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NATIONAL LEGISLATION OVERVIEWS
NATIONAL LEGISLATION OVERVIEWS
Financial
Services Laws General Amendment Act, No. 22 of 2008
NOTE: Assented to and published in English, with alternative copy in _ except iro notice of assent date in _, and excecpt iro title/text/engrossments in the following sections: s_ (_/_/_)
Long title
To amend the Pension Funds Act, 1956, so as to define and further define certain expressions; to provide for the registration and regulation of beneficiary funds; to empower the registrar to exempt certain funds from certain provisions of the Act; to further regulate the appointment and removal of a fund's principal officer, auditor and valuator; to effect improvements regarding the restrictions on the payment of fees or commissions on transfers; to effect improvements regarding the retrospective application of payment of benefits in terms of a divorce order; to extend the powers of the registrar to prescribe certain matters; and to provide for consequential amendments; Friendly Societies Act, 1956, to provide for the registration of a friendly society established or continued in terms of a collective agreement concluded in a council in terms of the Labour Relations Act; Financial Services Board Act, 1990, to define and further define certain expressions; to update references to legislation and institutions; to extend the functions of the board; to amend the provision for the filling of vacancies on the board; to provide anew for the establishment of committees of the board; to provide for the establishment of an enforcement committee; to provide for the appointment of an acting executive officer; to extend and regulate the power of delegation by the Minister and the board; to extend the grounds for disclosure of information obtained in the course of performing functions; to extend the ambit of provisions relating to limitation of liability; to repeal provisions relating to the board of appeal, and to provide for a new board of appeal; and to increase fines for contraventions of certain sections; National Payment System Act, 1998, to extend the application of the Act to certain organs of state; to facilitate the participation of institutions other than banks registered under the Banks Act, 1990, in the clearing of payment instructions; and to extend the grounds for disclosure of information obtained in the course of performing functions; Financial Institutions (Protection of Funds) Act, 2001, to provide for a procedure in terms of which administrative sanctions may be imposed by the enforcement committee for contraventions of, or failures to comply with, certain laws enforced by the Financial Services Board; Financial Advisory and Intermediary Services Act, 2002, to define and further define certain expressions; to empower the registrar of financial services providers to conduct on-site visits and inspections of the businesses of providers and representatives, and the disclosure of details of on-site visits and inspections; to extend the duties of providers and representatives regarding carrying on business with unauthorised persons rendering financial services: to make new provision regarding fit and proper requirements in respect of all directors, members, trustees and partners of providers; to combine and extend the powers and duties of the registrar regarding the grounds for suspension and withdrawal of licences, and the disclosure of details of suspensions and withdrawals; to effect changes and improvements regarding the qualifications of representatives and their key individuals, the maintenance of a central register of representatives, and the debarment of representatives; to empower the registrar to debar certain persons rendering financial services; to extend the power of the registrar to draft codes of conduct; to empower the registrar to control or prohibit incentives; to improve provisions relating to compliance officers; to improve the submission to the registrar of financial statements; to improve the institution of civil remedies by the registrar; and to specify new offences; Co-operative Banks Act, 2007, to clarify the application of the Act; and to effect certain technical amendments to the Act; Long-term Insurance Act, 1998, the Short-term Insurance Act, 1998, the Collective Investment Schemes Control Act, 2002, and the Securities Services Act, 2004; so as to provide for consequential amendments; to provide for certain transitional provisions; and to provide for matters incidental thereto.
