| (c) |
a financial institution prescribed in Regulations made for the purposes of this section. |
| (3) |
A significant owner of a financial institution— |
| (a) |
which has been designated as a systemically important financial institution, may not, without having obtained the prior written approval of the responsible authority for the financial sector law in terms of which the financial institution is required to be licensed, effect any arrangement that will result in the person, alone or together with a related or inter-related person, ceasing to be a significant owner of the financial institution; and |
| (b) |
which has not been designated as a systemically important financial institution, may not, without prior notification to the responsible authority for the financial sector law in terms of which the financial institution is required to be licensed, effect any arrangement that will result in the person, alone or together with a related or inter-related person, ceasing to be a significant owner of the financial institution. |
| (4) |
A person may not effect any arrangement that will result in the person, alone or together with a related or inter-related person, increasing or decreasing the extent of the ability of the person, alone or together with a related or inter-related person, to control or influence materially the business or strategy of the financial institution— |
| (a) |
without having obtained the prior written approval of the responsible authority for the financial sector law in terms of which the financial institution is required to be licensed, if the responsible authority on granting of an approval referred to in subsection (2), required its prior written approval of any such increase or decrease; or |
| (b) |
without the prior notification to the responsible authority for the financial sector law in terms of which the financial institution is required to be licensed, if the responsible authority on granting of an approval referred to in subsection (2), did not require its prior written approval of any such increase or decrease. |
| (5) |
An arrangement referred to in subsection (2), (3) or (4) need not involve the acquisition of, or disposition of, shares or other interests or property. |
| (6) |
If a person enters into an arrangement in contravention of subsection (2), (3) or (4), the arrangement, in so far as it has an effect mentioned in the relevant subsection, is void. |
| (7) |
An approval in terms of subsection (2), (3) or (4) may not be given unless the responsible authority is satisfied that— |
| (a) |
the person becoming a significant owner, or the arrangement, or any increase or decrease in the extent of the ability of the significant owner to control or influence the business or strategy of the financial institution will not prejudicially affect or is not likely to affect the prudent management and the financial soundness of the financial institution; and |
| (b) |
the person meets and is reasonably likely to continue to meet applicable fit and proper person requirements. |
| (10) |
This section does not affect any other requirement in terms of a financial sector law to obtain approval or consent in respect of an acquisition or disposal. |
[Section 158 came into effect on 1 January 2019 by section (e) of Notice No. 169 of 2018, GG 41549, dated 29 March 2018]
Housing Development Agency Act, 2008
