the request, direction or directive of the Authority. |
[Section 15(1)(j) substituted by section 290, item 4(c) in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
[Subsection 1 amended by section 214(a) of Act No. 45 of 2013]
| (2) |
The registrar may oppose any application in terms of the Companies Act for— |
| (a) |
the winding-up of a manager; or |
| (b) |
[Subsection (2)(b) deleted by section 214(f) of Act No. 45 of 2013] |
| (c) |
the winding-up of a portfolio of a collective investment scheme in terms of section 102. |
[Subsection 2 amended by section 214(e) of Act No. 45 of 2013]
| (3) |
Any person who intends to make an application contemplated in subsection (2) must give timeous notice of such application to the registrar. |
| (4) |
A person who refuses or fails to comply with a request or direction referred to in paragraphs (d), (e), (f) or (g) of subsection (1) is guilty of an offence and on conviction liable to a fine not exceeding R10 million or to imprisonment for a period not exceeding 10 years, or to both such fine and such imprisonment. |
[Subsection 4 amended by section 214(g) of Act No. 45 of 2013]
Public Service Commission Act, 1997
