Financial Services Laws General Amendment Act
Part 5 of 6 · provisions 801–1,000
This section states that section 1 of Act 24 of 1956 is being amended.
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- Act 45 of 2013
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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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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 of the affairs of any person referred to in, or identified by the requesting
- 152 Verify source ↗
The following section is hereby substituted for section 9 of the principal Act:
AI-assisted research summary: This section states that section 9 of the principal Act is substituted with a new section titled “Disclosure to certain affected parties.”
152. The following section is hereby substituted for section 9 of the principal Act: 30 ‘‘Disclosure to certain affected parties - 9 Verify source ↗
If the registrar has reason to believe that—
AI-assisted research summary: The registrar may share inspection information in specified circumstances, and a person whose document was taken or withheld may inspect, copy, and extract it under supervision.
9. If the registrar has reason to believe that— (a) an offence or irregularity has been committed relating to the affairs of an institution inspected under this Act; or (b) an institution so inspected is in an unsound financial condition, he or she may convey any information obtained during an inspection to— (i) any department or organ of State; (ii) any regulatory authority; (iii) any self-regulating association or organisation; (iv) any statutory board charged with supervisory or regulatory duties; (v) any shareholder, partner, member, director, auditor, accounting officer, liquidator, curator, executor or trustee of an institution inspected under this Act; (vi) any participating employer in a pension fund organisation inspected under this Act[; (vii) an authority contemplated in section 22(2) of the Financial Services Board Act], if the person or entity referred to in subparagraphs (i) to [(vii)] (vi) is affected by, or has an interest in, such information.’’. 35 40 45 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 151 Wet No. 45 van 2013 151 inligting kan verskaf met betrekking tot die sake van die instelling];’’; (c) deur subparagraaf (v) in subartikel (1)(b) deur die volgende subparagraaf te vervang: ‘‘(v) teen die uitreiking van ’n kwitansie beslag lê op ’n dokument wat betrekking het op die sake van die instelling[, wat na sy of haar mening bewys mag lewer van ’n misdryf of onreëlmatigheid] indien die inspekteur van mening is dat die item inligting bevat wat met die inspeksie verband hou;’’; en (d) deur subartikel (3) deur die volgende subartikel te vervang: ‘‘(3) Enige persoon wie se dokument verwyder of teruggehou is, of van wie ’n dokument op beslag gelê is kragtens subartikel [(1)(b)(v)] (1)(a) of (b), of sy of haar gemagtigde verteenwoordiger, kan gedurende normale kantoorure onder die toesig van die registrateur of ’n inspekteur sodanige dokument ondersoek, kopieë daarvan maak en uittreksels daaruit maak.’’. Invoeging van artikel 6A in Wet 80 van 1998 - 151 Verify source ↗
Die volgende artikel word hierby na artikel 6 in die Hoofwet ingevoeg:
AI-assisted research summary: During searches of premises under sections 4 or 5, order must be strictly maintained, people’s dignity, freedom and security, and privacy must be respected, and an inspector may be accompanied by a police officer.
151. Die volgende artikel word hierby na artikel 6 in die Hoofwet ingevoeg: ‘‘Deursoeking en beslaglegging 6A. (1) Behoorlikheid en goeie orde moet streng gehandhaaf word tydens enige betreding of deursoeking van enige perseel ingevolge artikel 4 of 5, met inbegrip van— (a) (b) (c) ’n persoon se reg op, respek vir en die beskerming van waardigheid; ’n persoon se reg op vryheid en veiligheid; en ’n persoon se reg op persoonlike privaatheid. (2) ’n Inspekteur kan tydens die betreding en deursoeking van enige perseel kragtens artikel 4 of 5 deur ’n polisiebeampte vergesel en bygestaan word. (3) Enige betreding en deursoeking kragtens artikel 4 en 5 moet in die dag gedoen word, tensy die uitvoering daarvan in die nag regverdigbaar en nodig is.’’. Vervanging van artikel 9 van Wet 80 van 1998 - 152 Verify source ↗
Artikel 9 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: Article 9 of the principal Act is replaced with a new article titled “Disclosure to certain interested parties.”
152. Artikel 9 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Openbaarmaking aan sekere belanghebbendes - 9 Verify source ↗
Indien die registrateur rede het om te glo dat—
AI-assisted research summary: If the registrar has reason to believe there was an offence, irregularity, or weak financial condition, the registrar may pass inspection information to listed bodies or persons affected by or interested in it.
9. Indien die registrateur rede het om te glo dat— (a) (b) ’n misdryf of onreëlmatigheid gepleeg is met betrekking tot die sake van ’n instelling wat kragtens hierdie Wet geïnspekteer word; of ’n instelling aldus geïnspekteer nie in ’n gesonde finansiële toestand is nie, kan hy of sy enige inligting tydens ’n inspeksie bekom, oordra aan— (i) enige staatsdepartement of staatsorgaan; (ii) enige regulerende instansie; (iii) enige selfregulerende vereniging of organisasie; (iv) enige statutêre liggaam belas met toesighoudende of regulerende pligte; (v) enige aandeelhouer, vennoot, lid, direkteur, ouditeur, rekenkundige beampte, likwidateur, kurator, eksekuteur of trustee van ’n instelling wat kragtens hierdie Wet geïnspekteer word; (vi) enige werkgewer wat deelneem aan ’n pensioenfondsorganisasie wat kragtens hierdie Wet geïnspekteer word[; (vii) enige owerheid beoog in artikel 22(2) van die Wet op die Raad op Finansiële Dienste, 1990], indien die persoon of instansie bedoel in subparagrawe (i) tot [(vii)] (vi) geraak word deur, of ’n belang het by, sodanige inligting.’’. 5 10 15 20 25 30 35 40 45 50 152 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 152 Repeal of section 10 of Act 80 of 1998 - 153 Verify source ↗
Section 10 of the principal Act is hereby repealed.
AI-assisted research summary: Section 10 of the principal Act is repealed.
153. Section 10 of the principal Act is hereby repealed. Amendment of section 11 of Act 80 of 1998 - 154 Verify source ↗
Section 11 of the principal Act is hereby amended by the addition of the
AI-assisted research summary: The provision adds a rule covering any person who was knowingly involved in running an institution’s affairs in a way that amounts to an irregularity, non-compliance, or contravention, as found after an inspection.
154. Section 11 of the principal Act is hereby amended by the addition of the following paragraph: ‘‘(c) any person, when it appears after considering the outcome of an inspection, that such person was knowingly a party to the carrying on of the affairs of the institution in a manner that constituted an irregularity, non-compliance or contravention.’’. Amendment of section 12 of Act 80 of 1998 - 155 Verify source ↗
Section 12 of the principal Act is hereby amended—
AI-assisted research summary: This section amends section 12 of the principal Act and adds a rule about people who have been duly summoned to appear, stay until excused, and produce documents.
155. Section 12 of the principal Act is hereby amended— (a) by the substitution for paragraph (f) of the following paragraph: ‘‘(f) contravenes section 8; or’’; and (b) by the addition of the following paragraph: 5 10 ‘‘(g) has been duly summoned under section 4(1)(a) or 5(1)(a) and who, 15 without sufficient cause— (i) fails to appear at the time and place specified in the summons; (ii) fails to remain in attendance until excused by the inspector from further attendance; (iii) fails to lodge or produce any document referred to in the 20 summons with the inspector,’’. Part 7 Amendment of Financial Institutions (Protection of Funds) Act, 2001 Amendment of section 1 of Act 28 of 2001, as amended by section 41 of Act 22 of 2008 25
Part
Part 7
- 156 Verify source ↗
Section 1 of the Financial Institutions (Protection of Funds) Act, 2001 (in this
AI-assisted research summary: This section amends section 1 of the Financial Institutions (Protection of Funds) Act, 2001 by changing several definitions.
156. Section 1 of the Financial Institutions (Protection of Funds) Act, 2001 (in this Part referred to as the principal Act), is hereby amended— (a) by the insertion before the definition of ‘‘company’’ of the following definition: ‘‘ ‘Companies Act’ means the Companies Act, 2008 (Act No. 71 of 2008);’’; 30 (b) by the insertion in the definition of ‘‘law’’ after paragraph (a) of the following paragraph: ‘‘(aA) section 5A, means the Financial Intelligence Centre Act, 2001, (Act No. 38 of 2001), and the Acts referred to in paragraph (a), including any subordinate legislation, enactment or measure made under those Acts;’’; 35 (c) by the substitution in paragraph (b) of the definition of ‘‘law’’ for the words preceding subparagraph (i) of the following subparagraph: ‘‘sections 6A to 6I, means the Acts referred to in paragraph (a)—’’; 40 (d) by the addition to the definition of ‘‘law’’ of the following paragraph: ‘‘(c) ‘Chapter 1A, means— (i) (ii) a law referred to in paragraph (a) of the definition of ‘financial institution’ in section 1 of the Financial Services Board Act, 1990 (Act No. 97 of 1990); and this Act, including any subordinate legislation and an enactment or measure made under those laws;’’. (e) by the substitution for paragraphs (a), (b) and (c) of the definition of ‘‘nominee company’’ of the following paragraphs, respectively: ‘‘(a) is incorporated under the provisions of the Companies Act[, 1973 (Act No. 61 of 1973]; 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 153 Wet No. 45 van 2013 153 Herroeping van artikel 10 van Wet 80 van 1998
Part
Part referred to as the principal Act), is hereby amended—
- 153 Verify source ↗
Artikel 10 van die Hoofwet word hierby herroep.
AI-assisted research summary: Article 10 of the Principal Act is repealed, and the section also refers to an amendment of section 11 of Act 80 of 1998.
153. Artikel 10 van die Hoofwet word hierby herroep. Wysiging van artikel 11 van Wet 80 van 1998 - 154 Verify source ↗
Artikel 11 van die Hoofwet word hierby gewysig deur die volgende paragraaf by
AI-assisted research summary: This amendment adds a rule about a person who, after an inspection, is found to have knowingly taken part in the institution’s affairs in a way that amounts to an irregularity, non-compliance, or offence.
154. Artikel 11 van die Hoofwet word hierby gewysig deur die volgende paragraaf by te voeg: ‘‘(c) ’n persoon, indien dit na oorweging van die resultaat van ’n inspeksie, blyk dat sodanige persoon wetend ’n party was tot die verrigting van die sake van die instelling op ’n wyse wat ’n onreëlmatigheid, nie-nakoming of oortreding daargestel het.’’. Wysiging van artikel 12 van Wet 80 van 1998 - 155 Verify source ↗
Artikel 12 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends Article 12: it replaces paragraph (f) and adds a new paragraph (g) about people duly summoned under article 4(1)(a) or 5(1)(a).
155. Artikel 12 van die Hoofwet word hierby gewysig— (a) deur paragraaf (f) deur die volgende paragraaf te vervang: ‘‘(f) artikel 8 oortree; of’’; en (b) deur die volgende paragraaf by te voeg: 5 10 ‘‘(g) na behore kragtens artikel 4(1)(a) of 5(1)(a) gedagvaar is en wat, 15 sonder voldoende beweegrede— (i) versuim om op die tyd en plek in die dagvaardiging genoem te verskyn; (ii) versuim om teenwoordig te bly totdat die inspekteur hom of haar van verdere bywoning verskoon; 20 (iii) versuim om enige dokument in die dagvaardiging bedoel aan die inspekteur voor te lê of te verstrek,’’. Deel 7 Wysiging van Wet op Finansiële Instellings (Beskerming van Fondse), 2001 Wysiging van artikel 1 van Wet 28 van 2001, soos gewysig deur artikel 41 van Wet 22 van 2008 25 - 156 Verify source ↗
Artikel 1 van die Wet op Finansiële Instellings (Beskerming van Fondse), 2001
AI-assisted research summary: This section amends several definitions in Article 1, including “official web site,” “nominee company,” “Companies Act,” and “law.”
156. Artikel 1 van die Wet op Finansiële Instellings (Beskerming van Fondse), 2001 (in hierdie Deel die Hoofwet genoem), word hierby gewysig— (a) deur in subartikel (1) na die omskrywing van ‘‘afdwingingskomitee’’ die volgende omskrywing in te voeg: 30 ‘‘ ‘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 opgerig;’’; (b) deur paragrawe (a), (b) en (c) van die omskrywing van ‘‘benoemde maatskappy’’ onderskeidelik deur die volgende paragrawe te vervang: 35 ‘‘(a) ingelyf is kragtens die bepalings van die Maatskappywet[, 1973 (Wet No. 61 van 1973)]; (b) as [hoofoogmerk het] spesiale voorwaarde in artikel 15(2) van die Maatskappywet het om op te tree as benoemde vir, of verteen- woordiger van, enige persoon by die hou van enige eiendom; (c) verhinder word [deur sy akte van oprigting] as ’n spesiale voorwaarde in sy Akte van Oprigting om enige ander verpligtinge op te loop as [daardie] teenoor die persone namens wie dit bates hou, in die mate van hul onderskeie regte op, en belang in, sodanige bates; en’’; 40 45 (c) deur die volgende omskrywing na die omskrywing van ‘‘Maatskappywet’’ in te voeg: ‘‘ ‘Maatskappywet’ die Maatskappywet, 2008 (Wet No. 71 van 2008);’’; en (d) deur na paragraaf (a) in die omskrywing van ‘‘wet’’ die volgende paragraaf in 50 te voeg: ‘‘(aA) artikel 5A, die Wet op die Finansiële Intelligensiesentrum, 2001 (Wet No. 38 van 2001), en die Wette in paragraaf (a) bedoel, met 154 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 154 (b) has as [its principal object] a special condition contemplated in section 15(2) of the Companies Act the requirement to act as nominee for, or representative of, any person in the holding of any property in trust for such person or persons; is precluded [by its memorandum of association] as a special condition in its Memorandum of Incorporation from incurring any liabilities other than [those] to the persons on whose behalf it holds assets, to the extent of their respective rights to, and interest in, such assets; and’’; and (c) 5 (f) by the insertion after the definition of ‘‘nominee company’’ in subsection (1) of the following definition: 10 ‘‘ ‘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 board;’’. Amendment of section 2 of Act 28 of 2001 - 157 Verify source ↗
Section 2 of the principal Act is hereby amended—
AI-assisted research summary: Financial institutions, nominee companies, and specified associated persons must not deal with funds or trust property in ways that create improper advantage.
157. Section 2 of the principal Act is hereby amended— (a) by the substitution for the words preceding paragraph (a) of the following words: ‘‘A financial institution or nominee company, or director, member, partner, official, employee or agent of [a] the financial institution or [of a] nominee company, who invests, holds, keeps in safe custody, controls, administers or alienates any funds of the financial institution or any trust property—’’; and (b) by the substitution for paragraph (c) of the following paragraph: ‘‘(c) may not alienate, invest, pledge, hypothecate or otherwise encum- ber or make use of the funds or trust property or furnish any guarantee in a manner calculated to gain directly or indirectly any improper advantage for [himself or herself or for any other] any person to the prejudice of the financial institution or principal concerned.’’. 15 20 25 30 Amendment of section 3 of Act 28 of 2001 - 158 Verify source ↗
Section 3 of the principal Act is hereby amended by the addition to subsection (2)
AI-assisted research summary: Section 3(2) is amended to add a paragraph covering acquiring a financial interest in certain agreements or matters involving a material interest of a financial institution or nominee company.
158. Section 3 of the principal Act is hereby amended by the addition to subsection (2) of the following paragraph: ‘‘(c) acquiring a financial interest in an agreement or other matter in which the financial institution or nominee company has a material interest.’’. 35 Amendment of section 4 of Act 28 of 2001 - 159 Verify source ↗
Section 4 of the principal Act is hereby amended—
AI-assisted research summary: This section amends rules so certain financial institutions, nominee companies, and their personnel may not invest trust property contrary to the trust instrument or agreement.
159. Section 4 of the principal Act is hereby amended— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) A financial institution or nominee company, or director, member, partner, official, employee or agent of a financial institution or nominee company which administers trust property under any instrument or agreement may not cause such trust property to be invested otherwise than in a manner directed in, or required by, such instrument or agreement.’’; 40 (b) by the substitution in subsection (2) for the words preceding paragraph (a) of 45 the following words: ‘‘In the absence of a direction or requirement referred to in subsection (1), a financial institution or nominee company, or director, member, partner, official, employee or agent of the financial institution or nominee company, may not cause any trust property to be invested otherwise than in the name of—’’; and (c) by the substitution in subsection (3)(a)(i) for the words preceding item (aa) of the following words: ‘‘where the [articles of association prohibit] Memorandum of Incorpo- ration of a company has as a special condition under section 15(2) of the Companies Act which prohibits the registration of its shares or debentures in the name of—’’. 50 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 155 Wet No. 45 van 2013 155 inbegrip van enige ondergeskikte wetgewing, verordening of maatreëls kragtens daardie Wette gemaak;’’; (e) deur in paragraaf (b) van die omskrywing van ‘‘wet’’ die woorde wat subparagraaf (i) voorafgaan deur die volgende woorde te vervang: ‘‘artikels 6A tot 6I, die Wette bedoel in paragraaf (a)—’’; en deur die volgende paragraaf by die omskrywing van ‘‘wet’’ te voeg: (f) ‘‘(c) Hoofstuk 1A— (i) ’n wet bedoel in paragraaf (a) van die omskrywing van ‘finansiële instelling’ in artikel 1 van die Wet op die Raad op Finansiële Dienste, 1990 (Wet No. 97 van 1990); en (ii) hierdie Wet, met bepaling of maatreël kragtens daardie wette gemaak;’’. inbegrip van enige ondergeskikte wetgewing in ’n wets- Wysiging van artikel 2 van Wet 28 van 2001 - 157 Verify source ↗
Artikel 2 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends Article 2 and says certain financial institution or nominated company actors must not use, pledge, mortgage, or otherwise deal with funds or trust property to gain an improper advantage.
157. Artikel 2 van die Hoofwet word hierby gewysig— (a) deur die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘ ’n [Direkteur] Finansiële instelling of benoemde maatskappy, of direkteur, lid, vennoot, beampte, werknemer of agent van [’n] die finansiële instelling of [van ’n] benoemde maatskappy, wat enige fondse van die finansiële instelling of enige trustgoed belê, hou, in veilige bewaring hou, beheer, administreer of vervreem—’’; en (b) deur paragraaf (c) deur die volgende paragraaf te vervang: ‘‘(c) mag nie die fondse of trustgoed vervreem, belê, verpand, verhipotekeer of andersins beswaar of daarvan gebruik maak of ’n garansie gee op ’n wyse wat bereken is om regstreeks of onregstreeks ’n onbehoorlike voordeel vir [hom- of haarself of vir] enige [ander] persoon ten koste van die betrokke finansiële instelling of prinsipaal te verkry nie.’’. Wysiging van artikel 3 van Wet 28 van 2001 5 10 15 20 25 30 - 158 Verify source ↗
Artikel 3 van die Hoofwet word hierby gewysig deur die volgende paragraaf by
AI-assisted research summary: This provision amends Article 3 of the Principal Act by adding a new paragraph about acquiring a financial interest in an agreement or other matter where the financial institution or nominated company has a substantial interest.
158. Artikel 3 van die Hoofwet word hierby gewysig deur die volgende paragraaf by subartikel (2) te voeg: ‘‘(c) die verkryging van ’n finansiële belang in ’n ooreenkoms of ander aangeleentheid waarin die finansiële instelling of benoemde maatskappy ’n wesenlike belang het.’’. 35 Wysiging van artikel 4 van Wet 28 van 2001 - 159 Verify source ↗
Artikel 4 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This provision amends Article 4 so that certain financial institutions and related persons may not invest trust property except as directed or required by the governing instrument or agreement, or otherwise as stated in the amended wording.