Table of contents
Legislation Text Access Point
NOTE: Assented to and published in English, with alternative copy in _ except iro notice of assent date in _, and excecpt iro title/text/engrossments in the following sections: s_ (_/_/_)
Long title
To amend the Pension Funds Act, 1956, so as to define and further define certain expressions; to provide for the registration and regulation of beneficiary funds; to empower the registrar to exempt certain funds from certain provisions of the Act; to further regulate the appointment and removal of a fund's principal officer, auditor and valuator; to effect improvements regarding the restrictions on the payment of fees or commissions on transfers; to effect improvements regarding the retrospective application of payment of benefits in terms of a divorce order; to extend the powers of the registrar to prescribe certain matters; and to provide for consequential amendments; Friendly Societies Act, 1956, to provide for the registration of a friendly society established or continued in terms of a collective agreement concluded in a council in terms of the Labour Relations Act; Financial Services Board Act, 1990, to define and further define certain expressions; to update references to legislation and institutions; to extend the functions of the board; to amend the provision for the filling of vacancies on the board; to provide anew for the establishment of committees of the board; to provide for the establishment of an enforcement committee; to provide for the appointment of an acting executive officer; to extend and regulate the power of delegation by the Minister and the board; to extend the grounds for disclosure of information obtained in the course of performing functions; to extend the ambit of provisions relating to limitation of liability; to repeal provisions relating to the board of appeal, and to provide for a new board of appeal; and to increase fines for contraventions of certain sections; National Payment System Act, 1998, to extend the application of the Act to certain organs of state; to facilitate the participation of institutions other than banks registered under the Banks Act, 1990, in the clearing of payment instructions; and to extend the grounds for disclosure of information obtained in the course of performing functions; Financial Institutions (Protection of Funds) Act, 2001, to provide for a procedure in terms of which administrative sanctions may be imposed by the enforcement committee for contraventions of, or failures to comply with, certain laws enforced by the Financial Services Board; Financial Advisory and Intermediary Services Act, 2002, to define and further define certain expressions; to empower the registrar of financial services providers to conduct on-site visits and inspections of the businesses of providers and representatives, and the disclosure of details of on-site visits and inspections; to extend the duties of providers and representatives regarding carrying on business with unauthorised persons rendering financial services: to make new provision regarding fit and proper requirements in respect of all directors, members, trustees and partners of providers; to combine and extend the powers and duties of the registrar regarding the grounds for suspension and withdrawal of licences, and the disclosure of details of suspensions and withdrawals; to effect changes and improvements regarding the qualifications of representatives and their key individuals, the maintenance of a central register of representatives, and the debarment of representatives; to empower the registrar to debar certain persons rendering financial services; to extend the power of the registrar to draft codes of conduct; to empower the registrar to control or prohibit incentives; to improve provisions relating to compliance officers; to improve the submission to the registrar of financial statements; to improve the institution of civil remedies by the registrar; and to specify new offences; Co-operative Banks Act, 2007, to clarify the application of the Act; and to effect certain technical amendments to the Act; Long-term Insurance Act, 1998, the Short-term Insurance Act, 1998, the Collective Investment Schemes Control Act, 2002, and the Securities Services Act, 2004; so as to provide for consequential amendments; to provide for certain transitional provisions; and to provide for matters incidental thereto.
