Financial Services Laws General Amendment Act
Part 3 of 6 · provisions 401–600
This section states that section 1 of Act 24 of 1956 is being amended.
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- Jurisdiction
- South Africa
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- Act or statute
- Citation
- Act 45 of 2013
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- Language
- en
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Registrar approval Registrar powers accountability accounting authority accounts and reporting actuarial surplus actuarial surplus apportionment administration administrative compliance administrative enforcement administrative removal administrative sanctions advertising agency information requests amendment amendment of application rules amendment of fund rules annual reports appeal process appeals application notice application process appointment appointment of curator +586 more
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About this statute
This section states that section 1 of Act 24 of 1956 is being amended. This section states that section 2 of Act 24 of 1956 is being amended. Section title: amendment of section 4 of Act 24 of 1956. This section lists amendments made to Act 24 of 1956. This section amends section 7D of Act 24 of 1956 and inserts section 7F into that Act.
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Provisions of Financial Services Laws General Amendment Act
Showing 200 of 1,057
Part
Part 9
- 239 Verify source ↗
Amendment of Arrangement of Sections of Act 45 of 2002
AI-assisted research summary: This provision is an amendment heading: it changes the arrangement of sections of Act 45 of 2002 by inserting section 111A and refers to Part 10 of the Co-operative Banks Act, 2007.
239. Amendment of Arrangement of Sections of Act 45 of 2002 Insertion of section 111A in Act 45 of 2002 Part 10 Amendment of Co-operative Banks Act, 2007
Part
Part 10
- 240 Verify source ↗
Amendment of section 1 of Act 40 of 2007
AI-assisted research summary: 240. Amendment of section 1 of Act 40 of 2007
240. Amendment of section 1 of Act 40 of 2007 - 241 Verify source ↗
Amendment of section 23 of Act 40 of 2007
AI-assisted research summary: This section is an amendment heading for section 23 of Act 40 of 2007.
241. Amendment of section 23 of Act 40 of 2007 - 242 Verify source ↗
Amendment of section 31 of Act 40 of 2007
AI-assisted research summary: This section amends section 31 of Act 40 of 2007.
242. Amendment of section 31 of Act 40 of 2007 - 243 Verify source ↗
Amendment of section 32 of Act 40 of 2007
AI-assisted research summary: This provision is a heading stating that section 243 amends section 32 of Act 40 of 2007.
243. Amendment of section 32 of Act 40 of 2007 - 244 Verify source ↗
Amendment of section 36 of Act 40 of 2007
AI-assisted research summary: This provision amends section 36 of Act 40 of 2007.
244. Amendment of section 36 of Act 40 of 2007 - 245 Verify source ↗
Amendment of section 37 of Act 40 of 2007
AI-assisted research summary: This section amends section 37 of Act 40 of 2007.
245. Amendment of section 37 of Act 40 of 2007 - 246 Verify source ↗
Amendment of section 41 of Act 40 of 2007
AI-assisted research summary: This section amends section 41 of Act 40 of 2007.
246. Amendment of section 41 of Act 40 of 2007 - 247 Verify source ↗
Repeal of section 42 of Act 40 of 2007
AI-assisted research summary: This section repeals section 42 of Act 40 of 2007.
247. Repeal of section 42 of Act 40 of 2007 - 248 Verify source ↗
Substitution of section 43 of Act 40 of 2007
AI-assisted research summary: This section substitutes section 43 of Act 40 of 2007.
248. Substitution of section 43 of Act 40 of 2007 - 249 Verify source ↗
Amendment of section 47 of Act 40 of 2007
AI-assisted research summary: This section amends section 47 of Act 40 of 2007.
249. Amendment of section 47 of Act 40 of 2007 - 250 Verify source ↗
Amendment of section 48 of Act 40 of 2007
AI-assisted research summary: This provision states that section 48 of Act 40 of 2007 is amended.
250. Amendment of section 48 of Act 40 of 2007 - 251 Verify source ↗
Amendment of section 55 of Act 40 of 2007
AI-assisted research summary: This section amends section 55 of Act 40 of 2007.
251. Amendment of section 55 of Act 40 of 2007 - 252 Verify source ↗
Amendment of section 57 of Act 40 of 2007
AI-assisted research summary: This section states that section 57 of Act 40 of 2007 is amended.
252. Amendment of section 57 of Act 40 of 2007 - 253 Verify source ↗
Amendment of section 58 of Act 40 of 2007
AI-assisted research summary: This provision states that section 58 of Act 40 of 2007 is amended.
253. Amendment of section 58 of Act 40 of 2007 - 254 Verify source ↗
Amendment of section 61 of Act 40 of 2007
AI-assisted research summary: This provision amends section 61 of Act 40 of 2007.
254. Amendment of section 61 of Act 40 of 2007 - 255 Verify source ↗
Substitution of section 83 of Act 40 of 2007
AI-assisted research summary: This section title says section 83 of Act 40 of 2007 is substituted.
255. Substitution of section 83 of Act 40 of 2007 - 256 Verify source ↗
Amendment of Arrangement of Sections of Act 40 of 2007
AI-assisted research summary: This section is an amendment provision for the arrangement of sections of Act 40 of 2007.
256. Amendment of Arrangement of Sections of Act 40 of 2007 Part 11 5 10 15 20 25 30 35 40 Amendment of Financial Services Laws General Amendment Act, 2008
Part
Part 11
- 257 Verify source ↗
Amendment of section 78 of Act 22 of 2008
AI-assisted research summary: This section amends section 78 of Act 22 of 2008.
257. Amendment of section 78 of Act 22 of 2008 Part 12 Amendment of Financial Markets Act, 2012 45
Part
Part 12
- 258 Verify source ↗
Amendment of section 6 of Act 19 of 2012
AI-assisted research summary: This provision is titled as an amendment to section 6 of Act 19 of 2012.
258. Amendment of section 6 of Act 19 of 2012 - 259 Verify source ↗
Substitution of section 95 of Act 19 of 2012
AI-assisted research summary: This provision substitutes section 95 of Act 19 of 2012.
259. Substitution of section 95 of Act 19 of 2012 - 260 Verify source ↗
Amendment of section 96 of Act 19 of 2012
AI-assisted research summary: This provision amends section 96 of Act 19 of 2012.
260. Amendment of section 96 of Act 19 of 2012 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 13 Wet No. 45 van 2013 13 - 219 Verify source ↗
Vervanging van artikel 36 van Wet 45 van 2002
AI-assisted research summary: This section replaces section 36 of Act 45 of 2002.
219. Vervanging van artikel 36 van Wet 45 van 2002 - 220 Verify source ↗
Vervanging van artikel 37 van Wet 45 van 2002
AI-assisted research summary: This section replaces article 37 of Act 45 of 2002.
220. Vervanging van artikel 37 van Wet 45 van 2002 - 221 Verify source ↗
Wysiging van artikel 41 van Wet 45 van 2002
AI-assisted research summary: This section is an amendment to article 41 of Act 45 of 2002.
221. Wysiging van artikel 41 van Wet 45 van 2002 - 222 Verify source ↗
Wysiging van artikel 42 van Wet 45 van 2002
AI-assisted research summary: This section amends article 42 of Act 45 of 2002.
222. Wysiging van artikel 42 van Wet 45 van 2002 - 223 Verify source ↗
Vervanging van artikel 46 van Wet 45 van 2002
AI-assisted research summary: This section states that article 46 of Act 45 of 2002 is replaced.
223. Vervanging van artikel 46 van Wet 45 van 2002 - 224 Verify source ↗
Wysiging van artikel 47 van Wet 45 van 2002
AI-assisted research summary: This provision amends article 47 of Act 45 of 2002.
224. Wysiging van artikel 47 van Wet 45 van 2002 - 225 Verify source ↗
Wysiging van artikel 48 van Wet 45 van 2002
AI-assisted research summary: This section is a heading stating that article 48 of Act 45 of 2002 is amended.
225. Wysiging van artikel 48 van Wet 45 van 2002 - 226 Verify source ↗
Wysiging van artikel 50 van Wet 45 van 2002
AI-assisted research summary: This section is a heading that says section 50 of Act 45 of 2002 is being amended.
226. Wysiging van artikel 50 van Wet 45 van 2002 - 227 Verify source ↗
Wysiging van artikel 53 van Wet 45 van 2002
AI-assisted research summary: This provision is a heading stating that section 53 of Act 45 of 2002 is being amended.
227. Wysiging van artikel 53 van Wet 45 van 2002 - 228 Verify source ↗
Wysiging van artikel 65 van Wet 45 van 2002
AI-assisted research summary: This section is titled as an amendment to section 65 of Act 45 of 2002.
228. Wysiging van artikel 65 van Wet 45 van 2002 - 229 Verify source ↗
Wysiging van artikel 69 van Wet 45 van 2002
AI-assisted research summary: This section amends section 69 of Act 45 of 2002.
229. Wysiging van artikel 69 van Wet 45 van 2002 - 230 Verify source ↗
Wysiging van artikel 70 van Wet 45 van 2002
AI-assisted research summary: This section amends article 70 of Act 45 of 2002.
230. Wysiging van artikel 70 van Wet 45 van 2002 - 231 Verify source ↗
Vervanging van artikel 81 van Wet 45 van 2002
AI-assisted research summary: This section states that article 81 of Act 45 of 2002 is replaced.
231. Vervanging van artikel 81 van Wet 45 van 2002 - 232 Verify source ↗
Wysiging van artikel 84 van Wet 45 van 2002
AI-assisted research summary: This provision is a heading indicating an amendment to section 84 of Act 45 of 2002.
232. Wysiging van artikel 84 van Wet 45 van 2002 - 233 Verify source ↗
Wysiging van artikel 90 van Wet 45 van 2002
AI-assisted research summary: This section amends article 90 of Act 45 of 2002.
233. Wysiging van artikel 90 van Wet 45 van 2002 - 234 Verify source ↗
Wysiging van artikel 97 van Wet 45 van 2002
AI-assisted research summary: This section states that article 97 of Act 45 of 2002 is being amended.
234. Wysiging van artikel 97 van Wet 45 van 2002 - 235 Verify source ↗
Wysiging van artikel 111 van Wet 45 van 2002
AI-assisted research summary: This section amends article 111 of Act 45 of 2002 by inserting article 111A.
235. Wysiging van artikel 111 van Wet 45 van 2002 Invoeging van artikel 111A in Wet 45 van 2002 236. - 237 Verify source ↗
Wysiging van artikel 114 van Wet 45 van 2002
AI-assisted research summary: This provision is a heading that says section 237 amends article 114 of Act 45 of 2002.
237. Wysiging van artikel 114 van Wet 45 van 2002 - 238 Verify source ↗
Vervanging van artikel 116 van Wet 45 van 2002
AI-assisted research summary: Section 238 replaces article 116 of Law 45 of 2002.
238. Vervanging van artikel 116 van Wet 45 van 2002 - 239 Verify source ↗
Wysiging van Indeling van Artikels van Wet 45 van 2002
AI-assisted research summary: This section is about amending the classification of articles of Act 45 of 2002.
239. Wysiging van Indeling van Artikels van Wet 45 van 2002 iNxalenye 10 UMthetho Weebhanki Zentsebenziswano ka-2007 - 240 Verify source ↗
Kwenziwa utshintsho kwisiqendu 1 soMthetho 40 ka-2007
AI-assisted research summary: This section makes an amendment to section 1 of Act 40 of 2007.
240. Kwenziwa utshintsho kwisiqendu 1 soMthetho 40 ka-2007 - 241 Verify source ↗
Kwenziwa utshintsho kwicandelo 23 loMthetho 40 ka-2007
AI-assisted research summary: This section says section 23 of Act 40 of 2007 is amended.
241. Kwenziwa utshintsho kwicandelo 23 loMthetho 40 ka-2007 - 242 Verify source ↗
Kwenziwa utshintsho kwicandelo 31 loMthetho 40 ka-2007
AI-assisted research summary: This section says that section 31 of Act 40 of 2007 is being amended.
242. Kwenziwa utshintsho kwicandelo 31 loMthetho 40 ka-2007 - 243 Verify source ↗
Kwenziwa utshintsho kwicandelo 32 loMthetho 40 ka-2007
AI-assisted research summary: This section makes a change to section 32 of Act 40 of 2007.
243. Kwenziwa utshintsho kwicandelo 32 loMthetho 40 ka-2007 - 244 Verify source ↗
Kwenziwa utshintsho kwicandelo 36 loMthetho 40 ka-2007
AI-assisted research summary: This provision amends section 36 of Act 40 of 2007.
244. Kwenziwa utshintsho kwicandelo 36 loMthetho 40 ka-2007 - 245 Verify source ↗
Kwenziwa utshintsho kwicandelo 37 loMthetho ka-2007
AI-assisted research summary: This provision makes an amendment to section 37 of the 2007 Act.
245. Kwenziwa utshintsho kwicandelo 37 loMthetho ka-2007 - 246 Verify source ↗
Kwenziwa utshintsho kwicandelo 41 loMthetho ka-2007
AI-assisted research summary: This provision states that section 41 of the 2007 Act is being amended.
246. Kwenziwa utshintsho kwicandelo 41 loMthetho ka-2007 - 247 Verify source ↗
Kutshitshiswa icandelo 42 loMthetho 40 ka-2007
AI-assisted research summary: Section 42 of Act 40 of 2007 is repealed.
247. Kutshitshiswa icandelo 42 loMthetho 40 ka-2007 - 248 Verify source ↗
Kuthatyathelw’ indawo icandelo 43 loMthetho 40 ka-2007
AI-assisted research summary: Section 248 substitutes section 43 of Act 40 of 2007.
248. Kuthatyathelw’ indawo icandelo 43 loMthetho 40 ka-2007 - 249 Verify source ↗
Kwenziwa utshintsho kwicandelo 47 loMthetho 40 ka-2007
AI-assisted research summary: This section states that section 47 of Act 40 of 2007 is amended.
249. Kwenziwa utshintsho kwicandelo 47 loMthetho 40 ka-2007 - 250 Verify source ↗
Kwenziwa utshintsho kwicandelo 48 loMthetho 40 ka-2007
AI-assisted research summary: This section states that section 48 of Act 40 of 2007 is being amended.
250. Kwenziwa utshintsho kwicandelo 48 loMthetho 40 ka-2007 - 251 Verify source ↗
Kwenziwa utshintsho kwicandelo 55 loMthetho 40 ka-2007
AI-assisted research summary: This section states that section 55 of Act 40 of 2007 is amended.
251. Kwenziwa utshintsho kwicandelo 55 loMthetho 40 ka-2007 - 252 Verify source ↗
Kwenziwa utshintsho kwicandelo 57 loMthetho 40 ka-2007
AI-assisted research summary: This provision says section 57 of Act 40 of 2007 is amended.
252. Kwenziwa utshintsho kwicandelo 57 loMthetho 40 ka-2007 - 253 Verify source ↗
Kwenziwa utshintsho kwicandelo 58 loMthetho 40 ka-2007
AI-assisted research summary: This section amends section 58 of Act 40 of 2007.
253. Kwenziwa utshintsho kwicandelo 58 loMthetho 40 ka-2007 - 254 Verify source ↗
Kwenziwa utshintsho kwicandelo 61 loMthetho 40 ka-2007
AI-assisted research summary: This provision states that section 61 of Act 40 of 2007 is being amended.
254. Kwenziwa utshintsho kwicandelo 61 loMthetho 40 ka-2007 - 255 Verify source ↗
Kuthatyathelw’ indawo icandelo 83 loMthetho 40 ka-2007
AI-assisted research summary: This section replaces section 83 of Act 40 of 2007.
255. Kuthatyathelw’ indawo icandelo 83 loMthetho 40 ka-2007 - 256 Verify source ↗
Kwenziwa utshintsho kulandelelwano lwamacandelo oMthetho 40 ka-2007
AI-assisted research summary: This section says the order of sections in Act 40 of 2007 is changed.
256. Kwenziwa utshintsho kulandelelwano lwamacandelo oMthetho 40 ka-2007 Wysiging van Algemene Wysigingswet op Wette op Finansiële Dienste, 2008 Deel 11 - 257 Verify source ↗
Wysiging van artikel 78 van Wet 22 van 2008
AI-assisted research summary: This section amends article 78 of Act 22 of 2008.
257. Wysiging van artikel 78 van Wet 22 van 2008 Incenye 12 5 10 15 20 25 30 35 40 Kuchitjiyelwa kweMtsetfo Wetimakethe Tetimali, 2012 45 - 258 Verify source ↗
Kuchitjiyelwa kwesigaba 6 seMtsetfo 19 wanga-2012
AI-assisted research summary: This provision concerns the application of section 6 of Act 19 of 2012.
258. Kuchitjiyelwa kwesigaba 6 seMtsetfo 19 wanga-2012 - 259 Verify source ↗
Kukhishwa kwesigaba 95 seMtsetfo 19 wanga-2012
AI-assisted research summary: Section 95 of Act 19 of 2012 is repealed.
259. Kukhishwa kwesigaba 95 seMtsetfo 19 wanga-2012 - 260 Verify source ↗
Kuchitjiyelwa kwesigaba 96 seMtsetfo 19 wanga-2012
AI-assisted research summary: Section 260 is a heading referring to an amendment of section 96 of Act 19 of 2012.
260. Kuchitjiyelwa kwesigaba 96 seMtsetfo 19 wanga-2012 14 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 14 Part 13 Amendment of Credit Rating Services Act, 2012
Part
Part 13
- 261 Verify source ↗
Amendment of section 1 of Act 24 of 2012
AI-assisted research summary: This section amends section 1 of Act 24 of 2012.
261. Amendment of section 1 of Act 24 of 2012 - 262 Verify source ↗
Substitution of section 25 of Act 24 of 2012
AI-assisted research summary: This provision substitutes section 25 of Act 24 of 2012.
262. Substitution of section 25 of Act 24 of 2012 - 263 Verify source ↗
Repeal of section 29 of Act 24 of 2012
AI-assisted research summary: This section repeals section 29 of Act 24 of 2012.
263. Repeal of section 29 of Act 24 of 2012 Part 14 Consequential and Related Amendments to Certain Laws, Exemptions, Saving and Short Title and Commencement
Part
Part 14
- 264 Verify source ↗
Consequential and related amendments to certain laws
AI-assisted research summary: This section concerns consequential and related amendments to certain laws.
264. Consequential and related amendments to certain laws - 265 Verify source ↗
Exemptions, and saving
AI-assisted research summary: This section is titled “Exemptions, and saving.”
265. Exemptions, and saving - 266 Verify source ↗
Short title and commencement
AI-assisted research summary: This section gives the short title and states that the Act amends section 1 of the Pension Funds Act, 1956.
266. Short title and commencement Part 1 Amendment of Pension Funds Act, 1956 Amendment of section 1 of Act 24 of 1956, as amended by section 21 of Act 101 of 1976, section 9 of Act 94 of 1977, section 10 of Act 80 of 1978, section 38 of Act 99 of 1980, section 20 of Act 54 of 1989, section 29 of Act 97 of 1990, section 14 of Act 83 of 1992, section 21 of Act 104 of 1993, section 1 of Act 22 of 1996, section 1 of Act 39 of 2001, section 1 of Act 65 of 2001, section 1 of Act 11 of 2007 and section 1 of Act 22 of 2008 5 10 15
Part
Part 1
- 1 Verify source ↗
Section 1 of the Pension Funds Act, 1956 (in this Part referred to as the principal
AI-assisted research summary: This provision amends Section 1 of the Pension Funds Act, 1956 by revising the definitions of “actuarial surplus” and “actuary.”
1. Section 1 of the Pension Funds Act, 1956 (in this Part referred to as the principal 20 Act), is hereby amended— (a) by the substitution in subsection (1) for paragraph (a) of the definition of ‘‘actuarial surplus’’ of the following paragraph: ‘‘(a) subject to actuarial valuation, means the difference between— (i) the value, calculated in accordance with the prescribed basis, if any, that the valuator has placed on the assets of the fund, less any credit balances in the member and employer surplus accounts; and (ii) the value that the valuator has placed on the liabilities of the fund in respect of pensionable service accrued by members prior to the valuation date [together with the value of] plus the amounts standing to the credit of those contingency reserve accounts which are established or which the board deems prudent to establish on the advice of the valuator, calculated in accordance with the prescribed basis, if any;’’; 25 30 35 (b) by the substitution in subsection (1) for the words preceding subparagraph (i) of paragraph (b) of the definition of ‘‘actuarial surplus’’ of the following words: ‘‘[exempt from actuarial] valuation exempt, means the difference between—’’; 40 (c) by the substitution in subsection (1) for the definition of ‘‘actuary’’ of the following definition: ‘‘ ‘actuary’ means a natural person admitted as a fellow member of the Actuarial Society of South Africa or any other institution approved by the [Minister] registrar by notice in the Gazette;’’; 45 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 15 Wet No. 45 van 2013 15 Tshipid ˆ a tsha vhu 13 Khwiniso ya Mulayo wa Tshumelo dza u Kala Zwikolodo wa, 2012 - 261 Verify source ↗
Khwiniso ya khethekanyo ya vhu 1 ya Mulayo wa vhu 24 wa 2012
AI-assisted research summary: Section 261 is an amendment to section 1 of Act 24 of 2012.
261. Khwiniso ya khethekanyo ya vhu 1 ya Mulayo wa vhu 24 wa 2012 - 262 Verify source ↗
Khwiniso ya khethekanyo ya vhu 25 ya Mulayo wa vhu 24 wa 2012
AI-assisted research summary: This section is an amendment to section 25 of Act 24 of 2012.
262. Khwiniso ya khethekanyo ya vhu 25 ya Mulayo wa vhu 24 wa 2012 - 263 Verify source ↗
U fheliswa ha khethekanyo ya vhu 29 ya Mulayo wa vhu 24 wa 2012
AI-assisted research summary: This section states that section 29 of Act 24 of 2012 is repealed.
263. U fheliswa ha khethekanyo ya vhu 29 ya Mulayo wa vhu 24 wa 2012 Deel 14 Gevolglike en Verwante Wysigings aan Sekere Wette, Vrystellings, Voorbehoude en Kort titel en Inwerkingtreding - 264 Verify source ↗
Gevolglike en verwante wysigings aan sekere wette
AI-assisted research summary: Section 264 is titled “Gevolglike en verwante wysigings aan sekere wette.”
264. Gevolglike en verwante wysigings aan sekere wette - 265 Verify source ↗
Vrystellings, en voorbehoud
AI-assisted research summary: This section is about exemptions and reservations.
265. Vrystellings, en voorbehoud - 266 Verify source ↗
Kort titel en inwerkingtreding
AI-assisted research summary: This section is titled “Short title and commencement” and introduces a schedule that amends the Pension Funds Act, 1956.
266. Kort titel en inwerkingtreding 5 10 BYLAE Deel 1 Wysiging van Wet op Pensioenfondse, 1956 Wysiging van artikel 1 van Wet 24 van 1956, soos gewysig deur artikel 21 van Wet 101 van 1976, artikel 9 van Wet 94 van 1977, artikel 10 van Wet 80 van 1978, artikel 38 van Wet 99 van 1980, artikel 20 van Wet 54 van 1989, artikel 29 van Wet 97 van 1990, artikel 14 van Wet 83 van 1992, artikel 21 van Wet 104 van 1993, artikel 1 van Wet 22 van 1996, artikel 1 van Wet 39 van 2001, artikel 1 van Wet 65 van 2001, artikel 1 van Wet 11 van 2007 en artikel 1 van Wet 22 van 2008 15 20 - 1 Verify source ↗
Artikel 1 van die Wet op Pensioenfondse, 1956 (in hierdie Deel die Hoofwet
AI-assisted research summary: This section amends several definitions in the Pension Funds Act, including “actuary,” “prescribed,” “rules,” and “valuator,” and changes how some notices are issued.