159. Artikel 4 van die Hoofwet word hierby gewysig— (a) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) ’n [Direkteur] Finansiële instelling of benoemde maatskappy, of direkteur, lid, vennoot, beampte, werknemer of agent van ’n finansiële instelling of benoemde maatskappy wat trustgoed kragtens enige instrument of ooreenkoms administreer, mag sodanige trustgoed nie anders laat belê as op die wyse aangewys in, of vereis deur, sodanige instrument of ooreenkoms nie.’’; 40 (b) deur in subartikel (2) die woorde wat paragraaf (a) voorafgaan deur die 45 volgende woorde te vervang: ‘‘In die afwesigheid van ’n aanwysing of vereiste bedoel in subartikel (1) mag ’n finansiële instelling of benoemde maatskappy, of direkteur, lid, vennoot, beampte, werknemer of agent van [’n] die finansiële instelling of benoemde maatskappy, nie enige trustgoed anders laat belê nie as in die naam van—’’; en (c) deur in subartikel (3)(a)(i) die woorde wat item (aa) voorafgaan deur die volgende woorde te vervang: ‘‘waar die [akte van oprigting] Akte van Oprigting van ’n maatskappy ’n spesiale voorwaarde kragtens artikel 15(2) van die Maatskappywet het wat die registrasie verbied van sy aandele of skuldbriewe in die naam van—’’. 50 55 156 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 Insertion of Chapter 1A in Act 28 of 2001 156 - 160 Verify source ↗
The following Chapter is hereby inserted in the principal Act after Chapter 1:
AI-assisted research summary: The Registrar may inspect regulated persons’ business premises and documents, and regulated persons must provide documents or information when required.
160. The following Chapter is hereby inserted in the principal Act after Chapter 1: ‘‘CHAPTER 1A ON-SITE VISITS On-site visits 4A. (1) In this Chapter— relates to the carrying on of a regulated activity; or ‘business document’ means a document that— (a) (b) may reasonably be required for purposes of an on-site visit; ‘business premises’ means a building or part of a building that is used in connection with the carrying on of a regulated activity; ‘document’ includes books, records, securities or accounts and any information, including information stored, transmitted or recorded elec- tronically, digitally, photographically, magnetically, optically or in any other intangible form; ‘on-site visit’ means a visit at the business premises of a regulated person— (a) (b) aimed at the overarching supervision of a regulated activity or to determine compliance with a law; or regulated persons; ‘outsource’ means an arrangement of any form between persons referred to in the definition of a ’regulated person’ in terms of which a person referred to in paragraph (b) of the definition of ’regulated person’ performs a regulated activity which would otherwise be performed by a person referred to in paragraph (a) of the definition of ‘regulated person’ itself; ‘regulated activity’ means any activity or a part of that activity regulated under a law; and ‘regulated person’ means a person— (a) that approved to perform an activity regulated under a law; to whom a person referred to in paragraph (a) has outsourced the performance of a regulated activity. registered, appointed or otherwise is authorised, licensed, (b) 5 10 15 20 25 30 (2) The Registrar may conduct an on-site visit and such visit must be conducted with strict regard to decency and good order. (3) The Registrar when conducting an on-site visit in terms of subsection 35 (2) has a right of access to any business document and may— (a) at any time during business hours— (i) (ii) enter a regulated person’s business premises and such person must, upon request, provide any business document; examine, make extracts from and copy any business docu- ment; (iii) question any person the registrar believes may have informa- 40 tion relevant to the on-site visit; (iv) where a contravention of a law has been detected— (aa) issue an instruction prohibiting the removal or destruction 45 of any business document; or (bb) against a receipt, remove any business document to prevent its concealment, removal, dissipation or destruc- tion until the completion of any proceedings or regulatory action; (b) instruct the regulated person to produce at a specified time and place and in the manner determined by the registrar— (i) (ii) any specified business document or a business document of a specified description in the possession or under the control of the regulated person; or furnish the registrar with information in respect of that business document; and 50 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 157 Wet No. 45 van 2013 Invoeging van Hoofstuk 1A in Wet 28 van 2001 157 - 160 Verify source ↗
Die volgende Hoofstuk word hierby na Hoofstuk 1 in die Hoofwet ingevoeg:
AI-assisted research summary: The Registrar may conduct on-site visits of regulated persons’ business premises and inspect related documents, and regulated persons must provide documents on request.
160. Die volgende Hoofstuk word hierby na Hoofstuk 1 in die Hoofwet ingevoeg: ‘‘HOOFSTUK 1A BESOEKE TER PLAATSE Besoeke ter plaatse 4A. (1) In hierdie Hoofstuk beteken— ‘besoek ter plaatse’ ’n besoek aan die sakeperseel van ’n gereguleerde persoon— (a) om voldoening aan ’n wet vas te stel; of (b) gemik op die oorkoepelende oorsig van ’n gereguleerde aktiwiteit of gereguleerde persone; ‘dokument’ ook boeke, rekords, sekuriteite of rekeninge en enige inligting, met inbegrip van inligting wat elektronies, digitaal, fotografies, magneties, opties of in enige ander ontasbare vorm gestoor, oorgedra of opgeneem is; ‘gereguleerde aktiwiteit’ enige aktiwiteit of ’n deel van daardie aktiwiteit kragtens ’n wet gereguleer; en ‘gereguleerde persoon’ ’n persoon— (a) wat gemagtig, gelisensieer, geregistreer, aangestel of andersins goedgekeur is om ’n aktiwiteit kragtens ’n wet te verrig; 5 10 15 (b) aan wie ’n persoon in paragraaf (a) bedoel die verrigting van ’n 20 gereguleerde aktiwiteit uitbestee het; ‘sakedokument’ ’n dokument wat— (a) verband hou met die uitvoer van ’n gereguleerde aktiwiteit; of redelik vereis kan word vir die doeleindes van ’n besoek ter plaatse; (b) ‘sakeperseel’ ’n gebou of deel van ’n gebou wat gebruik word in verband met die verrigting van ’n gereguleerde aktiwiteit; en ‘uitbestee’ ’n reëling van enige aard tussen persone in die omskrywing van ingevolge waarvan ’n persoon in ’n ‘gereguleerde persoon’ bedoel paragraaf ’n gereguleerde aktiwiteit verrig wat andersins deur ’n persoon in paragraaf (a) van die omskrywing van ‘gereguleerde persoon’ self verrig sou word. (2) Die Registrateur kan ’n besoek ter plaatse bring en sodanige besoek moet met streng inagneming van ordentlikheid en goeie orde gedoen word. (3) Die Registrateur, wanneer hy of sy ’n besoek ter plaatse ingevolge subartikel (2) aflê, het ’n reg van toegang tot enige sakedokument en mag— (a) (b) van die omskrywing van ‘gereguleerde persoon’ te eniger tyd tydens sakeure— (i) ’n gereguleerde persoon se sakeperseel betree en sodanige persoon moet, op versoek, enige sakedokument voorsien; (ii) enige sakedokument bestudeer, uittreksels daaruit maak en afskrifte daarvan maak; (iii) enige persoon ondervra wat die registrateur vermoed inligting mag hê wat op die besoek ter plaatse betrekking het; (iv) waar ’n oortreding van ’n wet bespeur is— (aa) ’n instruksie uitreik wat die verwydering of vernietiging van enige sakedokument belet; of (bb) teen ’n kwitansie, enige sakedokument verwyder om te laat verdwyn of voorkom dat dit verberg, verwyder, vernietig word; (b) die gereguleerde persoon opdrag gee om op ’n bepaalde tyd en plek en op die wyse deur die registrateur bepaal— (i) enige bepaalde sakedokument of ’n sakedokument wat aan ’n bepaalde beskrywing voldoen in die besit of onder beheer van die gereguleerde persoon, voor te lê; of (ii) die registrateur voorsien van inligting ten opsigte van daardie sakedokument; en 25 30 35 40 45 50 55 158 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 158 (c) instruct any person that is in possession or has under his or her or its control any business document relating to the business of the regulated person to— (i) produce that business document; or (ii) furnish the registrar with information in respect of that business document, at a specified time, place and in the manner determined by the registrar. (4) A regulated person may, during normal office hours and under the supervision of the registrar, examine and make extracts from any document removed under subsection (3)(a)(iv). (5) Subsection (3) shall not be construed so as to infringe upon the common law right to professional privilege between an attorney and his or her client in respect of information communicated to the attorney, whether in writing or verbally, so as to enable him or her to provide advice, or render other legal assistance to or defend the client in connection with an offence under any law with which he or she is charged, in respect of which he or she has been arrested or summoned to appear in court or in respect of which an investigation with a view to instituting criminal proceedings is being conducted against him or her.’’. Amendment of section 5 of Act 28 of 2001 - 161 Verify source ↗
Section 5 of the principal Act is hereby amended—
AI-assisted research summary: The registrar may ask the High Court to appoint a curator for an institution, and the court may make provisional and related orders.
161. Section 5 of the principal Act is hereby amended— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) The registrar may, on [good cause shown] an ex parte basis, apply to a division of the High Court having jurisdiction for the appointment of a curator to take control of, and to manage the whole or any part of, the business of an institution.’’; (b) by the substitution in subsection (2) for paragraph (a) of the following paragraph: ‘‘(a) on good cause shown, provisionally appoint a curator to take control of, and to manage the whole or any part of, the business of the institution on such conditions and for such a period as the court deems fit; and’’; (c) by the substitution for subsection (3) of the following subsection: ‘‘(3) On application by the registrar or the institution the court may anticipate the return day if not less than 48 hours’ notice of such application has been given to the [registrar] other party.’’; (d) by the substitution for subsection (5) of the following subsection: ‘‘(5) The court may, for the purposes of a provisional appointment in terms of subsection (2)(a) or a final appointment in terms of subsection (4), make an order with regard to— (a) the suspension of legal or foreclosure proceedings against the institution for the duration of the curatorship; (aA) the authority of the curator to investigate the affairs of the institution (b) (c) (d) (e) or any associated entity; the powers and duties of the curator; the remuneration of [a] the curator [appointed provisionally under subsection (2)(a) or finally under subsection (4)]; the costs relating to any application made by the registrar [under subsection (1)]; the costs incurred by the registrar in respect of an inspection of the affairs of the institution concerned in terms of the Inspection of Financial Institutions Act, 1998 (Act No. 80 of 1998); [or] (eA) the method of service or publication of the order; or any other matter which the court deems necessary.’’; (f) (e) by the substitution for subsections (6) and (7) of the following subsections, respectively: ‘‘(6) The curator acts under the control of the registrar who made the application under subsection (1) and in accordance with guidelines prescribed by the registrar by notice in the Gazette, and the curator may apply to that registrar for instructions with regard to any matter arising 5 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 159 Wet No. 45 van 2013 159 (c) ’n persoon wat in besit is van of onder sy of haar beheer enige sakedokument het wat op die sake van die gereguleerde persoon betrekking het, opdrag gee om— (i) daardie sakedokument voor te lê; (ii) die registrateur voorsien van inligting ten opsigte van daardie 5 sakedokument, teen ’n gespesifiseerde tyd, plek en op die wyse deur die registrateur bepaal. (4) ’n Gereguleerde persoon mag, tydens normale kantoorure en onder toesig van die registrateur, enige dokument kragtens (3)(a)(iv) verwyder, bestudeer en uittreksels daaruit maak. (5) Subartikel (3) word nie uitgelê as dat dit die gemenereg reg op professionele privilegie tussen ’n prokureur en sy of haar kliënt ten opsigte van inligting aan die prokureur oorgedra, hetsy skriftelik of mondelings, inbreuk maak nie, ten einde hom of haar in staat te stel om raad te gee, of ander regsbystand te lewer aan of die kliënt te verdedig in verband met ’n misdryf kragtens enige wet waarvan hy of sy aangekla word of waarvoor hy of sy gearresteer is of gedagvaar is om in die hof te verskryn of ten opsigte waarvan ’n ondersoek met die oog op die instelling van strafregtelike verrigtinge teen hom of haar gedoen word.’’. Wysiging van artikel 5 van Wet 28 van 2001 - 161 Verify source ↗
Artikel 5 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section lets the registrar or court appoint a curator to take control of and manage an institution’s business, with notice, reporting, and appointment-terms rules.
161. Artikel 5 van die Hoofwet word hierby gewysig— (a) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Die registrateur kan, [by bewys van goeie] op ex parte-gronde by ’n afdeling van die Hoë Hof wat oor regsbevoegdheid beskik, aansoek doen om die aanstelling van ’n kurator om beheer te neem oor die geheel of enige gedeelte van die besigheid van ’n instelling en dit te bestuur.’’; (b) deur paragraaf (a) in subartikel (2) deur die volgende paragraaf te vervang: ‘‘(a) by die aanvoer van goeie gronde ’n kurator voorlopig aanstel om beheer te neem oor die geheel of enige gedeelte van die besigheid van die instelling en dit te bestuur op die voorwaardes en vir die tydperk wat die hof goedvind; en’’; (c) deur subartikel (3) deur die volgende subartikel te vervang: ‘‘(3) Die hof kan op aansoek van die instelling die keerdag vervroeg indien nie minder nie as 48 uur kennis van sodanige aansoek aan die [registrateur] ander party gegee is.’’; (d) deur subartikel (5) deur die volgende subartikel te vervang: ‘‘(5) Die hof kan, vir die doeleindes van ’n voorlopige aanstelling ingevolge subartikel (2)(a) of ’n finale aanstelling ingevolge subartikel (4), ’n bevel gee met betrekking tot— (a) die opskorting van regsverrigtinge of opseggingsverrigtinge teen die instelling vir die duur van die kuratorskap; (aA) die gesag van die kurator om die sake van enige instelling of verwante entiteit te ondersoek; 10 15 20 25 30 35 40 (b) die bevoegdhede en pligte van die kurator; (c) die vergoeding van [’n] die kurator [voorlopig kragtens subartikel 45 (2)(a) of finaal kragtens subartikel (4) aangestel]; (d) die koste met betrekking tot enige aansoek deur die registrateur [kragtens subartikel (1)] gedoen; (e) die koste opgeloop deur die registrateur met betrekking tot ’n inspeksie van die sake van die betrokke instelling ingevolge die Wet op Inspeksie van Finansiële Instellings, 1998 (Wet No. 80 van 1998); [of] (eA) die metode van betekening of publikasie van die bevel; of enige ander aangeleentheid wat die hof nodig ag.’’; (f) (e) deur subartikels (6) en (7) deur die volgende subartikel te vervang: ‘‘(6) Die kurator tree op onder die beheer van die registrateur wat die aansoek kragtens subartikel (1) gedoen het en ooreenkomstig die riglyne voorgeskryf deur die registrateur by kennisgewing in die Staatskoerant, en die kurator kan by daardie registrateur aansoek doen om instruksies 50 55 60 160 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 160 out of, or in connection with, the control and management of the business of the institution. (7) The curator must furnish the registrar [of the institution] concerned with such reports or information concerning the affairs of [that] the institution as the registrar may require.’’; (f) by the substitution in subsection (8) for paragraph (b) of the following paragraph: ‘‘(b) A person who makes application contemplated in paragraph (a) must give notice of not less than 48 hours of such application to the registrar or the curator, as the case may be, and [such] the registrar or curator is entitled to be heard at such application.’’; and (g) by the addition of the following subsections: ‘‘(10) Despite subsections (1) to (9), the registrar may on good cause, by agreement with an institution and without the intervention of the court, appoint a curator for the purpose set out in subsection (1). (11) The terms of the appointment contemplated in subsection (10) must be set out in a letter of appointment issued by the registrar to the curator and— (a) must include— (i) the powers and duties of the curator; and (ii) the remuneration of the curator; and (b) may include any other matter agreed upon between the registrar and the institution. 5 10 15 20 (12) The rights of any creditor or client of the institution are not affected by the appointment of a curator in terms of subsection (10). 25 (13) Subsections (6) and (7) apply to an appointment in terms of subsection (10). (14) An appointment in terms of subsection (10) lapses— (a) if the registrar after consultation with the curator withdraws the letter of appointment; or 30 (b) by order obtained at the instance of the institution in terms of subsection (9).’’. Insertion of section 5A in Act 28 of 2001 - 162 Verify source ↗
The following section is hereby inserted in the principal Act after section 5:
AI-assisted research summary: The registrar may appoint a statutory manager or curator for a financial institution or institution, and must seek court confirmation of a statutory-manager appointment within 30 days.
162. The following section is hereby inserted in the principal Act after section 5: ‘‘Statutory management 5A. (1) Despite any other law, the registrar may, by agreement with a financial institution and without the intervention of a court, appoint a statutory manager for that financial institution, if it appears that— (a) the financial institution— (i) has in a material respect failed to comply with a law; is likely to be in an unsound financial position; or (ii) is maladministered; and (iii) (b) it is advisable to appoint a statutory manager in order to protect— the interests of the clients of the financial institution; the safety and soundness of financial institutions in general; or the stability, fairness, efficiency and orderliness of the financial system. (i) (ii) (iii) (2) An appointment under subsection (1) takes effect immediately, but the registrar must, as soon as practicable, after the appointment and in any event within 30 days after the appointment, apply to the High Court for an order confirming the appointment. (3) On hearing the application in terms of subsection (2), the court must confirm the appointment, unless satisfied that the grounds for making the appointment no longer exist. 35 40 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 161 Wet No. 45 van 2013 161 met betrekking tot enige aangeleentheid wat voortspruit uit, of verband hou met, die beheer en bestuur van die besigheid van die instelling. (7) Die kurator moet aan die betrokke registrateur [van die betrokke instelling] die verslae of inligting verskaf betreffende die sake van [daardie] die instelling wat die registrateur vereis.’’; (f) deur paragraaf (b) in subartikel (8) deur die volgende paragraaf te vervang: ‘‘(b) ’n Persoon wat ’n aansoek beoog in paragraaf (a) doen, met nie minder nie as 48 uur kennis van sodanige aansoek aan die registrateur of kurator, na gelang van die geval, gee, en [sodanige] die registrateur of kurator is geregtig om by enige sodanige aansoek aangehoor te word.’’; en (g) deur die volgende subartikels by te voeg: ‘‘(10) Ondanks subartikels (1) tot (9), kan die registrateur op goeie gronde, by ooreenkoms met ’n instelling en sonder die intervensie van ’n hof, ’n kurator aanstel vir die doel in subartikel (1) uiteengesit. (11) Die voorwaardes van die aanstelling in subartikel (10) beoog in ’n aanstellingsbrief, deur die registrateur aan die kurator moet uitgereik, uiteengesit word en— (a) moet insluit— (i) die bevoegdhede en pligte van die kurator; en (ii) die besoldiging van die kurator; en (b) kan enige ander aangeleentheid insluit waarop die registrateur en die instelling ooreengekom het. (12) Die regte van enige krediteur of kliënt van die instelling word nie deur die aanstelling van ’n kurator ingevolge subartikel (10) geraak nie. (13) Subartikels (6) en (7) is van toepassing op ’n aanstelling ingevolge subartikel (10). 5 10 15 20 25 (14) ’n Aanstelling ingevolge subartikel (10) verstryk— (a) indien die registrateur die aanstellingsbrief intrek na oorlegpleging met die kurator; of 30 (b) op bevel verkry op aandrang van die instelling ingevolge subartikel (9).’’. Invoeging van artikel 5A in Wet 28 van 2001 - 162 Verify source ↗
Die volgende artikel word hierby na artikel 5 in die Hoofwet ingevoeg:
AI-assisted research summary: This section lets the registrar appoint a statutory manager for a financial institution in certain cases, requires court confirmation within 30 days, and sets out the manager’s duties, reporting, and liability rule.
