Gold Membership
R
Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 12A : Resolution of Designated InstitutionsPart 2 : Placing designated institutions in resolution166O. Resolution practitioners |
| (1) | The Reserve Bank must, subject to subsection (2), as soon as practicable after a designated institution is placed in resolution, appoint, in writing, a person to be the resolution practitioner for the designated institution while it is in resolution, with specified powers and functions delegated to the person in terms of section 166I. |
| (2) | The Reserve Bank may not appoint a person in terms of subsection (1) if the Reserve Bank is of the opinion that, in the circumstances, it is not necessary to do so to achieve the orderly resolution of the designated institution. |
| (3) | The Reserve Bank may at any time, in writing, terminate the appointment of a resolution practitioner for a designated institution in resolution. |
| (4) | A resolution practitioner appointed for a designated institution in resolution must— |
| (a) | comply with any instruction from the Reserve Bank in relation to the designated institution; |
| (b) | give the Reserve Bank, at least monthly, a report on his or her activities in relation to the designated institution; and |
| (c) | comply with the other terms of his or her appointment. |
[Section 166O inserted by section 51 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)(ii) of Commencement Notice No. 3202, GG48294, dated 24 March 2023]