1. Artikel 1 van die Wet op Pensioenfondse, 1956 (in hierdie Deel die Hoofwet genoem), word hierby gewysig— (a) deur die omskrywing van ‘‘advieskomitee’’ in subartikel (1) te skrap; (b) deur paragraaf (a) van die omskrywing van ‘‘aktuariële surplus’’ in artikel (1) deur die volgende paragraaf te vervang: ‘‘(a) onderworpe is aan aktuariële waardasie, die verskil tussen— (i) die waarde, ooreenkomstig die voorgeskrewe basis, indien enige, bereken, wat die waardeerder op die bates van die fonds geplaas het, min enige kredietsaldo’s in die lede- en werkgewersurplusrekeninge; en (ii) die waarde wat die waardeerder geplaas het op die verpligtinge van die fonds ten opsigte van pensioengewende diens wat voor die waardasiedatum deur lede verwerf is [tesame met die waarde van] plus die bedrae wat tot die krediet staan van daardie gebeurlikheidsreserwerekeninge wat ingestel is of wat die raad omsigtig ag om in te stel op die advies van die waardeerder, ooreenkomstig die voorgeskrewe basis, indien enige, bereken;’’; (c) deur die vervanging in subartikel (1) van die woorde wat subparagraaf (i) van paragraaf (b) voorafgaan in die omskrywing van ‘‘aktuariële surplus’’ deur die volgende woorde: ‘‘vrygestel [is] van [aktuariële] waardasie, die verskil tussen—’’; (d) deur in subartikel (1) die omskrywing van ‘‘aktuaris’’ deur die volgende omskrywing te vervang: ‘‘ ‘aktuaris’ [iemand] ’n natuurlike persoon wat toegelaat is as genoot van die Aktuariële Genootskap van Suid-Afrika of ’n ander instelling deur die [Minister] registrateur by kennisgewing in die Staatskoerant goedgekeur;’’; (e) deur die volgende omskrywing na die omskrywing van ‘‘aktuaris’’ in subartikel (1) in te voeg: ‘‘ ‘amptelike webwerf’ ’n webwerf soos in artikel 1 van die Wet op Elektroniese Kommunikasie en Transaksies, 2002 (Wet No. 25 van 2002), omskryf, soos deur die Raad op Finansiële Dienste opgestel;’’; 25 30 35 40 45 50 16 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 16 (d) by the deletion in subsection (1) of the definition of ‘‘advisory committee’’; (e) by the insertion in subsection (1) after the definition of ‘‘commencement date’’ of the following definition: ‘‘ ‘Companies Act’ means the Companies Act, 2008 (Act No. 71 of 2008);’’; 5 (f) by the substitution in subsection (1) for the definition of ‘‘complainant’’ of the following definition: ‘‘ ‘complainant’ means— (a) any person who is, or who claims to be— (i) a member or former member, of a fund; (ii) a beneficiary or former beneficiary of a fund; (iii) an employer who participates in a fund; (iv) a spouse or a former spouse of a member or former member, of 10 a fund; (b) any group of persons referred to in paragraph (a)(i), (ii), [or] (iii) or 15 (iv); a board of a fund or member thereof; or (c) (d) any person who has an interest in a complaint;’’; (g) by the substitution in subsection (1) for the definition of ‘‘contingency reserve account’’ of the following definition: ‘‘ ‘contingency reserve account’, in relation to a fund, means an account provided for in the rules of the fund, which has been amended in accordance with the requirements of the registrar, or which has not been disallowed by the registrar, and to which shall be credited or debited such amounts as the board shall determine, on the advice of the valuator where the fund is not [exempt from actuarial valuations] valuation exempt, in order to provide for [explicit contingencies] a specific category of contingency;’’; (h) by the substitution in subsection (1) for the definition of ‘‘defined contribution category of a fund’’ of the following definition: ‘‘ ‘defined contribution category of a fund’ means a category of members [in respect of whom the benefit on retirement] whose interest in the fund has a value at least equal to [the value of]— (a) the contributions paid by the member and by the employer in terms of the rules of the fund that determine the rates of both their contributions at a fixed rate; less such reasonable expenses as the board determines [should be deducted from the contributions paid]; (b) (c) plus any amount credited to the member’s individual account upon the commencement of the member’s membership of the fund or upon the conversion of the category of the fund to which the member belongs from a defined benefit category to a defined contribution category of a fund or upon the amalgamation of his or her fund with any other fund, if any, other than amounts taken into account in terms of subparagraph (d); (d) plus any other amounts lawfully permitted, credited to or debited from the member’s individual account, if any, as increased or decreased [by] with fund return: Provided that the board may elect to smooth the fund return;’’; 20 25 30 35 40 45 (i) by the insertion in subsection (1) after the definition of ‘‘dependant’’ of the following definition: 50 ‘‘ ‘disclosure’, in addition to the meaning ascribed to ‘disclosure’ in section 1 of the Protected Disclosures Act, includes the disclosure of information— (a) regarding any conduct of a pension fund, an administrator or a board member, principal officer, deputy principal officer, valuator, officer or employee of a pension fund or administrator, made by a board member, principal officer, deputy principal officer or valuator, or other officer or employee, of a pension fund or administrator; and 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 17 Wet No. 45 van 2013 17 (f) deur die volgende omskrywing na die omskrywing van ‘‘begunstigdefonds’’ in subartikel (1) in te voeg: ‘‘ ‘bekendmaking’, bo en behalwe die betekenis wat in artikel 1 van die Wet op Beskermde Bekendmakings daaraan toegeskryf word, ook die bekendmaking van inligting— (a) oor enige optrede van ’n pensioenfonds, ’n administrateur of ’n raadslid, hoofbeampte, adjunkhoofbeampte, waardeerder, beampte of werknemer van ’n pensioenfonds of administrateur, deur ’n raadslid, hoofbeampte, adjunkhoofbeampte of waardeerder, of ander beampte of werknemer, van ’n pensioenfonds of administrateur; en (b) oor die besigheid van die pensioenfonds wat die fonds of sy lede mag benadeel;’’; (g) deur die omskrywing van ‘‘beleggingsreserwerekening’’ in subartikel (1) deur die volgende omskrywing te vervang: ‘‘ ‘beleggingsreserwerekening’, met betrekking tot ’n fonds wat oor ’n omskrewe bydraekategorie beskik, [die verskil tussen—] ’n rekening waarvan die saldo soos volg bepaal word: [(a)] Die oorskot van die waarde van die bates gehou ten opsigte van die individuele lederekeninge en om die [beleggingsopbrengste] fondsopbrengs wat aan sodanige rekeninge gekrediteer staan te word, te stabiliseer, met inagneming van uitgawes[; en] oor [(b)] die waarde van die saldo’s in die individuele lederekeninge;’’; (h) deur die volgende omskrywing na die omskrywing van ‘‘Beregter’’ in subartikel (1) in te voeg: ‘‘ ‘beskermde bekendmaking’, bo en behalwe die betekenis in artikel 1 van die Wet op Beskermde Bekendmakings aan ‘beskermde bekend- making’ toegeskryf, ook bekendmaking van inligting aan die registrateur ingevolge artikel 9B;’’; 5 10 15 20 25 (i) deur die volgende voorbehoudsbepaling by die omskrywing van ‘‘fondsopbrengs’’ in subartikel (1) te voeg: 30 ‘‘: Met dien verstande dat die raad ’n redelike benadering, op die voorgeskrewe wyse gemaak, mag gebruik om ’n fondsopbrengs toe te ken indien daar gesonde administratiewe redes is waarom ’n presiese toewysing nie gemaak kan word nie’’; (j) deur in subartikel (1) die omskrywing van ‘‘gebeurlikheidsreserwerekening’’ deur die volgende omskrywing te vervang: ‘‘ ‘gebeurlikheidsreserwerekening’, met betrekking tot ’n fonds, ’n rekening waarvoor in die reëls van die fonds voorsiening gemaak word, wat ooreenkomstig die voorskrifte van die registrateur gewysig is, of wat nie deur die registrateur afgekeur is nie, en wat gekrediteer of gedebiteer moet word met die bedrae wat die raad, op die advies van die waardeerder waar die fonds nie van [aktuariële] waardasie vrygestel is nie, bepaal, om voorsiening te maak vir [uitdruklike gebeurlikhede] ’n bepaalde gebeurlikheidskategorie;’’; (k) deur die omskrywing van ‘‘hierdie Wet’’ in subartikel (1) deur die volgende omskrywing te vervang: ‘‘ ‘hierdie Wet’ ook enige aangeleentheid wat die registrateur by kennisgewing in die Staatskoerant voorskryf en enige regulasie;’’; deur die omskrywing van ‘‘klaer’’ in subartikel (1) deur die volgende omskrywing te vervang: (l) ‘‘ ‘klaer’— (a) ’n persoon wat, of wat na bewering— (i) lid of voormalige lid van ’n fonds is; (ii) ’n begunstigde of voormalige begunstigde van ’n fonds is; (iii) ’n werkgewer is wat aan ’n fonds deelneem; (iv) ’n eggenoot of voormalige eggenoot van ’n lid of voormalige lid van ’n fonds is; ’n groep persone bedoel in paragraaf (a)(i), (ii), [of] (iii) of (iv); ’n raad van ’n fonds of lid daarvan; of (b) (c) (d) enige persoon wat ’n belang in ’n klagte het;’’; 35 40 45 50 55 60 18 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 18 (b) relating to the affairs of the pension fund which may prejudice the fund or its members;’’; (j) by the substitution in subsection (1) for the words preceding paragraph (a) of the definition of ‘‘employer surplus account’’ of the following words: ‘‘ ‘employer surplus account’, in relation to a fund, means an account provided for in the rules of the fund to which shall be credited—’’; 5 (k) by the insertion in subsection (1) after the definition of ‘‘fair value’’ of the following definition: ‘‘ ‘Financial Services Board’ means the Financial Services Board established by section 2 of the Financial Services Board Act, 1990 (Act No. 97 of 1990);’’; (l) by the addition in subsection (1) to the definition of ‘‘fund return’’ of the following proviso: ‘‘: Provided that the board may use a reasonable approximation, made in such manner as may be prescribed, to allocate a fund return if there are sound administrative reasons why an exact allocation cannot be effected’’; (m) by the substitution in subsection (1) for the definition of ‘‘investment reserve account’’ of the following definition: ‘‘ ‘investment reserve account’, in relation to a fund which has a defined contribution category, means [the difference between] an account of which the balance is determined as follows: [(a)] the excess of the value of the assets held in respect of the members’ individual accounts and for any smoothing of [investment returns] fund return to be credited to such accounts, with allowances for expenses[; and] over [(b)] the value of the balances in the members’ individual accounts;’’; (n) by the substitution in subsection (1) for the definition of ‘‘member’’ of the following definition: ‘‘ ‘member’ [means], in relation to— (a) a fund referred to in paragraph (a) or (c) of the definition of ‘pension fund organisation’, means any member or former member of the association by which such fund has been established; (b) a fund referred to in paragraph (b) of that definition, means a person who belongs or belonged to a class of persons for whose benefit that fund has been established, but does not include any [such member or former member or] person who has received all the benefits which may be due to [him] that person from the fund and whose membership has thereafter been terminated in accordance with the rules of the fund;’’; 10 15 20 25 30 35 40 (o) by the substitution in subsection (1) for the words preceding paragraph (a) of the definition of ‘‘member surplus account’’ of the following words: ‘‘ ‘member surplus account’, in relation to a fund, means an account provided for in the rules of the fund to which shall be—’’; (p) by the insertion in subsection (1) after the definition of ‘‘officer’’ of the 45 following definition: ‘‘ ‘official web site’ means a web site as defined in section 1 of the Electronic Communications and Transactions Act, 2002 (Act No. 25 of 2002), set up by the Financial Services Board;’’; (q) by the substitution for paragraph (c) of the definition of ‘‘pension fund 50 organisation’’ of the following paragraph: ‘‘(c) any association of persons or business carried on under a scheme or arrangement established with the object of receiving, administering, investing and paying benefits that became payable [referred to in section 37C] in terms of the employment of a member on behalf of beneficiaries, payable on the death of more than one member of one or more pension funds,’’; 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 19 Wet No. 45 van 2013 19 (m) deur in subartikel (1) die woorde wat paragraaf (a) van die omskrywing van by ‘‘ledesurplusrekening’’ voorafgaan deur die volgende woorde te vervang: ‘‘ ‘ledesurplusrekening’, met betrekking tot ’n fonds, ’n rekening waarvoor in die reëls van die fonds voorsiening gemaak word wat—’’; (n) deur die omskrywing van ‘‘lid’’ in subartikel (1) deur die volgende omskrywing te vervang: ‘‘ ‘lid’, met betrekking tot— (a) ’n in paragraaf (a) of (c) van die omskrywing van ‘pensioen- fondsorganisasie’ bedoelde fonds, ’n lid of vorige lid van die vereniging waardeur daardie fonds ingestel is; ’n in paragraaf (b) van daardie omskrywing bedoelde fonds, ’n persoon wat tot ’n klas persone behoort of behoort het vir wie se voordeel die fonds ingestel is (b) maar nie ook [so] ’n [lid of vorige lid of] persoon wat alle uit die fonds aan [hom] daardie persoon verskuldigde voordele ontvang het en wie se lidmaatskap daarna ooreenkomstig die statute van die fonds beëindig is nie;’’; (o) deur die volgende omskrywing na die omskrywing van ‘‘lid’’ in subartikel 1 in te voeg: 5 10 15 ‘‘ ‘Maatskappywet’ die Maatskappywet, 2008 (Wet No. 71 van 2008);’’; 20 (p) deur in subartikel (1) die omskrywing van ‘‘omskrewe bydraekategorie van ’n fonds’’ deur die volgende omskrywing te vervang: ‘‘ ‘omskrewe bydraekategorie van ’n fonds’ ’n kategorie lede [ten opsigte waarvan die voordeel by aftrede] wie se belang ’n waarde besit ten minste gelyk aan [die waarde van]— (a) die bydraes deur die lid en deur die werkgewer ingevolge die statute van die fonds wat die skaal van beide hul bydraes teen ’n vaste skaal bepaal; 25 (b) min die redelike uitgawes wat die raad bepaal [om van die betaalde 30 bydraes afgetrek te word]; (c) plus enige bedrag gekrediteer teen die lid se individuele rekening ten tye van die aanvang van die lid se lidmaatskap van die fonds of ten tye van die omskepping van die kategorie van die fonds waaraan die lid behoort van ’n omskrewe voordeelkategorie tot ’n omskrewe bydraekategorie van ’n fonds, of ten tye van die samesmelting van sy of haar fonds met enige ander fonds, indien enige, behalwe die bedrae wat ingevolge subparagraaf (d) in ag geneem is; (d) plus enige ander bedrae wat wettiglik toegelaat word, wat gekrediteer word teen of gedebiteer word uit die lid se individuele rekening, indien enige, soos vergroot of verklein [deur] met fondsopbrengs: Met dien verstande dat die raad kan besluit om die fondsopbrengs te stabiliseer;’’; (r) deur die omskrywing van ‘‘onopgeëiste voordeel’’ in subartikel (1) deur die volgende omskrywing te vervang: ‘‘ ‘onopgeëiste voordeel’— (a) enige voordeel, behalwe ’n voordeel in paragrawe (aA), (b), (c) en (d) bedoel, wat nie binne 24 maande vanaf die datum waarop dit, ooreenkomstig die statute van die fonds, regtens betaalbaar geword het, deur ’n fonds aan ’n lid, voormalige lid of begunstigde betaal is nie; [of] (aA) ’n sterftevoordeel kragtens artikel 37C aan ’n begunstigde betaalbaar wat nie betaal is nie binne 24 maande vanaf die datum waarop die fonds van die heengaan van die lid bewus geword het, of ’n langer tydperk wat die raad van die fonds redelikerwys skriftelik regverdig; (b) met betrekking tot ’n voordeel betaalbaar as ’n pensioen of jaargeld, enige voordeel wat nie deur ’n fonds aan ’n lid, voormalige lid of begunstigde betaal is nie binne 24 maande vanaf— (i) die verstrykingsdatum van enige waarborgtydperk vir pensioenbetalings waarvoor in die statute van die fonds voorsiening gemaak word; of 35 40 45 50 55 60 20 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 20 (r) by the insertion in subsection (1) after the definition of ‘‘pension fund organisation’’ of the following definition: ‘‘ ‘pension preservation fund’ means a fund that is a— (a) pension preservation fund as defined in section 1 of the Income Tax Act, 1962 (Act No. 58 of 1962); or (b) pension fund as defined in section 1 of the Income Tax Act, 1962 (Act No. 58 of 1962), doing the business of a pension preservation fund as prescribed by the Commissioner in terms of that Act;’’; (s) by the substitution in subsection (1) for the definition of ‘‘prescribed’’ of the following definition: 5 10 ‘‘ ‘prescribed’ means prescribed by the registrar by notice on the official web site, unless notice in the Gazette is specifically required by this Act;’’; (t) by the insertion in subsection (1) after the definition of ‘‘principal officer’’ of the following definitions: 15 ‘‘ ‘protected disclosure’, in addition to the meaning ascribed to ‘protected disclosure’ in section 1 of the Protected Disclosures Act, includes disclosure of information to the registrar in terms of section 9B; ‘Protected Disclosures Act’ means the Protected Disclosures Act, 2000 (Act No. 26 of 2000); ‘provident preservation fund’ means a fund that is a— (a) provident preservation fund as defined in section 1 of the Income Tax Act, 1962 (Act No. 58 of 1962); or (b) provident fund as defined in section 1 of the Income Tax Act, 1962 (Act No. 58 of 1962), doing the business of a provident preservation fund as prescribed by the Commissioner in terms of that Act; ‘publish’ means any direct or indirect communication transmitted by any medium, or any representation or reference written, inscribed, recorded, encoded upon or embedded within any medium, by means of which a person, other than the registrar, seeks to bring any information to the attention of a person, or all or part of the public;’’; 20 25 30 (u) by the substitution in subsection (1) for the definition of ‘‘registrar’’ of the following definition: ‘‘ ‘registrar’ means the [Registrar or the Deputy Registrar of Pension Funds] person mentioned in section 3;’’; 35 (v) by the substitution in subsection (1) for the definition of ‘‘rules’’ of the following definition: (b) (c) ‘‘ ‘rules’ means the rules of a fund[, and includes— (a) the act, charter, deed of settlement, memorandum of associa- tion, or other document by which the fund is constituted; the articles of association or other rules for the conduct of the business of the fund; and the provisions relating to any rights, obligations or benefits which may be granted or imposed by and the contributions which may become payable to the fund, or provisions in accordance with which the rights, obligations and benefits will be calculated or determined] registered in terms of this Act;’’; 40 45 (w) by the substitution in subsection (1) for the definition of ‘‘this Act’’ of the following definition: ‘‘ ‘this Act’ includes any matter prescribed by the registrar by notice in the Gazette and any regulation;’’; 50 (x) by the substitution in subsection (1) for the definition of ‘‘unclaimed benefit’’ of the following definition: ‘‘ ‘unclaimed benefit’ means— (a) any benefit, other than a benefit referred to in paragraphs (aA), (b), (c) and (d), not paid by a fund to a member, former member or beneficiary within 24 months of the date on which it in terms of the rules of the fund, became legally due and payable; [or] 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 21 Wet No. 45 van 2013 21 (ii) die datum waarop enige pensioenbetaling of jaargeld regtens betaalbaar ooreenkomstig die statute van die fonds onbetaald geword het; [of] (c) met betrekking tot ’n voordeel betaalbaar aan ’n voormalige lid wat nie, ooreenkomstig artikel 15B(5)(e) [van hierdie Wet], opgespoor kan word nie, enige voordeel wat regtens, ooreenkomstig ’n surplustoedelingskema wat ingevolge hierdie Wet goedgekeur is, aan ’n voormalige lid betaalbaar geword het en wat nie binne 24 maande vanaf die datum waarop dit regtens betaalbaar geword het, aan daardie voormalige lid betaal is nie; [of] (d) enige voordeel wat onopgeëis of onbetaal gebly het aan ’n lid, voormalige lid of begunstigde wanneer ’n fonds aansoek doen om kansellering van registrasie ingevolge artikel 27 of waar die likwidateur oortuig is dat voordele onopgeëis of onbetaal bly; of enige bedrag wat onopgeëis of onbetaal aan ’n nie-lid se eggenoot gebly het binne 24 maande vanaf die datum van die aftrekking in artikel 37D(4)(a)(ii) beoog, (e) [uitgesonderd— (aa)]maar nie ’n voordeel wat as deel van ’n oordrag van besigheid ingevolge artikel 14 oorgedra moet word nie, waar ’n jaargeld ten opsigte van ’n pensioenaris of andersins ingevolge hierdie Wet aangekoop word; [of (bb) ’n sterftevoordeel betaalbaar aan ’n begunstigde ingevolge artikel 37C van hierdie Wet wat nie betaal is binne 24 maande vanaf die datum van die lid se dood of die langer tydperk wat redelikerwys deur die raad van die fonds regverdigbaar is nie;]’’; (s) deur die volgende omskrywing na die omskrywing van ‘‘onopgeëiste voordeel’’ in subartikel (1) in te voeg: ‘‘ ‘onopgeëistevoordelefonds’ ’n fonds ingestel vir die ontvangs van onopgeëiste voordele beoog in die omskrywings van ’n pensioen- bewaringsfonds en ’n voorsorgbewaringsfonds in artikel 1 van die Inkomstebelastingwet, 1962 (Wet No. 58 van 1962);’’; 5 10 15 20 25 30 (t) deur die volgende omskrywing na die omskrywing van ‘‘ontslag weens personeelinkorting’’ in subartikel (1) in te voeg: 35 ‘‘ ‘pensioenbewaringsfonds’ ’n fonds wat ’n— (a) pensioenbewaringsfonds is soos in artikel 1 van die Inkomste- (b) belastingwet, 1962 (Wet No. 58 van 1962), omskryf; of ’n pensioenfonds is soos in artikel 1 van die Inkomstebelastingwet, 1962 (Wet No. 58 van 1962), omskryf, wat die besigheid van ’n pensioenbewaringsfonds dryf soos ingevolge daardie Wet deur die Kommissaris voorgeskryf;’’; (u) deur paragraaf (c) van die omskrywing van ‘‘pensioenfondsorganisasie’’ deur die volgende paragraaf te vervang: ‘‘(c) ’n vereniging persone of besigheid wat gedryf word kragtens ’n skema of reëling ingestel met die oogmerk om voordele, [bedoel in artikel 37C] ingevolge die diens van ’n lid en betaalbaar by die dood van meer as een lid van een of meer pensioenfondse, ten behoewe van begunstigdes te ontvang, te administreer, te belê en te betaal;’’; (u) deur die volgende omskrywing na die omskrywing van ‘‘persoon’’ in te voeg: ‘‘ ‘publiseer’ enige regstreekse of onregstreekse kommunikasie op enige manier oorgedra, of enige verteenwoordiging of verwysing geskryf, gegraveer, opgeneem, geënkodeer op of vasgelê op enige medium, waarmee iemand behalwe die registrateur, enige inligting onder die aandag van ’n persoon, of die geheel of ’n deel van die publiek, wil bring;’’; (v) deur die volgende omskrywing na die omskrywing van ‘‘raad’’ in subartikel (1) in te voeg: ‘‘ ‘Raad op Finansiële Dienste’ die Raad op Finansiële Dienste ingestel deur artikel 2 van die Wet op die Raad op Finansiële Dienste, 1990 (Wet No. 97 van 1990);’’; 40 45 50 55 60 22 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 22 (aA) a death benefit payable to a beneficiary under section 37C not paid within 24 months from the date on which the fund became aware of the death of the member, or such longer period as may be reasonably justified by the board of the fund in writing; in relation to a benefit payable as a pension or annuity, any benefit which has not been paid by a fund to a member, former member or beneficiary within 24 months of— (b) (i) the expiry date of any guarantee period for pension payments (c) provided for in the rules of the fund; or (ii) the date on which any pension payment or annuity legally due and payable in terms of the rules of the fund became unpaid; [or] in relation to a benefit payable to a former member who cannot be traced in accordance with section 15B(5)(e) [of this Act], any benefit that has become legally due and payable to a former member in terms of a surplus apportionment scheme approved in terms of this Act not paid to that former member within 24 months of the date on which it became legally due and payable; [or] (d) any benefit that remained unclaimed or unpaid to a member, former member or beneficiary when a fund applies for cancellation of registration in terms of section 27 or where the liquidator is satisfied that benefits remain unclaimed or unpaid; or any amount that remained unclaimed or unpaid to a non-member spouse within 24 months from the date of the deduction contem- plated in section 37D(4)(a)(ii), (e) [excluding— (aa)]but does not include a benefit due to be transferred as part of a transfer of business in terms of section 14, where an annuity is purchased in respect of a pensioner or otherwise in terms of this Act; [or (bb) a death benefit payable to a beneficiary in terms of section 37C of this Act not paid within 24 months from the date of the death of the member or such longer period as reasonably justifiable by the board of the fund;]’’; 5 10 15 20 25 30 (y) by the insertion in subsection (1) after the definition of ‘‘unclaimed benefit’’ of 35 the following definition: ‘‘ ‘unclaimed benefit fund’ means a fund that is established for the receipt of unclaimed benefits contemplated in the definitions of a pension preservation fund and a provident preservation fund in section 1 of the Income Tax Act, 1962 (Act No. 58 of 1962);’’; (z) by the substitution in subsection (1) for the definition of ‘‘valuation exempt’’ of the following definition: ‘‘ ‘valuation exempt’, in relation to a fund, means a fund which has been exempted by the registrar under section 2(5)(a) from [the requirement to submit a report on its statutory actuarial valuation] sections 9A and 16;’’; and (zA) by the substitution in subsection (1) for the definition of ‘‘valuator’’ of the following definition: ‘‘ ‘valuator’ means an actuary [or any other person] who, in the opinion of the registrar, has sufficient actuarial knowledge to perform the duties required of a valuator in terms of this Act.’’. 40 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 23 Wet No. 45 van 2013 23 (x) deur in subartikel (1) die omskrywing van ‘‘registrateur’’ deur die volgende omskrywing te vervang: ‘‘ ‘registrateur’ die [Registrateur of die Adjunk-registrateur van pensioenfondse] persoon vermeld in artikel 3;’’; (y) deur die omskrywing van ‘‘statute’’ in subartikel (1) deur die volgende 5 omskrywing te vervang: ‘‘ ‘statute’ die statute van die fonds[, en ook— (a) die wet, oktrooi, akte van ooreenkoms, akte van oprigting of ander dokument waardeur die fonds ingestel is; (b) die statute of ander reëls in verband met die bestuur van die 10 besigheid van die fonds; en (c) die bepalings betreffende enige regte, verpligtinge of voordele wat verleen of opgelê kan word deur, en die bydraes wat fonds, of voorsienings betaalbaar mag word aan die ooreenkomstig waarmee die regte, verpligtinge en voordele bereken of bepaal sal word] ingevolge hierdie Wet geregistreer;’’; (z) deur die omskrywing van ‘‘voorgeskryf’’ in subartikel (1) deur die volgende omskrywing te vervang: ‘‘ ‘voorgeskryf’ deur die registrateur by wyse van kennisgewing op die amptelike webwerf die Staatskoerant [voorgeskryf] spesifiek deur hierdie Wet vereis word;’’; (aa) deur die volgende omskrywing in subartikel (1) na die omskrywing van kennisgewing voorgeskryf, tensy in 15 20 ‘‘voorgeskryf’’ in te voeg: ‘‘ ‘voorsorgbewaringsfonds’ ’n fonds wat ’n— (a) voorsorgbewaringsfonds is soos in artikel 1 van die Inkomste- 25 belastingwet, 1962 (Wet No. 58 van 1962), omskryf; of (b) voorsorgbewaringsfonds is soos in die Inkomstebelastingwet, 1962 (Wet No. 58 van 1962), omskryf, wat die besigheid van ’n voorsorgbewaringsfonds dryf soos ingevolge daardie Wet deur die Kommissaris voorgeskryf;’’; (bb) deur die omskrywing van ‘‘vrygestel van waardasie’’ in subartikel (1) deur die volgende omskrywing te vervang: ‘‘ ‘vrygestel van waardasie’, met betrekking tot ’n fonds, ’n fonds wat kragtens artikel 2(5)(a) deur die registrateur vrygestel is [van die vereiste om ’n verslag oor sy statutêre aktuariële waardasie in te dien] van artikels 9A en 16;’’; (cc) deur die omskrywing van ‘‘waardeerder’’ in subartikel (1) deur die volgende omskrywing te vervang: ‘‘ ‘waardeerder’ ’n aktuaris [of ander persoon] wat volgens die registrateur se oordeel voldoende aktuariële kennis besit om die werksaamhede wat ingevolge hierdie Wet van ’n waardeerder vereis word, te verrig;’’; (dd) deur die woorde wat paragraaf (a) van die omskrywing van ‘‘werkgewer- surplusrekening’’ in subartikel (1) voorafgaan deur die volgende woorde te vervang: ‘‘ ‘werkgewersurplusrekening’, met betrekking tot ’n rekening voor voorsiening gemaak in die reëls van die fonds wat gekrediteer moet word met—’’; en ’n fonds, (ee) deur die volgende omskrywing na die omskrywing van ‘‘werkgewersurplus- rekening’’ in subartikel (1) in te voeg: ‘‘ ‘Wet op Beskermde Bekendmakings’ die Wet op Beskermde Bekendmakings, 2000 (Wet No. 26 van 2000).’’. 30 35 40 45 50 24 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 24 Amendment of section 2 of Act 24 of 1956, as amended by section 10 of Act 94 of 1977, section 13 of Act 103 of 1979, section 36 of Act 9 of 1989, section 15 of Act 83 of 1992, section 22 of Act 104 of 1993, section 211 of Act 66 of 1995, section 2 of Act 11 of 2007 and by section 2 of Act 22 of 2008 - 2 Verify source ↗
Section 2 of the principal Act is hereby amended—
AI-assisted research summary: The registrar may exempt a fund from a provision of the Act when strict application is impractical, and may later withdraw that exemption.
2. Section 2 of the principal Act is hereby amended— (a) by the substitution in subsection (5) for paragraph (a) of the following paragraph: ‘‘(a) The registrar may, where practicalities impede the strict application of a specific provision of this Act, exempt any fund from, or in respect of, such provision on conditions determined by the [registra- tion] registrar.’’; and (b) by the substitution in subsection (5) for paragraph (b) of the following paragraph: ‘‘(b) The registrar may, subject to the Promotion of Administrative Justice Act, 2000 (Act No. 3 of 2000), at any time by notice [in the Gazette] on the official web site withdraw, wholly or in part and on any ground which he or she deems sufficient, any exemption granted under paragraph (a).’’. 5 10 15 Substitution of section 3 of Act 24 of 1956, as substituted by section 9 of Act 41 of 1992 20 - 3 Verify source ↗
The following section is hereby substituted for section 3 of the principal Act:
AI-assisted research summary: This section makes the executive officer the Registrar of Pension Funds, gives that office powers and duties under this Act or any other law, and makes the deputy executive officer the Deputy Registrar.
3. The following section is hereby substituted for section 3 of the principal Act: ‘‘Registrar and Deputy Registrar of Pension Funds 3. (1) The person appointed as executive officer in terms of section 1 of the Financial Services Board Act, 1990 (Act No. 97 of 1990), is the Registrar of Pension Funds and has the powers and duties provided for by or under this Act or any other law. (2) The person appointed as deputy executive officer in terms of section 1 of the Financial Services Board Act, 1990 (Act No. 97 of 1990), is the Deputy Registrar of Pension Funds. (3) The Deputy Registrar of Pension Funds exercises the powers and duties of the Registrar of Pension Funds to the extent that such powers have been delegated to the deputy registrar under section 20 of the Financial Services Board Act, 1990 (Act No. 97 of 1990), and to such extent that the deputy registrar has been authorised under section 20 of the Financial Services Board Act, 1990, to perform such duties.’’. 25 30 35 Repeal of section 3B of Act 24 of 1956 - 4 Verify source ↗
Section 3B of the principal Act is hereby repealed.
AI-assisted research summary: Section 3B of the principal Act is repealed.
4. Section 3B of the principal Act is hereby repealed. Amendment of section 4 of Act 24 of 1956, as amended by section 11 of Act 65 of 1968, section 14 of Act 86 of 1984, section 16 of Act 83 of 1992 and section 17 of Act 22 of 2008 40 - 5 Verify source ↗
Section 4 of the principal Act is hereby amended—
AI-assisted research summary: Before starting pension fund business, every pension fund must apply for registration and be provisionally or finally registered. The registrar must provisionally register the fund and send a provisional certificate if the prescribed requirements are met and registration is in the public interest.
5. Section 4 of the principal Act is hereby amended— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) Every pension fund [shall] must, prior to commencing any pension fund business— (a) apply to the registrar for registration under this Act; and (b) be provisionally or finally registered under this Act;’’. (b) by the substitution for subsection (3) of the following subsection: ‘‘(3) The registrar [shall] must, if the fund has complied with [such requirements as he may have] the prescribed requirements and [he] the registrar is satisfied that the registration of the fund is desirable in the public interest, register the fund provisionally and forward to the applicant a certificate of provisional registration, which provisional registration takes effect on the date determined by the fund or, if no such 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 25 Wet No. 45 van 2013 25 Wysiging van artikel 2 van Wet 24 van 1956, soos gewysig deur artikel 10 van Wet 94 van 1977, artikel 13 van Wet 103 van 1979, artikel 36 van Wet 9 van 1989, artikel 15 van Wet 83 van 1992, artikel 22 van Wet 104 van 1993, artikel 211 van Wet 66 van 1995, artikel 2 van Wet 11 van 2007 en deur artikel 2 van Wet 22 van 2008 - 2 Verify source ↗
Artikel 2 van die Hoofwet word hierby gewysig—
AI-assisted research summary: The registrar may exempt a fund from a provision of the Act when strict application is impractical, and may later withdraw that exemption.
2. Artikel 2 van die Hoofwet word hierby gewysig— (a) deur paragraaf (a) in subartikel (5) in die Engelse teks deur die volgende paragraaf te vervang: ‘‘(a) The registrar may, where practicalities impede the strict application of a specific provision of this Act, exempt any fund from, or in respect of, such provision on conditions determined by the [registra- tion] registrar.’’; en (b) deur paragraaf (b) in subartikel (5) deur die volgende paragraaf te vervang: ‘‘(b) Die registrateur kan, behoudens die ‘‘Promotion of Administra- tive Justice Act, 2000’’ (Wet No. 3 van 2000), te eniger tyd by kennisgewing [in die Staatskoerant] op die amptelike webwerf enige kragtens paragraaf (a) verleende vrystelling in sy geheel of gedeeltelik intrek op enige grond wat hy of sy voldoende ag.’’. 5 10 15 Vervanging van artikel 3 van Wet 24 van 1956, soos vervang deur artikel 9 van Wet 41 van 1992 - 3 Verify source ↗
Artikel 3 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: This provision replaces Article 3 to name the Registrar and Deputy Registrar of Pension Funds and describe their powers.
3. Artikel 3 van die Hoofwet word hierby deur die volgende artikel vervang: 20 ‘‘Registrateur en Adjunk-registrateur van Pensioenfondse 3. (1) Die persoon ingevolge artikel 1 van die Wet op die Raad op Finansiële Dienste, 1990 (Wet No. 97 van 1990), as uitvoerende beampte aangestel, is die Registrateur van Pensioenfondse en het die bevoegdhede en pligte waarvoor kragtens hierdie Wet of enige ander wet voorsiening gemaak word. (2) Die persoon ingevolge die Wet op die Raad op Finansiële Dienste, 1990 (Wet No. 97 van 1990), as adjunk- uitvoerende beampte aangestel, is die Adjunk-registrateur van Pensioenfondse. (3) Die Adjunk-registrateur van Pensioenfondse oefen die bevoegdhede en pligte van die Registrateur van Pensioenfondse uit tot die mate wat sodanige bevoegdhede kragtens artikel 20 van die Wet op die Raad op Finansiële Dienste, 1990 (Wet No. 97 van 1990), aan die adjunk- registrateur gedelegeer is en tot sodanige mate wat die adjunk-registrateur kragtens artikel 20 van die Wet op die Raad op Finansiële Dienste, 1990, gemagtig is om sodanige pligte uit te voer.’’. 25 30 35 Herroeping van artikel 3B van Wet 24 van 1956 - 4 Verify source ↗
Artikel 3B van die Hoofwet word hierby herroep.
AI-assisted research summary: Artikel 3B of the Hoofwet is repealed.
4. Artikel 3B van die Hoofwet word hierby herroep. Wysiging van artikel 4 van Wet 24 van 1956, soos gewysig deur artikel 11 van Wet 65 van 1968, artikel 14 van Wet 86 van 1984, artikel 16 van Wet 83 van 1992 en artikel 17 van Wet 22 van 2008 40 - 5 Verify source ↗
Artikel 4 van die Hoofwet word hierby gewysig—
AI-assisted research summary: Pension funds must register before starting business, and the registrar may ask for more information or register the fund provisionally if the stated conditions are met.
5. Artikel 4 van die Hoofwet word hierby gewysig— (a) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Elke pensioenfonds moet, voordat met enige pensioenfonds- besigheid ’n aanvang geneem word— (a) by die registrateur om registrasie onder hierdie Wet aansoek doen; 45 en (b) voorwaardelik of finaal onder hierdie Wet geregistreer word.’’; (b) deur subartikel (3) deur die volgende subartikel te vervang: ‘‘(3) Die registrateur moet, indien die fonds voldoen het aan die voorgeskrewe vereistes [wat hy voorgeskryf het] en [hy] die registrateur oortuig is dat die registrasie van die fonds in die openbare belang wenslik is, die fonds voorlopig registreer en ’n sertifikaat van voorlopige registrasie aan die applikant stuur, welke voorlopige 50 26 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 26 date has been determined by the fund, on the date of registration by the registrar.’’; and (c) by the substitution for subsection (5) of the following subsection: ‘‘(5) (a) If the registrar deems it necessary, the registrar may— (i) (ii) request a pension fund to furnish additional information in respect of its application under subsection (1); or require a pension fund to verify the information provided in its application under subsection (1). 5 (b) If a pension fund fails to furnish or verify the information contemplated in paragraph (a) within 60 days from the date of the request, its application under subsection (1) lapses.’’. 10 Amendment of section 5 of Act 24 of 1956, as amended by section 14 of Act 81 of 1957, section 9 of Act 64 of 1990 and section 3 of Act 11 of 2007 - 6 Verify source ↗
Section 5 of the principal Act is hereby amended—
AI-assisted research summary: This section amends rules about who may hold pension fund assets, what records a pension fund must keep, and what the registrar may request or approve.