162. Die volgende artikel word hierby na artikel 5 in die Hoofwet ingevoeg: ‘‘Statutêre bestuur 5A. (1) Ondanks enige ander wet, mag die registrateur, by ooreenkoms met ’n finansiële instelling en sonder die ingryping van ’n hof, ’n statutêre bestuurder aanstel vir daardie finansiële instelling, indien dit blyk dat— (a) die finansiële instelling— (i) wesenlik versuim het om aan ’n wet te voldoen; (ii) moontlik in ’n ongesonde finansiële posisie mag wees; of (iii) wangeadministreer word; en (b) dit raadsaam is om ’n statutêre bestuurder aan te stel ten einde— (i) die belange van die kliënte van die finansiële instelling; (ii) die veiligheid en gesondheid van finansiële instellings oor die algemeen; of (iii) die stabiliteit, regverdigheid, doeltreffendheid van die finansiële stelsel, te beskerm. (2) ’n Aanstelling kragtens subartikel (1) is onmiddellik van krag, maar die registrateur moet, soos gou as redelik moontlik na die aanstelling en in elk geval binne 30 dae na die aanstelling, by die Hooggeregshof aansoek doen om ’n bevel wat die aanstelling bevestig. (3) By die aanoor van ’n aansoek ingevolge subartikel (2), moet die hof die aanstelling bevestig, tensy die hof oortuig is dat die gronde vir die doen van die aanstelling nie meer bestaan nie. 35 40 45 50 55 162 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 162 (4) The statutory manager of a financial institution— (a) must be allowed full access to the accounting records, financial statements and other information relating to the affairs of the financial institution; (b) must participate in the management of the affairs of the financial institution with its executive directors or managers: Provided that where there is disagreement between the statutory manager and the executive directors of the financial institution, the statutory manager shall take the final decision; and is entitled to receive such remuneration from the institution as the Court may order. (c) (5) (a) The statutory manager of a financial institution and the financial institution must manage the affairs of the institution with the greatest economy possible compatible with efficiency and, as soon as practicable, report to the registrar and indicate what steps should be taken to ensure that the financial institution— (i) complies with the law; (ii) becomes financially sound; and is properly administered. (iii) (b) If the statutory manager considers that it is not practicable to take steps in terms of paragraph (a), he or she must report to the registrar and must indicate— (i) whether steps should be taken to transfer the financial services business or a part thereof of the financial institution to an appropriate person and, if so, on what terms; or (ii) whether the financial institution should be wound up or placed under curatorship. (6) The statutory manager of a financial institution and the financial institution must comply with directives issued by the registrar from time to time in relation to the statutory manager’s functions and report to the registrar should the statutory manager be hindered in giving effect to any such directives. (7) The statutory manager of a financial institution and the financial institution may, after giving notice to the registrar, at any time apply to the court for directions. (8) The registrar may at any time apply to the court to— (a) (b) terminate the statutory management; or remove a statutory manager from office and, subject to subsection (2), to confirm the appointment of a replacement. (9) The statutory manager of a financial institution is not liable for loss suffered by the financial institution unless it is established that the loss was caused by the statutory manager’s fraud, dishonesty or wilful failure to comply with the law. (10) The provisions of this section must not to be construed as limiting any of the powers of the registrar under section 5.’’. Amendment of section 6 of Act 28 of 2001, as amended by section 42 of Act 22 of 2008 - 163 Verify source ↗
Section 6 of the principal Act is hereby amended—
AI-assisted research summary: This section amends section 6 and sets out the statutory manager’s access, reporting, compliance, guidance, and liability rules for a financial institution.
163. Section 6 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for paragraphs (c) and (d) of the following paragraphs, respectively: ‘‘(c) compel any institution to comply with a lawful request, directive or instruction made, issued or given by the registrar under a law; [or] (d) obtain a declaratory order [on any point of law] relating to any law or the business of an institution[.];’’; 5 10 15 20 25 30 35 40 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 163 Wet No. 45 van 2013 163 (4) Die statutêre bestuurder van ’n finansiële instelling— (a) moet volle toegang tot die rekeningkundige rekords, finansiële state en ander inligting rakende die sake van die finansiële instelling, gegee word; (b) moet deelneem aan die bestuur van die sake van die finansiële instelling met die instelling se uitvoerende direkteurs of bestuurders: Met dien verstande dat waar daar verdeeldheid is tussen die statutêre bestuurder en die uitvoerende direkteure van die finansiële instelling, die statutêre bestuurder die finale besluit sal neem; en is geregtig daarop om sodanige besoldiging van die instelling te ontvang wat die Hof beveel. (c) (5) (a) Die statutêre bestuurder van ’n finansiële instelling moet die sake van die instelling bestuur met die grootste moontlike spaarsaamheid wat met doeltreffendheid bestaanbaar is en, so gou redelik moontlik, aan die registrateur verslag doen en aandui watter stappe gedoen moet word om te verseker dat die finansiële instelling— (i) aan die wet voldoen; (ii) finansieel gesond word; en (iii) behoorlik geadministreer word. (b) Indien die statutêre bestuurder van mening is dat dit nie redelik moontlik is om ingevolge paragraaf (a) stappe te doen nie, moet hy of sy by die registrateur verslag doen en aandui— (i) of stappe geneem moet word om die finansiëledienste-onderneming of ’n gedeelte daarvan van die finansiële instelling na ’n gepaste persoon oor te dra, en indien wel, volgens watter terme; of (ii) of die finansiële instelling ontbind of onder kuratorskap geplaas moet word. (6) Die statutêre bestuurder van ’n finansiële instelling en die finansiële instelling moet voldoen aan die lasgewings van tyd tot tyd deur die registrateur uitgereik met betrekking tot die statutêre bestuurder se werksaamhede en aan die registrateur verslag doen sou die statutêre bestuurder belemmer word in die uitvoering van enige sodanige lasgewings. (7) Die statutêre bestuurder van ’n finansiële instelling en die finansiële instelling mag, na kennis aan die registrateur gegee is, te eniger tyd by die hof aansoek doen om leiding. (8) Die registrateur mag te eniger tyd by die hof aansoek doen om— (a) die statutêre bestuur te beëindig; of (b) ’n statutêre bestuurder van amp te onthef en, behoudens subartikel (2), om die aanstelling van ’n plaasvervanger te bevestig. (9) Die statutêre bestuurder van ’n finansiële instelling is nie aanspreeklik vir verlies gely deur die finansiële instelling nie, tensy daar vasgestel word dat die verlies deur die statutêre bestuurder se bedrog, oneerlikheid of opsetlike versuim om aan die wet te voldoen, veroorsaak is. (10) Die bepalings van hierdie artikel moet nie uitgelê word as dit enige van die registrateur se bevoegdhede kragtens artikel 5, beperk nie.’’. 5 10 15 20 25 30 35 40 45 Wysiging van artikel 6 van Wet 28 van 2001, soos gewysig deur artikel 42 van Wet 22 van 2008 - 163 Verify source ↗
Artikel 6 van die Hoofwet word hierby gewysig—
AI-assisted research summary: The registrar may require an institution to provide information, appear for questioning, make arrangements to comply, or stop business/trust-property dealings in some cases.
163. Artikel 6 van die Hoofwet word hierby gewysig— (a) deur paragrawe (c) en (d) in subartikel (1) onderskeidelik deur die volgende 50 paragrawe te vervang: ‘‘(c) enige [persoon] instelling te dwing om aan ’n wettige versoek, instruksie gerig, uitgereik of gegee deur die lasgewing of registrateur kragtens ’n wet te voldoen; [of] ’n verklarende bevel [ten opsigte van enige regspunt] met betrekking tot enige wet of die besigheid van ’n instelling te verkry[.];’’; (d) 55 164 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 164 (b) by the addition to subsection (1) of the following paragraphs: the concealment, ‘‘(e) prevent removal, dissipation or destruction (f) of assets or evidence thereof by any institution; seize and remove the assets of an institution for safe custody pending the exercising of such other legal remedy as may be available to the registrar.’’; (c) by the substitution for subsection (2) of the following subsection: ‘‘(2) For the purpose of ensuring compliance with a law, or if the registrar has reason to believe that an institution is contravening or failing to comply with, or has contravened or failed to comply with, any provision of a law, the registrar may— (a) by notice direct that institution to— (i) (ii) furnish the registrar within a specified period with any specified information or documents in the possession or under the control of that institution and which relate to the matter of such contravention or failure; appear before the registrar at a specified time and place for questioning by the registrar in connection with such matter; [or] (iii) make arrangements to the satisfaction of the registrar for the discharge of all or any part of that institution’s obligations in terms of such law; or if it appears that prejudice has occurred or might occur as a result of such contravention or failure to comply, [apply to a court having jurisdiction for an order restraining] by notice prohibit such institution from continuing business or dealing with trust property pending an application to court by the registrar as contemplated in section 5, or pending the exercising of such other legal remedy as may be available to the registrar.’’; (b) (d) by the insertion after subsection (3) of the following subsection: ‘‘(4) (a) The registrar may accept an undertaking by a person to do something or to refrain from doing something in connection with a matter regarding which the registrar has a function or power. (b) The person may withdraw or vary the undertaking at any time, but only with the registrar’s consent. 5 10 15 20 25 30 35 (c) If the registrar considers that the person who gave the undertaking has breached a term of the undertaking, the registrar may apply to the High Court for an order under paragraph (d). (d) If the court is satisfied that the person has breached a term of the undertaking, the court may make— (i) an order directing that person to comply with that term of the 40 undertaking; or (ii) any other order the court considers appropriate.’’; and (e) by the addition of the following subsection: ‘‘(6) (a) The notification of anything done by the registrar may be by 45 notice on the official web site. (b) Notification under paragraph (a) does not affect any obligation of the registrar to publish by notice in the Gazette.’’. Amendment of section 6A of Act 28 of 2001, as inserted by section 43 of Act 22 of 2008 50 - 164 Verify source ↗
Section 6A of the principal Act is hereby amended by the substitution for
AI-assisted research summary: This provision gives the registrar powers to refer alleged contraventions, require information and appearances, stop business in some cases, and accept undertakings; it also lets the board authorize the registrar to impose sanctions.
164. Section 6A of the principal Act is hereby amended by the substitution for subsection (1) of the following subsection: ‘‘(1) (a) Despite anything to the contrary in any other law, if a registrar is of the opinion that a person has contravened a provision of a law in respect of which the registrar is not authorised to impose a penalty or a fine, the registrar may refer the alleged contravention to the enforcement committee. (b) The board may authorise a registrar to impose any sanction that the board is authorised to impose under the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001).’’. 55 60 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 165 Wet No. 45 van 2013 165 (b) deur die volgende paragrawe by subartikel (1) te voeg: ‘‘(e) die verberging, verwydering, verkwisting of vernietiging van bates, (f) of bewyse daarvan, deur enige instelling; beslag lê op die bates van ’n instelling en dit verwyder vir veilige bewaring hangende die uitoefening van sodanige ander regsmiddel wat aan die registrateur beskikbaar mag wees.’’; (c) deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Die registrateur kan, ten einde voldoening aan ’n wet te verseker, of indien die registrateur rede het om te glo dat ’n instelling enige bepaling van ’n wet oortree of versuim om daaraan te voldoen, of oortree het of versuim het om daaraan te voldoen— (a) by kennisgewing daardie instelling gelas om— (i) die registrateur binne ’n vermelde tydperk te voorsien van enige vermelde inligting of dokumente in die besit of onder die beheer van daardie instelling en wat betrekking het op die aangeleentheid van sodanige oortreding of versuim; (ii) voor die registrateur op ’n vermelde tyd en plek te verskyn vir ondervraging deur die registrateur in verband met sodanige aangeleentheid; [of] (iii) reëlings tot bevrediging van die registrateur te tref vir die nakoming van alle, of enige deel van die, verpligtinge van daardie instelling ingevolge so ’n wet; of indien dit blyk dat nadeel voorgekom het of mag voorkom as ’n gevolg van so ’n oortreding of versuim om te voldoen, [aansoek doen by ’n hof wat oor regsbevoegdheid beskik om ’n bevel] wat so ’n instelling by kennisgewing daarvan weerhou om voort te gaan met besigheid of met trustgoed te handel hangende ’n aansoek deur die registrateur by ’n hof soos beoog in artikel 5, of hangende die aanwending van enige ander regsremedie wat aan die registrateur beskikbaar mag wees.’’; (b) (d) deur die volgende subartikel na subartikel (3) in te voeg: ‘‘(4) (a) Die registrateur kan ’n onderneming aanvaar deur ’n persoon om iets te doen of nie te doen nie in verband met ’n aangeleentheid ten opsigte waarvan die registrateur ’n werksaamheid of bevoegdheid het. (b) Die persoon kan die onderneming te eniger tyd onttrek of varieer, maar slegs met die registrateur se instemming. (c) Indien die registrateur van mening is dat die persoon wat die onderneming gegee het ’n voorwaarde daarvan verbreek het, kan die registrateur by die Hooggeregshof om ’n hofbevel kragtens paragraaf (d) aansoek doen. (d) Indien die hof tevrede is dat die persoon ’n voorwaarde van die onderneming verbreek het, kan die hof— (i) ’n bevel uitreik wat daardie persoon gelas om aan daardie voorwaarde van die onderneming te voldoen; of (ii) enige ander bevel uitreik wat die hof gepas ag.’’; en 5 10 15 20 25 30 35 40 45 (e) deur die volgende subartikel by te voeg: ‘‘(6) (a) Kennisgewing van enigiets deur die registrateur gedoen kan by kennisgewing op die amptelike webwerf geskied. (b) Kennisgewing kragtens paragraaf (a) raak geen verpligting van die registrateur om by kennisgewing in die Staatskoerant te publiseer nie.’’. 50 Wysiging van artikel 6A van Wet 28 van 2001, soos ingevoeg deur artikel 43 van Wet 22 van 2008 - 164 Verify source ↗
Artikel 6A van die Hoofwet word hierby gewysig deur subartikel (1) deur die
AI-assisted research summary: A registrar may refer an alleged breach to the enforcement committee, and the board may authorize a registrar to impose a sanction in certain cases.
164. Artikel 6A van die Hoofwet word hierby gewysig deur subartikel (1) deur die volgende paragrawe te vervang: ‘‘(1) (a) Ondanks enige bepaling tot die teendeel in ’n wet, kan ’n registrateur, indien hy of sy van mening is dat ’n persoon ’n bepaling van ’n wet oortree het ten opsigte waarvan die registrateur nie gemagtig is om ’n straf of ’n boete op te lê nie, die beweerde oortreding na die afdwingingskomitee verwys. (b) Die raad mag ’n registrateur magtig om ’n sanksie op te lê wat die raad gemagtig is om op te lê kragtens die Wet op die Finansiële Intelligensiesentrum, 2001 (Wet No. 38 van 2001).’’. 55 60 166 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 166 Amendment of section 6B of Act 28 of 2001, as inserted by section 43 of Act 22 of 2008 - 165 Verify source ↗
Section 6B of the principal Act is hereby amended—
AI-assisted research summary: This section amends section 6B and adds filing and extension procedures for affidavits and agreements.
165. Section 6B of the principal Act is hereby amended— (a) by the substitution in subsection (1) for paragraph (a) of the following paragraph: ‘‘(a) a notice setting out the details and nature of the alleged contraven- tion [and the administrative sanction that, in the opinion of the applicant, should be imposed]; and’’; and (b) by the substitution in subsection (7) for paragraph (b) of the following paragraph: ‘‘(b) The agreement must be filed with the chairperson or deputy chairperson of the enforcement committee to be made an order of the enforcement committee, as contemplated in section 6D(2).’’; (c) by the addition of the following subsection: ‘‘(8) (a) The chairperson of the panel designated by the enforcement committee to hear a matter contemplated in subsection (2) may, on the written request of a party and on good cause shown, extend the time period to file such affidavit. (b) A written request contemplated in paragraph (a) must be filed with the chairperson on or before the expiry date within which to file the relevant affidavit. (c) A party seeking an extension of time must first approach the other party and the written request must indicate whether the parties have agreed to an extension.’’. 5 10 15 20 Amendment of section 6C of Act 28 of 2001, as inserted by section 43 of Act 22 of 2008 25 - 166 Verify source ↗
Section 6C of the principal Act is hereby amended—
AI-assisted research summary: The enforcement committee must notify the applicant and respondent of the hearing details within the stated time, and it may require a person to appear, be examined, and produce documents in exceptional cases.
166. Section 6C of the principal Act is hereby amended— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) The enforcement committee must [within 30 days of the expiry of the time periods for the filing of affidavits referred to in section 6B(2), (3), (4) and (5)] inform the applicant and respondent of the date, time and place of the hearing, which must not be less than 30 days after the expiry of the time periods for the filing of the affidavit referred to in section 6B(2), or 6B(4) if applicable.’’; and (b) by the substitution for subsection (3) of the following subsection: ‘‘(3) Where a matter cannot properly be decided on affidavit, in exceptional circumstances and when it is necessary to come to a just decision, the enforcement committee may order any person to appear before the panel to be examined and cross-examined as a witness and to produce a document specified in the summons.’’. Amendment of section 6D of Act 28 of 2001, as inserted by section 43 of Act 22 of 2008 - 167 Verify source ↗
Section 6D of the principal Act is hereby amended—
AI-assisted research summary: This section amends section 6D so the enforcement committee may impose administrative sanctions and make costs orders.
167. Section 6D of the principal Act is hereby amended— (a) by the substitution in subsection (2) for the words preceding paragraph (a) of the following words: ‘‘If the enforcement committee is satisfied on a balance of probabilities that there was a contravention as contemplated in subsection (1) the enforcement committee may, despite the provisions of any law, impose any one or more of the following administrative sanctions:’’; and (b) by the substitution for subsection (5) of the following subsection: ‘‘(5) The enforcement committee may as part of a determination make such order as to— (a) costs as it may deem suitable and fair, including the cost of constituting the enforcement committee panel and all expenses reasonably incurred by the applicant in investigating the alleged 30 35 40 45 50 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 167 Wet No. 45 van 2013 167 Wysiging van artikel 6B van Wet 28 van 2001, soos ingevoeg deur artikel 43 van Wet 22 van 2008 - 165 Verify source ↗
Artikel 6B van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends article 6B to change notice wording, require filing an agreement with the enforcement committee chairperson/vice-chairperson, and allow the panel chairperson to extend the affidavit filing period on written request and good cause.
