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

Chapter 4 : Financial Sector Conduct Authority

Part 2 : Governance

69. Duties of Commissioner, Deputy Commissioners and other subcommittee members

 

(1) The Commissioner, each Deputy Commissioner and each member of a subcommittee of the Financial Sector Conduct Authority established as contemplated in section 51(1)(a)(ii) of the Public Finance Management Act or of section 68 of this Act must—
(a) act honestly in all matters relating to the Financial Sector Conduct Authority; and
(b) perform the functions of office as a member—
(i) in good faith;
(ii) for a proper purpose; and
(iii) with the degree of care and diligence that a reasonable person in that person’s position would exercise.

 

(2) A person who is or has been a person mentioned in subsection (1) must not use the position, or any information obtained because of the position, to—
(a) improperly benefit himself or herself or another person;
(b) impede the Financial Sector Conduct Authority’s ability to perform its functions; or
(c) cause improper detriment to another person.

 

(3) For the purposes of this section, "benefit" and "detriment" are not limited to financial benefit or detriment.

 

 


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