6. Section 5 of the principal Act is hereby amended— (a) by the substitution in subsection (2) for paragraph (a) for the following 15 paragraph: ‘‘(a) [a stockbroker] an authorised user as defined in section 1 of the [Securities Services Act, 2004 (Act No. 36 of 2004)] Financial Markets Act, 2012 (Act No. 19 of 2012)’’. (b) by the insertion in subsection (2) after paragraph (b) of the following 20 paragraph: ‘‘(bA) a manager of a domestic or foreign collective investment scheme registered under the Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002);’’; (c) by the substitution in subsection (2) for the words preceding paragraph (a) of 25 the following words: ‘‘All moneys and assets belonging to a pension fund shall be kept by that fund and every fund shall maintain such books of account and other records as may be necessary for the purpose of such fund: Provided that such money and assets may, subject to [the] such conditions [deter- mined by the Minister by notice in the Gazette] as may be prescribed, also be kept in the name of the pension fund by one or more of the following institutions or persons, namely—’’; (d) by the substitution in subsection (2) for paragraph (e) for the following paragraph: ‘‘(e) a person or investment vehicle approved by the registrar[, or who is a member of a category of persons approved by the registrar] subject to such conditions as the registrar may determine.’’; and (e) by the substitution in subsection (3) for paragraphs (a) to (d) of the following paragraphs: ‘‘(a) (i) has as its principal object to act as representative of any person; [(b)] (ii) is precluded by its [memorandum of association] Memoran- dum of Incorporation from incurring any liabilities other than those to persons on whose behalf it holds property; [(c)] (iii) has entered into an irrevocable agreement with another person in terms of which such other person has undertaken to pay all expenses of and incidental to its formation, activities, manage- ment and liquidation; and [(d)] (iv) has been approved by the registrar, subject to conditions as [he] the registrar may impose, including any guarantee for the fulfillment of any obligation in respect of the holding of such property, the generality of the aforegoing provisions not being restricted by the provisions of this paragraph; (b) is incorporated under the Companies Act where the Memorandum of Incorporation contains a reference to paragraph (a)(i) and (ii) as a restrictive condition contemplated in section 15(2)(b) of the Companies Act.’’. 30 35 40 45 50 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 27 Wet No. 45 van 2013 27 registrasie in werking tree op die datum deur die fonds bepaal of, indien so ’n datum nie deur die fonds bepaal is nie, op die datum van registrasie deur die registrateur.’’; en (c) deur subartikel (5) deur die volgende subartikel te vervang: ‘‘(5) (a) Indien die registrateur dit nodig ag, kan die registrateur— (i) versoek dat ’n pensioenfonds bykomende inligting ten opsigte van 5 sy aansoek kragtens subartikel (1), verstrek; of (ii) vereis dat ’n pensioenfonds die inligting kragtens subartikel (1) in sy aansoek voorsien, verifieer. (b) Indien ’n pensioenfonds versuim om die inligting in paragraaf (a) beoog binne 60 dae vanaf die datum van die versoek, te verstrek of te verifieer, verval die aansoek kragtens subartikel (1).’’. 10 Wysiging van artikel 5 van Wet 24 van 1956, soos gewysig deur artikel 14 van Wet 81 van 1957, artikel 9 van Wet 64 van 1990 en artikel 3 van Wet 11 van 2007 - 6 Verify source ↗
Artikel 5 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends the rules on who may hold pension fund money and assets, and requires pension funds to keep necessary books and registers.
6. Artikel 5 van die Hoofwet word hierby gewysig— (a) deur paragraaf (a) in subartikel (2) deur die volgende paragraaf te vervang: ‘‘(a) ’n [effektemakelaar] ’n gemagtigde gebruiker soos omskryf in artikel 1 van die [‘Securities Services Act, 2004’ (Wet No. 36 van 2004)] ‘Financial Markets Act, 2012’ (Wet No. 19 van 2012);’’; (b) deur die volgende paragraaf na paragraaf (b) in subartikel (2) in te voeg: ‘‘(bA) ’n bestuurder van ’n binnelandse of buitelandse kollektiewe beleggingskema kragtens die Wet op Kollektiewe Belegging- skemas, 2002 (Wet No. 45 van 2002), geregistreer;’’; (c) deur in subartikel (2) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Alle gelde en bates behorende aan ’n pensioenfonds moet deur daardie fonds gehou word en elke fonds moet sodanige rekeningboeke en ander registers hou as wat vir die doeleindes van sodanige fonds nodig mag wees: Met dien verstande dat, onderworpe aan [die] sodanige voorwaardes wat [die Minister by kennisgewing in die Staatskoerant bepaal] voorgeskryf mag word, sodanige geld en bates ook in die naam van die pensioenfonds deur een of meer van die volgende instellings of persone gehou kan word, te wete—’’; ‘‘(e) iemand of (d) deur paragraaf (e) in subartikel (2) deur die volgende paragraaf te vervang: ’n beleggingsvoertuig wat deur die registrateur goedgekeur is[, of wat lid is van ’n kategorie persone wat deur die registrateur goedgekeur is] onderworpe aan sodanige voorwaardes wat die registrateur kan bepaal.’’; en (e) deur paragrawe (a) tot (d) in subartikel (3) deur die volgende paragrawe te vervang: ‘‘(a) (i) as sy hoofdoelstelling het om op te tree as verteenwoordiger van enige persoon; [(b)] (ii) deur sy [akte van oprigting] Akte van Oprigting belet word om verpligting aan te gaan, behalwe dié teenoor persone namens wie hy goed besit; [(c)] (iii) ’n onherroeplike ooreenkoms met ’n ander persoon aangegaan het ingevolge waarvan daardie ander persoon onderneem om al die koste van en in verband met sy oprigting, bedrywighede, bestuur en likwidasie te betaal; en [(d)] (iv) deur die registrateur goedgekeur is, onderworpe aan sodanige voorwaardes wat [hy] die registrateur oplê, met inbegrip van enige verpligting ten opsigte van die besit van sodanige goed, sonder dat aan die bepalings van die voorafgaande paragrawe afbreuk gedoen word deur die bepalings van hierdie paragraaf; (b) kragtens die Maatskappywet ingelyf is waar die Akte van Oprigting ’n verwysing bevat na paragraaf (a)(i) en (ii) as ’n beperkende voorwaarde soos in artikel 15(2)(b) van die Maatskappywet, beoog.’’. 15 20 25 30 35 40 45 50 55 28 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 Amendment of section 6 of Act 24 of 1956 28 - 7 Verify source ↗
Section 6 of the principal Act is hereby amended by the substitution in subsection
AI-assisted research summary: The registrar must, as soon as practicable, send a copy of certain proposals to the fund’s principal officer and publish a notice at the fund’s expense on the official website and in a newspaper.
7. Section 6 of the principal Act is hereby amended by the substitution in subsection (4) for the words preceding paragraph (a) of the following words: ‘‘As soon as practicable after having received any proposals under subsection (1) or after having prepared any proposals as provided in subsection (2), the registrar shall transmit a copy thereof to the principal officer of the fund and publish at the expense of the fund [in the Gazette] on the official web site and in [at least one English and one Afrikaans] a newspaper circulating in the district in which the head office of the undertaking is [situate] situated, a notice—’’. 5 Amendment of section 7A of Act 24 of 1956, as inserted by section 2 of Act 22 of 1996 10 - 8 Verify source ↗
Section 7A of the principal Act is hereby amended—
AI-assisted research summary: Board members must meet and keep prescribed skills and training standards, report certain removals to the registrar, and notify the registrar in writing of serious material matters affecting the pension fund.
8. Section 7A of the principal Act is hereby amended— (a) by the insertion after subsection (1) of the following subsection: ‘‘(1A) The composition of the board shall at all times comply with the requirements of the rules of the fund and any vacancy on such board shall be filled within such period as prescribed.’’; and (b) by the addition of the following subsections: ‘‘(3) (a) A board member appointed or elected in accordance with subsection (1), must attain such levels of skills and training as may be prescribed by the registrar by notice in the Gazette, within six months from the date of the board member’s appointment. (b) A board member must retain the prescribed levels of skills and training referred to in paragraph (a), throughout that board member’s term of appointment. (4) A board member must— (a) within 21 days of removal as board member for reasons other than the expiration of that board member’s term of appointment or voluntary resignation, submit a written report to the registrar detailing the board member’s perceived reasons for the termination; (b) on becoming aware of any material matter relating to the affairs of the pension fund which, in the opinion of the board member, may seriously prejudice the financial viability of the fund or its members, inform the registrar thereof in writing.’’. 15 20 25 30 Amendment of section 7C of Act 24 of 1956, as inserted by section 2 of Act 22 of 1996 35 - 9 Verify source ↗
Section 7C of the principal Act is hereby amended by the addition to subsection (2)
AI-assisted research summary: This amendment adds new requirements to subsection (2): act independently, owe fiduciary duties to members, beneficiaries, and the fund, and comply with any other prescribed requirements.
9. Section 7C of the principal Act is hereby amended by the addition to subsection (2) of the following paragraphs: ‘‘(e) act independently; (f) have a fiduciary duty to members and beneficiaries in respect of accrued benefits or any amount accrued to provide a benefit, as well as a fiduciary duty to the fund, to ensure that the fund is financially sound and is responsibly managed and governed in accordance with the rules and this Act; and 40 (g) comply with any other prescribed requirements.’’. Amendment of section 7D of Act 24 of 1956, as inserted by section 2 of Act 22 of 1996 and amended by section 4 of Act 11 of 2007 45 - 10 Verify source ↗
Section 7D of the principal Act is hereby amended—
AI-assisted research summary: The amended paragraph requires adequate and appropriate information to be communicated to fund members and beneficiaries about their rights, benefits, and duties under the fund rules, subject to prescribed disclosure requirements.
10. Section 7D of the principal Act is hereby amended— (a) by the substitution for paragraph (c) of the following paragraph: ‘‘(c) ensure that adequate and appropriate information is communicated to the members and beneficiaries of the fund informing them of their rights, benefits and duties in terms of the rules of the fund, subject to such disclosure requirements as may be prescribed;’’; 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 29 Wet No. 45 van 2013 Wysiging van artikel 6 van Wet 24 van 1956 29 - 7 Verify source ↗
Artikel 6 van die Hoofwet word hierby gewysig deur in subartikel (4) die woorde
AI-assisted research summary: The registrar must send a copy of the proposals to the chief officer of the fund and publish a notice on the fund’s behalf.
7. Artikel 6 van die Hoofwet word hierby gewysig deur in subartikel (4) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘So gou doenlik na die ontvangs van enige voorstelle ingevolge subartikel (1) of nadat hy enige voorstelle ingevolge subartikel (2) opgestel het, moet die registrateur ’n afskrif daarvan aan die hoofbeampte van die fonds stuur en op rekening van die fonds [in die Staatskoerant] op die amptelike webwerf en in [ten minste een Engelse en een Afrikaanse] ’n nuusblad in omloop in die distrik waarin die hoofkantoor van die onderneming geleë is, ’n kennisgewing publi- seer—’’. Wysiging van artikel 7A van Wet 24 van 1956, soos ingevoeg deur artikel 2 van Wet 22 van 1996 - 8 Verify source ↗
Artikel 7A van die Hoofwet word hierby gewysig—
AI-assisted research summary: Board members must keep the board compliant with fund rules, meet prescribed skill and training levels, and report certain removals or serious fund matters to the registrar.
8. Artikel 7A van die Hoofwet word hierby gewysig— (a) deur die volgende subartikel na subartikel (1) in te voeg: ‘‘(1A) Die samestelling van die raad moet te alle tye die vereistes van die reëls van die fonds nakom en enige vakature op sodanige raad moet binne die voorgeskrewe tydperk gevul word.’’; en (b) deur die volgende subartikels by te voeg: ‘‘(3) (a) ’n Raadslid ooreenkomstig subartikel (1) aangestel of verkies, moet sodanige vlakke van vaardigheid en opleiding behaal wat die registrateur by kennisgewing in die Staatskoerant mag voorskryf, binne ses maande vanaf die aanstelling van die raadslid. (b) ’n Raadslid moet verseker dat die raadslid die voorgeskrewe vlakke van vaardigheid en opleiding in paragraaf (a) bedoel, voortdurend tydens daardie raadslid se ampstermyn onderhou. (4) ’n Raadslid moet— (a) binne 21 dae na verwydering as raadslid vir redes behalwe die verstryking van daardie raadslid se termyn van aanstelling of vrywillige bedanking, ’n skriftelike verslag aan die registrateur voorlê waarin die lid se waargenome redes vir die beëindiging uiteengesit word; indien hy of sy bewus word van enige wesenlike aangeleentheid betreffende die besigheid van die pensioenfonds wat, na mening van die raadslid, die finansiële bestaanbaarheid van die fonds of sy lede ernstig kan benadeel, die registrateur skriftelik daarvan inlig.’’. (b) Wysiging van artikel 7C van Wet 24 van 1956, soos ingevoeg deur artikel 2 van Wet 22 van 1996 - 9 Verify source ↗
Artikel 7C van die Hoofwet word hierby gewysig deur die volgende paragrawe by
AI-assisted research summary: The amendment adds requirements for the relevant person in section 7C(2) to act independently, owe fiduciary duties, and meet any other prescribed requirements.
9. Artikel 7C van die Hoofwet word hierby gewysig deur die volgende paragrawe by subartikel (2) te voeg: ‘‘(e) onafhanklik optree; (f) ’n vertrouensplig hê teenoor lede en begunstigdes ten opsigte van opgelope voordele of enige bedrag opgeloop om ’n voordeel te voorsien, asook ’n vertrouensplig teenoor die fonds, om te verseker dat die fonds finansieel gesond is en verantwoordelik bestuur en beheer word ooreenkomstig die reëls van hierdie Wet; en (g) aan enige ander voorgeskrewe vereistes voldoen.’’. Wysiging van artikel 7D van Wet 24 van 1956, soos ingevoeg deur artikel 2 van Wet 22 van 1996 en gewysig deur artikel 4 van Wet 11 van 2007 - 10 Verify source ↗
Artikel 7D van die Hoofwet word hierby gewysig—
AI-assisted research summary: The board may delegate functions in writing under the rules, but it must set any conditions for the delegation and can withdraw it later. The board must also provide sufficient information to fund members and beneficiaries about their rights, benefits, and obligations, and comply with any other prescribed requirements.
10. Artikel 7D van die Hoofwet word hierby gewysig— (a) deur paragraaf (c) deur die volgende paragraaf te vervang: ‘‘(c) te verseker dat voldoende en toepaslike inligting aan die lede en begunstigdes van die fonds verskaf word wat hulle inlig oor hulle regte, voordele en verpligtinge ingevolge die statute van die fonds, behoudens sodanige bekendmakingsvereistes soos voorgeskryf kan word;’’; 5 10 15 20 25 30 35 40 45 50 55 30 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 30 (b) by the addition of the following paragraph: ‘‘(g) comply with any other prescribed requirements.’’; and (c) by the addition of the following subsection, the existing section becoming subsection (1): ‘‘(2) (a) The board may, in writing and in accordance with a system of delegation set out in the rules, delegate any of its functions under this Act to a person or group of persons, or a committee of the board, subject to conditions that the board must determine. (b) The board is not divested or relieved of a function delegated under 5 paragraph (a) and may withdraw the delegation at any time.’’. 10 Insertion of section 7F in Act 24 of 1956 - 11 Verify source ↗
The following section is hereby inserted in the principal Act after section 7E:
AI-assisted research summary: A court may relieve a board member from liability, in whole or in part, if the case is not about wilful misconduct or wilful breach of trust and the court thinks it is just to do so.
11. The following section is hereby inserted in the principal Act after section 7E: ‘‘Liability of board member 7F. (1) In any proceedings against a board member in terms of this Act, other than for wilful misconduct or wilful breach of trust, the court may relieve the board member from any liability, either wholly or partly, on terms that the court considers just, if it appears to the court that— (a) the board member has acted independently, honestly and reasonably; or (b) having regard to all the circumstances of the case, including those connected with the appointment of the board member, it would be fair to excuse the board member.’’. Amendment of section 8 of Act 24 of 1956, as amended by section 30 of Act 104 of 1993, section 6 of Act 22 of 1996 and section 4 of Act 22 of 2008 - 12 Verify source ↗
Section 8 of the principal Act is hereby amended—
AI-assisted research summary: This provision amends Section 8 to regulate principal officers and deputy principal officers for registered funds.
12. Section 8 of the principal Act is hereby amended— (a) by the substitution for the heading of the following heading: ‘‘Principal officer and deputy principal officer’’; and (b) by the substitution for subsection (2) of the following subsection: ‘‘(2) (a) The principal officer of a registered fund shall be an individual who is resident in the Republic, and if [he] the principal officer is absent from the Republic or unable for any reason to discharge any duty imposed upon [him] the principal officer by any provision of this Act, the fund shall, in the manner directed by its rules, appoint another person [within thirty days] to be its principal officer within such period as may be prescribed by the registrar, after the commencement of a continuing absence or inability to discharge any duty by the principal officer. (b) A registered fund may appoint a deputy principal officer. (c) The principal officer may, in writing and in accordance with a system of delegation set out in the rules, delegate any of the principal officer’s functions under this Act and the rules of the fund to the deputy principal officer, subject to conditions that the principal officer must determine. (d) The principal officer is not divested or relieved of a function delegated under paragraph (c) and the principal officer may withdraw the delegation at any time. (e) If a fund has appointed a deputy principal officer, the deputy principal officer acts as principal officer when the principal officer is absent from the Republic or unable for any reason to discharge any duty of the principal officer in terms of this Act, until the fund formally in the manner directed in its rules appoints a new principal officer.’’. 15 20 25 30 35 40 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 31 Wet No. 45 van 2013 31 (b) deur die volgende paragraaf by te voeg: ‘‘(g) aan enige ander voorgeskrewe vereistes voldoen.’’; en (c) deur die volgende subartikel by te voeg, sodat die bestaande artikel subartikel (1) word: ‘‘(2) (a) Die raad kan, skriftelik en ooreenkomstig ’n delegeringstelsel in die reëls uiteengesit, enige van sy werksaamhede kragtens hierdie Wet aan ’n persoon of groep persone, of ’n komitee van die raad, delegeer behoudens voorwaardes wat die raad moet bepaal. (b) Die raad is nie ontdoen of verlig van ’n kragtens paragraaf (a) gedelegeerde werksaamheid nie en mag die delegering te eniger tyd intrek.’’. 5 10 Invoeging van artikel 7F in Wet 24 van 1956 - 11 Verify source ↗
Die volgende artikel word hierby na artikel 7E in die Hoofwet ingevoeg:
AI-assisted research summary: The court may relieve a councillor from liability, in whole or in part, if the statutory conditions are met.
11. Die volgende artikel word hierby na artikel 7E in die Hoofwet ingevoeg: ‘‘Aanspreeklikheid van raadslid 7F. (1) In enige verrigtinge ingevolge hierdie Wet teen ’n raadslid, behalwe vir opsetlike wangedrag of opsetlike vertrouensbreuk, kan die hof die raadslid verlig van enige aanspreeklikheid, hetsy heeltemal of gedeeltelik, op voorwaardes wat die hof billik ag, indien dit vir die hof blyk— (a) dat die raadslid onafhanklik, eerlik en redelik gehandel het; of (b) dat, met inagneming van al die omstandighede van die saak, met inbegrip van die omstandighede wat verband hou met die aanstelling van die raadslid, dit billik sal wees om die raadslid te verskoon.’’. 15 20 Wysiging van artikel 8 van Wet 24 van 1956, soos gewysig deur artikel 30 van Wet 104 van 1993, artikel 6 van Wet 22 van 1996 en artikel 4 van Wet 22 van 2008 25 - 12 Verify source ↗
Artikel 8 van die Hoofwet word hierby gewysig—
AI-assisted research summary: A registered fund must appoint a resident chief officer in the Republic, may appoint a deputy chief officer, and the chief officer may delegate functions in writing under the fund’s rules.
12. Artikel 8 van die Hoofwet word hierby gewysig— (a) deur die opskrif deur die volgende opskrif te vervang: ‘‘Adjunkbeampte en adjunkhoofbeampte’’; en (b) deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) (a) Die hoofbeampte van ’n geregistreerde fonds moet ’n indiwidu wees wat in die Republiek woonagtig is, en indien [hy] die hoofbeampte uit die Republiek afwesig is of om een of ander rede nie in staat is om ’n plig wat [hom] die hoofbeampte deur ’n bepaling van hierdie Wet opgelê word, uit te voer nie, moet die fonds op die deur sy statute voorgeskrewe wyse [binne dertig dae] iemand anders as sy hoofbeampte aanstel binne sodanige tydperk wat die registrateur mag voorskryf, na die aanvang van ’n voortgesette afwesigheid of onvermoë om enige plig uit te voer deur die hoofbeampte. (b) ’n Geregistreerde fonds kan ’n adjunkhoofbeampte aanstel. (c) Die hoofbeampte mag, skriftelik en ooreenkomstig ’n stelsel van delegering in die reëls uiteengesit, enige van die hoofbeampte se werksaamhede kragtens hierdie Wet en die reëls van die fonds aan die adjunkhoofbeampte delegeer, behoudens voorwaardes wat die hoof- beampte moet bepaal. (d) Die hoofbeampte is nie ontdoen of verlig van ’n werksaamheid kragtens paragraaf (c) gedelegeer nie en die hoofbeampte kan die delegering te eniger tyd intrek. (e) Indien ’n fonds ’n adjunkhoofbeampte aangestel het, tree die adjunkhoofbeampte op as hoofbeampte wanneer die hoofbeampte uit die Republiek afwesig is of om enige rede ’n plig van die hoofbeampte ingevolge hierdie Wet nie kan verrig nie, totdat die fonds formeel op die manier in die fonds se reëls gelas, ’n nuwe hoofbeampte aanstel.’’. 30 35 40 45 50 32 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 32 Amendment of section 9 of Act 24 of 1956, as substituted by section 12 of Act 65 of 1968 and amended by section 10 of Act 64 of 1990, section 23 of Act 104 of 1993, section 5 of Act 11 of 2007 and section 5 of Act 22 of 2008 - 13 Verify source ↗
Section 9 of the principal Act is hereby amended by the substitution for subsection
AI-assisted research summary: The amendment says section 8(4) and (5) applies, with necessary changes, to the appointment of an auditor under section 9.
13. Section 9 of the principal Act is hereby amended by the substitution for subsection (3) of the following subsection: 5 ‘‘(3) [The provisions of section 8(5) apply] Section 8(4) and (5) applies [mutatis mutandis] with the necessary changes to the appointment of an auditor under this section.’’. Amendment of section 9A of Act 24 of 1956, as inserted by section 13 of Act 65 of 1968 and amended by section 6 of Act 22 of 2008 10 - 14 Verify source ↗
Section 9A of the principal Act is hereby amended—
AI-assisted research summary: This section amends section 9A and requires a registered fund’s valuator to be a natural person resident in the Republic.
14. Section 9A of the principal Act is hereby amended— (a) by the substitution for subsection (2) of the following subsection: ‘‘(2) The provisions of section 8[(5)], excluding the provisions of subsections (1) and (2), apply [mutatis mutandis] with the necessary changes to the appointment of a valuator under this section.’’; and (b) by the addition of the following subsection: ‘‘(3) The valuator of a registered fund must be a natural person who is resident in the Republic, and if the valuator resigns the appointment or is unable for any reason to discharge any duty imposed upon a valuator by any provision of this Act, the fund shall appoint another person to be its valuator within such period as prescribed.’’. Insertion of section 9B in Act 24 of 1956 - 15 Verify source ↗
The following section is hereby inserted in the principal Act after section 9A:
AI-assisted research summary: The registrar must set up a confidential process for certain fund-related people to submit disclosures, and protected-disclosure makers must not suffer detriment.
15. The following section is hereby inserted in the principal Act after section 9A: ‘‘Protection of disclosures 9B. (1) The registrar must provide a process for the submission of disclosures by a board member, principal officer, deputy principal officer, valuator or other officer or employee of a fund or an administrator, which ensures appropriate confidentiality and provides appropriate measures for the protection of disclosures. (2) In addition to what is provided in sections 8 and 9 of the Protected Disclosures Act, a disclosure by a board member, principal officer, deputy principal officer, valuator or other officer or employee of a fund or administrator to the registrar constitutes a protected disclosure. (3) (a) A board member, principal officer, deputy principal officer, valuator or other officer or employee of a fund or an administrator who makes a protected disclosure in accordance with this section, may not suffer any occupational or other detriment. (b) Any person referred to in paragraph (a) who suffers any detriment, including occupational detriment as defined in the Protected Disclosures Act, may— (i) seek the remedies provided for in section 4 of the Protected Disclosures Act, where occupational detriment has been suffered; (ii) approach any court having jurisdiction for appropriate relief; or (iii) pursue any other process and seek any remedy provided for in law.’’. 15 20 25 30 35 40 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 33 Wet No. 45 van 2013 33 Wysiging van artikel 9 van Wet 24 van 1956, soos vervang deur artikel 12 van Wet 65 van 1968 en gewysig deur artikel 10 van Wet 64 van 1990, artikel 23 van Wet 104 van 1993, artikel 5 van Wet 11 van 2007 en artikel 5 van Wet 22 van 2008 - 13 Verify source ↗
Artikel 9 van die Hoofwet word hierby gewysig deur subartikel (3) deur die
AI-assisted research summary: Section 9 is amended so that the rules in article 8(4) and (5), with necessary changes, apply to appointing an auditor under this article.
13. Artikel 9 van die Hoofwet word hierby gewysig deur subartikel (3) deur die volgende subartikel te vervang: 5 ‘‘(3) [Die bepalings van artikel 8(5) is mutatis mutandis] Artikel 8(4) en (5) is met die nodige veranderinge van toepassing op die aanstelling van ’n ouditeur kragtens hierdie artikel.’’. Wysiging van artikel 9A van Wet 24 van 1956, soos ingevoeg deur artikel 13 van Wet 65 van 1968 en gewysig deur artikel 6 van Wet 22 van 2008 10 - 14 Verify source ↗
Artikel 9A van die Hoofwet word hierby gewysig—
AI-assisted research summary: A registered fund’s valuer must be a natural person resident in the Republic, and the fund must replace the valuer within the prescribed period if the valuer resigns or cannot perform the duty.
14. Artikel 9A van die Hoofwet word hierby gewysig— (a) deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Die bepalings van artikel 8[(5)], behalwe die bepalings van subartikels (1) en (2) is [mutatis mutandis] met die nodige veranderinge van toepassing op die aanstelling van ’n waardeerder kragtens hierdie artikel.’’; en (b) deur die volgende subartikel by te voeg: ‘‘(3) Die waardeerder van ’n geregistreerde fonds moet ’n natuurlike persoon wees wat in die Republiek woonagtig is, en indien die waardeerder uit die aanstelling bedank of om enige rede ’n plig wat deur enige bepaling van hierdie Wet aan ’n waardeerder opgelê word, nie kan uitvoer nie, stel die fonds ’n ander persoon aan om sy waardeerder te wees binne sodanige tydperk wat voorgeskryf is.’’. 15 20 Invoeging van artikel 9B in Wet 24 van 1956 - 15 Verify source ↗
Die volgende artikel word hierby na artikel 9A in die Hoofwet ingevoeg:
AI-assisted research summary: The registrar must provide a procedure for making disclosures, with confidentiality and protection measures. Certain fund or administrator officers and employees who make a protected disclosure must not suffer occupational or other detriment.
15. Die volgende artikel word hierby na artikel 9A in die Hoofwet ingevoeg: 25 ‘‘Beskerming van bekendmakings 9B. (1) Die registrateur moet ’n prosedure voorsien vir die voorlegging van bekendmakings deur ’n raadslid, hoofbeampte, adjunkhoofbeampte, waardeerder of werknemer van ’n fonds of ’n administrateur, wat toepaslike vertroulikheid verseker en toepaslike maatreëls vir die beskerming van openbaarmakings voorsien. (2) Bykomend tot wat in artikels 8 en 9 van die Wet op Beskermde Bekendmakings bepaal word, is ’n bekendmaking deur ’n raadslid, hoofbeampte, adjunkhoofbeampte, waardeerder of ander beampte of werknemer van ’n fonds of administrateur aan die registrateur ’n beskermde bekendmaking. (3) (a) ’n Raadslid, hoofbeampte, adjunkhoofbeampte, waardeerder of ander beampte of werknemer van ’n fonds of ’n administrateur wat ’n beskermde bekendmaking ooreenkomstig hierdie artikel maak, mag nie enige beroepsnadeel of ander nadeel ly nie. (b) Iemand in paragraaf (a) bedoel wat enige nadeel ly, met inbegrip van beroepsnadeel soos in die Wet op Beskermde Openbaarmakings omskryf, kan— (i) die remedies soek waarvoor in artikel 4 van die Wet op Beskermde Bekendmakings voorsiening gemaak word, waar beroepsnadeel gely is; (ii) enige hof met regsbevoegdheid nader vir toepaslike regshulp; of (iii) ’n ander prosedure volg en enige remedie soek waarvoor regtens voorsiening gemaak word.’’. 30 35 40 45 34 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 34 Amendment of section 12 of Act 24 of 1956, as amended by section 18 of Act 83 of 1992 and section 17 of Act 22 of 2008 - 16 Verify source ↗
Section 12 of the principal Act is hereby amended—
AI-assisted research summary: This section changes the rules for how a registered fund must send rule-change documents to the registrar and how rule consolidations are handled.
16. Section 12 of the principal Act is hereby amended— (a) by the substitution for subsection (2) of the following subsection: ‘‘(2) Within 60 days from the date of the passing of a resolution [for] adopting the alteration or rescission of any rule or for the adoption of any additional rule, a copy of such resolution shall be transmitted by the together with the particulars pre- principal officer to the registrar, scribed.’’; (b) by the substitution for subsection (5) of the following subsection: the registrar ‘‘(5) A registered fund may at any time consolidate its rules, and in such event the principal officer shall forward to the registrar a copy of the such consolidated rules and if consolidated rules are not [substantially] different from the existing rules of the fund, [he] the registrar shall register such consolidated rules and return a copy thereof to the principal officer with the date of registration endorsed thereon, and such consolidated rules shall [there- upon] take effect as from the date determined by the fund concerned or, if no date has been determined, as from the date of registration thereof.’’; and is satisfied that (c) by the addition of the following subsection: ‘‘(6) (a) The registrar may request such additional information in respect of any alteration, rescission, addition or consolidation of the rules of a registered fund transmitted or forwarded to the registrar for approval as the registrar may deem necessary. (b) If a registered fund fails to furnish the information requested by the registrar within 180 days from the date of that request, any submission for approval of an alteration, rescission, addition or consolidation of the rules of that fund lapses.’’. 5 10 15 20 25 Amendment of section 13A of Act 24 of 1956, as substituted by section 1 of Act 94 of 1997 and amended by section 6 of Act 11 of 2007 and section 7 of Act 22 of 2008 30 - 17 Verify source ↗
Section 13A of the principal Act is hereby amended by the addition of the
AI-assisted research summary: Certain persons connected to an employer can be personally liable for compliance and contribution payments, and the fund may require the employer to identify them in writing.