165. Artikel 6B van die Hoofwet word hierby gewysig— (a) deur paragraaf (a) in subartikel (1) deur die volgende paragraaf te vervang: ‘‘(a) ’n kennisgewing wat ’n uiteensetting gee van die besonderhede en aard van die beweerde oortreding [en van die administratiewe sanksie wat, na die mening van die aansoeker, opgelê moet word]; en’’; en (b) deur paragraaf (b) in subartikel (7) deur die volgende paragraaf te vervang: ‘‘(b) Die ooreenkoms moet by die voorsitter ondervoorsitter van die afdwingingskomitee ingedien word en ’n bevel van die afdwingings- komitee gemaak word, soos beoog in artikel 6D(2).’’; (c) deur die volgende subartikel by te voeg: ‘‘(8) (a) Die voorsitter van die paneel deur die afdwingingskomitee aangewys om ’n aangeleentheid in subartikel (2) beoog aan te hoor kan, by skriftelike versoek van ’n party en by die aanvoer van goeie gronde, die tydperk vir die indiening van sodanige beëdigde verklaring verleng. (b) ’n Skriftelike versoek in paragraaf (a) bedoel, moet by die voorsitter ingedien word op of voor die vervaldatum vir die indiening van die toepaslike beëdigde verklaring. (c) ’n Party wat uitstel verlang moet eers die ander party nader en die skriftelike versoek moet meld of die partye op uitstel ooreengekom het, al dan nie.’’. 5 10 15 20 Wysiging van artikel 6C van Wet 28 van 2001, soos ingevoeg deur artikel 43 van Wet 22 van 2008 25 - 166 Verify source ↗
Artikel 6C van die Hoofwet word hierby gewysig—
AI-assisted research summary: The enforcement committee must notify the applicant and respondent of the hearing date, time, and place, and the hearing date must be at least 30 days after the relevant affidavit-filing period expires.
166. Artikel 6C van die Hoofwet word hierby gewysig— (a) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Die afdwingingskomitee moet [binne 30 dae vanaf die verstryking van die tydperke vir die indiening van beëdigde verklarings bedoel in artikel 6B(2), (3), (4) en (5)] die aansoeker en respondent verwittig van die datum, tyd en plek van die verhoor, wat nie minder as 30 dae na die verstryking van die tydperke vir die indiening van die beëdigde verklaring in artikel 6B(2), of 6B(4) bedoel, indien van toepassing, mag wees nie.’’; en (b) deur subartikel (3) deur die volgende subartikel te vervang: ‘‘(3) Waar daar nie behoorlik oor ’n saak beslis kan word deur beëdigde verklarings nie, onder buitengewone omstandighede en wanneer dit nodig is om tot ’n regverdige besluit te kom, kan die afdwingingskomitee enige persoon beveel om voor die paneel te verskyn om as ’n getuie ondervra of kruisondervra te word en om ’n dokument in die dagvaarding vermeld, voor te lê.’’. 30 35 40 Wysiging van artikel 6D van Wet 28 van 2001, soos ingevoeg deur artikel 43 van Wet 22 van 2008 - 167 Verify source ↗
Artikel 6D van die Hoofwet word hierby gewysig—
AI-assisted research summary: The enforcement committee may impose administrative sanctions if it is satisfied on a balance of probabilities that a contravention occurred, and it may also make cost orders.
167. Artikel 6D van die Hoofwet word hierby gewysig— (a) deur in subartikel (2) die woorde wat paragraaf (a) voorafgaan deur die 45 volgende woorde te vervang: ‘‘Indien die afdwingingskomitee op ’n oorwig van waarskynlikhede oortuig is dat daar ’n oortreding soos beoog in subartikel (1) was, kan die afdwingingskomitee, ondanks die bepalings van enige wet, enige een of meer van die volgende administratiewe sanksies oplê:’’; en (b) deur subartikel (5) deur die volgende subartikel te vervang: ‘‘(5) Die afdwingingskomitee kan as deel van ’n vasstelling— (a) die kostebevel maak wat hy ag geskik en billik is, met inbegrip van die koste daaraan verbonde om die paneel van die afdwingings- komitee saam te stel en al die uitgawes wat redelikerwys aangegaan 50 55 168 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 168 (b) non-compliance and referring the matter to the enforcement committee; and the payment of interest on any amount contemplated in subsections (2) and (5)(a) at the rate prescribed in terms of section 1(2) of the Prescribed Rate of Interest Act, 1975 (Act No. 55 of 1975).’’. Amendment of section 6E of Act 28 of 2001, as inserted by section 43 of Act 22 of 2008 - 168 Verify source ↗
Section 6E of the principal Act is hereby amended by the substitution in
AI-assisted research summary: This section changes how a determination must be delivered and requires a confirmatory copy after fax or electronic delivery.
168. Section 6E of the principal Act is hereby amended by the substitution in subsection (1) for paragraph (a) of the following paragraph: ‘‘(a) cause a copy of the determination to be delivered to the applicant and the respondent at the address stated in [section 6B(4)] section 6B(2)(a) or any other address elected by the respondent— (i) by hand delivery; (ii) by facsimile transmission or electronic means to a number or electronic address furnished by the respondent: Provided that a confirmatory copy of the determination is sent by ordinary mail or by other suitable method within one day of such facsimile or electronic transmission; or (iii) by prepaid registered post; and’’. 5 10 15 Amendment of section 6F of Act 28 of 2001, as inserted by section 43 of Act 22 of 2008 20 - 169 Verify source ↗
The following subsection is hereby substituted for subsection (1) of section 6F of
AI-assisted research summary: A determination of the enforcement committee may be appealed to the High Court as if it were a magistrate’s civil decision.
169. The following subsection is hereby substituted for subsection (1) of section 6F of the principal Act: ‘‘(1) [Subject to the appeal proceedings under the Financial Intelligence Centre Act, 2001, and subsection (2), a] A determination of the enforcement committee may be taken on appeal to the High Court as if the determination were a decision of a magistrate in a civil matter.’’. Amendment of section 6H of Act 28 of 2001 - 170 Verify source ↗
Section 6H of the principal Act is hereby amended by the substitution for
AI-assisted research summary: Money received by the board from an administrative sanction must, after costs are recovered and subject to subsection (2), be used only for consumer education or public protection.
170. Section 6H of the principal Act is hereby amended by the substitution for subsection (1) of the following subsection: ‘‘(1) Any payment received by the board pursuant to an administrative sanction imposed under section 6D(2)(a) must, after recovering costs, and subject to subsection (2), exclusively be utilised for purposes of consumer education or the protection of the public.’’. 25 30 Amendment of section 7 of Act 28 of 2001, as amended by section 44 of Act 22 of 2008 35 - 171 Verify source ↗
Section 7 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: The registrar may declare certain business practices undesirable for financial institutions, and must base that decision on specified harmful effects.
171. Section 7 of the principal Act is hereby amended by the substitution for subsection (1) of the following subsection: ‘‘(1) (a) The registrar may, by notice in the Gazette, declare a specific practice or method of conducting business an ‘irregular or undesirable practice’ or an ‘undesirable method of conducting business’ for a specific category or categories of financial institutions, or for all such institutions. (b) In determining whether or not a declaration contemplated in pararaph (a) should be made, the registrar must be guided by whether the practice concerned has or is likely to have the effect of— (i) harming the relations between financial institutions or any category of financial institutions, or any financial institution and clients or the general public; (ii) unreasonably prejudicing any client; (iii) deceiving or misleading any client; or (iv) unfairly affecting any client, and whether, if the practice is allowed to continue, one of more objects of the law in question will, or are likely to, be defeated.’’. 40 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 169 Wet No. 45 van 2013 169 is deur die aansoeker in die ondersoek na die beweerde nie- voldoening en die verwysing van die saak na die afdwingings- komitee; en (b) die bevel maak vir die betaling van rente op enige bedrag beoog in subartikels (2) en (5)(a) teen die koers ingevolge artikel 1(2) van die Wet op die Voorgeskrewe Rentekoers, 1975 (Wet No. 55 van 1975), voorgeskryf.’’. 5 Wysiging van artikel 6E van Wet 28 van 2001, soos ingevoeg deur artikel 43 van Wet 22 van 2008 - 168 Verify source ↗
Artikel 6E van die Hoofwet word hierby gewysig deur paragraaf (a) in subartikel
AI-assisted research summary: A copy of the determination must be delivered to the applicant and respondent, and if sent by fax or electronically, a confirming copy must be sent by ordinary post or another suitable method within one day.
168. Artikel 6E van die Hoofwet word hierby gewysig deur paragraaf (a) in subartikel 10 (1) deur die volgende paragraaf te vervang: ‘‘(a) ’n afskrif van die vasstelling laat aflewer by die aansoeker en die respondent by die adres in [artikel 6B(4)] artikel 6B(2)(a) vermeld of enige ander adres deur die respondent gekies— (i) per hand; (ii) per faks of elektronies na ’n nommer of elektroniese adres deur die respondent verskaf: Met dien verstande dat ’n bevestigende afskrif van die vasstelling per gewone pos of met ’n ander gepaste metode gestuur word binne een dag na sodanige faks of elektroniese versending; of 15 20 (iii) per voorafbetaalde geregistreerde pos; en’’. Vervanging van artikel 6F van Wet 28 van 2001, soos ingevoeg deur artikel 43 van Wet 22 van 2008 - 169 Verify source ↗
Subartikel (1) van artikel 6F van die Hoofwet word hierby deur die volgende
AI-assisted research summary: This section replaces subsection 6F(1) so that an enforcement committee determination may be appealed to the High Court, subject to the listed appeal proceedings and subsection (2).
169. Subartikel (1) van artikel 6F van die Hoofwet word hierby deur die volgende subartikel vervang: ‘‘(1) [Behoudens die appèlverrigtinge kragtens die Wet op die Finansiële Intelligensiesentrum, 2001, en subartikel (2)] kan ’n vasstelling] ’n Vasstelling van die afdwingingskomitee kan op appèl geneem word by die Hoë Hof asof die vasstelling ’n beslissing van ’n landdros in ’n siviele saak was.’’. Wysiging van artikel 6H van Wet 28 van 2001 - 170 Verify source ↗
Artikel 6H van die Hoofwet word hierby gewysig deur subartikel (1) deur die
AI-assisted research summary: Money the council receives from an administrative sanction must, after expenses are covered and subject to subarticle (2), be used only for consumer education or public protection.
170. Artikel 6H van die Hoofwet word hierby gewysig deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Enige betaling deur die raad ontvang na aanleiding van ’n administratiewe sanksie kragtens artikel 6D(2)(a) opgelê, moet, nadat uitgawes gedek is, en behoudens subartikel (2), uitsluitlik aangewend word vir doeleindes van verbruikers-opvoeding of die beskerming van die publiek.’’. Wysiging van artikel 7 van Wet 28 van 2001, soos gewysig deur artikel 44 van Wet 22 van 2008 - 171 Verify source ↗
Artikel 7 van die Hoofwet word hierby gewysig deur subartikel (1) deur die
AI-assisted research summary: The registrar may, by notice in the Government Gazette, declare certain business practices or methods to be irregular or undesirable for some or all financial institutions.
171. Artikel 7 van die Hoofwet word hierby gewysig deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) (a) Die registrateur kan, by kennisgewing in die Staatskoerant, ’n bepaalde praktyk of metode van besigheid dryf, verklaar as ’n ‘onreëlmatige of onwenslike praktyk’ of ’n ‘onwenslike metode van dryf van besigheid’ vir ’n bepaalde kategorie of kategorieë finansiële instellings, of vir alle sodanige instellings. (b) Wanneer die registrateur bepaal of ’n verklaring in paragraaf (a) beoog gemaak moet word al dan nie, moet hy of sy gelei word deur die oorweging of die betrokke praktyk die uitwerking het of kan hê dat— (i) die verhoudinge tussen finansiële instellings of enige kategorie instelling, of enige finansiële instelling en kliënte of die algemene publiek skade ly; (ii) enige kliënt onredelik benadeel word; (iii) enige kliënt bedrieg of mislei of word; of (iv) enige kliënt onregverdig geraak word, en of, indien die praktyk toegelaat word om voort te gaan, een of meer van die oogmerke van die betrokke wet verydel, of waarskynlik verydel, sal word.’’. 25 30 35 40 45 50 170 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 170 Repeal of section 8 of Act 28 of 2001 - 172 Verify source ↗
Section 8 of the principal Act is hereby repealed.
AI-assisted research summary: Section 8 of the principal Act is repealed.
172. Section 8 of the principal Act is hereby repealed. Insertion of section 9A in Act 28 of 2001 - 173 Verify source ↗
The following section is hereby inserted in the principal Act after section 9:
AI-assisted research summary: This provision inserts a new section titled “Verification of information” into the principal Act after section 9.
173. The following section is hereby inserted in the principal Act after section 9: ‘‘Verification of information - 9A Verify source ↗
Before making a determination in accordance with any law as to
AI-assisted research summary: Before deciding whether a person is fit and proper to hold or continue to hold office in a financial institution, the registrar may verify information or ask for verification.
9A. Before making a determination in accordance with any law as to whether or not a person is fit and proper to hold office or continue to hold office in a financial institution, the registrar may request for the verification of information or may verify information at the registrar’s disposal by making enquiries to any state department, credit bureau or other source of relevant information concerning that person.’’. Amendment of section 10 of Act 28 of 2001 - 174 Verify source ↗
Section 10 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: A person who breaks or fails to comply with Chapter 1 commits an offence and, if convicted, may be fined up to R10 million or imprisoned for up to 10 years, or both.
174. Section 10 of the principal Act is hereby amended by the substitution for subsection (1) of the following subsection: ‘‘(1) A person who contravenes or fails to comply with any provision of [this Act] Chapter 1 is guilty of an offence and on conviction liable to a fine not exceeding R10 million or to imprisonment for a period not exceeding [15] 10 years, or to both such fine and such imprisonment.’’. Part 8 5 10 15 Amendment of Financial Advisory and Intermediary Services Act, 2002 20 Amendment of section 1 of Act 37 of 2002, as amended by section 45 of Act 22 of 2008 - 172 Verify source ↗
Artikel 8 van die Hoofwet word hierby herroep.
AI-assisted research summary: Section 172 repeals Article 8 of the main Act and refers to the insertion of Article 9A in Act 28 of 2001.
172. Artikel 8 van die Hoofwet word hierby herroep. Invoeging van artikel 9A in Wet 28 van 2001 - 173 Verify source ↗
Die volgende artikel word hierby na artikel 9 in die Hoofwet ingevoeg:
AI-assisted research summary: An article titled “Verification of information” is inserted after section 9 in the principal Act.
173. Die volgende artikel word hierby na artikel 9 in die Hoofwet ingevoeg: ‘‘Verifiëring van inligting - 9A Verify source ↗
Voor ’n bepaling ooreenkomstig enige wet gemaak word oor of ’n
AI-assisted research summary: The registrar may ask for information to be verified, or verify information itself, when deciding whether a person is fit and proper to hold office in a financial institution.
9A. Voor ’n bepaling ooreenkomstig enige wet gemaak word oor of ’n persoon gepas en geskik is om ’n amp in ’n finansiële instelling te behou, al dan nie, kan die registrateur versoek dat inligting geverifieer word of kan inligting wat tot die registrateur se beskikking is verifieer deur navrae te doen by enige staatsdepartement, kredietburo of ander bron van tersaaklike inligting aangaande daardie persoon.’’. 5 10 Wysiging van artikel 10 van Wet 28 van 2001 - 174 Verify source ↗
Artikel 10 van die Hoofwet word hierby gewysig deur subartikel (1) deur die
AI-assisted research summary: A person who contravenes or fails to comply with Chapter 1 commits an offence and may be fined up to R10 million, imprisoned for up to 10 years, or both.
174. Artikel 10 van die Hoofwet word hierby gewysig deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) ’n Persoon wat ’n bepaling van [hierdie Wet] Hoofstuk 1 oortree of versuim om daaraan te voldoen, is skuldig aan ’n misdryf en by skuldigbevinding strafbaar met ’n boete van hoogstens R10 miljoen of met gevangenisstraf vir ’n tydperk van hoogstens [15] 10 jaar, of tot beide die boete en gevangenisstraf.’’. 15 Deel 8 Wysiging van Wet op Finansiële Advies- en Tussengangersdienste, 2002 20 Wysiging van artikel 1 van Wet 37 van 2002, soos gewysig deur artikel 45 van Wet 22 van 2008 - 175 Verify source ↗
Artikel 1 van die Wet op Finansiële Advies- en Tussengangersdienste, 2002 (in
AI-assisted research summary: This section amends several definitions in the Financial Advisory and Intermediary Services Act and changes when the Act applies or does not apply in certain cases.
175. Artikel 1 van die Wet op Finansiële Advies- en Tussengangersdienste, 2002 (in hierdie deel die Hoofwet genoem), word hierby gewysig— (a) deur in subartikel (1) die omskrywing van ‘‘Advieskomitee’’ te skrap; (b) deur in subartikel (1) na die omskrywing van ‘‘Advieskomitee’’ die volgende 25 omskrywing 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 opgestel;’’; (c) deur in subartikel (1) subparagraaf (v) van paragraaf (a) van die omskrywing van ‘‘finansiële produk’’ deur die volgende subparagraaf te vervang: ‘‘(v) enige ‘sekuriteite’ soos omskryf in artikel 1 van die [Wet op Sekuriteitedienste, 2002] ‘Financial Markets Act, 2012’ (Wet No. 19 van 2012);’’; (d) deur in subartikel (1) paragraaf (h) van die omskrywing van ‘‘finansiële produk’’ deur die volgende omskrywing te vervang: ‘‘(h) enige ander produk wat na aard soortgelyk is aan enige finansiële produk bedoel in paragrawe (a) tot en met (g), en wat deur die registrateur[, na oorlegpleging met die Advieskomitee,] by kennisgewing in die Staatskoerant tot ’n finansiële produk vir die doeleindes van hierdie Wet verklaar is;’’; (e) deur in subartikel (1) na die omskrywing van ‘‘lisensiehouer’’ die volgende 30 35 40 omskrywing in te voeg: ‘‘ ‘Maatskappywet’ die Maatskappywet, 2008 (Wet No. 71 van 2008);’’; 45 (f) deur in subartikel (1) die omskrywing van ‘‘produkvoorsiener’’ deur die volgende omskrywing te vervang: ‘‘ ‘produkvoorsiener’ enige persoon wat ’n finansiële produk uitreik [uit hoofde van ’n magtiging, goedkeuring of reg verleen aan sodanige persoon kragtens enige wet, met inbegrip van die Maat- skappywet, 1973 (Wet No. 61 van 1973)];’’; 50 172 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 172 (g) by the insertion in subsection (1) after the definition of ‘‘Office’’ of the 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 Board;’’; (h) by the substitution in subsection (1) for the definition of ‘‘product supplier’’ of the following definition: ‘‘ ‘product supplier’ means any person who issues a financial product [by virtue of an authority, approval or right granted to such person under any law, including the Companies Act, 1973 (Act No. 61 of 1973)];’’; (i) by the insertion in subsection (1) after the definition of ‘‘product supplier’’ of the following definition: ‘‘ ‘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 any other person, or all or part of the public;’’; 5 10 15 (j) by the substitution in subsection (1) for the definition of ‘‘registrar’’ of the following definition: 20 ‘‘ ‘registrar’ means the [registrar or deputy registrar of financial services providers] person referred to in section 2;’’; (k) by the substitution for subsection (2) of the following subsection: ‘‘(2) For the purposes of this Act a financial product does not include any financial product exempted from the provisions of this Act by the registrar[, after consultation with the Advisory Committee,] by notice in the Gazette, taking into consideration the extent to which the rendering of financial services in respect of the product is regulated by any other law.’’; 25 (l) by the substitution in subsection (3)(a) for subparagraph (iv) of the following subparagraph: 30 ‘‘(iv) any other advisory activity exempted from the provisions of this Act by the registrar[, after consultation with the Advisory Committee,] by notice in the Gazette; (m) by the substitution in subsection (3)(b) for subparagraph (iii) of the following 35 subparagraph: ‘‘(iii) any other service exempted from the provisions of this Act by the registrar[, after consultation with the Advisory Committee,] by notice in the Gazette.’’; and (n) by the substitution for subsection (4) of the following subsection: ‘‘(4) The [provisions of this Act only apply to the] rendering of a financial service in respect of a deposit referred to in paragraph (f) of the definition of ‘financial product’ in subsection (1) with a term not exceeding 12 months by a provider which is a bank as defined in the Banks Act, 1990 (Act No. 94 of 1990), or a mutual bank as defined in the Mutual Banks Act, 1993 (Act No. 124 of 1993), or a co-operative bank as defined in the Co-operative Banks Act, 2007 (Act No. 40 of 2007), [to the extent that such application] is regulated by this Act in the code of conduct contemplated in section 15(2)(b).’’. Substitution of section 2 of Act 37 of 2002 - 176 Verify source ↗
The following section is hereby substituted for section 2 of the principal Act:
AI-assisted research summary: This section defines the registrar and allows the registrar to exempt financial products from the Act by notice in the Gazette.
