| (1) |
The registrar may on or after the commencement of this Act, but prior to the date determined by the Minister in terms of section 7(1), exempt any person or category of persons from the provisions of that section if the registrar is satisfied that— |
| (a) |
the rendering of any financial service by the applicant is already partially or wholly regulated by any other law; or |
| (b) |
the application of the said section to the applicant will cause the applicant or clients of the applicant financial or other hardship or prejudice; and |
| (c) |
the granting of the exemption will not— |
| (i) |
conflict with the public interest; |
| (ii) |
prejudice the interests of clients; and |
| (iii) |
frustrate the achievement of the objects of this Act. |
| (a) |
having regard to the factors mentioned in subsection (1), may attach to any exemption so granted reasonable requirements or impose reasonable conditions with which the applicant must comply either before or after the effective date of the exemption in the manner and during the period specified by the registrar; and |
| (b) |
must determine the period for which the exemption will be valid. |
| (3) |
An exemption in respect of which a person has to comply with requirements or conditions, lapses whenever the person contravenes or falls to comply with any such requirement or condition: Provided that the registrar may on application condone any such contravention or failure and determine reasonable requirements or conditions with which the applicant must comply on or after resumption of the exemption as if such requirements or conditions had been attached or imposed on the first granting of the exemption. |
| (a) |
The registrar may in any case not provided for in this Act, on reasonable grounds, on application or on the registrar's own initiative by notice on the official web site, exempt any person or category of persons from any provision of this Act. |
[Section 44(4)(a) amended by section 205 of Act No. 45 of 2013]
| (b) |
The provisions of subsections (1), (2) and (3) apply with the necessary changes in respect of any exemption contemplated in paragraph (a). |
| (5) |
The Minister, after consultation with the registrar, may, on such conditions as the Minister may determine, by notice in the Gazette exempt a financial services provider or representative, or category of financial services providers or representatives, from any provision of the Policyholder Protection Rules made under section 62 of the Long-term Insurance Act, 1998 (Act No. 52 of 1998), and section 55 of the Short-term Insurance Act, 1998 (Act No. 53 of 1998), respectively. |
Broad-Based Black Economic Empowerment Act, 2003
