Financial Markets Act, 2012 (Act No. 19 of 2012)Chapter XII : General provisionsPowers of Authority and court98. Power of court to declare person disqualified |
| (1) | If a court— |
| (a) | convicts an authorised user, participant or clearing member of an independent clearing house, or an officer or employee of those entities, of an offence under this Act or of an offence of which any dishonest act or omission is an element; or |
| (b) | finds, in proceedings to which a person referred to in paragraph (a) is a party or in which his or her conduct is called into question, that he or she has been guilty of reckless or dishonest conduct, the court may (in addition, in a case referred to in paragraph (a), to any sentence it may impose) declare the person concerned to be disqualified, for an indefinite period or for a period specified by the court, from carrying on business or being employed in a capacity of trust. |
| (2) | The court may, on good cause shown, vary or revoke a declaration made under subsection (1). |
| (3) | The Authority of the court that has made a declaration under subsection (1) or varied or revoked a declaration under subsection (2), must as soon as possible notify the Authority, and the exchange, central securities depository, or independent clearing house concerned, thereof. |
| (4) | No declaration made under subsection (1) affects any power of an exchange, central securities depository, or independent clearing house to take disciplinary action in terms of its rules against the person concerned. |
| (5) | This section does not affect Part 5 of Chapter 10 of the Financial Sector Regulation Act. |
[Section 98(5) inserted by section 290, item 71 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)]