176. The following section is hereby substituted for section 2 of the principal Act: ‘‘Registrar and deputy registrar of financial services providers 2. (1) The executive officer referred to in section 1 of the Financial Services Board Act, 1990 (Act No. 97 of 1990), is the registrar of financial 40 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 173 Wet No. 45 van 2013 173 (g) deur in subartikel (1) na die omskrywing van ‘‘produkvoorsiener’’ die volgende omskrywing 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;’’; (h) deur in subartikel (1) die omskrywing van ‘‘registrateur’’ deur die volgende omskrywing te vervang: ‘‘ ‘registrateur’ die [registrateur of adjunkregistrateur van ver- skaffers van finansiële dienste] persoon bedoel in artikel 2;’’; (i) deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) By die toepassing van hierdie Wet sluit ’n finansiële produk nie in enige finansiële produk wat deur die registrateur[, na oorlegpleging met die Advieskomitee,] by kennisgewing in die Staatskoerant van die bepalings van hierdie Wet vrygestel is nie met inagneming van die mate waarin die lewering van finansiële dienste ten opsigte van die produk deur enige ander wet gereël word.’’; 5 10 15 (j) deur in subartikel (1) na die omskrywing van ‘‘tussengangersdiens’’ die volgende omskrywing in te voeg: 20 ‘‘ ‘vereistes vir geskiktheid en gepastheid’ die vereistes kragtens artikel 6A gepubliseer;’’; (k) deur in subartikel (1) na die omskrywing van ‘‘voorskryf’’ die volgende omskrywing in te voeg: (l) ‘‘ ‘voortgesette professionele ontwikkeling’ ’n leer- en ontwik- kelingsproses met die doel om ’n voorsiener van finansiële dienste, sleutelpersoon, verteenwoordiger of voldoeningsbeampte in staat te stel om die bevoegdheid te onderhou om aan hierdie Wet te voldoen;’’; deur subparagraaf (iv) in subartikel (3)(a) deur die volgende subparagraaf te vervang: ‘‘(iv) enige ander adviserende aktiwiteit deur die registrateur[, na oorlegpleging met die Advieskomitee,] by kennisgewing in die Staatskoerant vrygestel van die bepalings van hierdie Wet;’’; 25 30 (m) deur subparagraaf (iii) in subartikel (3)(b) deur die volgende subparagraaf te 35 vervang: ‘‘(iii) enige ander diens deur die registrateur[, na oorlegpleging met die Advieskomitee,] by kennisgewing in die Staatskoerant vrygestel van die bepalings van hierdie Wet.’’; (n) deur subartikel (4) deur die volgende subartikel te vervang: ‘‘(4) Die [bepalings van hierdie Wet is slegs van toepassing op die] lewering van ’n finansiële diens ten opsigte van ’n deposito bedoel in paragraaf (f) van die omskrywing van ‘finansiële produk’ in subartikel (1) met ’n termyn van hoogstens 12 maande deur ’n verskaffer wat ’n bank is soos omskryf in die Bankwet, 1990 (Wet No. 94 van 1990), of ’n onderlinge bank soos omskryf in die Wet op Onderlinge Banke, 1993 (Wet No. 124 van 1993), of ’n koöperatiewe bank soos omskryf in die ‘Co-operative Banks Act, 2007’ (Wet No. 40 van 2007), [vir sover sodanige toepassing] gereël word deur hierdie Wet in die gedragskode beoog in artikel 15(2)(b).’’. 40 45 50 Vervanging van artikel 2 van Wet 37 van 2002 - 176 Verify source ↗
Artikel 2 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: The executive officer becomes the registrar of financial services providers, and the deputy executive officer becomes the deputy registrar.
176. Artikel 2 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Registrateur en adjunkregistrateur van verskaffers van finansiële dienste 2. (1) Die uitvoerende beampte in artikel 1 van die Wet op die Raad op Finansiële Dienste, 1990 (Wet No. 97 van 1990), is die registrateur van verskaffers van finansiële dienste en het die bevoegdhede en pligte 55 174 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 174 services providers and has the powers and duties provided for by or under this Act and any other law. (2) The deputy executive officer referred to in section 1 of the Financial Services Board Act, 1990 (Act No. 97 of 1990), is the deputy registrar of financial services providers. (3) The deputy registrar of financial service providers exercises the powers and duties of the registrar of financial services providers to the extent that such powers and duties have been delegated to the deputy registrar under section 20 of the Financial Services Board Act, 1990 (Act No. 97 of 1990).’’. Amendment of section 4 of Act 37 of 2002, as amended by section 46 of Act 22 of 2008 - 177 Verify source ↗
Section 4 of the principal Act is hereby amended—
AI-assisted research summary: The registrar may require an authorised financial services provider, representative, or compliance officer to provide specified information or documents, and may direct remedial steps after an on-site visit or inspection; the registrar is also barred from making one specific type of order.
177. Section 4 of the principal Act is hereby amended— (a) by the substitution for subsection (2) of the following subsection: ‘‘(2) The registrar may by notice direct an authorised financial services provider [or], representative or compliance officer to furnish the registrar, within a specified period, with specified information or documents required by the registrar for the purposes of this Act.’’; (b) by the substitution in subsection (5)(a) for subparagraphs (i) and (ii) of the following subparagraphs, respectively: ‘‘(i) (ii) [authorise any suitable person in the employ of the Board or any other suitable person to] conduct an on-site visit [of the business and affairs of a provider or representative to determine compliance with this Act] under Chapter 1A of the Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001); or instruct an inspector to conduct an inspection under [section 3 of] the Inspection of Financial Institutions Act, 1998 (Act No. 80 of 1998).’’. (c) by the deletion in subsection (5) of paragraph (b); (d) by the substitution for subsection (6) of the following subsection: ‘‘(6) After an on-site visit or inspection has been carried out in terms of subsection (5), the registrar may direct the provider, representative, compliance officer or person concerned to take any steps, or to refrain from performing or continuing to perform any act, 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).’’; and (e) by the deletion of subsection (7). Repeal of section 5 of Act 37 of 2002 - 178 Verify source ↗
Section 5 of the principal Act is hereby repealed.
AI-assisted research summary: Section 5 of the principal Act is repealed.
178. Section 5 of the principal Act is hereby repealed. Amendment of section 6 of Act 37 of 2002 5 10 15 20 25 30 35 40 - 179 Verify source ↗
Section 6 of the principal Act is hereby amended—
AI-assisted research summary: A qualifying body of persons may apply to the registrar for recognition as a representative body, and the application must follow the registrar’s prescribed manner on the official web site.
179. Section 6 of the principal Act is hereby amended— (a) by the substitution in subsection (4) for paragraph (a) of the following 45 paragraph: ‘‘(a) Any body of persons which represents a group of persons falling within the ambit of this Act, may apply to the registrar for recognition by the Board by notice [in the Gazette] on the official web site as a representative body for the purpose of performing the functions determined by the registrar[, after consultation with the Advisory Committee and the Board].’’; and 50 (b) the substitution in subsection (4)(b) for subparagraph (i) of the following subparagraph: ‘‘(i) must be made in the manner determined by the registrar by notice 55 [in the Gazette] on the official web site;’’. STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 175 Wet No. 45 van 2013 175 waarvoor kragtens hierdie Wet en enige ander wet voorsiening gemaak word. (2) Die adjunk- uitvoerende beampte in artikel 1 van die Wet op die Raad is die op Finansiële Dienste, 1990 (Wet No. 97 van 1990), bedoel, adjunkregistrateur van verskaffers van finansiële dienste. (3) Die adjunkregistrateur van verskaffers van finansiële dienste oefen die bevoegdhede en pligte uit van die registrateur van verskaffer van finansiële dienste tot die mate wat sodanige bevoegdhede en pligte kragtens artikel 20 van die Wet op die Raad op Finansiële Dienste, 1990 (Wet No. 97 van 1990), aan die adjunkregistrateur toegewys is.’’. Wysiging van artikel 4 van Wet 37 van 2002, soos gewysig deur artikel 46 van Wet 22 van 2008 - 177 Verify source ↗
Artikel 4 van die Hoofwet word hierby gewysig—
AI-assisted research summary: The registrar may require specified financial-services actors to provide information or documents, direct inspections, and order corrective steps after an on-site visit or investigation.
177. Artikel 4 van die Hoofwet word hierby gewysig— (a) deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Die registrateur kan by kennisgewing ’n gemagtigde verskaffer van finansiële dienste [of], ’n verteenwoordiger of nakomingsbeampte gelas om, binne ’n bepaalde tydperk, die registrateur te voorsien van bepaalde inligting of dokumente wat deur die registrateur vir die doeleindes van hierdie Wet vereis word.’’; 5 10 15 (b) deur subparagrawe (i) en (ii) in subartikel (5)(a) onderskeidelik deur die 20 volgende subparagraaf te vervang: ‘‘(i) (ii) [enige geskikte persoon in diens van die Raad of enige ander geskikte persoon magtig om ’n besoek ter plaatse te bring aan die besigheid en sake van ’n verskaffer of verteenwoordiger, om voldoening aan hierdie Wet te bepaal] kragtens Hoofstuk 1A van die Wet op Finansiële Instellings (Beskerming van Fondse), 2001 (Wet No. 28 van 2001); of’’; ’n inspekteur kragtens [artikel 3 van] die Wet op Inspeksie van Finansiële Instellings, 1998 (Wet No. 80 van 1998), opdrag gee om ’n inspeksie te doen.;’’ (c) deur paragraaf (b) in subartikel (5) te skrap; (d) deur subartikel (6) deur die volgende subartikel te vervang: ‘‘(6) Na ’n besoek of ondersoek ter plaatse ingevolge subartikel (5) gebring of uitgevoer is, kan die registrateur die betrokke verskaffer, voldoeningsbeampte, verteenwoordiger of persoon gelas om enige stappe te doen, of hom of haar daarvan te onthou om enige handeling uit te voer of om aan te hou om dit uit te voer, ten einde enige oortreding van of versuim om te voldoen aan enige bepaling van hierdie Wet, te beëindig of reg te stel: Met dien verstande dat die registrateur nie ’n bevel bedoel in artikel 6D(2)(b) van die Wet op Finansiële Instellings (Beskerming van Fondse), 2001 (Wet No. 28 van 2001), mag maak nie.’’; en (e) deur subartikel (7) te skrap. Herroeping van artikel 5 van Wet 37 van 2002 - 178 Verify source ↗
Artikel 5 van die Hoofwet word hierby herroep.
AI-assisted research summary: Article 5 of the Principal Act is repealed.
178. Artikel 5 van die Hoofwet word hierby herroep. Wysiging van artikel 6 van Wet 37 van 2002 - 179 Verify source ↗
Artikel 6 van die Hoofwet word hierby gewysig—
AI-assisted research summary: Certain bodies of persons may apply to the registrar to be recognised as representative bodies, and the registrar sets the functions and application method by notice on the official website.
179. Artikel 6 van die Hoofwet word hierby gewysig— (a) deur paragraaf (a) in subartikel (4) deur die volgende paragraaf te vervang: ‘‘(a) Enige liggaam van persone wat ’n groep persone verteenwoordig wat binne die bestek van hierdie Wet val, kan by die registrateur aansoek doen om erkenning deur die Raad by kennisgewing [in die Staatskoerant] op die amptelike webwerf as ’n verteenwoordigende liggaam ten einde die werksaamhede bepaal deur die registrateur [na oorlegpleging met die Advieskomitee en die Raad] te verrig;’’; en (b) deur subparagraaf (i) in subartikel (4)(b) deur die volgende subparagraaf te vervang: ‘‘(i) word gedoen op die wyse bepaal deur die registrateur by kennisgewing [in die Staatskoerant] op die amptelike webwerf;’’. 25 30 35 40 45 50 55 176 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 Insertion of section 6A in Act 37 of 2002 176 - 180 Verify source ↗
The following section is hereby inserted in the principal Act after section 6:
AI-assisted research summary: The registrar must classify financial services providers and set fit-and-proper requirements by Gazette notice, and affected persons must comply within the period the registrar sets.
180. The following section is hereby inserted in the principal Act after section 6: ‘‘Fit and proper requirements 6A. (1) The registrar, for purposes of this Act, by notice in the Gazette— (a) must— classify financial services providers into different categories; (i) (ii) determine fit and proper requirements for each category of (iii) providers; and in each category of providers determine fit and proper requirements for— (aa) key individuals of providers; (bb) representatives of providers; (cc) key individuals of representatives of providers; and (dd) compliance officers; and (b) may determine fit and proper requirements for providers, key individuals, representatives, key individuals of representatives and compliance officers in general. (2) Fit and proper requirements may include, but are not limited to, appropriate standards relating to— (a) personal character qualities of honesty and integrity; (b) competence, including— experience; (i) (ii) qualifications; and (iii) knowledge tested through examinations determined by the registrar; (c) operational ability; (d) financial soundness; and (e) continuous professional development. (3) Different fit and proper requirements may be determined for providers, representatives and compliance officers that are natural persons and for those that are partnerships, trusts or corporate or unincorporated bodies. (4) The registrar may, by notice in the Gazette, amend the fit and proper requirements from time to time, and a provider, key individual, represen- tative, key individual of a representative and compliance officer must comply therewith within such period as determined by the registrar.’’. Amendment of section 7 of Act 37 of 2002, as amended by section 47 of Act 22 of 2008 - 181 Verify source ↗
Section 7 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: A person may not act or offer to act as a financial services provider or representative unless the person has the required licence or appointment, starting on a date set by the Minister in the Gazette.
181. Section 7 of the principal Act is hereby amended by the substitution for subsection (1) of the following subsection: ‘‘(1) With effect from a date determined by the Minister by notice in the Gazette, a person may not act or offer to act as a— (a) financial services provider, unless such person has been issued with a licence under section 8; or 5 10 15 20 25 30 35 40 (b) a representative, unless such person has been appointed as a representative of 45 an authorised financial services provider under section 13.’’. Amendment of section 8 of Act 37 of 2002, as amended by section 48 of Act 22 of 2008 - 182 Verify source ↗
Section 8 of the principal Act is hereby amended—
AI-assisted research summary: Applications for an authorisation under section 7(1) must be submitted to the registrar in the prescribed form and manner.
182. Section 8 of the principal Act is hereby amended— (a) by the substitution for subsection (1) of the following subsection: 50 ‘‘(1) An application for an authorisation referred to in section 7(1), including an application by an applicant not domiciled in the Republic, must be submitted to the registrar in the form and manner determined by STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 177 Wet No. 45 van 2013 Invoeging van artikel 6A in Wet 37 van 2002 177 - 180 Verify source ↗
Die volgende artikel word hierby na artikel 6 in die Hoofwet ingevoeg:
AI-assisted research summary: The registrar must publish Gazette notices classifying financial service providers and setting fit-and-proper requirements for them and related persons.
180. Die volgende artikel word hierby na artikel 6 in die Hoofwet ingevoeg: ‘‘Vereistes vir gepastheid en geskiktheid 6A. (1) Die registrateur, by die toepassing van hierdie Wet, by kennisgewing in die Staatskoerant— (a) moet— (i) verskaffers van finansiële dienste in verskillende kategorieë klassifiseer; (ii) vereistes vir geskiktheid en gepastheid vir elke kategorie (iii) verskaffers bepaal; en in elke kategorie van verskaffers, vereistes vir geskiktheid en gepastheid bepaal vir— (aa) sleutelpersone van verskaffers; (bb) verteenwoordigers van verskaffers; (cc) sleutelpersone van verteenwoordigers van verskaffers; en (dd) voldoeningsbeamptes; en 5 10 15 (b) vereistes vir geskiktheid en gepastheid vir verskaffers, sleutelpersone, sleutelpersone van verteenwoordigers en voldoeningsbeamptes in die algemeen bepaal. (2) Vereistes vir geskiktheid en gepastheid kan insluit, maar is nie beperk 20 nie tot, gepaste standaarde betreffende— (a) persoonlike karaktereienskappe van eerlikheid en integriteit; (b) bevoegdheid, insluitend— (i) ervaring; (ii) kwalifikasies; en (iii) kennis getoets deur eksamens deur die registrateur bepaal; (c) bedryfsvermoë; (d) finansiële gesondheid; en (e) voortgesette professionele ontwikkeling. (3) Verskillende vereistes vir geskiktheid en gepastheid kan bepaal word vir verskaffers, verteenwoordigers en voldoeningsbeamptes wat natuurlike persone is en vir diegene wat vennote, trusts of regspersone of oningelyfde liggame is. (4) Die registrateur kan, by kennisgewing in die Staatskoerant, die tyd wysig en ’n vereistes vir geskiktheid en gepastheid van tyd tot voorsiener, sleutelpersoon van ’n verteenwoordiger en voldoeningsbeampte moet daaraan voldoen binne ’n tydperk soos deur die registrateur bepaal.’’. sleutelpersoon, verteenwoordiger, 25 30 35 Wysiging van artikel 7 van Wet 37 van 2002, soos gewysig deur artikel 47 van Wet 22 van 2008 40 - 181 Verify source ↗
Artikel 7 van die Hoofwet word hierby gewysig deur subartikel (1) deur die
AI-assisted research summary: This section amends article 7 so that, from a date set by the Minister in the Government Gazette, no person may act or offer to act as a financial services provider or as a representative unless the stated licence or appointment conditions are met.
181. Artikel 7 van die Hoofwet word hierby gewysig deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Met ingang van ’n datum deur die Minister by kennisgewing in die Staatskoerant bepaal, mag geen persoon optree of aanbied om op te tree as— (a) ’n verskaffer van finansiële dienste nie, tensy aan sodanige persoon ’n lisensie kragtens artikel 8 uitgereik is; of ’n verteenwoordiger nie, tensy sodanige persoon as ’n verteenwoordiger van ’n gemagtigde verskaffer van finansiële dienste kragtens artikel 13 aangestel is.’’. (b) 45 Wysiging van artikel 8 van Wet 37 van 2002, soos gewysig deur artikel 48 van Wet 22 van 2008 50 - 182 Verify source ↗
Artikel 8 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This amendment changes who must be approved by the registrar, what information an applicant must provide, and when a licence may be granted, refused, suspended, or withdrawn.
