| (1) | No person may be appointed as a member of the controlling body of a market infrastructure if that person— |
| (a) | may not be appointed or act as a director in terms of section 69 of the Companies Act; |
| (b) | has been penalised in disciplinary proceedings for a contravention of the rules of any professional organisation, including a market infrastructure, which contravention involved dishonesty; or |
[Section 66(1)(c) substituted by section 290, item 48(a) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective 9 February 2018 (Notice R. 99, GG 41433, dated 9 February 2018)]
| (2) | A person who accepts an appointment in contravention of subsection (1) commits an offence and is liable on conviction to a fine or to imprisonment for a period not exceeding two years, or to both a fine and such imprisonment. |
| (3) | A market infrastructure must, within 14 days of the appointment of a new member to its controlling body, inform the Authority of the appointment and furnish the Authority with such information on the matter as the Authority may reasonably require. |
| (4) | The provisions of subsection (3) may not be construed so as to render the appointment of a member of the controlling body of a market infrastructure subject to the approval of the Authority. |
| (5) | If it appears to the Authority that a member is disqualified in terms of subsection (1), the Authority may, subject to subsection (6), instruct the market infrastructure to remove that member from its controlling body. |
| (6) | The Authority must, before giving an instruction in terms of subsection (5)— |
| (a) | in writing inform the market infrastructure and the particular member of the Authority’s intention to give such an instruction; |
| (b) | give the market infrastructure and the particular member written reasons for the intended instruction; and |
| (c) | call upon the market infrastructure and the particular member to show cause within a period of 14 days why the instruction should not be given. |
| (7) | If the Authority instructs the market infrastructure to remove a member from its controlling body, the market infrastructure must so remove the member within a period of 14 days and must ensure that the person in question does not in any way, whether directly or indirectly, concern himself or herself with or take part in the management of the market infrastructure. |
| (8) | [Section 66(8) deleted by section 290, item 48(b) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective 9 February 2018 (Notice R. 99, GG 41433, dated 9 February 2018)] |
| (9) | [Section 66(9) deleted by section 290, item 48(b) of Schedule 4, of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017), Notice No. 853, GG 41060, dated 22 August 2017 - effective 9 February 2018 (Notice R. 99, GG 41433, dated 9 February 2018)] |
