[Section 6 heading substituted by section 290, item 15 in Schedule 4, of Act No. 9 of 2017]
| (1) |
[Section 6(1) deleted by section 290, item 6 in Schedule 4, of Act No. 9 of 2017]] |
| (2) |
[Section 6(2) deleted by section 290, item 6 in Schedule 4, of Act No. 9 of 2017]] |
| (3) |
Neither the provisions of this section nor any other provision of this Act shall be construed as prohibiting the Authority from holding discussions, from time to time, with the chief executive officer of any bank, or with any executive officer or employee, designated by such chief executive officer, of— |
| (b) |
any subsidiary or controlling company of that bank, or any other subsidiary of such controlling company; |
| (c) |
any juristic person which would have been a subsidiary of that bank or of its controlling company had such juristic person been a company; |
| (d) |
any juristic person of which the board of directors or, in the case where such juristic person is not a company, of which the governing body is accustomed to act in accordance with the directions or instructions of that bank or its controlling company; or |
| (e) |
any trust controlled directly or indirectly by that bank or its controlling company, |
with a view to achieving effective supervision by the Authority, on an individual or a consolidated basis, of that bank or the group of banks of which that bank is a member.
[Section 6(3) substituted by section 3 of Act No. 26 of 1994]
| (4) |
The Authority may from time to time by means of a circular furnish banks, controlling companies, representative offices, eligible institutions or auditors of banks or controlling companies with guidelines regarding the application and interpretation of the provisions of this Act. |
[Section 6(4) substituted by section 4(a) of Act No. 22 of 2013]
| (5) |
The Authority may from time to time by means of a guidance note furnish banks, controlling companies, representative offices, eligible institutions and auditors of banks or controlling companies with information in respect of market practices or market or industry developments within or outside the Republic. |
[Section 6(5) substituted by section 4(a) of Act No. 22 of 2013]
| (a) |
The Authority may from time to time, in writing, after consultation with the relevant bank, controlling company, representative office, eligible institution or auditor of a bank or controlling company, issue a directive to such a bank, controlling company, representative office, eligible institution or auditor of a bank or controlling company, either individually or collectively, regarding the application of this Act. |
[Section 6(6)(a) substituted by section 4(b) of Act No. 22 of 2013]
| (b) |
The directive contemplated in paragraph (a) may include the issuing of a non-financial sanction or a directive requiring a bank, a controlling company, a representative office, an eligible institution or an auditor of a bank or controlling company, either individually or collectively, within the period specified in such directive, to— |
[Words preceding section 6(6)(b)(i) substituted by section 4(c) of Act No. 22 of 2013]
| (i) |
cease or refrain from engaging in any act, omission or course of conduct or to perform such acts necessary to remedy the situation; |
| (ii) |
perform such acts necessary to comply with the directive or to effect the changes required to give effect to the directive; or |
| (iii) |
provide the Authority with such information and documents relating to the matter specified in the directive. |
| (c) |
The Authority may after consultation with the relevant bank, controlling company, representative office, eligible institution or auditor of a bank or controlling company, subject to the directive, cancel in writing a previously issued directive. |
[Section 6(6)(c) substituted by section 4(d) of Act No. 22 of 2013]
| (d) |
No directive issued by the Authority shall have retroactive effect. |
| (e) |
A bank, a controlling company, representative office, eligible institution or auditor of a bank or controlling company that neglects, refuses or fails to comply with a directive issued under this subsection shall be guilty of an offence. |
[Section 6(6)(e) substituted by section 4(e) of Act No. 22 of 2013]
[Section 6(6) inserted by section 3(b) of Act No. 20 of 2007]
Medicines and Related Substances Act, 1965