182. Artikel 8 van die Hoofwet word hierby gewysig— (a) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) ’n Aansoek om ’n magtiging bedoel in artikel 7(1), met inbegrip van ’n aansoek deur ’n aansoeker wat nie in die Republiek gedomisilieer is nie, moet aan die registrateur voorgelê word in die vorm en op die 55 178 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 178 the registrar by notice [in the Gazette] on the official web site, and be accompanied by information to satisfy the registrar that the applicant complies with the fit and proper requirements determined for [fit and proper] financial services providers or categories of providers, deter- mined by the registrar by notice in the Gazette, [after consultation with the Advisory Committee,] in respect of— (a) personal character qualities of honesty and integrity; (b) [the] competence [and operational ability of the applicant to fulfil the responsibilities imposed by this Act]; [and] [the applicant’s] financial soundness[: (bA) operational ability; and (c) Provided that where the applicant is a partnership, a trust or a corporate or unincorporated body, the applicant must, in addition, so satisfy the registrar that any key individual in respect of the applicant complies with the said requirements in respect of— (i) personal character qualities of honesty and integrity; and (ii) to the extent required in order for such key individual to fulfil the responsibilities imposed on the key individual by this Act].’’; competence and operational ability, (b) by the insertion after subsection (1) of the following subsection: If ‘‘(1A) the applicant is a partnership, trust or corporate or unincorporated body, the requirements in paragraphs (a) and (b) of subsection (1) do not apply to the applicant, but in such a case the application must be accompanied by additional information to satisfy the registrar that every person who acts as a key individual of the applicant complies with the fit and proper requirements for key individuals in the category of financial services providers applied for, in respect of— (a) personal character qualities of honesty and integrity; (b) competence; and (c) operational ability, to the extent required in order for such key individual to fulfil the responsibilities imposed by this Act.’’; (c) by the substitution in subsection (2) for paragraph (b) of the following paragraph: ‘‘(b) take into consideration any other information regarding the applicant or proposed key individual of the applicant, derived from whatever source, including the Ombud and any other regulatory or supervisory authority, if such information is disclosed to the applicant and the latter is given a reasonable opportunity to respond thereto.’’; (d) by the substitution in subsection (3) for paragraphs (a) and (b) of the following paragraphs, respectively: ‘‘(a) [if] grant the application if the registrar— (i) (ii) is satisfied that [an] the applicant [complies] and its key individual or key individuals comply with the requirements of this Act[, grant the application]; and approves the key individual or key individuals of the applicant, in the case of a partnership, trust or corporate or unincorporated body; or 5 10 15 20 25 30 35 40 45 (b) [if not so satisfied,] refuse the application if the registrar— 50 (i) is not satisfied that the applicant and its key individual or key individuals comply with the requirements of this Act; or (ii) does not approve the key individual or key individuals of the applicant in the case of a partnership, trust or corporate or unincorporated body.’’; 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 179 Wet No. 45 van 2013 179 wyse deur die registrateur by kennisgewing [in die Staatskoerant] op die amptelike webwerf bepaal, en vergesel gaan van die inligting om die registrateur tevrede te stel dat die aansoeker voldoen aan die vereistes vir geskiktheid en gepastheid vir [geskikte en gepaste] verskaffers van finansiële dienste of kategorieë verskaffers, deur die registrateur by kennisgewing in die Staatskoerant bepaal, [na raadpleging met die Advieskomitee,] ten opsigte van— (a) persoonlike karaktereienskappe van eerlikheid en integriteit; (b) [die] bekwaamheid [en bedryfsvermoë van die aansoeker om die verantwoordelikhede opgelê deur hierdie Wet na te kom]; [en] (bA) bedryfsvermoë; en (c) [die] finansiële gesondheid [van die aansoeker: Met dien verstande dat waar die aansoeker ’n vennootskap, ’n trust of ’n liggaam, hetsy met regspersoonlikheid beklee al dan nie, is, die aansoeker die registrateur ook aldus tevrede moet stel dat enige sleutelpersoon ten opsigte van die aansoeker aan genoemde vereistes ten opsigte van— (i) persoonlike karaktereienskappe van eerlikheid en integriteit; en (ii) bekwaamheid en bedryfsvermoë, voldoen vir sover vereis vir so ’n sleutelpersoon om die verantwoordelikhede deur hierdie Wet aan die sleutelpersoon opgelê, na te kom].’’; (b) deur die volgende subartikel na subartikel (1) in te voeg: ‘‘(1A) Indien die aansoeker ’n vennootskap, trust of regspersoon of oningelyfde liggaam is, is die vereistes in paragrawe (a) en (b) van subartikel (1) nie op die applikant van toepassing nie, maar in so ’n geval moet die aansoek vergesel gaan van bykomende inligting om die registrateur te oortuig dat elke persoon wat as ’n sleutelpersoon van die aansoeker optree, voldoen aan die vereistes vir geskiktheid en gepastheid vir sleutelpersone in die kategorie van verskaffers van finansiële dienste waarom aansoek gedoen word, ten opsigte van— (a) persoonlike karaktereienskappe van eerlikheid en integriteit; (b) bekwaamheid; (c) bedryfsvermoë, tot die mate vereis vir sodanige sleutelindividu om die verant- woordelikhede deur hierdie Wet opgelê, te vervul.’’; (c) deur paragraaf (b) in subartikel (2) deur die volgende paragraaf te vervang: ‘‘(b) enige ander inligting betreffende die aansoeker, of voorgestelde sleutelpersoon van die aansoeker, verkry van welke bron ook al, met inbegrip van die Ombud en enige ander regulerende of toesighoudende owerheid, in ag neem indien sodanige inligting aan die aansoeker openbaar word en laasgenoemde ’n redelike geleentheid gegee word om daarop te antwoord.’’; (d) deur paragrawe (a) en (b) in subartikel (3) onderskeidelik deur die volgende paragrawe te vervang: ‘‘(a) die aansoek toestaan indien die registrateur— (i) tevrede is dat [’n] die aansoeker en sy sleutelpersoon of sleutelpersone aan die vereistes van hierdie Wet voldoen[, die aansoek toestaan]; en (ii) die aansoeker se sleutelpersoon of sleutelpersone goedkeur, in regspersoon of trust of die geval van ’n vennootskap, oningelyfde liggaam; of (b) [indien nie aldus tevrede nie,] die aansoek weier indien die registrateur— (i) nie tevrede is dat die aansoeker en sy sleutelpersoon of sleutelpersone aan die vereistes van hierdie Wet voldoen nie; of (ii) nie die sleutelpersoon of sleutelpersone van die aansoeker trust of goedkeur nie in die geval van ’n vennootskap, regspersoon of oningelyfde liggaam.’’; 5 10 15 20 25 30 35 40 45 50 55 60 180 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 180 (e) by the substitution in subsection 4(a) for subparagraphs (iii) and (iv) of the following subparagraphs, respectively: ‘‘(iii) (iv) the category of financial services providers in which the applicant [will be] is classified [in relation to the fit and proper require- ments mentioned in subsection (1)] for the purposes of this Act; and [any guidelines provided to the registrar by the Advisory Committee or the Board] the category or subcategory of financial products in respect of which the applicant could appropriately render or wishes to render financial services.’’; (f) by the substitution in subsection (4)(b) for subparagraph (iii) of the following subparagraph: ‘‘(iii) any change occurs in the personal circumstances of a key individual which [affects the fit and proper requirements mentioned in subsection (1) and] renders or may render such person to be no longer [a fit and proper person] compliant with the fit and proper requirements for key individuals,’’; (g) by the substitution in subsection (4)(b) for the words following subparagraph (iii) of the following words: ‘‘no such person may be permitted to take part in the conduct [or], management or oversight of the licensee’s business in relation to the rendering of financial services, unless such person has on application been approved by the registrar as compliant with the fit and proper requirements for key individuals, in the manner and in accordance with a procedure determined[, after consultation with the Advisory Com- mittee,] by the registrar by notice [in the Gazette] on the official web site.’’; 5 10 15 20 25 (h) by the substitution in subsection (5)(a) for the words preceding subparagraph (i) of the following words: ‘‘Where an application for authorisation is granted, the registrar must issue to the applicant—’’; 30 (i) by the substitution in subsection (5)(b) for subparagraph (ii) of the following subparagraph: ‘‘(ii) pursuant to an evaluation of a new key individual, or a change in the personal circumstances of a key individual, referred to in subsection (4)(b), impose new conditions on the licensee after having given the licensee a reasonable opportunity to be heard and having furnished the licensee with reasons,’’; 35 (j) by the substitution in subsection (7) for paragraphs (a) and (b) of the following paragraphs, respectively: 40 ‘‘(a) Despite [the provisions] any other provision of [subsections (1), (2) and (3)] this section, a person granted accreditation under section 65(3) of the Medical Schemes Act, 1998 (Act No. 131 of 1998), must, subject to this subsection, be granted authority to render as a financial services provider the specific financial service for which the person was accredited, and must be issued with a licence in terms of subsection (5). (b) The registrar must be satisfied that a person to be granted authority under paragraph (a), and any key individual of such person, comply with the [applicable] fit and proper requirements [determined under subsection (1)].’’; (k) by the insertion in subsection (8) of the word ‘‘and’’ at the end of paragraph (b); by the substitution for subsection (9) of the following subsection: (l) ‘‘(9) [A] No person may [not in any manner make use of any licence or copy thereof for business purposes where the licence has lapsed or has been withdrawn or, subject to section 9(2), during any time when the licensee is under provisional or final suspension contemplated in section 9]— (a) in any manner make use of any licence or copy thereof for business purposes where the licence has lapsed, has been withdrawn or 45 50 55 60 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 181 Wet No. 45 van 2013 181 (e) deur subparagrawe (iii) en (iv) in subartikel (4)(a) onderskeidelik deur die volgende subparagrawe te vervang: ‘‘(iii) die kategorie verskaffers van finansiële dienste waartoe die aansoeker geklassifiseer [gaan wees met betrekking tot die vereistes vir geskiktheid en gepastheid in subartikel (1) vermeld] is by die toepassing van hierdie Wet; en [enige riglyne voorsien aan die registrateur deur die Advies- komitee of die Raad] die kategorie of subkategorie van finansiële produkte ten opsigte waarvan die aansoeker finansiële dienste lewer of wil lewer.’’; (iv) deur subparagraaf (iii) in subartikel (4)(b) deur die volgende subparagraaf te vervang: ‘‘(iii) enige verandering plaasvind in die persoonlike omstandighede van ’n sleutelpersoon wat [die vereistes vir geskiktheid en gepastheid vermeld in subartikel (1) raak, en wat] maak of kan maak dat sodanige persoon nie meer [’n geskikte en gepaste persoon is] voldoen aan die vereistes vir geskiktheid en gepastheid vir sleutelpersone nie,’’; (f) (g) deur in subartikel (4)(b) die woorde wat op subparagraaf (iii) volg deur die volgende woorde te vervang: ‘‘geen sodanige persoon toegelaat kan word om deel te neem aan die dryf [of die], bestuur van[,] of [die] toesig oor, die lisensiehouer se besigheid met betrekking tot die lewering van finansiële dienste nie, tensy sodanige persoon op aansoek goedgekeur is deur die registrateur as ’n persoon wat voldoen aan die vereistes vir geskiktheid en gepastheid vir sleutel- persone, op die wyse en ooreenkomstig ’n prosedure deur die registrateur[, na oorlegpleging met die Advieskomitee,] by kennis- gewing [in die Staatskoerant] op die amptelike webwerf bepaal.’’; (h) deur in subartikel (5)(a) die woorde wat subparagraaf (i) voorafgaan deur die volgende woorde te vervang: ‘‘Waar ’n aansoek om magtiging toegestaan word, reik die registrateur aan die aansoeker—’’; (i) deur in subartikel (5)(b) subparagraaf (ii) deur die volgende subparagraaf te vervang: ‘‘(ii) voortspruitend uit ’n evaluering van ’n nuwe sleutelpersoon, of ’n verandering in die persoonlike omstandighede van ’n sleutel- persoon, bedoel in subartikel (4)(b), nuwe voorwaardes aan die lisensiehouer oplê nadat die lisensiehouer ’n redelike geleentheid gegee is om aangehoor te word en redes aan die lisensiehouer verstrek is,’’; (j) deur paragrawe (a) en (b) onderskeidelik deur die volgende paragrawe te vervang: ‘‘(a) Ondanks [die bepalings] enige ander bepaling van [subartikels (1), (2) en (3)] hierdie artikel moet aan ’n persoon aan wie akkreditering verleen is kragtens artikel 65(3) van die Wet op Mediese Skemas, 1998 (Wet No. 131 van 1998), behoudens hierdie subartikel, magtiging verleen word om die bepaalde finansiële diens as ’n verskaffer van finansiële dienste te lewer waarvoor die persoon geakkrediteer is, en ’n lisensie moet ingevolge subartikel (5) aan so ’n persoon uitgereik word. tevrede wees dat ’n persoon aan wie (b) Die registrateur moet magtiging kragtens paragraaf (a) verleen moet word, en enige sleutelpersoon van so ’n persoon, aan die [toepaslike] vereistes vir geskiktheid en gepastheid [kragtens subartikel (1) bepaal], voldoen.’’; (k) deur aan die einde van paragraaf (b) in subartikel (8), die woord ‘‘en’’ in te voeg; deur subartikel (9) deur die volgende subartikel te vervang: (l) ‘‘(9) [’n Persoon] Geen persoon mag [nie op enige wyse van ’n lisensie of ’n kopie daarvan vir besigheidsdoeleindes gebruik maak nie waar die lisensie verval het of ingetrek is of, behoudens artikel 9(2), gedurende enige tyd wanneer die lisensiehouer onder voorlopige of finale opskorting beoog in artikel 9 verkeer nie]— (a) op enige wyse gebruik maak van enige lisensie of afskrif daarvan vir besigheidsdoeleindes waar die lisensie verstryk het, ingetrek is 5 10 15 20 25 30 35 40 45 50 55 60 182 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 182 provisionally withdrawn or during any time when the licensee is under provisional or final suspension; (b) perform any act which indicates that the person renders or is authorised to render financial services or is appointed as a representative to render financial services, unless the person is so authorised or appointed; and (c) perform any act, make or publish any statement, advertisement, brochure or similar communication which— (i) relates to the rendering of a financial service, the business of a provider or a financial product; and (ii) the person knows, or ought reasonably to know, is misleading, false, deceptive, contrary to the public interest or contains an incorrect statement of fact.’’; (m) by the substitution in subsection (10)(a) for subparagraph (i) of the following subparagraph: ‘‘(i) at all times be satisfied that every director, member, trustee or partner of the provider, who is not a key individual in the provider’s business, complies with the requirements in respect of personal character qualities of honesty and integrity as contemplated in paragraph (a) of [section 8(1)] subsection (1A); and’’; and (n) by the substitution in subsection (10) for paragraph (b) of the following paragraph: ‘‘(b) If the registrar is satisfied that a director, member, trustee or partner does not comply with the requirements as contemplated in paragraph (a) of [section 8(1)] subsection (1A), the registrar may suspend or withdraw the licence of the provider as contemplated in section 9.’’. 5 10 15 20 25 Insertion of section 8A in Act 37 of 2002 - 183 Verify source ↗
The following section is hereby inserted in the principal Act after section 8:
AI-assisted research summary: This inserted section is titled “Compliance with fit and proper requirements after authorisation.”
183. The following section is hereby inserted in the principal Act after section 8: ‘‘Compliance with fit and proper requirements after authorisation 30 - 8A Verify source ↗
An authorised financial services provider, key individual, represen-
AI-assisted research summary: Specified financial services actors must keep meeting fit and proper requirements, including requirements linked to continuous professional development.
8A. An authorised financial services provider, key individual, represen- tative of the provider and key individual of the representative must— (a) continue to comply with the fit and proper requirements; and (b) comply with the fit and proper requirements relating to continuous professional development.’’ . Amendment of section 9 of Act 37 of 2002, as substituted by section 49 of Act 22 of 2008 - 184 Verify source ↗
Section 9 of the principal Act is hereby amended—
AI-assisted research summary: This provision amends section 9 to update the grounds on which a licence may be suspended or revoked.
184. Section 9 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for paragraph (a) of the following paragraph: ‘‘(a) [no longer meets the requirements contemplated in section 8] does not meet or no longer meets the fit and proper requirements applicable to the licensee, or if the licensee is a partnership, trust or corporate or unincorporated body, that the licensee or any key individual of the licensee does not meet or no longer meets the fit and proper requirements applicable to the licensee or the key individual;’’; (b) by the substitution in subsection (1) for paragraphs (c) and (d) of the following paragraphs, respectively: ‘‘(c) has failed to comply with any other provision of this Act; [or] (d) is liable for payment of a levy under section 15A of the Financial Services Board Act, 1990 (Act No. 91 of 1990), [an amount or penalty under section 33(2),] a penalty under section 41(2) and (3) or an administrative sanction under section 6D(2) of the Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001), 35 40 45 50 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 183 Wet No. 45 van 2013 183 of voorlopig ingetrek is te eniger tyd wanneer die lisensiehouer voorlopig of finaal geskors is nie; (b) enige handeling verrig wat aandui dat die persoon finansiële dienste lewer of gemagtig is om finansiële dienste te lewer of as ’n verteenwoordiger aangestel is om finansiële dienste te lewer nie, tensy die persoon aldus gemagtig of aangestel is; en enige handeling verrig, enige verklaring, advertensie, brosjure of soortgelyke kommunikasie maak of publiseer nie wat— (c) (i) betrekking het op die lewer van ’n finansiële diens, die 5 besigheid van ’n verskaffer of ’n finansiële verslag; en 10 (ii) die persoon weet, of redelikerwys behoort te weet, misleidend, vals, bedrieglik, strydig met openbare belang is of ’n verkeerde feitestelling bevat.’’; (m) deur subparagraaf (i) in subartikel (10)(a) deur die volgende subparagraaf te vervang: ‘‘(i) te alle tye oortuig wees dat elke direkteur, lid, trustee of vennoot van die verskaffer wat nie ’n sleutelpersoon in die verskaffer se besigheid is nie, voldoen aan die vereistes ten opsigte van persoonlike karaktereienskappe van eerlikheid en integriteit soos beoog in paragraaf (a) van [artikel 8(1)] subartikel (1A); en’’; en (n) deur paragraaf (b) in subartikel (10) deur die volgende paragraaf te vervang: ‘‘(b) Indien die registrateur oortuig is dat ’n direkteur, lid, trustee of vennoot nie aan die vereistes soos beoog in paragraaf (a) van [artikel 8(1)] subartikel (1A) voldoen nie, kan die registrateur die lisensie van die verskaffer opskort of intrek soos beoog in artikel 9.’’. 15 20 25 Invoeging van artikel 8A in Wet 37 van 2002 - 183 Verify source ↗
Die volgende artikel word hierby na artikel 8 in die Hoofwet ingevoeg:
AI-assisted research summary: Authorized financial service providers, key persons, and representatives must keep meeting fitness and propriety requirements, including ongoing professional development.
183. Die volgende artikel word hierby na artikel 8 in die Hoofwet ingevoeg: ‘‘Voldoening aan vereistes vir geskiktheid en gepastheid na magtiging 8A. ’n Gemagtigde verskaffer van finansiële dienste, sleutelpersoon, verteenwoordiger van die verskaffer en sleutelpersoon van die verteen- woordiger moet— (a) voortgaan om aan die vereistes vir geskiktheid en gepastheid te 30 voldoen; en (b) voldoen aan die vereistes vir geskiktheid en gepastheid wat verband 35 hou met voortgesette professionele ontwikkeling.’’. Wysiging van artikel 9 van Wet 37 van 2002, soos vervang deur artikel 49 van Wet 22 van 2008 - 184 Verify source ↗
Artikel 9 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends licence-suspension rules and requires the registrar to notify the licensee and public about suspension, withdrawal, and related reasons or terms.