17. Section 13A of the principal Act is hereby amended by the addition of the following subsections: ‘‘(8) For the purposes of this section, the following persons shall be personally liable for compliance with this section and for the payment of any contributions referred to in subsection (1): (a) If an employer is a company, every director who is regularly involved in the management of the company’s overall financial affairs; if an employer is a close corporation registered under the Close Corporations Act, 1984 (Act No. 69 of 1984), every member who controls or is regularly involved in the management of the close corporation’s overall financial affairs; and In respect of any other employer of any legal status or description that has not already been referred to in paragraphs (a) and (b), every person in accordance with whose directions or instructions the governing body or structure of the employer acts or who controls or who is regularly involved in the management of the employer’s overall financial affairs. (b) (c) (9) (a) A fund to which the provisions of subsection (8) apply, must request the employer in writing to notify it of the identity of any such person so personally liable in terms of subsection (8). (b) In the event that an employer fails to comply with the requirements of this provision, all the directors (in respect of a company), all the members regularly involved in the management of the closed corporation (in respect of a closed corporation), or all the persons comprising the governing body of the employer, as the case may be, shall be personally liable in terms of subsection (8). 35 40 45 50 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 35 Wet No. 45 van 2013 35 Wysiging van artikel 12 van Wet 24 van 1956, soos gewysig deur artikel 18 van Wet 83 van 1992 en artikel 17 van Wet 22 van 2008 - 16 Verify source ↗
Artikel 12 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section changes the rules for sending fund-statute decisions and consolidated statutes to the registrar, and lets the registrar ask for more information.
16. Artikel 12 van die Hoofwet word hierby gewysig— (a) deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Binne 60 dae vanaf die datum waarop ’n besluit geneem is [vir] om die verandering of herroeping van ’n statuut aan te neem of vir die aanname van ’n bykomende statuut, moet die hoofbeampte ’n afskrif van die besluit aan die registrateur stuur, tesame met die besonderhede voorgeskryf.’’; (b) deur subartikel (5) deur die volgende subartikel te vervang: ‘‘(5) ’n Geregistreerde fonds kan te eniger tyd sy statute konsolideer, en in so ’n geval moet die hoofbeampte aan die registrateur ’n afskrif van sodanige gekonsolideerde statute stuur, en indien die registrateur oortuig is dat die gekonsolideerde statute nie [wesentlik] van die bestaande statute van die fonds verskil nie, moet [hy] die registrateur bedoelde gekonsolideerde statute registreer en ’n afskrif daarvan aan die hoofbeampte stuur met die datum van registrasie daarop geëndosseer, en bedoelde gekonsolideerde statute word [daarop] vanaf die datum wat die betrokke fonds vasgestel het of, indien geen datum vasgestel is nie, vanaf die datum van registrasie daarvan van krag.’’; en (c) deur die volgende subartikel by te voeg: ‘‘(6) (a) Die registrateur kan sodanige bykomende inligting aanvra ten opsigte van enige verandering, intrekking, byvoeging of bevestiging van die reëls van ’n geregistreerde fonds oorgedra of aangestuur na die registrateur vir goedkeuring soos die registrateur nodig mag ag. (b) Indien ’n geregistreerde fonds versuim om die inligting wat deur die registrateur aangevra is binne 180 dae vanaf die datum van ontvangs van daardie versoek te voorsien, verval enige voorlegging om goedkeuringvan ’n verandering, herroeping, byvoeging of bevestiging van die reëls van daardie fonds.’’. Wysiging van artikel 13A van Wet 24 van 1956, soos vervang deur artikel 1 van Wet 94 van 1997 en gewysig deur artikel 6 van Wet 11 van 2007 en artikel 7 van Wet 22 van 2008 - 17 Verify source ↗
Artikel 13A van die Hoofwet word hierby gewysig deur die byvoeging van die
AI-assisted research summary: Certain people connected to an employer are personally responsible for compliance and contribution payments, and a fund must request their identities and report non-compliance.
17. Artikel 13A van die Hoofwet word hierby gewysig deur die byvoeging van die volgende subartikels by te voeg: ‘‘(8) By die toepassing van hierdie artikel, is die volgende persone persoonlik aanspreeklik vir voldoening aan hierdie artikel en vir die betaling van enige bydraes in subartikel (1) bedoel: (a) Indien ’n werkgewer ’n maatskappy is, elke direkteur wat gereeld by die bestuur van die maatskappy se oorhoofse finansiële sake betrokke is; indien ’n werkgewer ’n kragtens die Wet op Beslote Korporasies, 1984 (Wet No. 69 van 1984), geregistreerde beslote korporasie is, elke lid wat die bestuur van die beslote korporasie se oorhoofse finansiële sake beheer of gereeld daarby betrokke is; ten opsigte van enige ander werkgewer met enige regstatus of -beskrywing wat nog nie in paragrawe (a) en (b) genoem is nie, elke persoon volgens wie se opdragte of instruksies die beheerliggaam of -struktuur van die werkgewer handel of wat gereeld by die bestuur van die werkgewer se oorhoofse finansiële sake betrokke is. (b) (c) (9) (a) ’n Fonds waarop die bepalings van subartikel (8) van toepassing is, moet die werkgewer skriftelik versoek om hom in kennis te stel van die identiteit van enige sodanige persoon wat ingevolge subartikel (8) aldus persoonlik aanspreeklik is. (b) Indien ’n werkgewer nie aan die vereistes van hierdie bepaling voldoen nie, is al die direkteure (ten opsigte van ’n maatskappy), al die lede gereeld betrokke by die bestuur van die beslote korporasie (ten opsigte van ’n beslote korporasie), of al die persone wat die beheerliggaam van die werkgewer uitmaak, na gelang van die geval, persoonlik ingevolge subartikel (8) aanspreeklik. 5 10 15 20 25 30 35 40 45 50 55 36 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 36 (10) A board of a fund must report any non-compliance with the provisions of this section, in accordance with such conditions and in the format as may be prescribed.’’. Amendment of section 13B of Act 24 of 1956, as inserted by section 20 of Act 83 of 1992 and amended by section 7 of Act 11 of 2007 and section 8 of Act 22 of 2008 5 - 18 Verify source ↗
Section 13B of the principal Act is hereby amended—
AI-assisted research summary: This amendment requires approval by the registrar before a person may administer certain pension fund functions, adds application and information requirements, lets the registrar seek more information, and requires fund boards to report noncompliance.
18. Section 13B of the principal Act is hereby amended— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) No person shall administer on behalf of a pension fund the [investments of such a pension fund,] receipt of contributions or the disposition of benefits provided for in the rules of the fund, unless [the registrar has in a particular case or in general granted approval thereto and the person complies with such conditions as the registrar may from time to time determine in the particular case or in general] such person has been approved by the registrar and continuously complies with such conditions as may be prescribed.’’. (b) by the insertion after subsection (1) of the following subsections: ‘‘(1A) Any application for approval in terms of subsection (1) shall— (a) be made in the prescribed manner; (b) be accompanied by the prescribed fee; and (c) contain such information as may be prescribed by the registrar in order to satisfy the registrar that the applicant complies with the requirements for a fit and proper administrator prescribed by notice in the Gazette, including information in respect of— 10 15 20 (i) personal character qualities of honesty and integrity; (ii) the competence and operational ability of the applicant to fulfil 25 the responsibilities imposed by this Act; (iii) the applicant’s financial soundness; and (iv) any other requirements that may be prescribed. (1B) The registrar may— (b) (a) require an applicant to furnish such additional information, or require such information to be verified, as the registrar may deem necessary; and take into consideration any other information regarding the applicant, derived from any source, including any other regulatory or supervisory authority, if such information is disclosed to the applicant and the applicant is given reasonable opportunity to respond.’’; (c) by the deletion of subsection (3); (d) by the substitution in subsection (5) for paragraph (f) of the following paragraph: ‘‘(f) maintain [adequate] the prescribed financial resources to meet its commitments and to manage the risks to which the fund is exposed;’’; (e) by the addition to subsection (5) of the following paragraph: ‘‘(h) within a reasonable time provide a fund with information pertaining to the fund that the administrator has in its possession or under its control as requested by the fund in an electronic format capable of manipulation by the fund or in any other format if the information pertaining to the fund is not available in electronic format;’’; 30 35 40 45 (f) by the substitution in subsection (6) for the words preceding paragraph (a) of the following words: 50 ‘‘If the registrar [, after an inspection or investigation under section 25, considers] has reasonable grounds to consider that the interests of the members of a fund or of the public so require, the registrar may—’’; STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 37 Wet No. 45 van 2013 37 (10) ’n Raad van ’n fonds moet enige nienakoming van die bepalings van hierdie artikel, ooreenkomstig sodanige voorwaardes en in die formaat wat voorgeskryf mag word, aanmeld.’’. Wysiging van artikel 13B van Wet 24 van 1956, soos ingevoeg deur artikel 20 van Wet 83 van 1992 en gewysig deur artikel 7 van Wet 11 van 2007 en artikel 8 van Wet 22 van 2008 5 - 18 Verify source ↗
Artikel 13B van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section tightens approval and oversight rules for pension fund administrators, requiring registrar approval, prescribed applications, and ongoing compliance.
18. Artikel 13B van die Hoofwet word hierby gewysig— (a) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Niemand mag namens ’n pensioenfonds die [beleggings van so ’n pensioenfonds,] ontvangs van bydraes of die beskikking oor voordele waarvoor voorsiening gemaak word in die statute van die fonds, administreer nie, tensy [die registrateur in ’n besondere geval of in die algemeen goedkeuring daartoe verleen het en die persoon voldoen aan die voorwaardes wat die registrateur van tyd tot tyd in die besondere geval of in die algemeen bepaal het] sodanige persoon deur die registrateur goedgekeur is en voortdurend voldoen aan sodanige voorwaardes wat voorgeskryf mag word.’’; (b) deur die volgende subartikels na subartikel (1) in te voeg: ‘‘(1A) Enige aansoek om goedkeuring ingevolge subartikel (1)— (a) word op die voorgeskrewe wyse gedoen; (b) gaan vergesel van die voorgeskrewe gelde; en (c) bevat sodanige inligting wat die registrateur kan voorskryf ten einde die registrateur tevrede te stel dat die aansoeker voldoen aan die vereistes vir ’n gepaste en geskikte administrateur voorgeskryf in die Staatskoerant, met inbegrip van inligting ten opsigte van— (i) persoonlike karaktereienskappe van eerlikheid en integriteit; (ii) die bevoegdheid en operasionele vermoë van die aansoeker om die verantwoordelikhede wat deur hierdie Wet opgelê word te vervul; (iii) die aansoeker se finansiële gesondheid; en (iv) enige ander vereistes wat voorgeskryf mag word. (1B) Die registrateur kan— (a) vereis dat ’n aansoeker sodanige bykomende inligting verstrek, of vereis dat sodanige inligting geverifieer word, soos die registrateur nodig mag ag; en (b) enige ander inligting oor die aansoeker, van enige bron verkry, met inbegrip van enige ander regulatoriese of toesighoudende owerheid, in ag neem indien sodanige inligting aan die aansoeker bekend gemaak word en die aansoeker redelike geleentheid gegun word om te reageer.’’; (c) deur subartikel (3) te skrap; (d) deur paragraaf (f) in subartikel (5) deur die volgende paragraaf te vervang: ‘‘(f) [toereikende] die voorgeskrewe finansiële hulpbronne in stand hou om die fonds se verpligtinge na te kom en die risiko’s te bestuur waaraan die fonds blootgestel word;’’; (e) deur die volgende paragraaf by subartikel (5) te voeg: ‘‘(h) binne ’n redelike tyd ’n fonds van inligting oor die fonds voorsien wat die administrateur in sy besit of onder sy beheer het soos versoek deur die fonds in ’n elektroniese formaat wat deur die fonds gemanipuleer kan word of in enige ander formaat indien die inligting oor die fonds nie in elektroniese formaat beskikbaar is nie;’’; (f) deur in subartikel (6) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Indien die registrateur[, na ’n inspeksie of ondersoek kragtens artikel 25, van mening is] redelike gronde het om te meen dat die belange van die lede van ’n fonds of van die publiek aldus vereis, kan die registrateur—’’; 10 15 20 25 30 35 40 45 50 55 38 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 38 (g) by the substitution in subsection (6) for paragraphs (a) and (b) of the following paragraphs, respectively: ‘‘(a) direct the administrator to take any steps, or to refrain from performing or continuing to perform any act, in order to terminate or remedy any irregularity or undesirable practice or state of affairs [disclosed by the inspection or investigation] that has come to the knowledge of the registrar: Provided that the registrar may not make an order contemplated in section 6D(2)(b) of the Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001); (b) direct— (i) the administrator to withdraw from the administration of the fund, whereupon the board of the fund must in accordance with the registrar’s directions, but subject to this Act and the rules of the fund, arrange for the administration of the fund to be taken over by another administrator or person; [or] that the costs of the other administrator or person be defrayed from the financial resources maintained under subsection (5)(f); or’’; (ii) (h) by the insertion after subsection (7) of the following subsection: ‘‘(7A) (a) All records, documentation and information relating to the administration of a fund, its members and former members that are held by an administrator or is under an administrator’s control, is the property of the fund, including information that the administrator, in the course and scope of its work as administrator or former administrator of the fund, created or came to possess or control. (b) An administrator— (i) may not destroy or otherwise dispose of any information referred to in paragraph (a) without the consent of the fund; and (ii) must maintain information referred to in paragraph (a) in an orderly format.’’; and (i) by the addition of the following subsection: ‘‘(10) When an administrator becomes aware of any material matter relating to the affairs of a fund, which in the opinion of the administrator may prejudice the fund or its members, the administrator must inform the registrar of that matter in writing without undue delay.’’. 5 10 15 20 25 30 35 Amendment of section 14 of Act 24 of 1956, as amended by section 15 of Act 81 of 1957, section 3 of Act 54 of 1991, section 21 of Act 83 of 1992, section 2 of Act 39 of 2001, section 8 of Act 11 of 2007 and section 9 of Act 22 of 2008 - 19 Verify source ↗
Section 14 of the principal Act is hereby amended—
AI-assisted research summary: This amendment requires an administrator to notify the registrar in writing without undue delay about material matters that may prejudice the fund’s registrar or members, and to keep related information in orderly form and not destroy it without the fund’s consent.
19. Section 14 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for paragraph (a) of the following 40 paragraph: ‘‘(a) the scheme for the proposed transaction, including a copy of every actuarial or other statement taken into account for the purposes of the scheme, has been submitted to the registrar within [180 days] a prescribed period of the effective date of the transaction;’’; 45 (b) by the addition to subsection (2) of the following paragraph: ‘‘(c) Any assets transferred in accordance with paragraph (b) must be increased or decreased with fund return from the effective date of transfer until the date of final settlement.’’; (c) by the substitution in subsection (6) for paragraph (a) of the following 50 paragraph: ‘‘(a) the scheme or information provided in terms of subsection (1) was so inaccurate that [he] the registrar would not have granted such certificate had [he] the registrar been aware of the actual facts; [or]’’; 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 39 Wet No. 45 van 2013 39 (g) deur paragrawe (a) en (b) in subartikel (6) onderskeidelik deur die volgende paragrawe te vervang: ‘‘(a) die administrateur opdrag gee om enige stappe te doen, of hom of haar te weerhou van die uitvoering van of voortsetting van enige optrede, ten einde enige ongerymdheid of ongewenste praktyk of stand van sake [wat deur die inspeksie of ondersoek geopenbaar word] waarvan die registrateur te wete gekom het, te beëindig of reg te stel: Met dien verstande dat die registrateur nie ’n bevel in artikel 6D(2)(b) van die Wet op Finansiële Instellings (Beskerming van Fondse), 2001 (Wet No. 28 van 2001), beoog mag maak nie; [die administrateur] opdrag gee [om te]— (i) dat die administrateur onttrek van die administrasie van die fonds, ten welke tyd die raad van die fonds ooreenkomstig die registrateur se opdrag, maar behoudens hierdie Wet en die statute van die fonds, moet reël dat die administrasie van die fonds deur ’n ander administrateur of persoon oorgeneem word; [of] (b) (ii) dat die kostes van die ander administrateur of persoon uit die finansiële hulpbronne kragtens subartikel (5)(f) in stand hou, verhaal word; of’’; (h) deur die volgende subartikel na subartikel (7) in te voeg: ‘‘(7A) (a) Alle rekords, dokumentasie en inligting oor die admini- strasie van ’n fonds, sy lede en vorige lede wat deur ’n administrateur gehou word of onder ’n administrateur se beheer is, is die eiendom van die fonds, met inbegrip van inligting wat die administrateur, in die verloop en bestek van sy werk as administrateur of voormalige administrateur van die fonds, geskep het of verkry het of beheer oor verkry het. (b) ’n Administrateur— 5 10 15 20 25 (i) mag geen inligting in paragraaf (a) bedoel sonder die toestemming 30 van die fonds vernietig of andersins daaroor beskik nie; en (ii) moet inligting in paragraaf (a) bedoel in ’n ordelike formaat onderhou.’’; en (i) deur die volgende subartikel by te voeg: ‘‘(10) Wanneer ’n administrateur bewus word van enige wesenlike aangeleentheid betreffende die besigheid van ’n fonds, wat na mening van die administrateur die registrateur van die fonds of sy lede kan benadeel, moet die administrateur die registrateur sonder onbehoorlike vertraging skriftelik van daardie aangeleentheid inlig.’’. Wysiging van artikel 14 van Wet 24 van 1956, soos gewysig deur artikel 15 van Wet 81 van 1957, artikel 3 van Wet 54 van 1991, artikel 21 van Wet 83 van 1992, artikel 2 van Wet 39 van 2001, artikel 8 van Wet 11 van 2007 en artikel 9 van Wet 22 van 2008 - 19 Verify source ↗
Artikel 14 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends Article 14 of the principal Act, including a rule that no fees or commissions are payable by the parties involved and a power for the registrar to exempt certain transactions.
19. Artikel 14 van die Hoofwet word hierby gewysig— (a) deur paragraaf (a) in subartikel (1) deur die volgende paragraaf te vervang: ‘‘(a) die skema insake die voorgestelde transaksie, met inbegrip van ’n afskrif van elke aktuariële of ander opgawe vir die doeleindes van die skema in aanmerking geneem, aan die registrateur voorgelê is binne [180 dae] ’n voorgeskrewe tydperk na die effektiewe transaksiedatum;’’; (b) deur die volgende paragraaf by subartikel (2) te voeg: ‘‘(c) Enige bates wat in ooreenstemming met paragraaf (b) oorgedra is moet vermeerder of verminder word met fondsopbrengs vanaf die ingangsdatum van oordrag tot die datum van finale skikking.’’; (c) deur paragraaf (a) in subartikel (6) deur die volgende paragraaf te vervang: ‘‘(a) die skema of inligting wat ingevolge subartikel (1) verskaf is, so onakkuraat was dat [hy] die registrateur nie sodanige sertifikaat sou uitgereik het, indien [hy] die registrateur bewus was van die werklike feite nie; [of]’’; 35 40 45 50 55 40 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 40 (d) by the insertion in subsection (6) of the word ‘‘or’’ at the end of paragraph (b) and the addition to that subsection of the following paragraph: ‘‘(c) as a result of amendments to legislation, the implementation of the scheme in terms of subsection (1) would prejudice members.’’; (e) by the substitution in subsection (7)(b) for the words preceding subparagraph 5 (i) of the following words: ‘‘No fees or commissions of any nature are payable, directly or indirectly, by any party or by any agent, [or] mandatary or representative of such party—’’; (f) by the addition of the following subsection: 10 ‘‘(9) Notwithstanding subsections (1) and (8), the registrar may exempt a transaction contemplated in subsection (1) from the provisions of this section, subject to such requirements or conditions as may be prescribed.’’. Amendment of section 14A of Act 24 of 1956, as inserted by section 3 of Act 39 of 2001 and amended by section 9 of Act 11 of 2007 15 - 20 Verify source ↗
Section 14A of the principal Act is hereby amended by the substitution in
AI-assisted research summary: The provision changes the rule for pension increases so they must be granted at least every three years, starting with the first actuarial valuation after commencement, and the increase must not be below the minimum pension increase.
20. Section 14A of the principal Act is hereby amended by the substitution in subsection (1) for paragraph (d) of the following paragraph: ‘‘(d) [on, or within six months from, the effective date of the first actuarial valuation following the commencement date, and] at least once every three years, [thereafter, the board shall grant] a pension increase shall be granted to pensioners and deferred pensioners (other than pensioners referred to in section 14B(3)(c)) with effect from the valuation date on which the increase is based, which increase shall not be less than the minimum pension increase, starting with the first actuarial valuation following the commencement date.’’. Amendment of section 14B of Act 24 of 1956, as substituted by section 10 of Act 11 of 2007 - 21 Verify source ↗
Section 14B of the principal Act is hereby amended—
AI-assisted research summary: This section amends section 14B by changing how member-account amounts, expenses, inflation adjustments, fees, and registrar exemptions are described.
21. Section 14B of the principal Act is hereby amended— (a) by the substitution in subsection (1) for paragraph (a) of the following paragraph: ‘‘(a) MC represents the contributions paid by the member; EC represents the contributions paid by the employer in respect of the member; X represents such reasonable expenses as the board determines [should be paid out of the contributions paid by and in respect of the member]; IC represents the amount credited to the member’s individual account upon the commencement of the member’s membership of the fund or upon the conversion of the category of the fund to which the member belongs from a defined benefit category to a defined contribution category of a fund or upon the amalgamation of [his or her] the member’s fund with any other fund, if any, other than amounts taken into account in terms of OC; and OC represents any other amounts lawfully permitted, credited to or debited from the member’s individual account, if any; and’’; (b) by the substitution in subsection (2)(a) for the words preceding the proviso to subparagraph (ii) of the following words: ‘‘an amount equal to the value of the member’s contributions, less such reasonable expenses as determined by the board [deems appropriate to deduct from the contributions, augmented] as from the date of payment of a contribution [by fund return] plus any amount payable in terms of the rules of the fund in excess of the member contributions, increased or decreased with fund return as from the date that the member joined the fund’’; 20 25 30 35 40 45 50 (c) by the substitution in subsection (3)(a) for subparagraph (i) of the following 55 subparagraph: ‘‘(i) aim to award a percentage of the consumer price index, or some other measure of [price] inflation which is deemed suitable by the board; and’’; STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 41 Wet No. 45 van 2013 41 (d) deur die woord ‘‘of’’ aan die einde van paragraaf (b) in subartikel (6) in te voeg en die volgende paragraaf by die subartikel te voeg: ‘‘(c) as gevolg van wysigings aan wetgewing, lede benadeel sal word deur die implementering van die skema ingevolge subartikel (1).’’; (e) deur in subartikel (7)(b) die woorde wat subparagraaf (i) voorafgaan deur die volgende woorde te vervang: ‘‘Geen gelde of kommissies van enige aard is betaalbaar, regstreeks of onregstreeks, deur enige party of deur enige agent, [of] gevolmagtigde of verteenwoordiger van sodanige party—’’; en (f) deur die volgende subartikel by te voeg: 5 10 ‘‘(9) Ondanks subartikels (1) en (8), kan die registrateur ’n transaksie in subartikel (1) beoog vrystel van die bepalings van hierdie artikel, behoudens sodanige vereistes of voorwaardes wat voorgeskryf kan word.’’. Wysiging van artikel 14A van Wet 24 van 1956, soos ingevoeg deur artikel 3 van Wet 39 van 2001 en gewysig deur artikel 9 van Wet 11 van 2007 15 - 20 Verify source ↗
Artikel 14A van die Hoofwet word hierby gewysig deur paragraaf (d) deur die
AI-assisted research summary: This amendment requires a pension increase for retirees and deferred pensioners at least every three years, with an exception for pensioners in article 14B(3)(c).
20. Artikel 14A van die Hoofwet word hierby gewysig deur paragraaf (d) deur die volgende paragraaf te vervang: [daarna,] moet ‘‘(d) [op of binne ses maande na die effektiewe datum van die eerste aktuariële waardasie volgende op die inwerkingtredingsdatum, en] minstens een keer elke drie jaar ’n pensioenverhoging aan pensioentrekkers en uitgestelde pensioentrekkers [toestaan wat,] (behalwe pensioentrekkers in artikel 14B(3)(c) bedoel) toegestaan word met gevolg vanaf die waarderingsdatum waarop die verhoging gebaseer is, welke verhoging nie minder as die minimumpensioenverhoging moet wees nie, beginnende met die eerste aktuariële waardering na die begindatum.’’. [die raad] 20 25 Wysiging van artikel 14B van Wet 24 van 1956, soos vervang deur artikel 10 van Wet 11 van 2007 - 21 Verify source ↗
Artikel 14B van die Hoofwet word hierby gewysig—
AI-assisted research summary: This provision amends section 14B of the principal Act, including how member account amounts are defined, how pension increases are measured, and when pensioners or funds must buy insurance-linked policies.
21. Artikel 14B van die Hoofwet word hierby gewysig— (a) deur paragraaf (a) in subartikel (1) deur die volgende paragraaf te vervang: 30 ‘‘(a) MC die bydraes betaal deur die lid, verteenwoordig; EC die bydraes betaal deur die werkgewer ten opsigte van die lid, verteenwoordig; X die redelike uitgawes wat die raad bepaal [om betaal te word uit bydraes betaal deur of ten opsigte van die lid,] verteenwoordig; IC die bedrag verteenwoordig wat teen die individuele lederekening gekrediteer word by aanvang van die lid se lidmaatskap van die fonds of by die oorskakeling van die kategorie van die fonds waaraan die lid behoort van ’n omskrewe voordeelkategorie na ’n omskrewe bydraekategorie van ’n fonds of by die samesmelting van [sy of haar] die lid se fonds met enige ander fonds, indien enige, behalwe bedrae in ag geneem ingevolge OC; en OC enige ander bedrae verteenwoordig wat wettiglik toelaatbaar is, gekrediteer teen of gedebiteer uit die individuele lederekening, indien enige; en’’; (b) deur in subartikel (2)(a) die woorde wat die voorbehoudsbepaling tot subparagraaf (ii) voorafgaan deur die volgende woorde te vervang: ‘‘ ’n bedrag gelyk aan die waarde van die lid se bydraes, min die redelike uitgawes [wat] deur die raad [geskik ag om van die bydraes afgetrek te word, vermeerder] bepaal soos met ingang van die datum van betaling van ’n bydrae [met fondsopbrengs] plus enige bedrag betaalbaar ingevolge die statute van die fonds bo en behalwe die lid se verhoogde of verlaagde, met fondsopbrengs, bydraes sedert die datum waarop die lid by die fonds aangesluit het’’; 35 40 45 50 (c) deur subparagraaf (i) in subartikel (3)(a) deur die volgende subparagraaf te 55 vervang: ‘‘(i) daarop gerig moet wees om ’n persentasie van die verbruikers- prysindeks of ’n ander maat van [prysinflasie] inflasie toe te ken wat deur die raad geskik geag word; en’’; 42 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 42 (d) by the substitution in subsection (3)(c) for subparagraphs (i) and (ii) of the following subparagraphs, respectively: ‘‘(i) pensioners on or after retirement in terms of the rules of a fund[, purchased] and in line with the pension increase policy of the fund at the time of purchase, purchase a policy from a long-term insurer registered [in terms of section 7 of] under the Long-term Insurance Act, 1998 (Act No. 52 of 1998); (ii) pensioners on whose behalf a fund, on or after retirement in terms of the rules of the fund[, purchased] and in line with the pension increase policy of the fund at the time of purchase, purchase a policy of insurance covering that fund’s full liability in respect of those pensioners from a long-term insurer registered [in terms of section 7 of] under the Long-term Insurance Act, 1998 (Act No. 52 of 1998);’’; and 5 10 (e) by the substitution in subsection (4) for the proviso to paragraph (a) of the 15 following proviso: ’’: Provided that if the application of the increase factor, P, causes a fund to become financially unsound, the board, after taking into account any balance in any contingency reserve account, may limit P to such amount as will not cause the fund to be in a financially unsound condition’’. Amendment of section 15A of Act 24 of 1956, as inserted by section 4 of Act 39 of 2001 - 22 Verify source ↗
Section 15A of the principal Act is hereby amended—
AI-assisted research summary: This amendment says members, former members, and the employer get rights to actuarial surplus once it is apportioned, and an employer may keep a contribution holiday only if the holiday’s value is added to the surplus to be apportioned.
22. Section 15A of the principal Act is hereby amended— (a) by the substitution for subsection (2) of the following subsection: ‘‘(2) Once actuarial surplus is apportioned to either the member surplus account, or the employer surplus account in terms of sections 15B and 15C, or directly for the benefit of members and former members subject to the uses specified in section 15D(1), members, former members and the employer acquire rights to such actuarial surplus as provided for in this section.’’; and (b) by the substitution for the proviso to subsection (3) of the following proviso: ‘‘: Provided that the employer may continue a contribution holiday, which the employer was already taking immediately prior to the commencement date, only if the value of any contribution holiday taken by the employer during any period between the commencement date and the surplus apportionment date, [augmented by the gross investment return earned by the fund, nett of expenses] as increased or decreased with fund return, over the corresponding period is added to the actuarial surplus to be apportioned at the surplus apportionment date in terms of section 15B(5).’’. Amendment of section 15B of Act 24 of 1956, as substituted by section 11 of Act 11 of 2007 - 23 Verify source ↗
Section 15B of the principal Act is hereby amended—
AI-assisted research summary: This section amends Section 15B so that certain former members and pensioners can receive increased benefits or pensions, and the board may cap the increase factor if applying it would make the fund financially unsound.
23. Section 15B of the principal Act is hereby amended— (a) by the substitution in subsection (5)(b) for the words preceding the proviso of the following words: ‘‘former members shall have the benefits previously paid to them, or the amounts previously transferred on their behalf, increased to the minimum benefit determined in terms of section 14B(2) or 14B(6) as at the date when they left the fund, with such increase adjusted to the surplus apportionment date [using the nett investment earnings of the fund] with fund return over the corresponding period, and pensioners and deferred pensioners shall have their pensions increased to the 20 25 30 35 40 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 43 Wet No. 45 van 2013 43 (d) deur subparagrawe (i) en (ii) in subartikel (3)(c) onderskeidelik deur die volgende paragrawe te vervang: ‘‘(i) pensioentrekkers op of na aftrede ingevolge die statute van ’n fonds en in ooreenstemming met die pensioenverhogingbeleid van die fonds ten tyde van die aankoop, ’n polis [gekoop het] koop van ’n langtermynversekeraar wat [ingevolge artikel 7 van] kragtens die Langtermynversekeringswet, 1998 (Wet No. 52 van 1998), geregistreer is; (ii) pensioentrekkers namens wie ’n fonds, met of na aftrede ingevolge die statute van die fonds[,] en in ooreenstemming met die pensioenverhogingsbeleid van die fonds ten tyde van die aankoop, ’n versekeringspolis [aangekoop het] aankoop wat daardie fonds se volle aanspreeklikheid dek ten opsigte van daardie pensioenarisse van ’n langtermynversekeraar wat [ingevolge artikel 7 van] kragtens die Langtermynversekeringswet, 1998 (Wet No. 52 van 1998), geregistreer is;’’ en (e) deur die voorbehoudsbepaling tot paragraaf (a) in subartikel (4) deur die volgende voorbehoudsbepaling te vervang: ‘‘: Met dien verstande dat aanwending van die verhogingsfaktor, P, veroorsaak dat die fonds finansieel ongesond raak, na inagneming van enige saldo in enige gebeurlikheidsreserwerekening, die raad P kan beperk tot die bedrag wat sal veroorsaak dat die fonds nie in ’n finansieel ongesonde toestand verkeer nie.’’. indien die 5 10 15 20 Wysiging van artikel 15A van Wet 24 van 1956, soos ingevoeg deur artikel 4 van Wet 39 van 2001 25 - 22 Verify source ↗
Artikel 15A van die Hoofwet word hierby gewysig:
AI-assisted research summary: The employer may keep using an existing contribution holiday only if the value used in the relevant period is adjusted for fund returns and added to the actuarial surplus. Members, former members, and the employer also acquire rights to the actuarial surplus in the stated circumstances.