Table of contents
| SECTION | TITLE |
| 1. | Amendment of section 1 of Act 24 of 1956... |
| 2. | Substitution
of section 2 of Act 24 of 1956... |
| 3. | Amendment
of section 7B of Act 24 of 1956... |
| 4. | Amendment of section 8 of Act 24 of 1956... |
| 5. | Amendment
of section 9 of Act 24 of 1956... |
| 6. | Amendment
of section 9A of Act 24 of 1956... |
| 7. | Amendment
of section 13A of Act 24 of 1956... |
| 8. | Amendment
of section 13B of Act 24 of 1956... |
| 9. | Amendment of section 14 of Act 24 of 1956... |
| 10. | Amendment of section 15 of Act 24 of 1956... |
| 11. | Amendment
of section 28 of Act 24 of 1956... |
| 12. | Repeal
of section 30W of Act 24 of 1956... |
| 13. | Amendment
of section 32A of Act 24 of 1956... |
| 14. | Amendment of section 37 of Act 24 of 1956... |
| 15. | Amendment
of section 37C of Act 24 of 1956... |
| 16. | Amendment
of section 37D of Act 24 of 1956... |
| 17. | Amendment
of section 4 of Act 24 of 1956... |
| 18. | Amendment
of section 3 of Act 25 of 1956... |
| 19. | Amendment of section 1 of Act 97 of 1990... |
| 20. | Amendment of section 3 of Act 97 of 1990... |
| 21. | Amendment
of section 7 of Act 97 of 1990... |
| 22. | Substitution
of section 10 of Act 97 of 1990... |
| 23. | Insertion
of section 10A in Act 97 of 1990 |
| 24. | Insertion of section 15 in Act 97 of 1990 |
| 25. | Amendment
of section 20 of Act 97 of 1990... |
| 26. | Amendment
of section 22 of Act 97 of 1990... |
| 27. | Substitution
of section 23 of Act 97 of 1990... |
| 28. | Substitution
of section 26 of Act 97 of 1990... |
| 29. | Insertion of sections 26A and 26B in Act 97 of 1990 |
| 30. | Amendment of section 27 of Act 97 of 1990 |
| 31. | Amendment
of section 50 of Act 52 of 1998 |
| 32. | Amendment
of section 49 of Act 53 of 1998 |
| 33. | Amendment
of section 1 of Act 78 of 1998... |
| 34. | Amendment of section 3 of Act 78 of 1998... |
| 35. | Amendment
of section 4 of Act 78 of 1998... |
| 36. | Amendment
of section 6 of Act 78 of 1998... |
| 37. | Amendment
of section 7 of Act 78 of 1998... |
| 38. | Amendment
of section 8 of Act 78 of 1998... |
| 39. | Amendment of section 10 of Act 78 of 1998... |
| 40. | Amendment of section 13 of Act 78 of 1998... |
| 41. | Amendment
of section 1 of Act 28 of 2001 |
| 42. | Amendment
of section 6 of Act 28 of 2001 |
| 43. | Insertion
of sections 6A, 6B, 6C, 6D, 6E, 6F, 6G, 6H and 6I in Act 28 of 2001 |
| 44. | Amendment
of section 7 of Act 28 of 2001 |
| 45. | Amendment of
section 1 of Act 37 of 2002 |
| 46. | Amendment of
section 4 of Act 37 of 2002 |
| 47. | Amendment of
section 7 of Act 37 of 2002 |
| 48. | Amendment of
section 8 of Act 37 of 2002 |
| 49. | Substitution of section 9 of Act 37 of 2002 |
| 50. | Repeal of section 10 of Act 37 of 2002 |
| 51. | Amendment of
section 11 of Act 37 of 2002 |
| 52. | Amendment of
section 13 of Act 37 of 2002 |
| 53. | Amendment of
section 14 of Act 37 of 2002 |
| 54. | Insertion of
new section 14A in Act 37 of 2002 |
| 55. | Amendment of section 15 of Act 37 of 2002 |
| 56. | Amendment of section 16 of Act 37 of 2002 |
| 57. | Amendment of
section 17 of Act 37 of 2002 |
| 58. | Amendment of
section 19 of Act 37 of 2002 |
| 59. | Amendment of section 33 of Act 37 of 2002 |
| 60. | Amendment of section 34 of Act 37 of 2002 |
| 61. | Amendment of
section 36 of Act 37 of 2002 |
| 62. | Repeal of
section 43 of Act 37 of 2002 |
| 63. | Amendment
of section 15 of Act 45 of 2002 |
| 64. | Substitution of section 18 of Act 45 of 2002 |
| 65. | Amendment of section 21 of Act 45 of 2002 |
| 66. | Amendment of
section 1 of Act 36 of 2004 |
| 67. | Amendment of
section 18 of Act 36 of 2004 |
| 68. | Amendment of
section 56 of Act 36 of 2004 |
| 69. | Amendment of section 86 of Act 36 of 2004 |
| 70. | Amendment of section 87 of Act 36 of 2004 |
| 71. | Amendment of
section 94 of Act 36 of 2004 |
| 72. | Repeal of
sections 97 to 106 of Act 36 of 2004 |
| 73. | Amendment of
section 111 of Act 36 of 2004 |
| 74. | Substitution of Item 2A in Part 3 of Schedule 1 to Act 14 of 2005... |
| 75. | Substitution of section 5A in Act 14 of 2005... |
| 76. | Substitution
of section 3 of Act 40 of 2007 |
| 77. | Amendment of
section 88 of Act 40 of 2007 |
| 78. | Transitional
provisions |
| 79. | Short title and commencement |
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