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

Chapter 4 : Financial Sector Conduct Authority

Part 2 : Governance

65. Removal from office

 

(1) The Minister must, subject to due process, remove the Commissioner from office if the Commissioner becomes a disqualified person.

 

(2) The Commissioner must, subject to due process and with the concurrence of the Minister, remove a Deputy Commissioner from office if the Deputy Commissioner becomes a disqualified person.

 

(3) The Minister may remove the Commissioner from office if an independent inquiry established by the Minister has found that the Commissioner—
(a) is unable to perform the duties of office for health or other reasons;
(b) has failed in a material way to achieve the level of performance against the performance measures agreed to in terms of section 61(7);
(c) has failed in a material way to discharge any of the responsibilities of office, including any responsibilities entrusted in terms of legislation; or
(d) has acted in a way that is inconsistent with continuing to hold the office.

 

(4) If an independent inquiry has been established in terms of subsection (3), the Minister may suspend the Commissioner from office pending a decision on that person’s removal from office.

 

(5) The Commissioner may, with the concurrence of the Minister, remove a Deputy Commissioner from office if an independent inquiry established by the Commissioner, with the concurrence of the Minister, has found that the Deputy Commissioner—
(a) is unable to perform the duties of office for health or other reasons;
(b) has failed in a material way to achieve the level of performance against the performance measures agreed to in terms of section 61(7);
(c) has failed in a material way to discharge any of the responsibilities of office, including any responsibilities entrusted in terms of legislation; or
(d) has acted in a way that is inconsistent with continuing to hold the office.

 

(6) If an independent inquiry has been established in terms of subsection (5), the Commissioner may suspend the Deputy Commissioner from office pending a decision on that person’s removal from office.

 

(7) Without limiting subsection (3)(c) or (5)(c), the Commissioner or a Deputy Commissioner, as the case may be, must be taken to have failed in a material way to discharge the responsibilities of office if he or she is absent from two consecutive meetings of the Executive Committee without the leave of the Executive Committee.

 

(8) If the Commissioner or a Deputy Commissioner is removed from office in terms of this section, the Minister must, within 30 days, submit the report and findings of the independent inquiry to the National Assembly.