Statistics Act, 1999
R 385
Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 12 : Financial Conglomerates162. Licensing requirements for holding companies of financial conglomerates |
(1)
| (a) | The Prudential Authority may, by notice to a holding company of a financial conglomerate, require the holding company to be licensed in terms of this Act. |
| (b) | A notice referred to in paragraph (a) must— |
| (i) | include a statement of the purpose of and the reasons why the requirement for the holding company to be licensed is proposed; and |
| (ii) | invite the holding company to make submissions on the matter, and give a reasonable period to do so. |
| (2) | Subsection (1) does not apply to a holding company that is licensed in terms of a financial sector law. |
| (3) | A requirement in terms of subsection (1) must be for the purpose of enabling the Prudential Authority to exercise its powers with respect to the financial conglomerate, to enhance the safety and soundness of the eligible financial institution. |
| (4) | A holding company given a notice in terms of subsection (1) must comply with the requirements of the notice. |
(5)
| (a) | If— |
| (i) | the Prudential Authority gives a holding company a notice in terms of subsection (1); or |
| (ii) | a holding company is licensed in terms of a financial sector law, |
each other member of the group of companies in the financial conglomerate, including the eligible financial institution, must, on demand by the holding company, provide any information to the holding company that is needed to enable the holding company to comply with its obligations in terms of this Act or a specific financial sector law.
| (b) | To give effect to paragraph (a), a holding company of a financial conglomerate must impose binding corporate rules on, or enter into a binding agreement with, members of the conglomerate, that includes terms regarding the processing of information, including personal information, within the financial conglomerate. |
[Section 162 came into effect on 1 March 2019 by section (f) of Notice No. 169 of 2018, GG 41549, dated 29 March 2018]
