Acts Online
GT Shield

Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)

Chapter 3 : Prudential Authority

Part 2 : Governance

49. Disclosure of interests

 

(1) A member of the Prudential Committee or of a subcommittee established in terms of section 45(1) must disclose, at a meeting of the Prudential Committee or subcommittee, as the case may be, or in writing to each of the other members of that committee or subcommittee, any interest in any matter that is being or may be considered by the relevant committee that—
(a) the member has; or
(b) a person who is a related party to the member has.

 

(2) A disclosure referred to in subsection (1) must be given as soon as practicable after the member becomes aware of the interest.

 

(3)

(a) A member who has, or who has a related party who has, an interest that is required to be disclosed in terms of subsection (1), may not participate in the consideration of, or decision on, a matter to which the interest relates unless—
(i) the member has disclosed the interest as required by subsection (1); and
(ii) the other members of the Prudential Committee or subcommittee have decided that the interest does not affect the proper execution of that member’s functions in relation to the matter.
(b) Any consideration of, or decision on, a matter which does not comply with paragraph (a) is void and must be reconsidered or decided without the member present.

 

(4)

(a) Each member of the Prudential Authority’s staff and each person to whom a power or function of the Prudential Authority has been delegated must make timely, proper and adequate disclosure of their interests, including the interests of a related party, that could reasonably be seen as interests that may affect the proper execution of their functions of office or the delegated power.
(b) The Chief Executive Officer must ensure that paragraph (a) is complied with.

 

(5) For the purposes of this section, it does not matter—
(a) whether an interest is direct, indirect, pecuniary or non-pecuniary; or
(b) when the interest was acquired.

 

(6) For the purposes of this section, a person does not have to disclose—
(a) the fact that that person, or a person who is a related party to that person, is—
(i) an official or employee of the Reserve Bank; or
(b) an interest that is not material.

 

(7) A failure by a person to disclose a material interest in accordance with this section and any guidelines that may be prescribed by the Minister in terms of section 288(3) constitutes—
(a) a breach of the duties in section 46 or 52, whichever section is applicable to the person; and
(b) an offence in terms of section 265.

 

(8) When a person has failed to disclose a material interest in terms of this section, the Prudential Committee must publish a notice on the Prudential Authority’s website that a failure to disclose a material interest occurred, which notice must include the details of the failure.

 

(9) The Chief Executive Officer must maintain a register of all disclosures made in terms of this section and of all decisions made in terms of this section.