184. Artikel 9 van die Hoofwet word hierby gewysig— (a) deur paragraaf (a) in subartikel (1) deur die volgende paragraaf te vervang: ‘‘(a) [nie meer voldoen aan die vereistes beoog in artikel 8 nie] nie voldoen of nie meer voldoen aan die vereistes vir geskiktheid en gepastheid van toepassing op die lisensiehouer nie, of as die lisensiehouer ’n vennootskap, trust of regspersoon of oningelyfde liggaam is, dat die lisensiehouer of enige sleutelpersoon van die lisensiehouer nie voldoen of nie meer voldoen aan die vereistes vir geskiktheid en gepastheid van toepassing op die lisensiehouer of sleutelpersoon nie;’’; (b) deur paragrawe (c) en (d) onderskeidelik deur die volgende paragrawe te vervang: ‘‘(c) versuim het om te voldoen aan enige ander bepaling van hierdie Wet; [of] (d) aanspreeklik is vir betaling van ’n heffing kragtens artikel 15A van die Wet op die Raad op Finansiële Dienste, 1990 (Wet No. 97 van 1990), [’n bedrag of boete kragtens artikel 33(2),] ’n boete kragtens artikel 41(2) en (3) of ’n administratiewe sanksie kragtens artikel 6D(2) van die Wet op Finansiële Instellings (Beskerming van 40 45 50 55 184 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 184 and has failed to pay the said levy, [amount] penalty or adminis- trative sanction and any interest in respect thereof[.];’’; (c) by the addition to subsection (1) of the following paragraphs: ‘‘(e) does not have an approved key individual; (f) (g) has failed to comply with any condition or restriction imposed has failed to comply with any directive issued under this Act; or 5 under this Act.’’; (d) by the substitution in subsection (2)(b) for the words preceding subparagraph (i) of the following words: ‘‘Where the registrar contemplates the suspension or withdrawal of any licence, the registrar must also inform the licensee of—’’; 10 (e) by the substitution in subsection (2)(b) for subparagraph (ii) of the following subparagraph: ‘‘(ii) any terms to be attached to the suspension or withdrawal, including— (aa) a prohibition on concluding any new business by the licensee as from the effective date of the suspension or withdrawal and, in relation to unconcluded business, such measures as the registrar may determine for the protection of the interests of clients of the licensee; and terms designed to facilitate the lifting of the suspension.’’; (bb) (f) by the substitution in subsection (2) for paragraph (d) of the following paragraph: ‘‘(d) Where the licence is suspended or withdrawn, the registrar must make known the reasons for the suspension or withdrawal and any terms attached thereto by notice [in the Gazette] on the official web site and may make known such information by means of any other appropriate public media.’’; (g) by the substitution in subsection (3) for paragraph (b) of the following paragraph: ‘‘(b) make known such provisional suspension or withdrawal by notice [in the Gazette] on the official web site and, if necessary, by means of any other appropriate public media.’’; (h) by the substitution in subsection (4)(a) for subparagraph (ii) of the following subparagraph: ‘‘(ii) render the provisional suspension or withdrawal final,’’; and (i) by the substitution in subsection (4) for paragraph (b) of the following paragraph: ‘‘(b) The registrar must make known the terms of and reasons for such final suspension or withdrawal, or the lifting thereof, by notice [in the Gazette] on the official web site and, if necessary, in any other appropriate public media.’’. 15 20 25 30 35 40 Amendment of section 11 of Act 37 of 2002, as amended by section 51 of Act 22 of 2008 - 185 Verify source ↗
Section 11 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: The registrar must be told in writing when a licence lapses and why. The registrar may also publish notice of lapsing, suspension, or withdrawal on the official website and other public media.
185. Section 11 of the principal Act is hereby amended by the substitution for 45 subsection (2) of the following subsection: ‘‘(2) The registrar must be advised in writing by the licensee, any key individual of the licensee, or another person in control of the affairs of the licensee, as the case may be, of the lapsing of a licence and the reasons therefor and the registrar may make known any such lapsing of a licence by notice [in the Gazette] on the official web site and, if necessary by means of any other appropriate public media announcement.’’. 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 185 Wet No. 45 van 2013 185 Fondse), 2001 (Wet No. 28 van 2001), en versuim het om genoemde heffing, [bedrag] boete of administratiewe sanksie en enige rente ten opsigte daarvan te betaal[.];’’; (c) deur die volgende paragrawe by subartikel (1) te voeg: ‘‘(e) nie ’n goedgekeurde sleutelpersoon het nie; (f) versuim het om aan enige lasgewing kragtens hierdie Wet uitgereik, te voldoen; of (g) versuim het om aan enige voorwaarde of beperking kragtens hierdie 5 Wet opgelê, te voldoen.’’; (d) deur in subartikel (2)(b) die woorde wat subparagraaf (i) voorafgaan deur die 10 volgende woorde te vervang: ‘‘Waar die registrateur die opskorting of intrekking van enige lisensie beoog, moet hy of sy ook die lisensiehouer in kennis stel van—’’; (e) deur subparagraaf (ii) in subartikel (2)(b) deur die volgende subparagraaf te vervang: ‘‘(ii) enige voorwaardes aan die opskorting of intrekking verbonde, met inbegrip van— (aa) ’n verbod op die afhandeling van enige nuwe besigheid deur die lisensiehouer vanaf die effektiewe datum van die opskorting of intrekking en, met betrekking tot onafge- handelde besigheid, die maatreëls wat die registrateur bepaal vir die beskerming van die belange van kliënte van die lisensiehouer; en (bb) voorwaardes wat bestem is om die opheffing van die opskorting te vergemaklik.’’; (f) ‘‘(d) Waar die lisensie opgeskort of deur paragraaf (d) in subartikel (2) deur die volgende paragraaf te vervang: ingetrek word, moet die registrateur die redes vir die opskorting of intrekking en enige voorwaardes daaraan verbonde by kennisgewing [in die Staatskoerant] op die amptelike webwerf bekend maak, en kan die registrateur sodanige inligting deur middel van enige ander toepaslike openbare media bekend maak.’’; (g) deur paragraaf (b) in subartikel (3) deur die volgende paragraaf te vervang: ‘‘(b) sodanige voorlopige opskorting of intrekking bekend maak by kennisgewing [in die Staatskoerant] op die amptelike webwerf en, indien nodig, deur middel van enige ander toepaslike openbare media.’’; (h) deur subparagraaf (ii) in subartikel (4)(a) deur die volgende subparagraaf te vervang: (i) ‘‘(ii) die voorlopige opskorting of intrekking finaal te maak,’’; en deur paragraaf (b) in subartikel (4) deur die volgende paragraaf te vervang: ‘‘(b) Die registrateur moet die voorwaardes van en redes vir sodanige finale opskorting of intrekking, of die opheffing daarvan, bekend maak by kennisgewing [in die Staatskoerant] op die amptelike webwerf en, indien nodig, in enige ander toepaslike openbare media.’’. Wysiging van artikel 11 van Wet 37 van 2002, soos gewysig deur artikel 51 van Wet 22 van 2008 - 185 Verify source ↗
Artikel 11 van die Hoofwet word hierby gewysig deur subartikel (2) deur die
AI-assisted research summary: If a licence lapses, the licensee, a key person, or another person in control of the licensee’s affairs must notify the registrar in writing, giving the reasons. The registrar may also publicize the lapse.
185. Artikel 11 van die Hoofwet word hierby gewysig deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Die registrateur moet skriftelik deur die lisensiehouer, enige sleutelpersoon van die lisensiehouer, of ’n ander persoon in beheer van die sake van die lisensiehouer, na gelang van die geval, in kennis gestel word van die verval van ’n lisensie en die redes daarvoor, en die registrateur kan sodanige verval van ’n lisensie bekend maak by kennisgewing [in die Staatskoerant] op die amptelike webwerf en, indien nodig, deur middel van enige ander toepaslike aankondiging in die openbare media.’’. 15 20 25 30 35 40 45 50 55 186 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 186 Amendment of section 13 of Act 37 of 2002, as amended by section 52 of Act 22 of 2008 - 186 Verify source ↗
Section 13 of the principal Act is hereby amended—
AI-assisted research summary: This provision amends section 13 so that representatives must meet fit-and-proper requirements, debarred representatives can only be reappointed under registrar-set requirements, and providers must be satisfied their representatives and related key individuals are competent and compliant.
186. Section 13 of the principal Act is hereby amended— (a) by the substitution in subsection (1)(b)(i) for the words preceding item (aa) of the following words: ‘‘[is able to provide] prior to rendering a financial service, provides confirmation, certified by the provider, to clients—’’; (b) by the insertion in subsection (1)(b) after subparagraph (i) of the following subparagraph: ‘‘(iA) meets the fit and proper requirements; and’’; (c) by the substitution in subsection (1)(b) for subparagraph (ii) of the following subparagraph: ‘‘(ii) if debarred as contemplated in section 14, complies with the requirements determined by the registrar [, after consultation with the Advisory Committee,] by notice in the Gazette, for the reappointment of a debarred person as a representative.’’; (d) by the deletion in subsection (1) of the word ‘‘or’’ at the end of paragraph (a), the addition of the word ‘‘or’’ at the end of paragraph (b) and the addition of the following paragraph: ‘‘(c) render financial services or contract in respect of financial services other than in the name of the financial services provider of which such person is a representative.’’; and (e) by the substitution in subsection (2) for paragraph (a) of the following paragraph: ‘‘(a) at all times be satisfied that the provider’s representatives, and the key individuals of such representatives, are, when rendering a financial service on behalf of the provider, competent to act, and comply with— (i) the fit and proper requirements [contemplated in paragraphs (a) and (b) of section 8(1) and subsection (1)(b)(ii) of this section, where applicable]; and (ii) any other (1)(b)(ii);’’. requirements contemplated in subsection 5 10 15 20 25 30 Amendment of section 14 of Act 37 of 2002, as amended by section 53 of Act 22 of 2008 35 - 187 Verify source ↗
Section 14 of the principal Act is hereby amended by the substitution in
AI-assisted research summary: The registrar may publicly notify a debarment and the reasons for it.
187. Section 14 of the principal Act is hereby amended by the substitution in subsection (3) for paragraph (b) of the following paragraph: ‘‘(b) The registrar may make known any such debarment and the reasons therefor by notice [in the Gazette] on the official web site or by means of any other appropriate public media.’’. 40 Amendment of section 14A of Act 37 of 2002, as amended by section 54 of Act 22 of 2008 - 188 Verify source ↗
Section 14A of the principal Act is hereby amended by the substitution for
AI-assisted research summary: The registrar may publicize a debarment, the reasons for it, or that it has been lifted.
188. Section 14A of the principal Act is hereby amended by the substitution for subsection (4) of the following subsection: ‘‘(4) The registrar may make known any such debarment and the reasons therefor, or the lifting thereof, by notice [in the Gazette] on the official web site or by means of any other appropriate public media.’’. 45 Amendment of section 15 of Act 37 of 2002, as amended by section 55 of Act 22 of 2008 - 189 Verify source ↗
Section 15 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: The registrar must draft a code of conduct for authorised financial services providers after consulting specified industry, client, and customer bodies.
189. Section 15 of the principal Act is hereby amended by the substitution for 50 paragraph (a) of subsection (1) of the following paragraph: ‘‘(a) The registrar must, after consultation [with the Advisory Committee and] with representative bodies of the financial services industry and client and customer bodies [determined by the Advisory Committee], draft a code of conduct for authorised financial services providers.’’. 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 187 Wet No. 45 van 2013 187 Wysiging van artikel 13 van Wet 37 van 2002, soos gewysig deur artikel 52 van Wet 22 van 2008 - 186 Verify source ↗
Artikel 13 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This provision amends Article 13 of the principal Act, changing rules about financial services representatives and related requirements.
186. Artikel 13 van die Hoofwet word hierby gewysig— (a) deur in subartikel (1)(b)(i) die woorde wat item (aa) voorafgaan deur die volgende woorde te vervang: 5 ‘‘[in staat is om] voor ’n finansiële diens verskaf word bevestiging, gesertifiseer deur die verskaffer, aan kliënte [te] voorsien—’’; (b) deur na subparagraaf (i) in subartikel (1)(b) die volgende subparagraaf in te voeg: ‘‘(iA) aan die vereistes vir geskiktheid en gepastheid voldoen; en’’; 10 (c) deur subparagraaf (ii) in subartikel (1)(b) deur die volgende subparagraaf te vervang: ‘‘(ii) indien onder belet soos beoog in artikel 14, voldoen aan die vereistes deur die registrateur[, na oorlegpleging met die Advieskomitee,] by kennisgewing in die Staatskoerant, vir die heraanstelling van ’n persoon onder belet as ’n verteenwoordiger bepaal.’’; (d) deur die woord ‘‘of’’ aan die einde van paragraaf (a) in subartikel (1) te skrap, die woord ‘‘of’’ in daardie subartikel aan die einde van paragraaf (b) by te voeg en die volgende paragraaf by daardie paragraaf by te voeg: ‘‘(c) finansiële dienste verskaf of kontrakteer ten opsigte van finansiële dienste behalwe in die naam van die verskaffer van finansiële dienste waarvan sodanige persoon ’n verteenwoordiger is nie.’’; en (e) deur paragraaf (a) in subartikel (2) deur die volgende paragraaf te vervang: ‘‘(a) te alle tye oortuig wees dat die verskaffer se verteenwoordigers, en die sleutelpersone van sodanige verteenwoordigers, bevoeg is, wanneer hulle ’n finansiële diens namens die verskaffer lewer, om op te tree, en voldoen aan— (i) die vereistes vir geskiktheid en gepastheid [beoog in paragrawe (a) en (b) van artikel 8(1) en subartikel (1)(b)(ii) van hierdie artikel, waar van toepassing]; en (ii) enige ander vereistes in subartikel (1)(b)(ii) beoog;’’. 15 20 25 30 Wysiging van artikel 14 van Wet 37 van 2002, soos gewysig deur artikel 53 van Wet 22 van 2008 - 187 Verify source ↗
Artikel 14 van die Hoofwet word hierby gewysig deur paragraaf (b) in subartikel
AI-assisted research summary: The registrar may publish a prohibition and the reasons for it by notice on the official website or through other suitable public media.
187. Artikel 14 van die Hoofwet word hierby gewysig deur paragraaf (b) in subartikel 35 (3) deur die volgende paragraaf te vervang: ‘‘(b) Die registrateur kan enige sodanige belet en die redes daarvoor by kennisgewing [in die Staatskoerant] op die amptelike webwerf of deur middel van enige ander toepaslike openbare media bekend maak.’’. Wysiging van artikel 14A van Wet 37 van 2002, soos gewysig deur artikel 54 van Wet 22 van 2008 40 - 188 Verify source ↗
Artikel 14A van die Hoofwet word hierby gewysig deur subartikel (4) deur die
AI-assisted research summary: The registrar may publish a notice about a ban, the reasons for it, or its lifting, on the official website or other appropriate public media.
188. Artikel 14A van die Hoofwet word hierby gewysig deur subartikel (4) deur die volgende subartikel te vervang: ‘‘(4) Die registrateur kan enige sodanige belet en die redes daarvoor, of die opheffing daarvan, bekend maak by kennisgewing [in die Staatskoerant] op die amptelike webwerf of deur middel van enige ander toepaslike openbare media.’’. 45 Wysiging van artikel 15 van Wet 37 van 2002, soos gewysig deur artikel 55 van Wet 22 van 2008 - 189 Verify source ↗
Artikel 15 van die Hoofwet word hierby gewysig deur paragraaf (a) in subartikel
AI-assisted research summary: The registrar must, after consulting representative bodies, prepare a code of conduct for authorized financial services providers.
189. Artikel 15 van die Hoofwet word hierby gewysig deur paragraaf (a) in subartikel (1) deur die volgende paragraaf te vervang: 50 ‘‘(a) Die registrateur moet, na oorlegpleging [met die Advieskomitee en] met verteenwoordigende liggame van die finansiëledienstebedryf en kliënte- en verbruikersliggame [bepaal deur die Advieskomitee], ’n gedragskode vir gemagtigde verskaffers van finansiële dienste opstel.’’. 188 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 188 Amendment of section 17 of Act 37 of 2002, as amended by section 57 of Act 22 of 2008 - 190 Verify source ↗
Section 17 of the principal Act is hereby amended—
AI-assisted research summary: Certain authorised financial services providers must appoint and use compliance officers, and compliance officers must be approved and meet fit-and-proper requirements.
190. Section 17 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for paragraphs (a) and (b) of the following paragraphs, respectively: ‘‘(a) Any authorised financial services provider with more than one key individual or one or more representatives must, subject to section 35(1)(c) and subsections (1)(b) and (2)(a)(i), appoint one or more compliance officers to oversee the provider’s compliance function and to monitor compliance with this Act by the provider and such representative or representatives, particularly in accordance with the procedures contemplated in subsection (3), and to take responsibility for liaison with the registrar. (b) Such person [may be any person with suitable qualifications and experience determined by the registrar by notice in the Gazette, after consultation with the Advisory Committee] must comply with the fit and proper requirements.’’; 5 10 15 (b) by the insertion in subsection (1) after paragraph (b) of the following paragraph: ‘‘(bA) The provisions of section 8A apply with the necessary changes 20 to a compliance officer.’’; (c) by the substitution for subsection (2) of the following subsection: ‘‘(2) (a) (i) A compliance officer must be approved by the registrar in accordance with the criteria and guidelines determined by the registrar[, after consultation with the Advisory Committee]. (ii) The registrar may amend such criteria and guidelines, and an approved compliance officer must comply with the amended criteria and guidelines within such period as may be determined by the registrar. (b) The registrar may at any time withdraw the approval if satisfied on the basis of available facts and information that the compliance officer— (i) has contravened or failed to comply with any provision of this Act; [or] (ii) does not meet or no longer meets the fit and proper requirements; or (iii) does not comply or no longer complies with the criteria and guidelines contemplated in paragraph (a) [of this subsection]. (c) The provisions of section 9(2) and (6) regarding a decision to withdraw an authorisation (excluding such provisions relating to periods and terms) apply with the necessary changes to a withdrawal of an approval contemplated in paragraph (b) [of this subsection]. (d) The registrar may make known any withdrawal of approval under this subsection and the reasons therefor by notice [in the Gazette] on the official web site or by means of any other appropriate public media.’’; and (d) by the substitution for subsection (4) of the following subsection: ‘‘(4) (a) A compliance officer or, in the absence of such officer, the authorised financial services provider concerned, must submit reports to the registrar in the manner and regarding the matters, as from time to time determined by the registrar by notice [in the Gazette] on the official web site for different categories of compliance officers[, after consulta- tion with the Advisory Committee]. (b) An authorised financial services provider must ensure that the reports referred to in paragraph (a) are submitted in accordance with the provisions of that paragraph. 25 30 35 40 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 189 Wet No. 45 van 2013 189 Wysiging van artikel 17 van Wet 37 van 2002, soos gewysig deur artikel 57 van Wet 22 van 2008 - 190 Verify source ↗
Artikel 17 van die Hoofwet word hierby gewysig—
AI-assisted research summary: Some financial services providers must appoint compliance officers, and those officers need regulatory approval and must meet suitability requirements.