22. Artikel 15A van die Hoofwet word hierby gewysig: (a) deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Wanneer aktuariële surplus aan óf die ledesurplusrekening óf die werkgewersurplusrekening ingevolge artikels 15B en 15C toegedeel is, of regstreeks vir die voordeel van lede en vorige lede en behoudens die gebruike in artikel 15D(1) gespesifiseer, verkry lede, vorige lede en die werkgewer regte op sodanige aktuariële surplus soos in hierdie artikel bepaal word.’’; en (b) deur die voorbehoudsbepaling tot voorbehoudsbepaling te vervang: subartikel (3) deur die volgende ‘‘: Met dien verstande dat die werkgewer slegs kan voortgaan met die benutting van ’n bydraevergunning wat die werkgewer reeds onmiddel- lik voor die inwerkingtredingsdatum benut het, indien die waarde van enige bydraevergunning benut deur die werkgewer gedurende enige tydperk tussen die inwerkingtredingsdatum en die surplustoedelings- datum, [vermeerder deur die bruto beleggingsopbrengs verdien deur die fonds, netto van uitgawes] soos verhoog of verminder met fondsopbrengs, oor die ooreenstemmende tydperk bygevoeg word by die aktuariële surplus wat toegedeel staan te word op die surplustoedelings- datum ingevolge artikel 15B(5).’’. Wysiging van artikel 15B van Wet 24 van 1956, soos vervang deur artikel 11 van Wet 11 van 2007 - 23 Verify source ↗
Artikel 15B van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends section 15B and lets the registrar withdraw a certificate issued under subsection (9)(i) if the fund’s board applies and any prescribed conditions are met.
23. Artikel 15B van die Hoofwet word hierby gewysig— (a) deur in subartikel (5)(b) die woorde wat die voorbehoudsbepaling voorafgaan deur die volgende woorde te vervang: ‘‘vorige lede geregtig sal wees om die voordele voorheen aan hulle betaal, of die bedrae voorheen namens hulle oorgedra, te laat verhoog tot die minimumvoordeel bepaal ingevolge artikel 14B(2) of 14B (6) soos op die datum toe hulle die fonds verlaat het, met aanpassing van so ’n verhoging tot die surplustoedelingsdatum [deur gebruik van die netto beleggingsopbrengste van die fonds] met fondsopbrengs oor die ooreenstemmende uitgestelde pensioentrekkers sal geregtig wees om hulle pensioene te laat verhoog pensioentrekkers tydperk, en en 30 35 40 45 50 55 44 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 44 minimum pension as determined in terms of section 14B(4), as a prior charge on the actuarial surplus to be apportioned’’; (b) by the substitution in subsection (6) for paragraph (e) of the following paragraph: ‘‘(e) Any surplus utilised improperly shall be increased or decreased [by] with fund return from the effective date of the use until the date of receipt thereof by the fund.’’; (c) by the deletion of subsection (8); (d) by the substitution in subsection (9) for paragraph (a) of the following paragraph: ‘‘(a) the scheme, the statutory actuarial valuation as at the surplus apportionment date of the fund, as well as a copy of any other actuarial or other statement taken into account for purposes of the scheme and the report by the person appointed in terms of subsection (3), has been submitted to the registrar [and the registrar is satisfied that the statutory actuarial valuation has been prepared on actuarially sound and acceptable principles prescribed];’’; (e) by the substitution in subsection (9) for the proviso to paragraph (c) of the following proviso: ‘‘: Provided that[— (i) the registrar shall require such report where there are com- plaints in respect of the apportionment of surplus which have not been resolved to the satisfaction of the complainants concerned; and the costs resulting from the appointment of such independent actuary shall be borne by the fund;’’; (ii)] (f) by the substitution in subsection (9) for paragraph (i) of the following paragraph: ‘‘(i) the registrar has forwarded a certificate to the [principal officer of the] fund to the effect that [all] the scheme is approved and the requirements of this subsection have been fulfilled.’’; (g) by the deletion of subsection (10); and (h) by the addition of the following subsection: ‘‘(13) The registrar may, on application by the board of a fund and subject to such conditions as may be prescribed, withdraw the certificate issued in terms of subsection (9)(i), in which event the fund shall be deemed not to have submitted a scheme in terms of subsection (1).’’. 5 10 15 20 25 30 35 Amendment of section 15C of Act 24 of 1956, as inserted by section 4 of Act 39 of 2001 40 - 24 Verify source ↗
Section 15C of the principal Act is hereby amended—
AI-assisted research summary: The board must decide how to apportion actuarial surplus when the rules are silent, and the registrar may withdraw a certificate on application by the fund’s board. The fund must bear the cost of an independent actuary appointed for this process.
24. Section 15C of the principal Act is hereby amended— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) The rules may determine any apportionment of actuarial surplus arising in the fund after the surplus apportionment date between the member surplus account, [and] the employer surplus account or directly for the benefit of members and former members subject to the uses specified in section 15D(1).’’; and (b) by the substitution in subsection (2) for the words preceding the proviso of the following words: ‘‘If the rules are silent on the apportionment of actuarial surplus arising after the surplus apportionment date, any apportionment between the member surplus account, the employer surplus account or directly for the benefit of members and former members, subject to the uses specified in section 15D(1), shall be determined by the board taking into account the interests of all the stakeholders in the fund’’. 45 50 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 45 Wet No. 45 van 2013 45 tot die minimumpensioen soos bepaal ingevolge artikel 14B(4), as ’n voorkeurlas op die aktuariële surplus wat toegedeel staan te word’’; (b) deur paragraaf (e) in subartikel (6) van die Engelse teks deur die volgende paragraaf te vervang: ‘‘(e) Any surplus utilised improperly shall be increased or decreased [by] with fund return from the effective date of the use until the date of receipt thereof by the fund.’’; (c) deur subartikel (8) te skrap; (d) deur paragraaf (a) in subartikel (9) deur die volgende paragraaf te vervang: ‘‘(a) die skema, die statutêre aktuariële waardasie soos op die datum van die surplustoedeling van die fonds, tesame met ’n afskrif van enige ander aktuariële of ander verklaring wat vir doeleindes van die skema in ag geneem is en die verslag deur die persoon aangestel ingevolge subartikel (3), aan die registrateur voorgelê is [en die registrateur tevrede is dat die statutêre aktuariële waardasie ooreenkomstig aktuarieel gesonde en aanvaarbare voorge- skrewe praktyke opgestel is];’’; (e) deur die voorbehoudsbepaling tot paragraaf (c) in subartikel (9) deur die volgende voorbehoudsbepaling te vervang: ‘‘Met dien verstande dat[— (i) die registrateur sodanige verslag vereis waar daar klagtes is ten opsigte van die toedeling van die aktuariële surplus wat nie tot bevrediging van die betrokke klaers opgelos is nie; en (ii)] die kostes wat voortspruit uit die aanstelling van sodanige onafhanklike aktuaris deur die fonds gedra word;’’; (f) deur paragraaf (i) in subartikel (9) deur die volgende paragraaf te vervang: ‘‘(i) die registrateur ’n sertifikaat na die [hoofbeampte van die] fonds aangestuur het met die strekking dat [aan alle] die skema goedgekeur is en aan die vereistes van hierdie subartikel voldoen is.’’; (g) deur subartikel (10) te skrap; en (h) deur die volgende subartikel by te voeg: ‘‘(13) Die registrateur kan, by aansoek deur die raad van ’n fonds en behoudens sodanige voorwaardes wat voorgeskryf kan word, die sertifikaat uitgereik ingevolge subartikel (9)(i) terugtrek, in welke geval die fonds geag sal word nie ’n skema ingevolge subartikel (1) in te gedien het nie.’’. Wysiging van artikel 15C van Wet 24 van 1956, soos ingevoeg deur artikel 4 van Wet 39 van 2001 - 24 Verify source ↗
Artikel 15C van die Hoofwet word hierby gewysig—
AI-assisted research summary: Section 24 changes the rules for how actuarial surplus may be allocated in section 15C.
24. Artikel 15C van die Hoofwet word hierby gewysig— (a) deur subartikel (1) deur die volgende subartikel te vervang: ontstaan ‘‘(1) Die statute kan ’n toedeling van aktuariële surplus, wat uit die die fonds ledesurplusrekening [en], die werkgewersurplusrekening of direk vir die voordeel van lede en vorige lede behoudens die gebruike in artikel 15D(1), bepaal.’’; en surplustoedelingsdatum, tussen die na (b) deur in subartikel (2) die woorde wat die voorbehoudsbepaling voorafgaan deur die volgende woorde te vervang: ‘‘Indien die statute swyg oor die toedeling van aktuariële surplus wat na die surplustoedelingsdatum ontstaan, word enige toedeling tussen die ledesurplusrekening, die werkgewersurplusrekening of direk vir die voordeel van lede en vorige lede, behoudens die gebruike gespesifiseer in artikel 15D(1), bepaal deur die raad met inagneming van die belange van alle belanghouers in die fonds’’. 5 10 15 20 25 30 35 40 45 50 46 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 46 Amendment of section 15D of Act 24 of 1956, as inserted by section 4 of Act 39 of 2001 - 25 Verify source ↗
Section 15D of the principal Act is hereby amended by the substitution in
AI-assisted research summary: This section amends section 15D by replacing paragraphs (a), (b) and (c) in subsection (1) with new wording about improving members’ benefits, improving benefits or amounts for former members in some cases, and reducing current member contributions.
25. Section 15D of the principal Act is hereby amended by the substitution in subsection (1) for paragraphs (a), (b) and (c) of the following paragraphs, respectively: ‘‘(a) improve benefits for [existing] members; (b) where reasonable and equitable, improve the benefits [previously] paid to, [former members] or the amounts [previously] transferred in respect of, former members who exited the fund subsequent to the surplus apportionment date; reduce current contributions due from members; [and] or’’. (c) 5 10 Amendment of section 15E of Act 24 of 1956, as inserted by section 4 of Act 39 of 2001 and amended by section 12 of Act 11 of 2007 - 26 Verify source ↗
Section 15E of the principal Act is hereby amended—
AI-assisted research summary: A participating employer may require the board to use allocated actuarial surplus for listed purposes, and the registrar may approve transfers of an employer surplus account between funds if the stated conditions are met.
26. Section 15E of the principal Act is hereby amended— (a) by the substitution in subsection (1) for the words preceding paragraph (a) of the following words: ‘‘Notwithstanding anything to the contrary in the rules, a participating employer may [request] require the board to use actuarial surplus allocated to the employer surplus account in terms of sections 15B, 15C and 15F for use by that employer for any of the following purposes, namely—’’; (b) by the deletion in subsection (1) of the word ‘‘and’’ at the end of paragraph (g), the insertion in that subsection of the word ‘‘or’’ at the end of paragraph (h) and the addition to that subsection of the following paragraph: ‘‘(i) repaying part, or all, of surplus utilised improperly by the employer in terms of section 15B(6)’’; and (c) by the substitution in subsection (2) for the words preceding paragraph (a) of the following words: ‘‘The registrar may approve the transfer of all, or a portion of, the employer surplus account from the fund to the employer surplus account in another fund, if the following conditions are satisfied, namely that—’’. 15 20 25 30 Amendment of section 15F of Act 24 of 1956, as inserted by section 4 of Act 39 of 2001 and amended by section 13 of Act 11 of 2007 - 27 Verify source ↗
Section 15F of the principal Act is hereby amended by the substitution for
AI-assisted research summary: The registrar may approve a transfer if satisfied the surplus allocation was negotiated consistently with sections 15B and 15C and is reasonable and equitable.
27. Section 15F of the principal Act is hereby amended by the substitution for subsection (2) of the following subsection: ‘‘(2) The registrar may approve such transfer if [he or she] the registrar is 35 satisfied that— (a) the allocation of actuarial surplus to such account was negotiated between the stakeholders in a manner consistent with the principles underlying sections 15B and 15C; and the allocation of actuarial surplus to the existing reserve account was reasonable and equitable.’’. 40 (b) Amendment of section 15K of Act 24 of 1956, as inserted by section 4 of Act 39 of 2001 and amended by section 14 of Act 11 of 2007 - 28 Verify source ↗
Section 15K of the principal Act is hereby amended—
AI-assisted research summary: The registrar may appoint a special ad hoc tribunal to make a determination if a fund does not submit the required actuarial surplus apportionment scheme or nil return within the prescribed period.
28. Section 15K of the principal Act is hereby amended— (a) by the substitution for subsections (1), (2), (3), (4), (5) and (6) of the following 45 subsections, respectively: ‘‘(1) [(a) When the board fails to submit a scheme for the apportionment of an actuarial surplus in terms of section 15B within the prescribed period, the] The registrar [shall] may appoint a special ad hoc tribunal to [perform the functions of the board set out in section 15B] make a determination, as set out in this section if— (a) a fund fails to submit a scheme for the apportionment of actuarial surplus or a nil return in terms of section 15B, within the prescribed period; or 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 47 Wet No. 45 van 2013 47 Wysiging van artikel 15D van Wet 24 van 1956, soos ingevoeg deur artikel 4 van Wet 39 van 2001 - 25 Verify source ↗
Artikel 15D van die Hoofwet word hierby gewysig deur paragrawe (a), (b) en (c)
AI-assisted research summary: This section amends Article 15D of the Principal Act by replacing parts of subsection (1).
25. Artikel 15D van die Hoofwet word hierby gewysig deur paragrawe (a), (b) en (c) in subartikel (1) onderskeidelik deur die volgende paragrawe te vervang: ‘‘(a) voordele vir [bestaande] lede te verbeter; (b) waar redelik en gelykwaardig die voordele wat [voorheen] betaal is aan, [vorige lede] of die bedrae [voorheen] oorgedra ten opsigte van, vorige lede wat die fonds na die surplustoedelingsdatum verlaat het, te verbeter; lopende bydraes verskuldig deur lede te verminder; [en] of’’. (c) 5 Wysiging van artikel 15E van Wet 24 van 1956, soos ingevoeg deur artikel 4 van Wet 39 van 2001 en gewysig deur artikel 12 van Wet 11 van 2007 10 - 26 Verify source ↗
Artikel 15E van die Hoofwet word hierby gewysig—
AI-assisted research summary: This provision amends article 15E so a participating employer may require surplus to be allocated for its use, and the registrar may approve transfers of employer surplus accounts to another fund.
26. Artikel 15E van die Hoofwet word hierby gewysig— (a) deur in subartikel (1) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Ondanks enigiets tot die teendeel in die statute, kan ’n deelnemende werkgewer vereis dat die raad [versoek om] aktuariële surplus toegewys aan die werkgewersurplusrekening ingevolge artikels 15B, 15C en 15F vir gebruik deur daardie werkgewer, te gebruik vir enige van die volgende doeleindes, naamlik—’’; (b) deur in subartikel (1) die woord ‘‘en’’ aan die einde van paragraaf (g) te skrap, die woord ‘‘of’’ in daardie subartikel aan die einde van paragraaf (h) in te voeg en die volgende paragraaf by die subartikel te voeg: ‘‘(i) ’n gedeelte van, of die hele surplus wat die werkgewer onbehoorlik 15 20 benut het ingevolge artikel 15B(6), terugbetaal;’’; en (c) deur in subartikel (2) die woorde wat paragraaf (a) voorafgaan deur die 25 volgende woorde te vervang: ‘‘Die registrateur kan die oordrag van die geheel of ’n deel van, die werkgewersurplusrekening van die fonds na die werkgewersurplus- rekening in ’n ander fonds goedkeur, indien die volgende voorwaardes nagekom word, naamlik dat—’’. 30 Wysiging van artikel 15F van Wet 24 van 1956, soos ingevoeg deur artikel 4 van Wet 39 van 2001 en gewysig deur artikel 13 van Wet 11 van 2007 - 27 Verify source ↗
Artikel 15F van die Hoofwet word hierby gewysig deur subartikel (2) deur die
AI-assisted research summary: The registrar may approve a transfer if satisfied that the actuarial surplus allocation was negotiated consistently with sections 15B and 15C principles and that the allocation to the existing reserve account was reasonable and equitable.
27. Artikel 15F van die Hoofwet word hierby gewysig deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Die registrateur kan so ’n oordrag goedkeur indien [hy of sy] die 35 registrateur tevrede is dat— (a) die toedeling van aktuariële surplus aan so ’n fonds onderhandel is tussen die belanghouers op ’n wyse wat bestaanbaar is met die beginsels onderliggend aan artikels 15B en 15C; en (b) die toedeling van aktuariële surplus aan die bestaande reserwerekening 40 redelik en gelykwaardig was.’’. Wysiging van artikel 15K van Wet 24 van 1956, soos ingevoeg deur artikel 4 van Wet 39 van 2001 en gewysig deur artikel 14 van Wet 11 van 2007 - 28 Verify source ↗
Artikel 15K van die Hoofwet word hierby gewysig—
AI-assisted research summary: The registrar may appoint a special ad hoc tribunal for actuarial surplus matters, and the tribunal must meet independence, quorum, decision, reporting, and fairness requirements.
28. Artikel 15K van die Hoofwet word hierby gewysig— (a) deur subartikels (1), (2), (3), (4), (5) en (6) onderskeidelik deur die volgende 45 subartikels te vervang: ‘‘(1) [(a) Wanneer die raad van ’n fonds versuim om ’n skema vir die toedeling van ’n aktuariële surplus ingevolge artikel 15B binne die voorgeskrewe tydperk in te dien, sal die] Die registrateur kan ’n spesiale ad hoc-tribunaal aanstel om [die funksies van die raad uit te voer, soos in artikel 15B uiteengesit] ’n bepaling soos in hierdie artikel uiteengesit te maak indien— (a) ’n fonds versuim om ’n skema vir die toedeling van aktuariële surplus of ’n nulopgawe ingevolge artikel 15B, binne die voorge- skrewe tydperk voor te lê; of 50 55 48 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 48 (b) [The] the registrar [shall require the board to refer the scheme for the apportionment of an actuarial surplus in terms of section 15B to a special ad hoc tribunal to perform the functions of the board set out in section 15B, if]— (i) [the registrar] is not satisfied that the scheme submitted by the board in terms of section 15B is reasonable and equitable; (ii) [the registrar] considers that unresolved complaints require investigation which may lead to a review of such scheme; (iii) [the statutory actuarial valuation as at the surplus appor- tionment date of the fund for the purpose of determining the actuarial surplus in the fund is unacceptable to the registrar] is not satisfied that section 15B(11) has been complied with; or (iv) does not agree with the result of the investigation contem- plated in section 15B(6); the board requests it; [or (c) (v)](d) the person appointed in terms of section 15B(3) requests it; or (e) the board of the fund submits a nil return to the registrar in terms of section 15B(11) and the registrar is not satisfied that a nil return is justified. 5 10 15 20 (2) The tribunal shall consist of at least three members who must all be independent of any stakeholder in the fund, and of whom— (a) at least one shall be a lawyer [selected by the board from a panel approved by the registrar]; (b) at least one shall be an actuary [selected by the board from a panel 25 (c) approved by the registrar]; and at least two [must] have experience in retirement fund financing: Provided that the [registrar may select the members of the tribunal, if the board fails to make their selection within three months of the request being made by the] registrar— (i) may allow a fund a reasonable opportunity to propose members for the tribunal; and (ii) must appoint a replacement within a reasonable period of time where a member of a tribunal dies, becomes incapacitated, resigns or the registrar is of the opinion that the member is no longer suitable to hold such position. (3) The tribunal shall make its determination in relation to the apportionment of actuarial surplus within such period as may be determined by the registrar: Provided that— (a) where the tribunal estimates that the cost contemplated in subsec- tion (12) exceeds the actuarial surplus, the tribunal may resign and the fund must submit a scheme under section 15B(1); or (b) where the tribunal determines that the fund is not required to submit a scheme in terms of section 15B(1), the tribunal must request the registrar to terminate its appointment and the fund must submit a nil return under section 15B(11). (4) [Three] At least two-thirds of the members of the tribunal shall constitute a quorum. (5) The tribunal shall elect a chairperson from amongst its members, and inform the registrar of its election, and such chairperson shall have a deliberative vote but no casting vote. (6) At least two-thirds of the members of the tribunal must agree to any decision or step taken [in the exercise of the powers contemplated in section 15B(10)] by the tribunal under this section.’’; 30 35 40 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 49 Wet No. 45 van 2013 49 (b) [Die] die registrateur [sal vereis dat die raad die skema verwys vir die toedeling van ’n aktuariële surplus ingevolge artikel 15B aan ’n spesiale ad hoc-tribunaal om die funksies van die raad uit te voer soos uiteengesit in artikel 15B, indien]— (i) [die registrateur] nie tevrede is dat die skema wat deur die raad ingedien is ingevolge artikel 15B redelik en gelykwaardig is nie; (ii) [die registrateur oorweeg] van mening is dat onopgeloste klagtes ondersoek vereis wat mag lei tot ’n oorsig van sodanige skema; (iii) [die statutêre op die aktuariële waardasie surplustoedelingsdatum van die fonds vir die doeleindes van vasstelling van die aktuariële surplus in die fonds vir die registrateur onaanvaarbaar is] nie tevrede is dat aan artikel 15B(11) voldoen is nie; of soos (iv) nie met die resultaat van die ondersoek in artikel 15B(6) bedoel, saamstem nie; (c) die raad dit versoek; [of (v)](d) die persoon wat kragtens artikel 15B(3) aangestel is, dit versoek; of (e) die raad van die fonds ingevolge artikel 15B(11) ’n nulopgawe aan die registrateur voorlê en die registrateur nie tevrede is dat ’n nulopgawe geregverdig is nie. (2) Die tribunaal bestaan uit minstens drie lede wie almal onafhanklik van enige belanghouer in die fonds moet wees, en van wie— (a) minstens een ’n regsgeleerde moet wees [wat deur die raad verkies is uit ’n paneel goedgekeur deur die registrateur]; (b) minstens een ’n aktuaris moet wees [wat deur die raad verkies is uit ’n paneel goedgekeur deur die registrateur]; en (c) minstens twee oor ondervinding van aftreefondsfinansiering [moet] beskik: Met dien verstande dat die registrateur [die lede van die tribunaal kan verkies, indien die raad versuim om sy keuse binne drie maande na die versoek gerig deur die registrateur, te doen]— (i) ’n fonds redelike geleentheid kan gun om lede vir die tribunaal voor te stel; en ’n vervanging binne ’n redelike tydperk moet aanstel waar ’n lid van ’n tribunaal sterf, ongeskik word, bedank of die registrateur van mening is dat die lid nie meer geskik is om sodanige posisie te beklee nie. (ii) (3) Die tribunaal moet die bepaling in verband met die toedeling binne die tydperk bepaal deur die registrateur doen: Met dien verstande dat— (a) waar die tribunaal skat dat die koste in subartikel (12) beoog die aktuariële surplus oorskry, die tribunaal kan bedank en die fonds moet ’n skema kragtens artikel 15B(1) indien; of indien die tribunaal vasstel dat daar nie van die fonds vereis word om ’n skema ingevolge artikel 15B(1) voor te lê nie, moet die tribunaal die registrateur versoek om die aanstelling te beëindig en die fonds moet ’n nulopgawe kragtens artikel 15B(11) indien. (4) [Drie] Ten minste twee derdes van die lede van die tribunaal maak (b) ’n kworum uit. (5) Die tribunaal verkies ’n voorsittende persoon vanuit sy lede, en lig die registrateur in van die verkiesing, en sodanige voorsittende persoon beskik oor ’n beslissende stem nie. ’n [beraadslagende] gewone stem maar nie oor (6) Minstens twee derdes van die lede van die tribunaal moet saamstem met enige beslissing geneem of stap gedoen [by die uitoefening van die bevoegdhede beoog in artikel 15B(10)] deur die tribunaal kragtens hierdie artikel.’’; 5 10 15 20 25 30 35 40 45 50 55 50 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 50 (b) by the insertion after subsection (6) of the following subsections: ‘‘(6A) The board must submit to the tribunal— (a) the report on the statutory actuarial valuation of the fund as at the surplus apportionment date; (b) any other actuarial or other statement that should be taken into 5 account for purposes of the determination; and any report by the person appointed in terms of section 15B(3), (c) where the report or statement referred to in paragraph (a) or (b) was secured by the board of the fund prior to the appointment of the tribunal: Provided that the registrar must agree with the actuarial surplus quantified by the valuator in the report referred to in paragraph (a) before submission in terms of this subsection. (6B) (a) Section 15B, excluding subsections (1), (7), (9) and (11), applies with the changes required by the context to the tribunal and any determination by the tribunal. (b) For the purposes of paragraph (a), any reference to the board and a scheme in section 15B must be construed as a reference to the tribunal and a determination, respectively. (6C) The tribunal— (a) must take reasonable measures to inform stakeholders of its determination in relation to the apportionment of actuarial surplus and must resolve any objections in respect of the determination; (b) may not duplicate any of the functions in respect of the apportion- ment of actuarial surplus or the submission of a nil return in terms of section 15B, performed by the board prior to the appointment of the tribunal, unless the tribunal can demonstrate that it was necessary to do so in order to comply with this Act; (c) may request an additional report from an independent actuary on matters associated with the apportionment of the actuarial surplus if the tribunal deems it necessary; and (d) must be satisfied that its determination is reasonable and equitable and accords full recognition to the rights and reasonable benefit expectations of members and former members in respect of service prior to the surplus apportionment date.’’; (c) by the substitution for the proviso to subsection (10) of the following proviso: ’’: Provided that such record shall be passed to the [registrar] fund and made available to the registrar on request, once the tribunal has completed its determination’’; (d) by the substitution for subsections (11) and (12) of the following subsections, respectively: ‘‘(11) [After the tribunal has completed an investigation, it shall send a statement containing its determination and the reasons therefor, signed by the members of the tribunal, to all parties concerned as well as to the registrar] The tribunal must submit its determination to the registrar and to the fund. (12) (a) Any reasonable costs arising from the work or the performance of the functions of the tribunal, including periodical allowances or compensation for personal expenses of the members of the tribunal, shall be recovered from the fund [out of the surplus being apportioned if the tribunal satisfies the registrar that such costs were reasonably incurred in the performance of the required functions]. the costs must be recovered from the actuarial surplus if the tribunal determines an apportionment of actuarial surplus.’’; and (b) Despite the provisions of paragraph (a), (e) by the substitution for subsection (15) of the following subsection: ‘‘(15) The registrar must accept [such] a determination in relation to the apportionment of actuarial surplus as satisfying the requirements of section 15B[(9)] and forward a certificate to the fund to the effect that section 15B has been complied with, unless the registrar is of the opinion that the tribunal failed to exercise its discretion properly and in good faith.’’. 10 15 20 25 30 35 40 45 50 55 60 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 51 Wet No. 45 van 2013 51 (b) deur die volgende subartikels na subartikel (6) in te voeg: ‘‘(6A) Die raad moet aan die tribunaal voorlê— (a) die verslag oor die statutêre aktuariële waardering van die fonds soos op die surplustoedelingsdatum; (b) enige ander aktuariële of ander verklaring wat vir die doeleindes 5 van die bepaling in ag geneem moet word; en enige verslag deur die persoon ingevolge artikel 15B(3) aangestel, (c) waar die verslag of verklaring in paragraaf (a) of (b) bedoel deur die raad van die fonds verkry is voor die tribunaal aangestel is: Met dien verstande dat die registrateur moet saamstem met die aktuariële surplus gekwantifiseer deur die waardeerder in die verslag in paragraaf (a) bedoel, voor indiening ingevolge hierdie subartikel. (6B) (a) Artikel 15B, behalwe subartikels (1), (7), (9) en (11) uitgesluit, is van toepassing op die tribunaal en enige vasstelling deur die tribunaal, met die veranderinge deur die samehang vereis. (b) By die toepassing van paragraaf (a), moet enige verwysing na die raad en ’n skema in artikel 15B as ’n verwysing na, onderskeidelik, die tribunaal en ’n vasstelling vertolk word. (6C) Die tribunaal— (a) moet redelike stappe doen om aandeelhouers in te lig van die tribunaal se bepaling in verband met die toedeling van aktuariële surplus en moet enige besware ten opsigte van die vasstelling oplos; (b) mag nie enige van die werksaamhede dupliseer ten opsigte van die toedeling van aktuariële surplus of die indiening van ’n nulopgawe ingevolge artikel 15B, deur die raad gedoen voor die aanstelling van ’n tribunaal nie, tensy die tribunaal kan demonstreer dat dit nodig was ten einde aan hierdie Wet te voldoen; (c) kan ’n bykomende verslag van ’n onafhanklike aktuaris aanvra oor aangeleenthede wat met die toedeling van die aktuariële surplus verband hou indien die tribunaal dit nodig ag; en (d) moet tevrede wees dat sy bepaling redelik en gelykwaardig is en volle erkenning aan die regte en redelike voordeelverwagtinge van lede en vorige lede gee ten opsigte van diens voor die surplustoedelingsdatum.’’; 10 15 20 25 30 (c) deur die voorbehoudsbepaling tot subartikel (10) deur die volgende 35 voorbehoudsbepaling te vervang: ‘‘: Met dien verstande dat so ’n rekord aan die [registrateur] fonds deurgestuur moet word en op versoek aan die registrateur beskikbaar gestel moet word, wanneer die tribunaal sy bepaling voltooi het.’’; (d) deur subartikels (11) en (12) onderskeidelik deur die volgende subartikels te 40 vervang: ‘‘(11) [Nadat die tribunaal ’n ondersoek afgehandel het, moet die tribunaal ’n verklaring wat sy bepaling en die redes daarvoor bevat, onderteken deur die lede van die tribunaal, na alle betrokke partye asook die registrateur stuur] Die tribunaal moet sy bepaling aan die registrateur en die fonds voorlê. (12) (a) Enige redelike koste wat voortspruit uit die werk of die verrigting van die werksaamhede van die tribunaal, met inbegrip van periodieke toelaes of vergoeding vir persoonlike uitgawes van die lede van die tribunaal, word [bestry deur] van die fonds verhaal [uit die surplus wat toegedeel word indien die tribunaal die registrateur tevrede stel dat sodanige koste redelikerwys aangegaan is by die verrigting van die vereiste werksaamhede]. (b) Ondanks die bepalings van paragraaf (a), moet die koste uit die aktuariële surplus verhaal word indien die tribunaal ’n toedeling van aktuariële surplus bepaal.’’; en (e) deur subartikel (15) deur die volgende subartikel te vervang: ‘‘(15) Die registrateur moet [sodanige] ’n bepaling in verband met die toedeling van aktuariële surplus as voldoening aan die vereistes van artikel 15B[(9)] aanvaar en ’n sertifikaat aan die fonds stuur te dien effekte dat artikel 15B nagekom is, tensy die registrateur van oordeel is dat die tribunaal versuim het om sy diskresie behoorlik en te goeder trou uit te oefen.’’. 45 50 55 60 52 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 52 Amendment of section 16 of Act 24 of 1956, as amended by section 16 of Act 86 of 1984, section 9 of Act 50 of 1986, section 4 of Act 54 of 1991, section 23 of Act 83 of 1992 and section 6 of Act 22 of 1996 - 29 Verify source ↗
Section 16 of the principal Act is hereby amended—
AI-assisted research summary: A registered fund must have its financial condition investigated and reported on by a valuator every three years, file a copy with the registrar, and send a copy or summary to each participating employer.
