(1) The Authority has, in relation to its supervisory power under section 5(2)(m), the power to issue a direction where a financial institution or person engaged in other business activity fails to comply with this Act.
(2) A direction issued under subsection (1) must specify —
(a) the activity, behaviour or practice that must be remedied or terminated; and
(b) the date by which the activity, behaviour or practice under paragraph (a) must be remedied or terminated.
(3) The Authority may issue directions to a financial institution or person engaged in other business activity before giving a notice under section 6B(2) or prosecution of the failure specified in the direction under subsection (1) or (2).
(Inserted by Act 16 of 2021)