(1)     For the purposes of this section-

 

‘covered person’ means-

(a)     any authorised user as defined in section 1 of the Financial Markets Act that is a company, other than any company of which the principal trading activities constitute the activities of a treasury operation;

[Paragraph (a) substituted by section 46 of Act 15 of 2016 effective on 1 January 2017, applies in respect of years of assessment ending on or after that date]

(b)     the South African Reserve Bank;

(c)     any-

(i)      bank;

(ii)     branch;

(iii)    branch of a bank; or

(iv)    controlling company,

as defined in section 1 of the Banks Act;

(d)     any company or trust that forms part of a banking group as defined in section 1 of the Banks Act, excluding-

(i)      a company that is a long-term insurer as defined in section 1 of the Long-term Insurance Act;

(ii)     a company that is a short-term insurer as defined in section 1 of the Short-term Insurance Act;

(iii)    a company of which more than 50 per cent of the shares are directly or indirectly held by a company contemplated in subparagraph (i) or (ii) if that company does not form part of the same group of companies as a bank;

(iv)    any subsidiary, as defined in section 1 of the Companies Act, of a company contemplated in subparagraph (i) or (ii);

[Subparagraph (iv) added by section 44 of Act 17 of 2017 effective on 1 January 2018, applies in respect of years of assessment commencing on or after that date]