29. Section 16 of the principal Act is hereby amended— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) [Save as provided in section 17, a] A registered fund shall, once at in every three years, cause its financial condition to be least investigated and reported upon by a valuator, and shall deposit a copy of such a report with the registrar, and shall send a copy of such report or a summary thereof, prepared by the valuator in a form prescribed and signed by [him] the valuator, to every employer participating in the fund.’’; (b) by the substitution in subsection (5) for the words preceding the proviso of the following words: ‘‘Notwithstanding anything contained in the preceding subsections, the registrar may, [with the consent of the Minister, and] after not less than one month’s notice in writing to any registered fund, require that fund to cause such an investigation to be made in respect of the position as at the expiration of any financial year, if the registrar is of the opinion that an investigation would show that the fund is not in a sound financial condition’’; (c) by the substitution for subsection (6) of the following subsection: ‘‘(6) (a) If the rules of a fund provide that the benefits which may become payable to a category of members are subject to the discretion of the board or management of the fund, the registrar shall, on request of the fund, [and subject to payment by the fund of such expenses as the registrar may incur in the matter] on good cause shown by any officer of the fund or on the initiative of the registrar, determine what amount or scale of benefits is to be taken into consideration for the purpose of the valuation, and such determination by the registrar shall be binding upon the fund. (b) The fund shall bear any expenses incurred by the registrar in respect of a matter contemplated in paragraph (a).’’; and (d) by the substitution for subsection (9) of the following subsection: ‘‘(9) The provisions of [subsection (3) of] section 15(3) in connection with a document relating to the financial position or the revenue or expenditure of a fund referred to therein, shall apply [mutatis mutandis] with the necessary changes in respect of a copy of a report deposited with the registrar in terms of subsection (1) of this section and which in the opinion of the registrar— (a) other than in respect of a report on the valuation of a fund as at its surplus apportionment date, does not correctly reflect its financial condition referred to in the said subsection (1); or in respect of a report on the valuation of a fund as at its surplus apportionment date, does not correctly reflect its financial condition in subsection (1) or does not fairly take into consideration the interests of one or more of the stakeholders that may be entitled to participate in a scheme in terms of section 15B(1) based on the result of such report.’’. (b) Repeal of section 17 of Act 24 of 1956 - 30 Verify source ↗
Section 17 of principal Act is hereby repealed.
AI-assisted research summary: Section 17 of the principal Act is repealed.
30. Section 17 of principal Act is hereby repealed. 5 10 15 20 25 30 35 40 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 53 Wet No. 45 van 2013 53 Wysiging van artikel 16 van Wet 24 van 1956, soos gewysig deur artikel 16 van Wet 86 van 1984, artikel 9 van Wet 50 van 1986, artikel 4 van Wet 54 van 1991, artikel 23 van Wet 83 van 1992 en artikel 6 van Wet 22 van 1996 - 29 Verify source ↗
Artikel 16 van die Hoofwet word hierby gewysig—
AI-assisted research summary: A registered fund must have its financial condition examined at least every three years, file the report with the registrar, and send the report or summary to participating employers.
29. Artikel 16 van die Hoofwet word hierby gewysig— (a) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) [Behoudens die bepalings van artikel 17 moet] ’n [geregistreerde] Geregistreerde fonds moet minstens eenmaal elke drie jaar sy finansiële toestand laat ondersoek en ’n verslag daaroor deur ’n waardeerder laat lewer, en ’n afskrif van so ’n verslag by die registrateur indien, en ’n afskrif van so ’n verslag of ’n opsomming daarvan, in ’n voorgeskrewe vorm deur die waardeerder opgestel en deur [hom] die waardeerder onderteken, aan elke werkgewer wat aan die fonds deelneem, stuur.’’; (b) deur in subartikel (5) die woorde wat die voorbehoudsbepaling voorafgaan deur die volgende woorde te vervang: ‘‘Die registrateur kan, ondanks enigiets in voorgaande sub-artikels vervat, [met toestemming van die Minister, en] na minstens een maand skriftelike kennisgewing aan ’n geregistreerde fonds, daardie fonds gelas om so ’n ondersoek ten opsigte van die toestand van sake aan die einde van enige boekjaar te laat doen, indien die registrateur van oordeel is dat ’n ondersoek sou aantoon dat die fonds nie in ’n gesonde finansiële toestand is nie’’; (c) deur subartikel (6) deur die volgende subartikel te vervang: ‘‘(6) (a) Indien die statute van ’n fonds bepaal dat die voordele wat aan ’n kategorie lede betaalbaar mag word aan die diskresie van die bestuur van die fonds onderhewig is, moet die registrateur, op versoek van die fonds [en onderworpe aan die betaling deur die fonds van sodanige onkoste as wat die registrateur in dié verband mag aangaan], by die aanvoer van goeie gronde deur enige beampte van die fonds of op inisiatief van die registrateur, bepaal welke bedrag of skaal van voordele vir die doeleindes van die waardasie in aanmerking geneem moet word, en so ’n bepaling deur die registrateur bind die fonds. (b) Die fonds dek enige uitgawes wat die registrateur ten opsigte van ’n aangeleentheid in paragraaf (a) beoog, aangegaan het.’’; en (d) deur subartikel (9) deur die volgende subartikel te vervang: ‘‘(9) Die bepalings van [subartikel (3) van] artikel 15(3) in verband met ’n dokument wat op die finansiële toestand of die inkomste of uitgawes van ’n fonds daarin bedoel, betrekking het, is [mutatis mutandis] met die nodige veranderinge van toepassing ten opsigte van ’n afskrif van ’n verslag wat ingevolge subartikel (1) van hierdie artikel by die registrateur ingedien is en wat na die oordeel van die registrateur—. (a) behalwe ten opsigte van ’n verslag oor die waardering van ’n fonds soos op die fonds se surplustoedelingsdatum, nie ’n juiste weergawe van sy finansiële toestand in genoemde subartikel (1) bedoel, bevat nie; of ten opsigte van ’n verslag oor die waardering van ’n fonds soos op die fonds se surplustoedelingsdatum, nie sy finansiële toestand in subartikel (1) korrek weergee nie of nie die belange van een of meer van die belanghebbendes wat geregtig mag wees om ingevolge artikel 15B(1) aan ’n skema deel te neem, billik in ag neem nie, op grond van die uitslag van sodanige verslag.’’. (b) Herroeping van artikel 17 van Wet 24 van 1956 - 30 Verify source ↗
Artikel 17 van die Hoofwet word hierby herroep.
AI-assisted research summary: Article 17 of the Hoofwet is repealed.
30. Artikel 17 van die Hoofwet word hierby herroep. 5 10 15 20 25 30 35 40 45 50 54 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 54 Amendment of section 18 of Act 24 of 1956, as amended by section 10 of Act 50 of 1986 and section 15 of Act 11 of 2007 - 31 Verify source ↗
Section 18 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: The registrar may set financial soundness criteria and may direct a registered fund to submit a scheme to restore sound financial condition.
31. Section 18 of the principal Act is hereby amended by the substitution for subsection (1) of the following subsection: ‘‘(1) [When] The registrar may prescribe criteria for financial soundness, and when any return under this Act indicates[, in the opinion of the registrar,] that a registered fund is not in a sound financial the registrar [shall] may, save as provided in section condition, [twenty-nine] 29, direct the fund to submit a scheme setting out the arrangements which have been made, or which it [is intended] intends to make, to bring the fund into a financially sound condition within [a reasonable] such period, and [the fund shall deposit such scheme with the registrar within three months from the date of receipt of the said direction, together with a report thereon by a valuator or, in the case of a fund to which the provisions of section seventeen apply, by the auditor of the fund] subject to such conditions, as determined by the registrar.’’. Insertion of section 18A in Act 24 of 1956 - 32 Verify source ↗
The following section is hereby inserted in the principal Act after section 18:
AI-assisted research summary: This section applies the Companies Act business rescue rules, with changes, to pension funds and administrators, and gives the registrar approval and application powers.
32. The following section is hereby inserted in the principal Act after section 18: ‘‘Business rescue 18A. (1) Notwithstanding the provisions of the Companies Act or any other law under which a pension fund or an administrator is incorporated, Chapter 6 of the Companies Act shall, subject to this section and with the necessary changes, apply in relation to the business rescue of a pension fund or an administrator, whether or not it is a company. (2) The registrar may make an application under section 131 of the Companies Act in respect of a pension fund or an administrator if the registrar is satisfied, whether in accordance with section 26 of this Act or otherwise, that it is in the interests of the members of the pension fund concerned or the members for whose benefit the administrator concerned is administering the pension fund, to do so. (3) The following acts are subject to the approval of the Registrar: (a) The resolution of a pension fund or administrator to begin business (b) (c) (d) rescue proceedings; the appointment of a business rescue practitioner; the adoption of a business rescue plan; and the exercise of a power by the business rescue practitioner under the Companies Act. (4) In the application of Chapter 6 of the Companies Act— 5 10 15 20 25 30 35 (a) a reference to the Commission shall be construed as a reference also to 40 (b) (c) the registrar; the reference to creditors shall be construed as a reference also to the members of the pension fund concerned or the members for whose benefit the administrator concerned is administering the pension fund; and in addition to any question relating to the business of a pension fund or an administrator, there shall be considered also the question whether any proposed action is in the interests of the members of the pension fund concerned or the members for whose benefit the administrator concerned is administering the pension fund. (5) If an application to a court for an order relating to the business rescue of a pension fund or an administrator is made by an affected person other than the registrar— (a) it shall not be heard unless copies of the notice of motion and of all accompanying affidavits and other documents filed in support of the application have been lodged with the registrar before the application is set down for hearing; and 45 50 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 55 Wet No. 45 van 2013 55 Wysiging van artikel 18 van Wet 24 van 1956, soos gewysig deur artikel 10 van Wet 50 van 1986 en artikel 15 van Wet 11 van 2007
Part
Chapter 6 of the Companies Act shall, subject to this section and with the
- 31 Verify source ↗
Artikel 18 van die Hoofwet word hierby gewysig deur subartikel (1) deur die
AI-assisted research summary: The registrar may set financial-health measures and may order a registered fund to submit a scheme if a return shows the fund is not financially healthy.
31. Artikel 18 van die Hoofwet word hierby gewysig deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) [Wanneer] Die registrateur kan maatstawwe voorskryf vir finansiële gesondheid, en wanneer ’n opgawe ingevolge hierdie Wet [volgens die oordeel van die registrateur] aantoon dat ’n geregistreerde fonds nie in ’n gesonde finansiële toestand is nie, [moet] kan die registrateur, behoudens die bepalings van artikel [nege-en-twintig] 29, gelas dat die fonds ’n skema voorlê waarin uiteengesit word die reëlings wat getref is, of wat [volgens voorneme getref sal word] die fonds van plan is om te tref om die fonds binne [’n redelike] sodanige tydperk in ’n finansieel gesonde toestand te bring, en [die fonds moet so ’n skema binne drie maande vanaf die datum van ontvangs van bedoelde lasgewing by die registrateur indien, tesame met ’n verslag daaroor deur ’n waardeerder of, in die geval van ’n fonds waarop die bepalings van artikel sewentien van toepassing is, deur die ouditeur van die fonds] onderworpe aan sodanige voorwaardes, soos deur die registrateur bepaal.’’. Invoeging van artikel 18A in Wet 24 van 1956 - 32 Verify source ↗
Die volgende artikel word hierby na artikel 18 in die Hoofwet ingevoeg:
AI-assisted research summary: Business rescue rules apply to pension funds and administrators, but key steps need the Registrar’s approval.
32. Die volgende artikel word hierby na artikel 18 in die Hoofwet ingevoeg: ‘‘Ondernemingsredding 18A. (1) Ondanks die bepalings van die Maatskappywet of enige ander wet waarkragtens ’n pensioenfonds of ’n administrateur ingelyf is, is Hoofstuk 6 van die Maatskappywet, behoudens hierdie artikel en met die nodige veranderinge, van toepassing op die ondernemingsredding van ’n pensioenfonds of ’n administrateur, hetsy dit ’n maatskappy is, al dan nie. (2) Die Registrateur kan ingevolge artikel 131 van die Maatskappywet ’n aansoek doen ten opsigte van ’n pensioenfonds of ’n administrateur indien die Registrateur tevrede is, hetsy ooreenkomstig artikel 26 van hierdie Wet of andersins, dat dit in die belang is van die lede van die betrokke pensioenfonds of die lede ten bate waarvan die betrokke administrateur die pensioenfonds administreer, om dit te doen. (3) Die volgende handelinge is onderhewig aan die goedkeuring van die Registrateur: (a) Die besluit van ’n pensioenfonds of administrateur om ’n aanvang te neem met ondernemingreddingsverrigtinge; (b) die aanstelling van ’n ondernemingreddingspraktisyn; (c) die aanneming van ’n ondernemingreddingsplan; en (d) die uitoefening kragtens die Maatskappywet van ’n bevoegdheid deur die ondernemingreddingspraktisyn. 5 10 15 20 25 30 35 (4) By die toepassing van Hoofstuk 6 van die Maatskappywet— 40 (a) word ’n verwysing na die Kommissie vertolk as dat dit ook na die registrateur verwys; (b) word ’n verwysing na krediteure uitgelê as ook ’n verwysing na die lede van die betrokke pensioenfonds of die lede ten bate van wie die betrokke administrateur die pensioenfonds administreer; en (c) bykomend tot enige oorweging in verband met die besigheid van ’n pensioenfonds of ’n administrateur, word daar ook oorweeg of enige voorgestelde handeling in die belang is van die lede van die betrokke pensioenfonds of die lede ten bate van wie die betrokke administrateur die pensioenfonds administreer. (5) Indien ’n aansoek by ’n hof om ’n bevel betreffende die onder- nemingsredding van ’n pensioenfonds of ’n administrateur deur ’n geraakte persoon wat nie die registrateur is nie, gedoen word— (a) word dit nie aangehoor nie tensy afdrukke van die kennisgewing van mosie en van alle gepaardgaande beëdigde verklarings en ander dokumente wat ter ondersteuning van die aansoek ingedien is, by die registrateur ingedien is voordat die aansoek op die rol geplaas word vir verhoor; en 45 50 55 56 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 56 (b) the registrar may, if satisfied that the application is not in the interests of the members of the pension fund concerned or the members on whose behalf the administrator concerned is administering the pension fund, join in the application as a party and file affidavits and other documents in opposition to the application. (6) As from the date upon which a business rescue practitioner is appointed, the business rescue practitioner of a pension fund or an administrator shall not provide new benefits, unless the practitioner has been granted permission to do so by a court.’’. Amendment of section 19 of Act 24 of 1956, as amended by section 13 of Act 80 of 1959, section 9 of Act 58 of 1966, section 1 of Act 80 of 1996, section 2 of Act 23 of 1970, section 7 of Act 91 of 1972, section 23 of Act 101 of 1976, section 11 of Act 94 of 1977, section 11 of Act 80 of 1978, section 14 of Act 103 of 1979, section 39 of Act 99 of 1980, section 14 of Act 82 of 1982, section 20 of Act 46 of 1984, section 17 of Act 86 of 1984, section 11 of Act 50 1986, section 5 of Act 51 of 1988, section 8 of Act 53 of 1989, section 11 of Act 64 of 1990, section 2 of Act 1994 of 1997, section 2 of Act 65 of 2001 and section 17 of Act 22 of 2008 - 33 Verify source ↗
Section 19 of the principal Act is hereby amended—
AI-assisted research summary: A fund may not acquire or hold shares or other financial interests in another entity that give it control, unless the registrar gives prior approval.
33. Section 19 of the principal Act is hereby amended— (a) by the substitution in subsection (4)(b) for subparagraph (aa) of the following subparagraph: ‘‘(aa) a [‘subsidiary company’ or] ‘subsidiary’ as defined in section 1[(1)] of the Companies Act[,1973 (Act No 61 of 1973];’’; (b) by the substitution in subsection (5B)(b) for subparagraph (ii) of the following subparagraph: ‘‘(ii) a subsidiary [company or a controlled company] (as defined in the Companies Act[, 1973 (Act No. 61 of 1973)]) of such a first- mentioned company.’’; and (c) by the insertion after subsection (5C) of the following subsection: ‘‘(5D) (a) A fund shall not without the prior approval of the registrar, directly or indirectly, acquire or hold shares or any other financial interest in another entity which results in the fund exercising control over that entity. (b) The approval referred to in paragraph (a) may be given subject to such conditions as the registrar may prescribe.’’. Substitution of section 24 of Act 24 of 1956 - 34 Verify source ↗
The following section is hereby substituted for section 24 of the principal Act:
AI-assisted research summary: This section says section 24 of the principal Act is replaced with a new section titled “Enquiries.”
34. The following section is hereby substituted for section 24 of the principal Act: ‘‘Enquiries - 24 Verify source ↗
The registrar may address enquiries to any registered fund, approved
AI-assisted research summary: The registrar may send enquiries to registered funds, approved administrators, or third parties, and they must reply in writing within 30 days unless the registrar allows more time.
24. The registrar may address enquiries to any registered fund, approved administrator or third party in relation to any matter connected with [its] the business or transactions of a fund or approved administrator, and it shall be the duty of the fund, approved administrator or third party to reply in writing thereto within a period of [thirty] 30 days as from the date upon which the registrar addressed the enquiry to it or within such further period as the registrar may allow.’’. 5 10 15 20 25 30 35 40 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 57 Wet No. 45 van 2013 57 (b) kan die registrateur, indien tevrede dat die aansoek nie in die belang is nie van die lede van die betrokke pensioenfonds of die lede namens wie die betrokke administrateur die pensioenfonds administreer is nie, as ’n party by die aansoek aansluit en beëdigde verklarings en ander dokumente indien om die aansoek teen te staan. (6) Met ingang vanaf die datum waarop ’n ondernemingreddings- praktisyn aangestel is, voorsien die ondernemingreddingspraktisyn of ’n administrateur nie nuwe voordele nie, tensy ’n hof die praktisyn toestemming gegee het om dit te doen.’’. Wysiging van artikel 19 van Wet 24 van 1956, soos gewysig deur artikel 13 van Wet 80 van 1959, artikel 9 van Wet 58 van 1966, artikel 1 van Wet 80 van 1996, artikel 2 van Wet 23 van 1970, artikel 7 van Wet 91 van 1972, artikel 23 van Wet 101 van 1976, artikel 11 van Wet 94 van 1977, artikel 11 van Wet 80 van 1978, artikel 14 van Wet 103 van 1979, artikel 39 van Wet 99 van 1980, artikel 14 van Wet 82 van 1982, artikel 20 van Wet 46 van 1984, artikel 17 van Wet 86 van 1984, artikel 11 van Wet 50 1986, artikel 5 van Wet 51 van 1988, artikel 8 van Wet 53 van 1989, artikel 11 van Wet 64 van 1990, artikel 2 van Wet 1994 van 1997, artikel 2 van Wet 65 van 2001 en artikel 17 van Wet 22 van 2008 5 10 15 - 33 Verify source ↗
Artikel 19 van die Hoofwet word hierby gewysig—
AI-assisted research summary: A fund may not acquire or hold shares or other financial interests in another entity that let it exercise control over that entity unless the registrar has given prior consent.
33. Artikel 19 van die Hoofwet word hierby gewysig— (a) deur subparagraaf (aa) in subartikel (4)(b) deur die volgende subparagraaf te 20 vervang: ‘‘(aa) ’n [‘filiaalmaatskappy’] ‘filiaal’ soos in artikel 1[(1)] van die Maatskappywet, [1973 (Wet No. 61 van 1973),] omskryf;’’; (b) deur subparagraaf (ii) in subartikel (5B)(b) deur die volgende subparagraaf te vervang: ‘‘(ii) ’n [filiaalmaatskappy of ’n beheerde maatskappy] filiaal (soos in die Maatskappywet, [1973 (Wet No. 61 van 1973),] omskryf) van so ’n eersgenoemde maatskappy.’’; en (c) deur die volgende subartikel na subartikel (5C) in te voeg: ‘‘(5D) (a) ’n Fonds moet nie sonder die vooraf toestemming van die registrateur aandele of ander finansiële belang in ’n ander entiteit wat die fonds beheer oor daardie entiteit laat uitoefen, direk of indirek verkry of hou nie. (b) Die goedkeuring in paragraaf (a) bedoel kan onderworpe aan voorwaardes wat die registrateur voorskryf, gegee word.’’. Vervanging van artikel 24 van Wet 24 van 1956 - 34 Verify source ↗
Artikel 24 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: Section 34 says Article 24 of the principal Act is replaced with a new article headed “Navrae”.
34. Artikel 24 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Navrae - 24 Verify source ↗
Die registrateur kan aan ’n geregistreerde fonds, goedgekeurde
AI-assisted research summary: The registrar may ask a registered fund, approved administrator, or third party questions about the fund’s business or transactions, and they must reply in writing within 30 days unless the registrar allows more time.
24. Die registrateur kan aan ’n geregistreerde fonds, goedgekeurde administrateur of derde party navrae rig met betrekking tot enige saak aangaande [sy] die besigheid of transaksies van ’n fonds of goedgekeurde administrateur, en dit is die plig van die fonds, goedgekeurde administrateur of derde party om binne ’n tydperk van [dertig] 30 dae vanaf die datum waarop die registrateur navraag gedoen het of binne so ’n verdere tydperk as wat die registrateur mag toelaat, so ’n navraag skriftelik te beantwoord.’’. 25 30 35 40 45 58 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 58 Substitution of section 25 of Act 24 of 1956, as substituted by section 16 of Act 11 of 2007 - 35 Verify source ↗
The following section is hereby substituted for section 25 of the principal Act:
AI-assisted research summary: The registrar may inspect a person by on-site visit or by instructing an inspector, and may then direct compliance or remedial action, but may not make a specified order under another Act.
35. The following section is hereby substituted for section 25 of the principal Act: ‘‘Inspections and on-site visits 25. (1) The registrar may— (a) conduct an on-site visit under Chapter 1A of the Financial Institutions (b) (Protection of Funds) Act, 2001 (Act No. 28 of 2001); or instruct an inspector to conduct an inspection under the Inspection of Financial Institutions Act, 1998 (Act No. 80 of 1998). (2) After an on-site visit or inspection has been carried out in terms of subsection (1), the registrar may direct the person concerned to take any steps, to refrain from performing or continuing to perform any act or to terminate or remedy any contravention of or failure to comply with any provision of this Act: Provided that the registrar may not make an order contemplated in section 6D(2)(b) of the Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001).’’. Amendment of section 26 of Act 24 of 1956, as substituted by section 17 of Act 11 of 2007 - 36 Verify source ↗
Section 26 of the principal Act is hereby amended—
AI-assisted research summary: The registrar may order a fund or related persons to stop an unacceptable business practice, amend fund rules, or appoint board members in certain board-failure situations.
36. Section 26 of the principal Act is hereby amended— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) The registrar may, after considering the interests of the members of a fund (or of the several categories of members if there is more than one such category)[, direct]— (a) declare that a specific practice or method of conducting business is unacceptable, irregular or undesirable and that such fund, adminis- trator or person must refrain from conducting such practice or method of conducting business; or (b) direct that the rules of the fund, including rules relating to the appointment, powers, remuneration (if any) and removal of the board, be amended if the results of an inspection or [investigation] on-site visit under section 25 necessitates amendment of the rules of the fund or if the registrar is of the opinion that the fund— [(a)] (i) is not in a sound financial condition or does not comply with the provisions of this Act or the regulations affecting the financial soundness of the fund; [(b)] (ii) has failed to act in accordance with the provisions of [(c)](iii) section 18; or is not managed in accordance with this Act or the rules of the fund.’’; 5 10 15 20 25 30 35 (b) by the substitution in subsection (2) for the words preceding paragraph (a) of 40 the following words: ‘‘Where a fund has no properly constituted board contemplated in section 7A and has failed to constitute a board after 90 days written notice by the registrar, or where a fund cannot constitute a board properly or where a board fails to comply with any requirements prescribed by the registrar in terms of section 7A(3), the registrar may, notwithstanding the rules of the fund, at the cost of the fund—’’; (c) by the substitution in subsection (2) for paragraph (a) of the following paragraph: ‘‘(a) appoint so many persons as may be [necessary] appropriate to the board of the fund or appoint so many persons as may be necessary to make up the full complement or quorum of the board; and’’; and (d) by the substitution for subsection (4) of the following subsection: ‘‘(4) If the registrar has reason to believe that a board member is not or is no longer fit and proper to hold office, the registrar may, after giving the board member a reasonable opportunity to be heard[,]— 45 50 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 59 Wet No. 45 van 2013 59 Vervanging van artikel 25 van Wet 24 van 1956, soos vervang deur artikel 16 van Wet 11 van 2007 - 35 Verify source ↗
Artikel 25 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: The registrar may inspect or visit on site, and after that may direct the relevant fund or person to fix or stop non-compliance, but cannot issue one specific order under article 6D(2)(b).
35. Artikel 25 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Inspeksies en besoeke ter plaatse 25. (1) Die registrateur mag— (a) (b) ’n besoek ter plaatse doen kragtens Hoofstuk 1A van die Wet op Finansiële Instellings (Beskerming van Fondse), 2001 (Wet No. 28 van 2001); of ’n inspekteur opdrag gee om ’n inspeksie kragtens die Wet op Inspeksie van Finansiële Instellings, 1998 (Wet No. 80 van 1998), te doen. (2) Nadat ’n besoek of inspeksie ter plaatse ingevolge subartikel (1) gedoen is, kan die registrateur die betrokke fonds of persoon opdrag gee om enige stappe te doen, om op te hou om iets te doen of enige oortreding van of versuim om te voldoen aan hierdie Wet te beëindig of reg te stel: Met dien verstande dat die registrateur nie ’n bevel in artikel 6D(2)(b) van die Wet op Finansiële Instellings (Beskerming van Fondse), 2001 (Wet No. 28 van 2001), kan uitreik nie.’’. 5 10 15 Wysiging van artikel 26 van Wet 24 van 1956, soos vervang deur artikel 17 van Wet 11 van 2007 20 - 36 Verify source ↗
Artikel 26 van die Hoofwet word hierby gewysig—
AI-assisted research summary: The registrar may intervene in a fund’s governance, require changes to its statutes, appoint board members, and order a board member to leave office in specified cases.
36. Artikel 26 van die Hoofwet word hierby gewysig— (a) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Die registrateur kan, nadat die belange van die lede van ’n fonds (of van die verskeie kategorieë van lede indien daar meer as een sodanige kategorie is) in oënskou geneem is[, opdrag gee]— (a) verklaar dat ’n bepaalde praktyk of metode van sake bedryf onaanvaarbaar, onreëlmatig of ongewens is en dat sodanige fonds, administrateur of persoon moet ophou om sodanige praktyk of metode van sake bedryf, te beoefen; of (b) opdrag gee dat die statute van die fonds, insluitend statute betreffende die aanstelling, bevoegdhede, vergoeding (indien enige) en verwydering van die raad, gewysig word indien die uitslag van ’n inspeksie of [ondersoek] besoek ter plaatse kragtens artikel 25 wysiging van die statute van die fonds verg of indien die registrateur van mening is dat die fonds— [(a)] (i) nie in ’n gesonde finansiële toestand is nie of nie voldoen aan die bepalings van hierdie Wet of die regulasies wat die finansiële gesondheid van die fonds raak nie; 25 30 35 [(b)] (ii) versuim het om op te tree ooreenkomstig die bepalings 40 van artikel 18; of [(c)] (iii) nie bestuur word ooreenkomstig hierdie Wet of die statute van die fonds nie.’’; (b) deur in subartikel (2) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Wanneer ’n fonds geen behoorlik saamgestelde raad het soos beoog in artikel 7A nie en versuim het om ’n raad saam te stel na 90 dae skriftelike kennis deur die registrateur, of waar ’n fonds nie ’n raad behoorlik kan saamstel nie of waar ’n raad versuim om enige vereistes ingevolge artikel 7A(3) deur die registrateur voorgeskryf na te kom, kan die registrateur, nieteenstaande die statute van die fonds, vir die koste van die fonds—’’; (c) deur paragraaf (a) in subartikel (2) deur die volgende paragraaf te vervang: ‘‘(a) soveel persone op die raad van die fonds aanstel soos wat [nodig] gepas mag wees of soveel persone aanstel soos wat nodig mag wees om die volle getal of kworum van die raad uit te maak; en’’; en (d) deur subartikel (4) deur die volgende subartikel te vervang: ‘‘(4) Indien die registrateur rede het om te glo dat ’n raadslid nie, of nie meer, geskik en bekwaam is om die amp te beklee nie, kan die registrateur, nadat die raadslid redelike geleentheid gegun is om aangehoor te word[,]— 45 50 55 60 60 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 60 (a) direct the board member to vacate office; and (b) replace that board member with another person for the period and subject to the conditions that the registrar may prescribe.’’. Amendment of section 28 of Act 24 of 1956, as amended by section 15 of Act 103 of 1979, section 25 of Act 83 of 1992, section 6 of Act 22 of 1996, section 3 of Act 94 of 1997, section 18 of Act 11 of 2007 and section 17 of Act 22 of 2008 5 - 37 Verify source ↗
Section 28 of the principal Act is hereby amended—
AI-assisted research summary: The liquidator must file preliminary accounts with the registrar, the registrar must require public notice and inspection, and interested persons must have at least 14 days to object in writing. The registrar may also allow early payments or transfer of unclaimed benefits, subject to conditions.
37. Section 28 of the principal Act is hereby amended— (a) by the substitution in subsection (4) for paragraph (a) of the following paragraph: ‘‘(a) The liquidator shall as soon as may be possible, deposit for approval with the registrar the preliminary accounts prescribed, signed and certified as correct by the liquidator and showing the assets and liabilities of the fund as at the commencement of the liquidation as well as the manner in which it is proposed to realise the assets and to discharge the liabilities, including any liabilities and contingent liabilities to or in respect of members, or, in the case of the partial termination of the fund, the assets and liabilities of the fund attributable to the members connected to the participating employer whose withdrawal from the fund has caused its partial termination.’’; (b) by the addition to subsection (4)(b) of the following subparagraph: ‘‘(iii) the payment of minimum benefits referred to in section 14A.’’; (c) by the substitution for subsection (7) of the following subsection: ‘‘(7) (a) The registrar shall direct the liquidator to publish a notice, at the cost of such a fund, in the Gazette and in [one] a newspaper [in the English language and one in the Afrikaans language, or, if deemed necessary in the circumstances, in any other official language,] circulating in the district in which the registered office of the fund is [situate] situated and in which is stated the period during which and the places at which the preliminary accounts and report (if any) shall lie open for inspection by interested persons. (b) The notice shall call upon any interested persons who have any objection to the preliminary accounts and report (if any) to lodge their objections in writing with the registrar within the period stated in the notice, which period shall not be shorter than [fourteen] 14 days, calculated as from the last day on which those documents lie open for inspection.’’; (d) the substitution for subsection (12A) of the following subsection: ‘‘(12A) Notwithstanding any provision to the contrary in this section, the registrar, on good cause shown, may authorise the liquidator, subject to any conditions that the registrar may impose and prior to the submission of the final accounts and report (if any)— (a) to make payment of any amounts to the members and beneficiaries of a fund [before submission of the final accounts and report (if any), subject to the conditions that may be prescribed from time to time]; or (b) where the liquidator is satisfied that benefits are and will remain unclaimed benefits, to transfer such benefits to an unclaimed benefit fund.’’; and (e) by the substitution for subsection (13) of the following subsection: ‘‘(13) The provisions of the Companies Act[, 1973 (Act No. 61 of 1973,)] shall apply [mutatis mutandis] with the necessary changes to the dissolution of a fund in terms of this section, in so far as the said provisions relate to a voluntary winding-up in terms of the said Act, and in so far as the said provisions are applicable and not inconsistent with any provisions of this Act.’’. 10 15 20 25 30 35 40 45 50 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 61 Wet No. 45 van 2013 61 (a) die raadslid opdrag gee om uit die amp te tree; en (b) daardie raadslid met ’n ander persoon vervang vir die tydperk en behoudens die voorwaardes wat die registrateur mag voorskryf.’’. Wysiging van artikel 28 van Wet 24 van 1956, soos gewysig deur artikel 15 van Wet 103 van 1979, artikel 25 van Wet 83 van 1992, artikel 6 van Wet 22 van 1996, artikel 3 van Wet 94 van 1997, artikel 18 van Wet 11 van 2007 en artikel 17 van Wet 22 van 2008 - 37 Verify source ↗
Artikel 28 van die Hoofwet word hierby gewysig—
AI-assisted research summary: The liquidator must submit preliminary accounts to the registrar, and the registrar must require notice and manage objections before final liquidation steps.
