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

Chapter 2 : Financial Stability

Part 6 : Systemically important financial institutions and payment systems

29A. Designation institutions

 

(1) In this Act, ‘designated institution’ means each of the following:
(a) A bank;
(b) a systemically important financial institution;
(d) a company that is a holding company of a bank, a systemically important financial institution, or a payment system operator of a systemically important payment system; and
(e) subject to any determination in terms of subsection (2), if a bank or a systemically important financial institution is a member of a financial conglomerate in terms of section 160, each of the other members of the financial conglomerate.

 

(2) The Governor may, by written notice to a person or body that is a designated institution because of subsection (1)(e), determine that the person or body is not a designated institution.

 

[Section 29A inserted by section 42 and 61(e) of the Financial Sector Laws Amendment Act, 2021 (Act No. 23 of 2021), Notice No. 789, GG45825, dated 28 January 2022- effective 1 June 2023 per (b)(i) of Commencement Notice No. 3202, GG48294, dated 24 March 2023]