| (1) |
An FSP referred to in section 46(1)(a) must, in writing, immediately notify the Registrar when— |
| (a) |
the assets of the FSP or that of its juristic representative exceed the liabilities by less than 10%; |
| (b) |
the current assets of the FSP or that of its juristic representative exceeds the current liabilities by less than 10%; |
| (c) |
in respect of a Category IIA and III FSP and juristic representatives of that FSPs, the additional assets of the FSP or that of its juristic representative exceeds the minimum requirement by less than 10%; |
| (d) |
the FSP or its juristic representative does not meet any of the requirements in this Chapter; or |
| (e) |
the FSP becomes aware of an event or situation that may or will result in the effect contemplated in paragraphs (a), (b) and (c). |
| (2) |
The notification referred to in subsection (1) must be certified by the chief executive officer, controlling member, managing or general partner, or trustee, of the FSP as the case may be. |
| (3) |
The requirements set out in subsection (1) apply, with the necessary changes to a juristic representative referred to in section 45(1)(a)(iii), provided that the notification referred to in that subsection must be made to the FSP of the juristic representative. |
| (4) |
If any of the factors in subsection (1) arises, the FSP may not directly or indirectly make any payment by way of a loan, advance, bonus, dividend, repayment of capital or a loan or any other payment or other distribution of assets to any director, officer, partner, shareholder, related party or associate without the prior written approval of the Registrar. |
[Section 49 will become effective from 1 March 2019, but only insofar it relates to a juristic representative, in terms of section 53(1) of this Notice]
Protection of Businesses Act, 1978