37. Artikel 28 van die Hoofwet word hierby gewysig— (a) deur paragraaf (a) in subartikel (4) deur die volgende paragraaf te vervang: ‘‘(a) Die likwidateur moet so spoedig moontlik by die registrateur die voorlopige rekenings vir goedkeuring indien wat voorgeskryf en deur die likwidateur onderteken en as korrek gesertifiseer is en waarin aangetoon word die bates en laste van die fonds soos by die aanvang van die likwidasie asook die voorgestelde wyse waarop die bates te gelde gemaak en die laste vereffen moet word, met inbegrip van enige laste en voorwaardelike laste teenoor of ten opsigte van lede, of, in die geval van die gedeeltelike beëindiging van die fonds, die bates en laste van die fonds wat toegeskryf kan word aan die lede verbonde aan die deelnemende werkgewer wie se onttrekking aan die fonds tot sy gedeeltelike beëindiging gelei het.’’; (b) deur in paragraaf (b) van subartikel (4) die volgende subparagraaf by te voeg: ‘‘(iii) die betaling van minimum voordele in artikel 14A bedoel.’’; (c) deur subartikel (7) deur die volgende subartikel te vervang: ‘‘(7) (a) Die registrateur moet die likwidateur gelas om, op rekening van so ’n fonds, in die Staatskoerant en in [een] ’n nuusblad [in die Engelse taal en een in die Afrikaanse taal, of, indien dit in die omstandighede nodig geag word, in enige ander amptelike taal,] wat in omloop is in die distrik waarin die geregistreerde kantoor van die fonds geleë is, ’n kennisgewing te publiseer waarin vermeld word die tydperk waartydens en die plekke waar die voorlopige rekenings en verslag (as daar is) beskikbaar sal wees vir insae deur belanghebbendes. (b) In die kennisgewing moet alle belanghebbendes wat enige beswaar het teen die voorlopige rekenings en verslag (as daar is) aangesê word om hul besware skriftelik by die registrateur in te dien binne die tydperk vermeld in die kennisgewing, welke tydperk nie korter mag wees nie as [veertien] 14 dae, bereken vanaf die laaste dag waarop daardie dokumente vir insae beskikbaar is.’’; (d) deur subartikel (12A) deur die volgende subartikel te vervang: ‘‘(12A) Ondanks enige andersluidende bepaling van hierdie artikel kan die registrateur, op bewys van gegronde redes, onderworpe aan enige voorwaardes wat die registrateur kan oplê en voor die voorlegging van die finale rekenings en verslag (as daar is), die likwidateur magtig om [vóór die voorlegging van die finale rekenings en verslag (as daar is)]— (a) betaling van enige bedrae aan die lede en begunstigdes van ’n fonds te doen [behoudens die voorwaardes wat van tyd tot tyd voorgeskryf kan word]; of (b) waar die likwidateur tevrede is dat voordele onopgeëiste voordele is en sal bly, sodanige voordele oordra na ’n fonds vir onopgeëiste voordele.’’; en (e) deur subartikel (13) deur die volgende subartikel te vervang: ‘‘(13) Die bepalings van die Maatskappywet[, 1973 (Wet No. 61 van 1973),] is [mutatis mutandis] met die nodige veranderinge van toepassing op die ontbinding van ’n fonds ooreenkomstig hierdie artikel, vir sover bedoelde bepalings betrekking het op ’n vrywillige likwidasie ooreenkomstig genoemde Wet en vir sover bedoelde bepalings toepaslik is en nie met die bepalings van hierdie Wet onbestaanbaar is nie.’’. 5 10 15 20 25 30 35 40 45 50 55 62 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 62 Amendment of section 28A of Act 24 of 1956, as inserted by section 4 of Act 94 of 1997 - 38 Verify source ↗
Section 28A of the principal Act is hereby amended by the substitution for
AI-assisted research summary: The registrar must prescribe which services are payable to a liquidator and set the remuneration tariff for a fund that is voluntarily terminated or dissolved.
38. Section 28A of the principal Act is hereby amended by the substitution for subsection (1) of the following subsection: ‘‘(1) The registrar [by notice in the Gazette] shall [determine] prescribe the services for which remuneration shall be payable to the liquidator of a fund which is terminated or dissolved voluntarily, whether wholly or in part, and prescribe the tariff of remuneration in respect of those services.’’. 5 Amendment of section 29 of Act 24 of 1956, as amended by section 16 of Act 103 of 1979 and section 26 of Act 83 of 1992 10 - 39 Verify source ↗
Section 29 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: The court may modify how the Companies Act applies to a winding-up under this section in particular cases.
39. Section 29 of the principal Act is hereby amended by the substitution for subsections (4) and (5) of the following subsections, respectively: ‘‘(4) The provisions of the Companies Act[, 1973 (Act No. 61 of 1973),] shall apply [mutatis mutandis] with the necessary changes to a winding-up under this section, in so far as the said provisions refer to a winding-up by the court in terms of the said Act, and in so far as the said provisions are applicable and not inconsistent with any provision of this Act or with any directions issued by the court under this section. (5) The court may direct that the aforementioned provisions of the Companies Act[,1973] may, for the purposes of the winding-up be suitably modified in any particular case if, [the court is satisfied that] having regard to the circumstances of the fund concerned, it would be impracticable or unnecessarily onerous to comply with the said provisions in every particular case, and that in spite of such modification, the interests of the creditors of the fund will be sufficiently safeguarded.’’. Insertion of section 29A in Act 24 of 1956 - 40 Verify source ↗
The following section is hereby inserted in the principal Act after section 29:
AI-assisted research summary: If an unregistered pension fund is being carried on, the registrar may ask the court to sequestrate or liquidate it and the person running it; the court must appoint a registrar-nominated trustee or liquidator.
40. The following section is hereby inserted in the principal Act after section 29: ‘‘Winding-up of unregistered pension fund 29A. (1) If a person carries on the business of a pension fund which is not registered under this Act, the registrar may apply to the court for the sequestration or liquidation of that person and the unregistered fund, whether or not the person or fund is solvent, in accordance with— (a) (b) (c) (d) the Insolvency Act, 1936 (Act No. 24 of 1936); the Companies Act; the Close Corporations Act, 1984 (Act No. 68 of 1984); or the law under which that person is incorporated. (2) In deciding an application contemplated in subsection (1), the court— (a) may take into account whether the sequestration or liquidation of the person or fund concerned is reasonably necessary— (i) (ii) in order to protect the interests of the members concerned; and for the integrity and stability of the financial sector; (b) may make an order concerning the manner in which claims may be (c) proved by the members; shall appoint as trustee or liquidator a person nominated, and with the powers proposed, by the registrar.’’. Amendment of section 30 of Act 24 of 1956, as amended by section 17 of Act 103 of 1979, section 25 of Act 104 of 1993 and section 5 of Act 29 of 2001 - 41 Verify source ↗
Section 30 of the principal Act is hereby amended by the substitution in subsection
AI-assisted research summary: This section amends section 30 of the principal Act by replacing the opening words of subsection (1).
41. Section 30 of the principal Act is hereby amended by the substitution in subsection (1) for the words preceding paragraph (a) of the following words: ‘‘In applying the provisions of the Companies Act[,1973 (Act No. 61 of 1973),] in terms of section [twenty-eight or twenty-nine] 28 or 29—’’. 15 20 25 30 35 40 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 63 Wet No. 45 van 2013 63 Wysiging van artikel 28A van Wet 24 van 1956, soos ingevoeg deur artikel 4 van Wet 94 van 1997 - 38 Verify source ↗
Artikel 28A van die Hoofwet word hierby gewysig deur subartikel (1) deur die
AI-assisted research summary: The registrar must prescribe the services for which compensation is payable to a fund liquidator, and the compensation rate, when a fund is voluntarily terminated or dissolved in whole or in part.
38. Artikel 28A van die Hoofwet word hierby gewysig deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Die registrateur moet [by kennisgewing in die Staatskoerant] die dienste [bepaal] voorskryf waarvoor vergoeding betaalbaar is aan die likwidateur van ’n fonds wat vrywillig beëindig of ontbind word, hetsy in die geheel of gedeeltelik, en die tarief van die vergoeding voorskryf ten opsigte van daardie dienste.’’. 5 Wysiging van artikel 29 van Wet 24 van 1956, soos gewysig deur artikel 16 van Wet 103 van 1979 en artikel 26 van Wet 83 van 1992 10 - 39 Verify source ↗
Artikel 29 van die Hoofwet word hierby gewysig deur subartikels (4) en (5)
AI-assisted research summary: This section amends Article 29 and lets the court adapt Companies Act provisions for a liquidation case if strict compliance would be impractical or unnecessarily burdensome and creditors remain adequately protected.
39. Artikel 29 van die Hoofwet word hierby gewysig deur subartikels (4) en (5) onderskeidelik deur die volgende subartikels te vervang: ‘‘(4) Die bepalings van die Maatskappywet[, 1973 (Wet No. 61 van 1973),] is [mutatis mutandis] met die nodige veranderinge van toepassing op ’n likwidasie kragtens hierdie artikel, vir sover bedoelde bepalings betrekking het op ’n likwidasie deur die hof ooreenkomstig genoemde Wet, en vir sover bedoelde bepalings toepaslik is en nie met die bepalings van hierdie Wet of van enige voorskrifte kragtens hierdie artikel deur die hof uitgereik, onbestaanbaar is nie. (5) Die hof kan beveel dat voormelde bepalings van die Maatskappywet[, 1973,] vir die doeleindes van die likwidasie in ’n bepaalde geval na vereiste gewysig kan word indien [die hof oortuig is dat], met die oog op die omstandighede van die betrokke fonds, dit onprakties of onnodig beswarend sou wees om in elke [besonderheid] bepaalde geval aan bedoelde bepalings te voldoen, en dat ondanks sodanige wysiging die belange van die skuldeisers van die fonds voldoende beskerm sal word.’’. Invoeging van artikel 29A in Wet 24 van 1956 - 40 Verify source ↗
Die volgende artikel word hierby na artikel 29 van die Hoofwet ingevoeg:
AI-assisted research summary: If an unregistered pension fund is being run, the registrar may ask a court to sequestrate or liquidate the person and the fund.
40. Die volgende artikel word hierby na artikel 29 van die Hoofwet ingevoeg: ‘‘Likwidasie van ongeregistreerde pensioenfonds 29A. (1) Indien iemand die besigheid van ’n pensioenfonds wat nie kragtens hierdie Wet geregistreer is nie dryf, kan die registrateur by die hof aansoek doen om die sekwestrasie of likwidasie van daardie persoon en die ongeregistreerde fonds, of die persoon of fonds solvent is al dan nie, ooreenkomstig— (a) die Insolvensiewet, 1936 (Wet No. 24 van 1936); (b) die Maatskappywet; (c) die Wet op Beslote Korporasies, 1984 (Wet No. 68 van 1984); of (d) die wet ingevolge waarvan daardie persoon ingelyf is. (2) Wanneer ’n hof beslis oor ’n aansoek in subartikel (1) beoog— (a) kan die hof in ag neem of die sekwestrasie of likwidasie van die betrokke persoon of fonds redelik nodig is— ten einde die belange van die betrokke lede te beskerm; en (i) (ii) vir die integriteit en stabiliteit van die finansiële sektor; (b) kan die hof ’n bevel uitreik oor die wyse waarop eise deur lede bewys (c) kan word; ’n persoon as trustee of likwidateur aanstel wat deur die registrateur genomineer is en met bevoegdhede deur die registrateur voorgestel.’’. Wysiging van artikel 30 van Wet 24 van 1956, soos gewysig deur artikel 17 van Wet 103 van 1979, artikel 25 van Wet 104 van 1993 en artikel 5 van Wet 29 van 2001 - 41 Verify source ↗
Artikel 30 van die Hoofwet word hierby gewysig deur in subartikel (1) die woorde
AI-assisted research summary: This provision amends section 30 of the principal Act by replacing the words before paragraph (a) in subsection (1).
41. Artikel 30 van die Hoofwet word hierby gewysig deur in subartikel (1) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘By die toepassing van die bepalings van die Maatskappywet[, 1973 (Wet No. 61 van 1973),] ooreenkomstig artikel [agt-en-twintig of nege-en-twintig] 28 of 29—’’. 15 20 25 30 35 40 45 50 64 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 64 Substitution of section 30T of Act 24 of 1956, as inserted by section 3 of Act 22 of 1996 - 42 Verify source ↗
The following section is hereby substituted for section 30T of the principal Act:
AI-assisted research summary: The board of the Financial Services Board is the accounting authority for the office of the Adjudicator, and that accounting authority must comply with the Public Finance Management Act, 1999.
42. The following section is hereby substituted for section 30T of the principal Act: ‘‘Accountability 30T. (1) Despite the provisions of the Public Finance Management Act, 1999 (Act No. 1 of 1999), the board of the Financial Services Board as defined in section 1 of the Financial Services Board Act, 1990 (Act No. 97 of 1990), is the accounting authority of the office of the Adjudicator. (2) The accounting authority must comply with the Public Finance Management Act, 1999.’’. 5 10 Amendment of section 30V of Act 24 of 1956, as inserted by section 3 of Act 22 of 1996 - 43 Verify source ↗
Section 30V of the principal Act is hereby amended by the substitution for the
AI-assisted research summary: This amendment replaces the penalty wording for section 30V so that the offence can attract a fine of up to R1 million, up to one year’s imprisonment, or both.
43. Section 30V of the principal Act is hereby amended by the substitution for the words following paragraph (d) of the following words: ‘‘shall be guilty of an offence and liable on conviction to a fine not exceeding R1 million or to imprisonment for a period not exceeding [three months] one year, or to both such fine and such imprisonment.’’. 15 Amendment of section 31 of Act 24 of 1956, as amended by section 14 of Act 80 of 1959 - 44 Verify source ↗
Section 31 of the principal Act is hereby amended—
AI-assisted research summary: This section amends section 31 so that a person whose pension fund registration has been rejected may be restricted from carrying on the business for more than 12 months, and may not use a business name suggesting a pension fund unless it is registered.
44. Section 31 of the principal Act is hereby amended— (a) by the repeal in subsection (1) of paragraph (a); and (b) by the substitution in subsection (1) for paragraphs (b), (c) and (d) of the following paragraphs, respectively: (c) ‘‘(b) carry on the business of a pension fund [established after such commencement], unless that fund has been [duly] provisionally or finally registered under [section four] this Act; [or] carry on the business of a pension fund for [a] such period [of more than twelve months] and subject to such conditions as may be prescribed after the date on which the person who applied for registration of the fund is advised by the registrar that the application for registration has been [refused] rejected; or [after the expiration of a period of twelve months from the commencement of this Act,] apply to [his] that person’s business a name which includes the words ‘pension fund’ or any other name which is calculated to indicate that [he] that person carries on the business of a pension fund, unless such business is provisionally or finally registered as a pension fund under this Act, [, except with the consent of the registrar]’’. (d) 20 25 30 35 Amendment of section 32 of Act 24 of 1956, as amended by section 11 of Act 68 of 1962 40 - 45 Verify source ↗
Section 32 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: If a person does not satisfy the registrar’s requirements, the registrar may investigate the person’s affairs or appoint an inspector, and may recover investigation expenses.
45. Section 32 of the principal Act is hereby amended by the substitution for subsection (2) of the following subsection: ‘‘(2) If such person fails to comply, to the satisfaction of the registrar, with the requirements of the registrar [to his satisfaction], the registrar may[, with the consent of the Minister,] investigate the affairs or any part of the affairs of the said person, or appoint an inspector to hold such an investigation and to report the result of his investigation to the registrar, and the provisions of section [twenty-five] 25 shall [mutatis mutandis] with the necessary changes apply to every such investigation, and the registrar shall be entitled to recover from the person concerned all expenses necessarily incurred in connection with the investigation, 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 65 Wet No. 45 van 2013 65 Vervanging van artikel 30T van Wet 24 van 1956, soos ingevoeg deur artikel 3 van Wet 22 van 1996 - 42 Verify source ↗
Artikel 30T van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: The board of the Financial Services Board is the accounting authority for the office of the Registrar, and that accounting authority must comply with the Public Finance Management Act, 1999.
42. Artikel 30T van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Rekenpligtigheid 30T. (1) Ondanks die bepalings van die Wet op Openbare Finansiële Bestuur, 1999 (Wet No. 1 van 1999), is die raad van die Raad op Finansiële Dienste soos in artikel van die Wet op die Raad op Finansiële Dienste, 1990 (Wet No. 97 van 1990), omskryf, die rekenpligtige gesag van die kantoor van die Beregter. 5 (2) Die rekenpligtige gesag moet voldoen aan die Wet op Openbare 10 Finansiële Bestuur, 1999 (Wet No. 1 van 1999).’’. Wysiging van artikel 30V van Wet 24 van 1956, soos ingevoeg deur artikel 3 van Wet 22 van 1996 - 43 Verify source ↗
Artikel 30V van die Hoofwet word hierby gewysig deur die woorde wat op
AI-assisted research summary: This provision amends another section so that the substituted text makes a person guilty of an offence and liable on conviction to a fine of up to R1 million, imprisonment for up to one year, or both.
43. Artikel 30V van die Hoofwet word hierby gewysig deur die woorde wat op paragraaf (d) volg deur die volgende woorde te vervang: 15 ‘‘is aan ’n misdryf skuldig en by skuldigbevinding strafbaar met ’n boete van hoogstens R1 miljoen of met gevangenisstraf vir ’n tydperk van hoogstens [drie maande] een jaar, of met sodanige boete sowel as sodanige gevangenisstraf.’’. Wysiging van artikel 31 van Wet 24 van 1956, soos gewysig deur artikel 14 van Wet 80 van 1959 20 - 44 Verify source ↗
Artikel 31 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends article 31 and limits when a person may carry on pension-fund business or use a name implying a pension fund unless the fund is registered.
44. Artikel 31 van die Hoofwet word hierby gewysig— (a) deur paragraaf (a) in subartikel (1) te herroep; en (b) deur paragrawe (b), (c) en (d) onderskeidelik deur die volgende paragrawe te vervang: ‘‘(b) die besigheid van ’n pensioenfonds wat na bedoelde inwerking- treding opgerig is, dryf nie, tensy daardie fonds [behoorlik] voorlopig of finaal geregistreer is ooreenkomstig [artikel vier] hierdie Wet; [of] (c) die besigheid van ’n pensioenfonds dryf nie vir [’n langer] sodanige tydperk [as twaalf maande] en behoudens sodanige voorwaardes wat voorgeskryf mag word na die datum waarop die persoon wat om registrasie van die fonds aansoek gedoen het deur die registrateur in kennis gestel is dat die aansoek [van die hand gewys] afgekeur is; of [behalwe met toestemming van die registrateur na verloop van ’n tydperk van twaalf maande vanaf die inwerkingtreding van hierdie Wet], op [sy] daardie persoon se besigheid ’n naam wat die woord ‘‘pensioenfonds’’ insluit, of ’n ander naam wat bereken is om aan te dui dat hy die besigheid van ’n pensioenfonds dryf, toepas nie, ’n tensy daardie besigheid kragtens hierdie Wet as pensioenfonds geregistreer is.’’. (d) Wysiging van artikel 32 van Wet 24 van 1956, soos gewysig deur artikel 11 van Wet 68 van 1962 - 45 Verify source ↗
Artikel 32 van die Hoofwet word hierby gewysig deur subartikel (2) deur die
AI-assisted research summary: If a person does not satisfy the registrar’s requirements, the registrar may investigate the person’s affairs or appoint an inspector, with the Minister’s consent.
45. Artikel 32 van die Hoofwet word hierby gewysig deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Indien so ’n persoon versuim om, tot bevrediging van die registrateur, aan [sy] die registrateur se vereistes te voldoen, kan die registrateur [met toestemming van die Minister] die sake of enige deel van die sake van bedoelde persoon ondersoek, of ’n inspekteur aanstel om so ’n ondersoek te doen en die uitslag van sy ondersoek aan die registrateur te rapporteer, en die bepalings van artikel [vyf-en-twintig] 25 is [mutatis mutandis] met die nodige veranderinge op so ’n ondersoek van toepassing en die registrateur is geregtig om alle onkoste noodsaaklikerwys in verband met die ondersoek aangegaan, op die betrokke 25 30 35 40 45 50 66 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 66 unless such investigation shows that such person is not carrying on the business of a pension fund.’’. Substitution of section 32A of Act 24 of 1956, as amended by section 13 of Act 22 of 2008 - 46 Verify source ↗
The following section is hereby substituted for section 32A of the principal Act:
AI-assisted research summary: The registrar may set what information a fund or administrator must communicate to stakeholders and may stop or require changes to misleading pension-fund advertisements or similar communications.
46. The following section is hereby substituted for section 32A of the principal Act: 5 ‘‘Power of registrar in respect of communications 32A. (1) The registrar may prescribe the information and the intervals at which such information must be communicated to stakeholders by a fund or administrator. (2) If any advertisement, brochure or similar communication which relates to the business of a pension fund is being, or is to be, published by any person, and any such communication is misleading, confusing or contains any incorrect statement of fact, the registrar may, after giving the person a reasonable opportunity to be heard, direct that person not to publish it, to cease publishing it or to effect changes thereto.’’. Amendment of section 33A of Act 24 of 1956, as inserted by section 24 of Act 11 of 2007 - 47 Verify source ↗
Section 33A of the principal Act is hereby amended by the substitution for
AI-assisted research summary: If the registrar issues a directive to protect members and the public, the registrar must publish it on the official website and any other appropriate media.
47. Section 33A of the principal Act is hereby amended by the substitution for subsection (6) of the following subsection: ‘‘(6) The registrar [may] must, where a directive is issued to ensure the protection of the members and the public in general, publish the directive [in the Gazette] on the official web site and any other media that the registrar deems appropriate, in order to ensure that the public may easily and reliably access the directive.’’. 10 15 20 Substitution of section 34 of Act 24 of 1956, as substituted by section 26 of Act 104 of 1993 25 - 48 Verify source ↗
The following section is hereby substituted for section 34 of the principal Act:
AI-assisted research summary: Section 34 of the principal Act is replaced with a new section titled “[Annual report] Report by registrar.”
48. The following section is hereby substituted for section 34 of the principal Act: ‘‘[Annual report] Report by registrar - 34 Verify source ↗
The registrar shall [annually] submit to the Minister a report on [his]
AI-assisted research summary: The registrar must submit a report on its activities under the Act to the Minister, annually or at intervals agreed with the Minister.
34. The registrar shall [annually] submit to the Minister a report on [his] the registrar’s activities under this Act, either annually or at such intervals as agreed to with the Minister.’’. 30 Amendment of section 37 of Act 24 of 1956, as substituted by section 26 of Act 11 of 2007 and amended by section 14 of Act 22 of 2008 - 49 Verify source ↗
Section 37 of the principal Act is hereby amended—
AI-assisted research summary: Section 37 is amended to replace the heading with “Penalties” and add an offence provision with fines and imprisonment for certain misconduct.
49. Section 37 of the principal Act is hereby amended— (a) by the substitution for the heading of the following heading: ‘‘Penalties’’; and (b) by the insertion before subsection (2) of the following subsection: ‘‘(1) Any person who— (a) contravenes or fails to comply with section 4, 10, 13A, 13B or 31; induces or attempts to induce any person to become a member of, or (b) to contribute to, a fund not registered under this Act; or in any application in terms of this Act deliberately makes a misleading, false or deceptive statement or conceals any material fact, (c) is guilty of an offence and liable on conviction to a fine not exceeding R10 million or to imprisonment for a period not exceeding 10 years, or to both such fine and such imprisonment.’’. 35 40 45 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 67 Wet No. 45 van 2013 67 persoon te verhaal, tensy so ’n ondersoek aantoon dat bedoelde persoon nie die besigheid van ’n pensioenfonds dryf nie.’’. Vervanging van artikel 32A van Wet 24 van 1956, soos gewysig deur artikel 13 van Wet 22 van 2008 - 46 Verify source ↗
Artikel 32A van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: The registrar may prescribe what information a fund or administrator must send to interested parties and how often it must be sent. The registrar may also order misleading pension-fund-related advertisements or similar communications not to be published, to stop being published, or to be changed after hearing the person involved.
46. Artikel 32A van die Hoofwet word hierby deur die volgende artikel vervang: 5 ‘‘Bevoegdheid van registrateur ten opsigte van kommunikasie 32A. (1) Die registrateur kan die inligting en die tussenposes waarmee sodanige inligting deur ’n fonds of administrateur aan belanghebbendes oorgedra moet word, voorskryf. (2) Indien ’n advertensie, brosjure of soortgelyke kommunikasie wat met die besigheid van ’n pensioenfonds verband hou, deur iemand gepubliseer word of gepubliseer gaan word, en enige sodanige kommunikasie is misleidend, verwarrend of dit enige verkeerde stelling of feit bevat, kan die registrateur, na die persoon ’n redelike geleentheid gegun is om aangehoor te word, daardie persoon gelas om dit nie te publiseer nie, op te hou om dit te publiseer of om dit te verander.’’. Wysiging van artikel 33A van Wet 24 van 1956, soos ingevoeg deur artikel 24 van Wet 11 van 2007 - 47 Verify source ↗
Artikel 33A van die Hoofwet word hierby gewysig deur subartikel (6) deur die
AI-assisted research summary: The registrar must publish an official instruction on the official website and any other media the registrar considers suitable when the instruction is issued to protect members and the public.
47. Artikel 33A van die Hoofwet word hierby gewysig deur subartikel (6) deur die volgende subartikel te vervang: ‘‘(6) Die registrateur [kan] moet, waar ’n amptelike instruksie uitgereik is om die beskerming van lede en die publiek in die algemeen te verseker, die amptelike instruksie [in die Staatskoerant] op die amptelike webwerf en enige ander media publiseer wat die registrateur geskik ag, ten einde te verseker dat die publiek maklik en betroubaar toegang tot die instruksie kan kry.’’. Vervanging van artikel 34 van Wet 24 van 1956, soos vervang deur artikel 26 van Wet 104 van 1993 - 48 Verify source ↗
Artikel 34 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: This section replaces Article 34 of the main law with a new article about an annual report by the registrar.
48. Artikel 34 van die Hoofwet word hierby deur die volgende artikel vervang: 10 15 20 25 ‘‘[Jaarlikse verslag] Verslag deur registrateur - 34 Verify source ↗
Die registrateur lê [jaarliks] aan die Minister ’n verslag voor
AI-assisted research summary: The registrar must submit a report to the Minister about its activities under this Act, generally yearly or at intervals agreed with the Minister.
34. Die registrateur lê [jaarliks] aan die Minister ’n verslag voor aangaande sy werksaamhede ingevolge hierdie Wet, hetsy jaarliks of met sodanige tussenposes waarop met die Minister ooreengekom is.’’. 30 Wysiging van artikel 37 van Wet 24 van 1956, soos vervang deur artikel 26 van Wet 11 van 2007 en gewysig deur artikel 14 van Wet 22 van 2008 - 49 Verify source ↗
Artikel 37 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This provision inserts a new offence and penalty for people who breach certain sections, induce participation in an unregistered fund, or make false or misleading statements or conceal material facts in applications.
49. Artikel 37 van die Hoofwet word hierby gewysig— (a) deur die opskrif deur die volgende opskrif te vervang: ‘‘Strawwe’’; en (b) deur die volgende subartikel voor subartikel (2) in te voeg: ‘‘(1) ’n Persoon wat— 35 (a) artikel 4, 10, 13A, 13B of 31 oortree of versuim om daaraan te 40 (b) (c) voldoen; iemand oorreed of probeer oorreed om ’n lid te word van, of by te dra tot, ’n fonds wat nie kragtens hierdie Wet geregistreer is nie; of in enige aansoek ingevolge hierdie Wet opsetlik ’n misleidende, vals of bedrieglike verklaring maak of enige wesenlike feit verdoesel, is skuldig aan ’n misdryf en by skuldigbevinding strafbaar met ’n boete van hoogstens R10 miljoen of met gevangenisstraf vir ’n tydperk van hoogstens 10 jaar, of tot beide sodanige boete en sodanige gevangenisstraf.’’. 45 50 68 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 68 Amendment of section 37A of Act 24 of 1956, as substituted by section 12 of Act 94 of 1977 and amended by section 40 of Act 99 of 1980, section 37 of Act 104 of 1993, section 4 of Act 22 of 1996 and section 45 of Act 99 of 1998 - 50 Verify source ↗
Section 37A of the principal Act is hereby amended by the addition of the
AI-assisted research summary: A fund may pay a member’s or beneficiary’s benefit to a third party if the person proves they cannot open a bank account.
50. Section 37A of the principal Act is hereby amended by the addition of the following subsection: ‘‘(4) (a) Despite the provisions of this section, a fund may direct that a member’s or beneficiary’s benefit may be paid to a third party if that member or beneficiary provides sufficient proof that he or she is not able to open a bank account. (b) Any such payment must be regarded as being a payment to that member or beneficiary.’’. Amendment of section 37C of Act 24 of 1956, as substituted by section 41 of Act 99 of 1980 and amended by section 6 of Act 51 of 1988, section 21 of Act 54 of 1989, section 29 of Act 83 of 1992, section 28 of Act 104 of 1993, section 5 of Act 22 of 1996, section 27 of Act 11 of 2007 and section 15 of Act 22 of 2008 - 51 Verify source ↗
Section 37C of the principal Act is hereby amended—
AI-assisted research summary: The fund must pay death benefits to traced dependants within 12 months, and if no dependant is traced it must pay the benefit to the member’s estate or, in some cases, the Guardian’s Fund or unclaimed benefit fund.
