Inspection of Financial Institutions Act, 1998 (Act No. 80 of 1998)

1. Definitions

Purchase

In this Act, unless the context indicates otherwise—

"associated institution"

means—

a)	any person, partnership, company or trust in which, or in the business of which, a financial institution, or unregistered person, has or had a direct or indirect interest;

b)	any person, partnership, company or trust which has or had a direct or indirect interest in a financial institution or unregistered person, or in the business of a financial institution or unregistered person;

c)	a participating employer in a pension fund organisation;

d)	any person, partnership, company or trust that controls, manages or administers the affairs or part of the affairs of a financial institution or an unregistered person;

"company"

includes a close corporation referred to in the Close Corporations Act, 1984 (Act No. 69 of 1984);

"document"

includes books, records, securities or accounts, and any information, including information stored or recorded electronically, digitally, photographically, magnetically or optically;

"financial institution"

means—

a)	any institution referred to in the definition of 'financial institution' in section 1 of the Financial Services Board Act, 1990 (Act No. 97 of 1990);

b)	a medical scheme registered in terms of the Medical Schemes Act, 1967 (Act No. 72 of 1967);

c)	for the purposes of implementation of any agreement, communique or memorandum of understanding referred to in section 3A, any person referred to in that section;

[Subparagraph (c) inserted by section 21 of Act No. 12 of 2000]

"inspector"

means a person appointed as an inspector under section 2;

"institution"

means a financial institution, an associated institution and an unregistered person;

"legal representative"

means an attorney as defined in section 1 of the Attorneys Act, 1979 (Act No. 53 of 1979), and an advocate as defined in section 1 of the Admission of Advocates Act, 1964 (Act No. 74 of 1964);

"registered"

in relation to a financial institution, includes provisionally registered;

"registrar"

means the executive officer defined in section 1 of the Financial Services Board Act, 1990 (Act No. 97 of 1990), but in relation to a medical scheme registered in terms of the Medical Schemes Act, 1998 (Act No. 131 of 1998), means the registrar of medical schemes appointed under section 18 of the Medical Schemes Act, 1998;

[Definition amended by section 146 of Act No. 45 of 2013]

"unregistered person"

means a person, partnership, company or trust inspected under section 3(2).