Taxonomies
South Africa
Financial Institutions (Protection of Funds) Act, 2001
Guidelines on the Conduct of Curators, 2015
Board Notice 56 of 2015
- Published in Government Gazette 38550 on 6 March 2015
- Assented to on 6 March 2015
- Commenced on 6 March 2015
- [This is the version of this document from 6 March 2015.]
1. Definitions
In these Guidelines,"the Act" means Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001) and any word or expression in these Guidelines has the same meaning as that assigned thereto in the Act; and“advocate” means an advocate of the High Court admitted in terms of the Admissions of Advocates Act, 1964 (Act No. 74 of 1964);“attorney” means any person admitted to practise as an attorney in the Republic in terms of the Attorneys Act, 1979 (Act No. 53 of 1979);“auditor” means an auditor registered in terms of the Auditing Profession Act, 2005 (Act No. 26 of 2005);“Auditor-General” means the Auditor-General contemplated in the Public Audit Act, 2004 (Act No. 25 of 2004);“business interest” means holding any position or interest in a business as a director, officer, employee or otherwise, regardless of compensation;“compensation relationship” includes the receipt or expectation to receive any remuneration or consideration, such as a consulting fee, salary, rent or a gift;“conflict of interest” includes a conflict in a business interest, financial interest or personal interest;“curator” means a curator appointed in terms of section 5 of the Act;“curator’s firm” means a firm of attorneys or auditors or any other firm that conducts forensic investigations, in which a curator has a substantial direct or indirect business or financial interest, or with which the curator is financially associated;"financial interest" means an investment beneficial interest in, or a compensation relationship with, an institution;“forensic investigation” means an investigation into the business of an institution with the object of expressing an opinion or making a finding as to the compliance by the institution or those responsible for all or some of that business on behalf, or for the benefit, of the institution, with any law or governance, accounting, valuation or other applicable standard of best practice;“independent firm” means a firm of attorneys or auditors or a firm that conducts forensic investigations, other than a curator’s firm;“institution” means an ‘institution’ as defined in the Act, the business of which has been placed under curatorship in terms of the Act;“investor” means the user of a ‘financial service’ as defined in the Financial Services Board Act, 1990 (Act No. 97 of 1990);“legal proceeding” means a notice of motion, rule nisi, summons and any document whereby legal proceedings are commenced or advanced in a court of law;“personal interest” includes a situation where a spouse, partner, dependent child or any other family member of a curator may personally benefit from actions taken by the curator; and“web site” means a web site as defined in section 1 of the Electronic Communications and Transactions Act, 2002 (Act No. 25 of 2002).2. Purpose of Guidelines
These Guidelines are intended to—3. General duties of curator
4. Conflict of interest
5. Investors
6. Statutory requirements and record keeping
7. Reporting to the registrar
8. Reporting to Court
9. Legal proceedings and forensic investigations conducted by curator
10. Remuneration of curators
11. Statements of accounts and invoices
12. Settlement of legal proceedings
The curator may not take any decision regarding the settlement of legal proceedings except with the approval of the registrar, which approval must be in writing either upon the granting thereof or in confirmation of any earlier verbal approval.13. Joint curatorship
14. Transitional arrangements
Any legal proceedings instituted or defended or forensic investigations commenced, prior to the commencement of these Guidelines, and for which the curator’s firm is utilised, may be concluded by the curator’s firm.15. Short title and commencement
These Guidelines are called the Guidelines on the Conduct of Curators and come into operation on publication.History of this document
06 March 2015 this version
Cited documents 5
Legislation 5
1. | Electronic Communications and Transactions Act, 2002 | 338 citations |
2. | Financial Services Board Act, 1990 | 207 citations |
3. | Financial Institutions (Protection of Funds) Act, 2001 | 87 citations |
4. | Public Audit Act, 2004 | 81 citations |
5. | Financial Services Laws General Amendment Act, 2013 | 20 citations |