51. Section 37C of the principal Act is hereby amended— (a) by the substitution in subsection (1) for paragraph (a) of the following paragraph: ‘‘(a) If the fund within twelve months of the death of the member becomes aware of or traces a dependant or dependants of the member, the benefit shall be paid to such dependant or, as may be deemed equitable by the [board] fund, to one of such dependants or in proportions to some of or all such dependants.’’; (b) by the substitution in subsection (1) for paragraph (c) of the following paragraph: ‘‘(c) If the fund does not become aware of or cannot trace any dependant of the member within twelve months of the death of the member and if the member has not designated a nominee or if the member has designated a nominee to receive a portion of the benefit in writing to the fund, the benefit or the remaining portion of the benefit after payment to the designated nominee, shall be paid into the estate of the member or, if no inventory in respect of the member has been received by the Master of the Supreme Court in terms of section 9 of the Administration of Estates Act, 1965 (Act No. 66 of 1965), into the Guardian’s Fund or unclaimed benefit fund.’’; and (c) by the substitution for subsection (5) of the following subsection: ‘‘(5) The provisions of subsections (3) and (4) do not apply to a beneficiary fund, and any remaining assets held for the benefit of a deceased beneficiary in a beneficiary fund must be paid into the estate of such beneficiary or, if no inventory in respect of the beneficiary has been received by the Master of the High Court in terms of section 9 of the Administration of Estates Act, 1965 (Act No. 66 of 1965), into the Guardian’s Fund or unclaimed benefit fund.’’. Amendment of section 37D of Act 24 of 1956, as inserted by section 14 of Act 94 of 1977 and amended by section 14 of Act 80 of 1978, section 4 of Act 65 of 2001, section 28 of Act 11 of 2007, section 4 of Act 35 of 2007, section 16 of Act 22 of 2008 and section 3 of Act 60 of 2008 - 52 Verify source ↗
Section 37D of the principal Act is hereby amended—
AI-assisted research summary: This section amends Section 37D of the principal Act, changing the wording on deductions from certain pension-related benefits.
52. Section 37D of the principal Act is hereby amended— (a) by the substitution in subsection (1)(d) for the words preceding subparagraph (i) of the following words: ‘‘deduct from a member’s or deferred pensioner’s benefit, [or] member’s interest or minimum individual reserve, or the capital value of a pensioner’s pension after retirement, as the case may be—’’; (b) by the substitution in subsection (1)(d) for subparagraph (i) of the following subparagraph— 5 10 15 20 25 30 35 40 45 50 ‘‘(i) any amount assigned from such benefit or individual reserve to a non-member spouse in terms of a decree granted under section 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 69 Wet No. 45 van 2013 69 Wysiging van artikel 37A van Wet 24 van 1956, soos vervang deur artikel 12 van Wet 94 van 1977 en gewysig deur artikel 40 van Wet 99 van 1980, artikel 37 van Wet 104 van 1993, artikel 4 van Wet 22 van 1996 en artikel 45 van Wet 99 van 1998 - 50 Verify source ↗
Artikel 37A van die Hoofwet word hierby gewysig deur die volgende subartikel
AI-assisted research summary: A fund may pay a member’s or beneficiary’s benefit to a third party if the member or beneficiary proves they cannot open a bank account.
50. Artikel 37A van die Hoofwet word hierby gewysig deur die volgende subartikel by te voeg: 5 ‘‘(4) (a) Ondanks die bepalings van hierdie artikel, kan ’n fonds gelas dat ’n lid of begunstigde se voordeel aan ’n derde party betaal word indien daardie lid of begunstigde voldoende bewys lewer dat hy of sy nie ’n bankrekening kan oopmaak nie. (b) Enige sodanige betaling moet geag word ’n betaling aan daardie lid of 10 begunstigde te wees.’’. Wysiging van artikel 37C van Wet 24 van 1956, soos vervang deur artikel 41 van Wet 99 van 1980 en gewysig deur artikel 6 van Wet 51 van 1988, artikel 21 van Wet 54 van 1989, artikel 29 van Wet 83 van 1992, artikel 28 van Wet 104 van 1993, artikel 5 van Wet 22 van 1996, artikel 27 van Wet 11 van 2007 en artikel 15 van Wet 22 van 2008 - 51 Verify source ↗
Artikel 37C van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section changes how a fund pays death benefits: it must pay dependants found within 12 months, and if no dependant is found it must route the benefit to the estate or, in some cases, the Guardian Fund or unclaimed benefits fund.
51. Artikel 37C van die Hoofwet word hierby gewysig— (a) deur paragraaf (a) in subartikel (1) deur die volgende paragraaf te vervang: ‘‘(a) Indien die fonds binne twaalf maande na die dood van die lid van ’n afhanklike of afhanklikes van die lid te wete kom of ’n afhanklike of afhanklikes van die lid opspoor, word die voordeel aan sodanige afhanklike of, wat billik geag word deur die [raad] fonds, aan een van sodanige afhanklikes of in verhoudings aan sommige van of al sodanige afhanklikes betaal.’’; (b) deur paragraaf (c) in subartikel (1) deur die volgende paragraaf te vervang: ‘‘(c) Indien die fonds nie binne twaalf maande na die dood van die lid van ’n afhanklike van die lid te wete kom of ’n afhanklike van die lid opspoor nie, en indien die lid nie ’n benoemde aangewys het nie, of as die lid ’n benoemde aangewys het om ’n gedeelte van die voordeel wat die lid uitdruklik aan die fonds meegedeel het, te ontvang, word die voordeel of die oorblywende gedeelte van die voordeel na betaling van die benoemde in die boedel van die lid gestort of, indien daar nie ten opsigte van die lid ’n inventaris ingevolge artikel 9 van die Boedelwet, 1965 (Wet No. 66 van 1965), deur die Meester van die Hooggeregshof ontvang is nie, in die Voogdyfonds of onopgeëistevoordelefonds gestort.’’; en (c) deur subartikel (5) deur die volgende subartikel te vervang: ‘‘(5) Die bepalings van subartikels (3) en (4) is nie op ’n begunstigdefonds van toepassing nie, en enige oorblywende bates wat vir die voordeel van ’n oorlede begunstigde in ’n begunstigdefonds gehou word, moet in die boedel van sodanige begunstigde gestort word of, indien daar nie ’n inventaris ingevolge artikel 9 van die Boedelwet, 1965 (Wet No. 66 van 1965), ten opsigte van die begunstigde deur die Meester van die [Hoë Hof] Hooggeregshof ontvang is nie, moet dit in die Voogdyfonds of onopgeëistevoordelefonds gestort word.’’. Wysiging van artikel 37D van Wet 24 van 1956, soos ingevoeg deur artikel 14 van Wet 94 van 1977 en gewysig deur artikel 14 van Wet 80 van 1978, artikel 4 van Wet 65 van 2001, artikel 28 van Wet 11 van 2007, artikel 4 van Wet 35 van 2007, artikel 16 van Wet 22 van 2008 en artikel 3 van Wet 60 van 2008 15 20 25 30 35 40 45 - 52 Verify source ↗
Artikel 37D van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends Article 37D to change what may be deducted from pension-related benefits, how those deductions are timed, and when fund return accrues.
52. Artikel 37D van die Hoofwet word hierby gewysig— (a) deur in subartikel (1)(d) die woorde wat subparagraaf (i) voorafgaan deur die 50 volgende woorde te vervang: ‘‘aftrek van ’n lid of uitgestelde pensioentrekker se voordeel, [of] ledebelang of minimum individuele reserwe of die kapitaalwaarde van ’n pensioentrekker se pensioen na aftrede, na gelang van die geval—’’; (b) deur subparagraaf (i) in subartikel (1)(d) deur die volgende subparagraaf te 55 vervang: ‘‘(i) enige bedrag wat uit bedoelde voordeel of minimum reserwe aan ’n nie-lid eggenoot ingevolge ’n bevel kragtens artikel 7(8)(a) van die 70 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 70 7(8)(a) of the Divorce Act, 1979 (Act No. 70 of 1979) or in terms of any order made by a court in respect of the division of assets of a marriage under Islamic law pursuant to its dissolution;’’; (c) by the deletion in subsection (1)(d) of subparagraph (ii); (d) by the addition to subsection (1) of the following paragraph: ‘‘(e) deduct from a member’s or deferred pensioner’s benefit, interest or minimum individual reserve, as the case may be, employees’ tax required to be deducted or withheld in terms of the Fourth Schedule to the Income Tax Act, 1962 (Act No. 58 of 1962), as a result of a deduction referred to in this subsection.’’; (e) by the substitution in subsection (3) for the words preceding the proviso to paragraph (a) of the following words: ‘‘Any amount that may be deducted in terms of subsection (1)(d) or (6) may only be deducted after the amount of [pension interest] member’s or deferred pensioner’s benefit or minimum individual reserve available has been reduced by any loan amount or guarantee amount referred to in subsection (1)(a), where such a loan or guarantee was granted prior to the granting of the court orders, irrespective of the fact that that amount is due and payable or not’’; 5 10 15 (f) by the substitution in subsection (4)(a) for subparagraph (ii) of the following subparagraph: 20 ‘‘(ii) must be deducted on the date on which an election is made or, if no election is made within the period referred to in paragraph (b)[(i)](ii), the date on which that period expires; and’’; (g) by the substitution in subsection (4)(c) for subparagraph (ii) of the following 25 subparagraph: ‘‘(ii) is entitled to the accrual of fund return [on the amount referred to in paragraph (a) at fund return from the expiry of the period referred to in paragraph (b)(ii)] from the date of the deduction contemplated in paragraph (a)(ii) until payment or transfer thereof, but not to any other interest or growth.’’; and (h) by the substitution for subsection (6) of the following subsection: ‘‘(6) Despite paragraph (b) of the definition of ‘pension interest’ in section 1(1) of the Divorce Act, 1979 (Act No. 70 of 1979), the portion of the pension interest of a member or a deferred pensioner of a pension preservation fund or provident preservation fund [(as defined in the Income Tax Act, 1962)], that is assigned to a non-member spouse, refers to the equivalent portion of the benefits to which that member would have been entitled to in terms of the rules of the fund if his or her membership of the fund terminated, or the member or the deferred pensioner retired on the date on which the decree was granted.’’. 30 35 40 Part 2 Amendment of South African Reserve Bank Act, 1989 Amendment of section 13 of Act 90 of 1989
Part
Part 2
- 53 Verify source ↗
Section 13 of the South African Reserve Bank Act, 1989, is hereby amended by
AI-assisted research summary: This provision amends section 13 of the South African Reserve Bank Act, 1989 by deleting paragraph (c).
53. Section 13 of the South African Reserve Bank Act, 1989, is hereby amended by 45 the deletion of paragraph (c). STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 71 Wet No. 45 van 2013 71 Wet op Egskeiding, 1979 (Wet No. 70 van 1979), toegewys is, of ingevolge ’n bevel deur ’n hof gemaak ten opsigte van die verdeling van bates van ’n huwelik kragtens Islamitiese reg na aanleiding van die ontbinding daarvan;’’; (c) deur subparagraaf (ii) in subartikel (1)(d) te skrap; (d) deur die volgende paragraaf by subartikel (1) te voeg: ‘‘(e) van ’n ledevoordeel, ledebelang of uitgestelde pensioentrekker se voordeel of minimum individuele reserwe, na gelang van die geval, werknemerbelasting aftrek wat ingevolge die Vierde Bylae tot die Inkomstebelastingwet, 1962 (Wet No. 58 van 1962), afgetrek of teruggehou moet word, as gevolg van ’n aftrekking in hierdie subartikel bedoel.’’; (e) deur in subartikel (3) die woorde wat die voorbehoudsbepaling in paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Enige bedrag wat ingevolge subartikel (1)(d) of (6) afgetrek kan word, mag slegs afgetrek word nadat die bedrag aan [pensioenrente] ledevoordeel of uitgestelde pensioentrekker se voordeel of minimum individuele reserwe wat beskikbaar is, verminder is deur ’n bedrag van ’n lening of ’n waarborg bedoel in subartikel (1)(a), waar so ’n lening of waarborg toegestaan is voor die toestaan van hofbevele, ongeag of daardie bedrag verskuldig en betaalbaar is al dan nie’’; (f) deur subparagraaf (ii) in subartikel (4)(a) deur die volgende subparagraaf te vervang: ‘‘(ii) moet dit afgetrek word op die datum waarop ’n keuse uitgeoefen word of, indien ’n keuse nie binne die tydperk bedoel in paragraaf (b)[(i)](ii) uitgeoefen word nie, die datum waarop daardie tydperk verstryk; en’’; (g) deur subparagraaf (ii) in subartikel (4)(c) deur die volgende subparagraaf te vervang: ‘‘(ii) in paragraaf is geregtig op die oploping van fondsopbrengs [op die bedrag bedoel teen fondsopbrengs vanaf die verstryking van die tydperk bedoel in paragraaf (b)(ii)] vanaf die datum van die aftrekking in paragraaf (a)(ii) beoog tot en met betaling of oordrag daarvan, maar nie op enige ander rente of groei nie.’’; en (a) (h) deur subartikel (6) deur die volgende subartikel te vervang: ‘‘(6) Ondanks paragraaf (b) van die omskrywing van pensioenrente in artikel 1(1) van die Wet op Egskeiding, 1979 (Wet No. 70 van 1979), verwys die gedeelte van die pensioenrente van ’n lid of uitgestelde pensioentrekker van ’n pensioenbewaringsfonds of voorsorgbewarings- fonds [(soos omskryf in die Inkomstebelastingwet, 1962)], wat toegeken word aan ’n nie-lid eggenoot, na die gelykwaardige gedeelte van die voordele waarop daardie lid ingevolge die reëls van die fonds geregtig sou gewees het indien sy of haar lidmaatskap van die fonds geëindig het, of die lid of uitgestelde pensioentrekker afgetree het, op die datum waarop die bevel toegestaan is.’’. 5 10 15 20 25 30 35 40 45 Deel 2 Wysiging van Wet op die Suid-Afrikaanse Reserwebank, 1989 Wysiging van artikel 13 van Wet 90 van 1989 - 53 Verify source ↗
Artikel 13 van die Wet op die Suid-Afrikaanse Reserwebank, 1989, word hierby
AI-assisted research summary: This section amends Article 13 of the South African Reserve Bank Act, 1989 by deleting paragraph (c).
53. Artikel 13 van die Wet op die Suid-Afrikaanse Reserwebank, 1989, word hierby 50 gewysig deur paragraaf (c) te skrap. 72 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 72 Part 3 Amendment of Financial Services Board Act, 1990 Amendment of section 1 of Act 97 of 1990, as amended by section 1 of Act 41 of 1992, section 67 of Act 104 of 1993, section 5 of Act 22 of 1997, section 1 of Act 12 of 2000, section 45 of Act 37 of 2002, section 117 of Act 45 of 2002, section 117 of Act 36 of 2004 and section 19 of Act 22 of 2008
Part
Part 3
- 54 Verify source ↗
Section 1 of the Financial Services Board Act, 1990 (in this Part referred to as the
AI-assisted research summary: This section amends the definition of “financial institution” and adds definitions for “Financial Services Board legislation” and “Public Finance Management Act.”
54. Section 1 of the Financial Services Board Act, 1990 (in this Part referred to as the principal Act), is hereby amended— (a) by the substitution in paragraph (a) of the definition of ‘‘financial institution’’ for subparagraph (v) of the following subparagraph: ‘‘(v) any ‘external authorised user’, ‘external central securities deposi- tory’, ‘external clearing house’, ‘external clearing member’, ‘external exchange’, ‘external participant’ or ‘external trade repository’, or any person referred to in paragraphs (a) to (h) and (j) of the definition of ‘regulated person’, as defined in the Financial Markets Act, 2012 (Act No. 19 of 2012);’’; (b) by the substitution in paragraph (a) of the definition of ‘‘financial institution’’ for subparagraph (viii) of the following subparagraph: ‘‘(viii) any ‘independent intermediary’ or [representative as defined in— (aa) section 1(1) of] ‘representative’ contemplated in the Short-term Insurance Act, 1998[; (bb) regulation 3.1 of the Regulations under] (Act No. 53 of 1998), and the Long-term Insurance Act, 1998 (Act No. 52 of 1998);’’; (c) by the substitution in paragraph (b) of the definition of ‘‘financial institution’’ for subparagraph (ii) of the following subparagraph: ‘‘(ii) any other person who or which deals with trust property as a regular feature of his, her or its business, but who is not registered, otherwise authorised to deal so in terms of any Act, other than the Companies Act, [1973 (Act No. 61 of 1973)] 2008 (Act No. 71 of 2008), the Close Corporations Act, 1984 (Act No. 69 of 1984), and the Trust Property Control Act, 1988 (Act No. 57 of 1988);’’; (d) by the addition to the definition of ‘‘financial institution’’ of the following recognised, approved licensed, or 5 10 15 20 25 30 35 paragraph: ‘‘(c) any person that performs an activity regulated under a law referred to in paragraph (a) or (b);’’; (e) (f) by the deletion in paragraph (a) of the definition of ‘‘financial institution’’ of subparagraph (x); 40 by the insertion after the definition of ‘‘financial institution’’ of the following definition: ‘‘ ‘Financial Services Board legislation’ means— (a) any law referred to in paragraph (a) of the definition of ‘financial (b) (c) institution’; the Inspection of Financial Institutions Act, 1998 (Act No. 80 of 1998); and the Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001);’’; (g) by the insertion after the definition of ‘‘Minister’’ of the following definition: ‘‘ ‘Public Finance Management Act’ means the Public Finance Management Act, 1999 (Act No. 1 of 1999);’’; and 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 73 Wet No. 45 van 2013 73 Deel 3 Wysiging van Wet op die Raad op Finansiële Dienste, 1990 Wysiging van artikel 1 van Wet 97 van 1990, soos gewysig deur artikel 1 van Wet 41 van 1992, artikel 67 van Wet 104 van 1993, artikel 5 van Wet 22 van 1997, artikel 1 van Wet 12 van 2000, artikel 45 van Wet 37 van 2002, artikel 117 van Wet 45 van 2002, artikel 117 van Wet 36 van 2004 en artikel 19 van Wet 22 van 2008 - 54 Verify source ↗
Artikel 1 van die Wet op die Raad op Finansiële Dienste, 1990 (in hierdie Deel die
AI-assisted research summary: This section amends the principal Act by changing the definition of “financial institution” and adding a definition of “regulatory authority”.
54. Artikel 1 van die Wet op die Raad op Finansiële Dienste, 1990 (in hierdie Deel die Hoofwet genoem), word hierby gewysig— (a) deur in paragraaf (a) van die omskrywing van ‘‘finansiële instelling’’ subparagraaf (v) deur die volgende subparagraaf te vervang: ‘‘(v) ‘eksterne ‘eskterne gebruiker’, gemagtigde enige sentrale sekuriteitebewaarnemer’, ‘eksterne verrekeningshuis’, ‘eksterne verrekeningslid’, ‘eksterne deelnemer’, of ‘eksterne handelbewaarplek’, of enige persoon bedoel in paragrawe (a) tot (h) en (j) van die omskrywing van ‘gereguleerde persoon’, soos in die ‘Financial Markets Act, 2012’ (Wet No. 19 van 2012), omskryf;’’; ‘eksterne beurs’, (b) deur in paragraaf (a) van die omskrywing van ‘‘finansiële instelling’’ subparagraaf (viii) deur die volgende subparagraaf te vervang: ‘‘(viii) ’n ‘onafhanklike tussenganger’ of omskryf in— (aa) artikel 1(1) van] ‘verteenwoordiger’ soos beoog in die [verteenwoordiger soos Korttermynversekeringswet, 1998[; (bb) regulasie 3.1 van die Regulasies kragtens] (Wet No. 53 van 1998), en die Langtermynversekeringswet, 1998 (Wet No. 52 van 1998); of’’; (c) deur subparagraaf (x) in paragraaf (a) van die omskrywing van ‘‘finansiële instelling’’ te skrap; in paragraaf (d) deur (b) in die omskrywing van ‘‘finansiële instelling’’ subparagraaf (ii) deur die volgende subparagraaf te vervang: ‘‘(ii) enige ander persoon wat met trustgoed as ’n staande kenmerk van sy of haar besigheid werk, maar wat nie geregistreer, gelisensieer, erken, goedgekeur of andersins gemagtig is om aldus ingevolge enige Wet anders as die Maatskappywet, [1973 (Wet No. 61 van 1973)] 2008 (Wet No. 71 van 2008), die Wet op Beslote Korporasies, 1984 (Wet No. 69 van 1984), en die Wet op die Beheer oor Trustgoed, 1988 (Wet No. 57 van 1988), te werk nie;’’; (e) deur die volgende paragraaf by die omskrywing van ‘‘finansiële instelling’’ te voeg: 5 10 15 20 25 30 35 ‘‘(c) ’n persoon wat ’n handeling verrig wat kragtens ’n wet in paragraaf 40 (a) of (b) genoem, gereguleer word;’’; (f) deur die volgende omskrywing na die omskrywing van ‘‘raad’’ in te voeg: ‘‘ ‘reguleringsowerheid’— (a) enige staatsorgaan soos in artikel 239 van die Grondwet van die Republiek van Suid-Afrika, 1996, omskryf, verantwoordelik vir toesig of afdwinging van wetgewing, of ’n soortgelyke liggaam in die wette van ’n land wat nie die Republiek is nie aangewys om wetgewing van daardie land te oorsien of af te dwing nie; ’n markinfrastruktuur wat verantwoordelik is vir toesig oor persone wat deur sodanige infrastruktuur gemagtig is kragtens die ‘Finan- cial Markets Act, 2012’ (Wet No. 19 van 2012); of ’n Ombud kragtens wetgewing op die Raad op Finansiële Dienste ingestel of ’n erkende Skema kragtens die ‘Financial Services Ombud Schemes Act, 2004’ (Wet No. 37 van 2004);’’; en (b) (c) 45 50 (g) deur die volgende omskrywings na die omskrywing van ‘‘uitvoerende 55 beampte’’ in te voeg: ‘‘ ‘wetgewing op die Raad op Finansiële Dienste’— (a) enige wet in paragraaf (a) van die omskrywing van ‘finansiële instelling’ bedoel; 74 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 74 (h) by the insertion after the definition of ‘‘Public Finance Management Act’’ of the following definition: ‘‘ ‘regulatory authority’ means— (a) any organ of state as defined in section 239 of the Constitution of the Republic of South Africa, 1996, responsible for the supervision or enforcement of legislation, or a similar body designated in the laws of a country other than the Republic to supervise or enforce legislation of that country; or (b) a market infrastructure that is responsible for the supervision of persons authorised by such infrastructure under the Financial Markets Act, 2012 (Act No. 19 of 2012); or an Ombud established under Financial Services Board legislation or a recognised Scheme under the Financial Services Ombud Schemes Act, 2004 (Act No. 37 of 2004);’’. (c) Amendment of section 2 of Act 97 of 1990 5 10 15 - 55 Verify source ↗
Section 2 of the principal Act is hereby amended by the addition of the following
AI-assisted research summary: The Financial Services Board is made subject to the Public Finance Management Act.
55. Section 2 of the principal Act is hereby amended by the addition of the following subsection, the existing section becoming subsection (1): ‘‘(2) The Financial Services Board is subject to the Public Finance Management Act.’’. Substitution of section 3 of Act 97 of 1990, as substituted by section 2 of Act 12 of 2000 and amended by section 20 of Act 22 of 2008 20 - 56 Verify source ↗
The following section is hereby substituted for section 3 of the principal Act:
AI-assisted research summary: This section says section 3 of the principal Act is replaced with a new section titled “Functions of board.”
56. The following section is hereby substituted for section 3 of the principal Act: ‘‘Functions of board - 3 Verify source ↗
The functions of the board are to—
AI-assisted research summary: The board must supervise compliance, advise the Minister, and support financial education and awareness.
3. The functions of the board are to— (a) (b) (c) [to] supervise and enforce compliance with laws regulating financial institutions and the provision of financial services; [to] advise the Minister on matters concerning financial institutions and financial services, either of its own accord or at the request of the Minister; and [to promote programmes and initiatives by financial institutions and bodies representing the financial services industry to inform and educate users and potential users of] provide, promote or otherwise support financial education, awareness and confidence regarding financial products, institutions and services.’’. Amendment of section 12 of Act 97 of 1990 25 30 35 - 57 Verify source ↗
Section 12 of the principal Act is hereby amended by the substitution in subsection
AI-assisted research summary: This section amends section 12 so that paragraph (d) now allows borrowing money subject to the Public Finance Management Act.
57. Section 12 of the principal Act is hereby amended by the substitution in subsection (3) for paragraph (d) of the following paragraph: ‘‘(d) borrow money [by the issue of stock or in any other manner to a maximum amount approved by the Minister] subject to the Public Finance Manage- ment Act;’’. 40 Amendment of section 13 of Act 97 of 1990, as amended by section 3 of Act 41 of 1992 and section 9 of Act 12 of 2000 - 58 Verify source ↗
Section 13 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: The executive officer must perform functions entrusted by law, subject to board supervision. A deputy executive officer or the chief actuary must perform delegated functions and is accountable to the executive officer.
58. Section 13 of the principal Act is hereby amended by the substitution for subsection (3) of the following subsection: ‘‘(3) (a) The executive officer shall, subject to supervision by the board, perform the functions entrusted to [him] the executive officer by or in terms of this or any other Act. (b) A deputy executive officer or the chief actuary must perform the functions delegated to the deputy executive officer or chief actuary under this Act and is accountable to the executive officer for the performance of those functions.’’. 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 75 Wet No. 45 van 2013 75 (b) die Wet op Inspeksie van Finansiële Instellings, 1998 (Wet No. 80 van 1998); (c) die Wet op Finansiële Instellings (Beskerming van Fondse), 2001 (Wet No. 28 van 2001); ‘Wet op Openbare Finansiële Bestuur’ die Wet op Openbare Finansiële Bestuur, 1999 (Wet No. 1 van 1999);’’. 5 Wysiging van artikel 2 van Wet 97 van 1990 - 55 Verify source ↗
Artikel 2 van die Hoofwet word hierby gewysig deur die volgende subartikel by
AI-assisted research summary: The Financial Services Board is subject to the Public Finance Management Act.
55. Artikel 2 van die Hoofwet word hierby gewysig deur die volgende subartikel by te voeg terwyl die bestaande artikel subartikel (1) bygevoeg word: ‘‘(2) Die Raad op Finansiële Dienste is onderhewig aan die Wet op Openbare 10 Finansiële Bestuur.’’. Vervanging van artikel 3 van Wet 97 van 1990, soos vervang deur artikel 2 van Wet 12 van 2000 en gewysig deur artikel 20 van Wet 22 van 2008 - 56 Verify source ↗
Artikel 3 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: This provision says that Article 3 of the main Act is replaced by a new article.
56. Artikel 3 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Werksaamhede van raad - 3 Verify source ↗
Die werksaamhede van die raad is om—
AI-assisted research summary: The council must supervise and enforce compliance with laws regulating financial institutions and financial services, advise the Minister on related matters, and support financial education and awareness initiatives.
3. Die werksaamhede van die raad is om— (a) toesig te hou oor die nakoming van die wette wat finansiële instellings en die voorsiening van finansiële dienste reguleer en dié nakoming af te dwing; (c) (b) die Minister van advies te dien oor sake rakende finansiële instellings en finansiële dienste, óf uit eie beweging óf op versoek van die Minister; en [programme en inisiatiewe deur finansiële instellings en liggame wat die finansiële dienstebedryf verteenwoordig om gebruikers en potensiële gebruikers van] finansiële opvoeding, bewustheid en vertroue oor finansiële produkte, instellings en dienste te voorsien, bevorder en andersins te ondersteun.’’. Wysiging van artikel 12 van Wet 97 van 1990 - 57 Verify source ↗
Artikel 12 van die Hoofwet word hierby gewysig deur paragraaf (d) in subartikel
AI-assisted research summary: This provision amends paragraph (d) of subsection (3) so that it now allows money to be borrowed by issuing bonds or in another way, up to a maximum amount approved by the Minister, subject to the Public Finance Management Act.
57. Artikel 12 van die Hoofwet word hierby gewysig deur paragraaf (d) in subartikel (3) deur die volgende paragraaf te vervang: ‘‘(d) geld leen [deur die uitreiking van effekte of op ’n ander wyse tot ’n maksimum bedrag wat deur die Minister goedgekeur is] behoudens die Wet op Openbare Finansiële Bestuur;’’. 15 20 25 30 Wysiging van artikel 13 van Wet 97 van 1990, soos gewysig deur artikel 3 van Wet 41 van 1992 en artikel 9 van Wet 12 van 2000 35 - 58 Verify source ↗
Artikel 13 van die Hoofwet word hierby gewysig deur subartikel (3) deur die
AI-assisted research summary: The executive officer must perform assigned functions under board supervision. A deputy executive officer or chief actuary must perform delegated functions and is accountable to the executive officer.
58. Artikel 13 van die Hoofwet word hierby gewysig deur subartikel (3) deur die volgende subartikel (3) te vervang: ‘‘(3) (a) Die uitvoerende beampte verrig, onderworpe aan toesig deur die raad, die werksaamhede wat by of ingevolge hierdie of ’n ander Wet aan [hom] die uitvoerende beampte opgedra word. (b) ’n Adjunk- uitvoerende beampte of die hoofaktuaris moet die werksaamhede verrig wat kragtens hierdie Wet aan die adjunk- uitvoerende beampte of hoofaktuaris gedelegeer is en is verantwoordbaar aan die uitvoerende beampte vir die verrigting van daardie werksaamhede.’’. 40 76 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 76 Amendment of section 16 of Act 97 of 1990, as amended by section 4 of Act 41 of 1992 and section 3 of Act 84 of 1992 - 59 Verify source ↗
Section 16 of the principal Act is hereby amended by the deletion of subsections
AI-assisted research summary: This provision amends section 16 by deleting subsections (4) and (5), and it repeals section 17 of Act 97 of 1990.
59. Section 16 of the principal Act is hereby amended by the deletion of subsections (4) and (5). Repeal of section 17 of Act 97 of 1990 - 60 Verify source ↗
Section 17 of the principal Act is hereby repealed.
AI-assisted research summary: Section 17 of the principal Act is repealed.
60. Section 17 of the principal Act is hereby repealed. Substitution of section 18 of Act 97 of 1990, as substituted by section 13 of Act 12 of 2000 - 61 Verify source ↗
The following section is hereby substituted for section 18 of the principal Act:
AI-assisted research summary: The board and executive must consult the Minister on certain matters, may consult on other matters, and the Minister must issue consultation norms and standards.
61. The following section is hereby substituted for section 18 of the principal Act: ‘‘Consultation 18. (1) (a) Section 18(2) and (3) of the Competition Act, 1998 (Act No. 89 of 1998), applies with the changes required by the context to a merger which requires the approval of the Minister or the relevant Registrar referred to in Financial Services Board legislation. (b) For the purposes of paragraph (a), ‘merger’ means a merger as defined in section 12 of the Competition Act, 1998 (Act No. 89 of 1998). (c) Section 116(4) and (9) of the Companies Act, 2008 (Act No. 71 of 2008), applies with the changes required by the context to an amalgamation or a merger which requires the approval of the Minister or the relevant Registrar referred to in Financial Services Board legislation. (d) For the purposes of paragraph (c), ‘amalgamation’ or ‘merger’ means an amalgamation or merger as defined in section 1 of the Companies Act, 2008 (Act No. 71 of 2008). (2) The board and members of the executive contemplated in section 9(4)— (a) must consult with the Minister on any matter relating to the exercise of such of their powers and the performance of such of their duties under this Act or any other law as the Minister may determine; and (b) may consult with the Minister on any other matter which the board or any such member wishes to bring to the attention of the Minister. (3) The Minister must prescribe a code of norms and standards for consultation for the board and Registrars as referred to in Financial Services Board legislation, which must— (a) incorporate the following principles, namely that the— (i) (ii) (iii) (iv) (v) appropriate stakeholders to be consulted must be identified; the purpose and scope of consultation must be clear; the timing, medium and process of consultation must be appropriate, proportional and transparent; consultation material must be clear; and stakeholder input must be considered and feedback provided; and (b) stipulate requirements and standards relating to publication.’’. Amendment of section 20 of Act 97 of 1990, as amended by section 6 of Act 41 of 1992 and section 25 of Act 22 of 2008
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