190. Artikel 17 van die Hoofwet word hierby gewysig— (a) deur paragrawe (a) en (b) onderskeidelik deur die volgende paragrawe te vervang: ‘‘(a) Enige gemagtigde verskaffer van finansiële dienste met meer as een sleutelpersoon of een of meer verteenwoordigers moet, behoudens artikel 35(1)(c) en subartikels (1)(b) en (2)(a)(i), een of meer voldoeningsbeamptes aanstel om, in die besonder ooreenkomstig die prosedures beoog in subartikel (3), toesig te hou oor die verskaffers se voldoeningsfunksie en om voldoening deur die verskaffer en daardie verteenwoordiger of verteenwoordigers aan hierdie Wet te moniteer, en om verantwoordelikheid te neem vir skakeling met die registrateur. (b) So ’n persoon [kan enige persoon wees met geskikte kwalifikasies en ondervinding bepaal deur die registrateur by kennisgewing in die Staatskoerant, na oorlegpleging met die Advieskomitee] moet voldoen aan die vereistes vir geskiktheid en gepastheid.’’; 5 10 15 (b) deur die volgende paragraaf na paragraaf (b) in subartikel (1) in te voeg: ‘‘(bA) Die bepalings van artikel 8A is met die nodige veranderinge van 20 toepassing op ’n voldoeningsbeampte.’’; (c) deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) (a) (i) ’n Voldoeningsbeampte moet deur die registrateur goedgekeur word ooreenkomstig die maatstawwe en riglyne bepaal deur die registrateur [na oorleg met die Advieskomitee]. (ii) Die registrateur kan sodanige maatstawwe en riglyne wysig, en ’n goedgekeurde gewysigde maatstawwe en riglyne voldoen binne die tydperk wat die registrateur bepaal. voldoeningsbeampte moet aan die (b) Die registrateur kan te eniger tyd die goedkeuring intrek indien oortuig op grond van die beskikbare feite en inligting dat die voldoeningsbeampte— (i) enige bepaling van hierdie Wet oortree het of versuim het om daaraan te voldoen; [of] 25 30 (ii) nie voldoen of nie meer voldoen aan die vereistes vir geskiktheid en 35 gepastheid nie; of (iii) nie voldoen of nie meer voldoen aan die maatstawwe en riglyne beoog in paragraaf (a) [van hierdie subartikel] nie. (c) Die bepalings van artikel 9(2) en (6) aangaande ’n besluit om ’n magtiging in te trek (uitgesonderd sodanige bepalings met betrekking tot tydperke en termyne) is met die nodige veranderings van toepassing op ’n intrekking van ’n goedkeuring beoog in paragraaf (b) [van hierdie subartikel]. (d) Die registrateur kan enige intrekking van goedkeuring kragtens hierdie subartikel en die redes daarvoor by kennisgewing [in die Staatskoerant] op die amptelike webwerf of deur middel van enige ander toepaslike openbare media bekend maak.’’; en (d) deur subartikel (4) deur die volgende subartikel te vervang: ‘‘(4) (a) ’n Voldoeningsbeampte of, in die afwesigheid van daardie beampte, die betrokke gemagtigde verskaffer van finansiële dienste, moet verslae vir verskillende kategorieë voldoeningsbeamptes by die registrateur indien op die wyse en betreffende die aangeleenthede soos van tyd tot tyd bepaal deur die registrateur by kennisgewing [in die Staatskoerant, na oorlegpleging met die Advieskomitee] op die amptelike webwerf. (b) ’n Gemagtigde finansiëlediensteverskaffer moet verseker dat die verslae in paragraaf (a) bedoel ooreenkomstig die bepalings van daardie paragraaf voorgelê word.’’. 40 45 50 55 190 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 190 Amendment of section 19 of Act 37 of 2002, as amended by section 58 of Act 22 of 2008 - 191 Verify source ↗
Section 19 of the principal Act is hereby amended—
AI-assisted research summary: An authorised financial services provider must keep records about client money and assets, and must send an auditor’s report to the registrar with its financial statements. The registrar also does not need to approve a financial year-end change if another qualifying regulator has already approved it.
191. Section 19 of the principal Act is hereby amended— (a) by the substitution in subsection (3) for the words preceding paragraph (a) of the following words: ‘‘The authorised financial services provider must maintain records in accordance with subsection (1)(a) in respect of money and assets held on behalf of clients, and must, in addition to and simultaneously with the financial statements referred to in subsection (2), submit to the registrar a report, by the auditor who performed the audit, which confirms, in the form and manner determined by the registrar by notice [in the Gazette] on the official web site for different categories of financial services providers—’’; and (b) by the substitution in subsection (7) for paragraph (b) of the following paragraph: ‘‘(b) Despite paragraph (a), the approval of the registrar is not necessary where a change of a financial year end has been approved by another regulatory authority, other than the [Registrar of Companies of established under the Companies Act, 1973 (Act No. 61 of 1973)] Companies and Intellectual Property Commission, regulating the finan- cial soundness of the provider.’’. Amendment of section 21 of Act 37 of 2002 - 192 Verify source ↗
Section 21 of the principal Act is hereby amended—
AI-assisted research summary: This section amends the principal Act so the Board may remove the Ombud or deputy ombud from office for good cause, including misbehaviour, incapacity, or incompetence, after giving the person a reasonable chance to be heard.
192. Section 21 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for the words preceding paragraph (a) of the following words: ‘‘The Board [, after consultation with the Advisory Committee]—’’; and (b) by the substitution for subsection (4) of the following subsection: ‘‘(4) The Board may on good cause shown [, after consultation with the Advisory Committee,] remove the Ombud or deputy ombud from office on the ground of misbehaviour, incapacity or incompetence, after affording the person concerned a reasonable opportunity to be heard.’’. Amendment of section 23 of Act 37 of 2002 - 193 Verify source ↗
Section 23 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: The board of the Financial Services Board is the accounting authority of the Office, and that accounting authority must comply with the Public Finance Management Act.
193. Section 23 of the principal Act is hereby amended by the substitution for subsections (1) and (2) of the following subsections, respectively: ‘‘(1) [The Ombud] 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 [officer in respect of all funds received and all payments made in respect of expenses incurred by] authority of the Office. (2) The [Ombud as] accounting [officer] authority must[— (a) keep a full and correct record of all funds received and payments made, and of all assets, liabilities and financial transactions of the Office; (b) as soon as is practicable, but not later than three months after the end of every financial year, prepare annual financial statements reflecting, with appropriate particulars, all funds received and payments made during, and all such assets, liabilities and transactions at the end of, the relevant financial year] comply with the Public Finance Management Act.’’. 5 10 15 20 25 30 35 40 45 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 191 Wet No. 45 van 2013 191 Wysiging van artikel 19 van Wet 37 van 2002, soos gewysig deur artikel 58 van Wet 22 van 2008 - 191 Verify source ↗
Artikel 19 van die Hoofwet word hierby gewysig—
AI-assisted research summary: A registered financial services provider must keep certain records and file the auditor’s report with the registrar alongside the financial statements. Registrar approval is not needed for a financial year-end change if another regulator has already approved it, except in the specified case.
191. Artikel 19 van die Hoofwet word hierby gewysig— (a) deur in subartikel (3) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Die gemagtigde verskaffer van finansiële dienste moet rekords hou ooreenkomstig subartikel (1)(a) ten opsigte van geld en finansiële produkte gehou namens kliënte, en moet, bykomend tot en gelyktydig met die finansiële state bedoel in subartikel (2), aan die registrateur ’n verslag voorlê van die ouditeur wat die oudit onderneem het, en wat in die vorm en op die wyse bepaal deur die registrateur by kennisgewing [in die Staatskoerant] op die amptelike webwerf vir verskillende kategorieë verskaffers van finansiële dienste bevestig—’’ ; en (b) deur paragraaf (b) in subartikel (7) deur die volgende paragraaf te vervang: ‘‘(b) Ondanks paragraaf (a) is die goedkeuring van die registrateur nie nodig waar ’n verandering van ’n jaareinde van ’n finansiële jaar goedgekeur is deur ’n ander regulatoriese owerheid, behalwe die [Registrateur van Maatskappye ingestel kragtens die Maatskappy- wet, 1973 (Wet No. 61 van 1973)] Kommissie vir Maatskappye en Intellektuele Eiendom, wat die finansiële gesondheid van die verskaffer reguleer nie.’’. Wysiging van artikel 21 van Wet 37 van 2002 - 192 Verify source ↗
Artikel 21 van die Hoofwet word hierby gewysig—
AI-assisted research summary: The Council may remove the Ombud or a deputy ombud from office on sufficient grounds, including misconduct, inability, or incapacity, and after giving the person a reasonable chance to be heard.
192. Artikel 21 van die Hoofwet word hierby gewysig— (a) deur in subartikel (1) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Die Raad[, na oorlegpleging met die Advieskomitee]—’’; en (b) deur subartikel (4) deur die volgende subartikel te vervang: ‘‘(4) Die Raad kan op voldoende gronde[, en oorlegpleging met die Advieskomitee,] die Ombud of ’n adjunkombud uit hulle amp verwyder op grond van wangedrag, onvermoë of onbekwaamheid, nadat die betrokke persoon ’n redelike geleentheid gebied is om aangehoor te word.’’. Wysiging van artikel 23 van Wet 37 van 2002 - 193 Verify source ↗
Artikel 23 van die Hoofwet word hierby gewysig deur subartikels (1) en (2)
AI-assisted research summary: The council of the Council on Financial Services is treated as the accounting authority for the Office and must keep complete financial records, and prepare annual financial statements within three months after each financial year ends.
193. Artikel 23 van die Hoofwet word hierby gewysig deur subartikels (1) en (2) onderskeidelik deur die volgende subartikels te vervang: ‘‘(1) [Die Ombud is] 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 1 van die Wet op die Raad op Finansiële Dienste, 1990 (Wet No. 97 van 1990), omskryf die rekenpligtige [beampte ten opsigte van alle fondse ontvang en alle betalings gemaak ten opsigte van uitgawes aangegaan deur] gesag van die Kantoor. (2) Die [Ombud as] rekenpligtige [beampte] gesag moet[— (a) (b) ’n volledige en korrekte rekord hou van alle fondse ontvang en betalings gemaak, en van alle bates, verpligtinge en finansiële transaksies van die Kantoor; so gou doenlik, maar nie later nie as drie maande na die einde van elke finansiële jaar, jaarlikse finansiële state opstel wat, met toepaslike besonderhede, alle fondse ontvang en betalings gemaak gedurende, en al sodanige bates, verpligtinge en transaksies aan die einde van, die betrokke finansiële jaar weergee] aan die Wet op Openbare Finansiële Bestuur voldoen.’’. 5 10 15 20 25 30 35 40 45 50 192 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 Amendment of section 26 of Act 37 of 2002 192 - 194 Verify source ↗
Section 26 of the principal Act is hereby amended by the substitution in
AI-assisted research summary: The Board may make rules, including different rules for different categories of complaints or investigations by the Ombud, after consulting the Advisory Committee.
194. Section 26 of the principal Act is hereby amended by the substitution in subsection (1) for the words preceding paragraph (a) of the following words: ‘‘The Board may[, after consultation with the Advisory Committee,] make rules, including different rules in respect of different categories of complaints or investigations by the Ombud, regarding—’’. 5 Repeal of section 33 of Act 37 of 2002 - 195 Verify source ↗
Section 33 of the principal Act is hereby repealed.
AI-assisted research summary: Section 33 of the principal Act is repealed.
195. Section 33 of the principal Act is hereby repealed. Amendment of section 34 of Act 37 of 2002, as amended by section 60 of Act 22 of 2008 10 - 196 Verify source ↗
Section 34 of the principal Act is hereby amended—
AI-assisted research summary: The registrar may declare a business practice undesirable by Gazette notice, and then an authorised financial services provider or representative may not carry on that practice.
196. Section 34 of the principal Act is hereby amended— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) Subject to subsections (2) and (3), the registrar may[, after consultation with the Advisory Committee,] by notice in the Gazette declare a particular business practice to be undesirable for all or a category of authorised services providers, or any such provider.’’; and (b) by the substitution for subsection (4) of the following subsection: ‘‘(4) [The] An authorised financial services provider [concerned] or representative may not, on or after the date of the publication of a notice referred to in subsection (1), carry on the business practice concerned.’’. 15 20 Amendment of section 35 of Act 37 of 2002 - 197 Verify source ↗
Section 35 of the principal Act is hereby amended by the substitution in
AI-assisted research summary: The Minister may make regulations by notice in the Gazette after consulting the registrar.
197. Section 35 of the principal Act is hereby amended by the substitution in subsection (1) for the words preceding paragraph (a) of the following words: ‘‘The Minister may by notice in the Gazette, after consultation with the registrar [and the Advisory Committee], make regulations relating to—’’. 25 Amendment of section 36 of Act 37 of 2002, as amended by section 61 of Act 22 of 2008 - 198 Verify source ↗
Section 36 of the principal Act is hereby amended—
AI-assisted research summary: This provision amends section 36 to make it an offence for an unauthorised person to hold themselves out as authorised to provide financial services, with penalties of up to R10 million, up to 10 years’ imprisonment, or both.
198. Section 36 of the principal Act is hereby amended— (a) by the substitution for paragraph (d) of the following paragraph: ‘‘(d) is not a representative appointed or mandated by an authorised financial services provider in accordance with the provisions of this Act, and who in any way declares, pretends, gives out, maintains or professes to be a person who is authorised to render financial services to clients on the basis that the person is appointed or mandated as a representative by another [such first-mentioned] representative,’’; and (b) by the substitution for the words following paragraph (d) of the following words: ‘‘is guilty of an offence and is on conviction liable to a fine not exceeding [R1 000 000] R10 million or imprisonment for a period not exceeding 10 years, or both such fine and such imprisonment.’’. 30 35 40 Repeal of section 37 of Act 37 of 2002 - 199 Verify source ↗
Section 37 of the principal Act is hereby repealed.
AI-assisted research summary: Section 37 of the principal Act is repealed.
199. Section 37 of the principal Act is hereby repealed. STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 193 Wet No. 45 van 2013 Wysiging van artikel 26 van Wet 37 van 2002 193 - 194 Verify source ↗
Artikel 26 van die Hoofwet word hierby gewysig deur in subartikel (1) die
AI-assisted research summary: The Council may make rules, including different rules for different categories of complaints or Ombud investigations, after consulting the Advisory Committee.
194. Artikel 26 van die Hoofwet word hierby gewysig deur in subartikel (1) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Die Raad kan[, na oorlegpleging met die Advieskomitee,] reëls opstel, met inbegrip van verskillende reëls ten opsigte van verskillende kategorieë klagtes of ondersoeke deur die Ombud, betreffende—’’. 5 Herroeping van artikel 33 van Wet 37 van 2002 - 195 Verify source ↗
Artikel 33 van die Hoofwet word hierby herroep.
AI-assisted research summary: Article 33 of the Hoofwet is repealed.
195. Artikel 33 van die Hoofwet word hierby herroep. Wysiging van artikel 34 van Wet 37 van 2002, soos gewysig deur artikel 60 van Wet 22 van 2008 10 - 196 Verify source ↗
Artikel 34 van die Hoofwet word hierby gewysig—
AI-assisted research summary: The registrar may declare a particular business practice undesirable by Gazette notice, and authorized financial services providers or their representatives must not carry on that practice after the notice is published.
196. Artikel 34 van die Hoofwet word hierby gewysig— (a) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Behoudens subartikels (2) en (3) kan die registrateur[, na oorlegpleging met die Advieskomitee,] by kennisgewing in die Staatskoerant ’n besondere besigheidspraktyk onwenslik verklaar vir alle of ’n kategorie gemagtigde verskaffers van finansiële dienste, of enige sodanige verskaffer.’’; en (b) deur subartikel (4) deur die volgende subartikel te vervang: ‘‘(4) [Die betrokke gemagtigde] ’n Gemagtigde verskaffer of verteenwoordiger van finansiële dienste mag nie, op of na die datum van die publikasie van ’n kennisgewing bedoel in subartikel (1), die betrokke besigheidspraktyk dryf nie.’’. 15 20 Wysiging van artikel 35 van Wet 37 van 2002 - 197 Verify source ↗
Artikel 35 van die Hoofwet word hierby gewysig deur in subartikel (1) die
AI-assisted research summary: The Minister may, by notice in the Gazette and after consulting the registrar and Advisory Committee, make regulations.
197. Artikel 35 van die Hoofwet word hierby gewysig deur in subartikel (1) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: 25 ‘‘Die Minister kan by kennisgewing in die Staatskoerant, na oorlegpleging met die registrateur [en die Advieskomitee], regulasies uitvaardig met betrekking tot—’’. Wysiging van artikel 36 van Wet 37 van 2002, soos gewysig deur artikel 61 van Wet 22 van 2008 - 198 Verify source ↗
Artikel 36 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This provision amends Article 36 and makes it an offence for an unauthorized person to present themselves as authorized to provide financial services to clients; on conviction, the person may be fined up to R10 million, imprisoned for up to 10 years, or both.
198. Artikel 36 van die Hoofwet word hierby gewysig— (a) deur paragraaf (d) deur die volgende paragraaf te vervang: ‘‘(d) nie ’n verteenwoordiger is wat ooreenkomstig die bepalings van hierdie Wet deur ’n gemagtigde verskaffer van finansiële dienste aangestel of opdrag gegee is nie, en wat op enige wyse verklaar, die skyn of indruk wek, betoog of voorgee om ’n persoon te wees wat gemagtig is om finansiële dienste te lewer aan kliënte op grond daarvan dat die persoon aangestel of opdrag gegee is as ’n verteenwoordiger deur ’n ander [sodanige eersgenoemde] verteen- woordiger,’’; en 30 35 (b) deur die woorde wat op paragraaf (d) volg deur die volgende woorde te 40 vervang: ‘‘is skuldig aan ’n misdryf en by skuldigbevinding strafbaar met ’n boete van hoogstens [R1 000 000] R10 miljoen of met gevangenisstraf vir ’n tydperk van hoogstens 10 jaar, of met sodanige boete sowel as sodanige gevangenisstraf.’’. 45 Herroeping van artikel 37 van Wet 37 van 2002 - 199 Verify source ↗
Artikel 37 van die Hoofwet word hierby herroep.
AI-assisted research summary: Section 37 of the Principal Act is repealed.
199. Artikel 37 van die Hoofwet word hierby herroep. 194 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 Amendment of section 38 of Act 37 of 2002 194 - 200 Verify source ↗
Section 38 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: The provision amends paragraph (b) of section 38 to refer to a special resolution for winding-up under the Companies Act and registered under that Act.
200. Section 38 of the principal Act is hereby amended by the substitution for paragraph (b) of the following paragraph: ‘‘(b) special resolution relating to the winding-up[, as contemplated in section 349 of] in terms of the Companies Act[, 1973 (Act No. 61 of 1973)], and registered in terms of that Act, of;’’. 5 Insertion of sections 38A, 38B and 38C in Act 37 of 2002 - 201 Verify source ↗
The following sections are hereby inserted in the principal Act after section 38:
AI-assisted research summary: This section makes Chapter 6 of the Companies Act apply to a provider’s business rescue, subject to this section, and requires registrar approval for specified steps.
201. The following sections are hereby inserted in the principal Act after section 38: ‘‘Business rescue 38A. (1) (a) Notwithstanding the provisions of the Companies Act or any other law under which a provider 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 provider, whether or not it is a company. (b) This section does not apply if another registrar is authorised in terms of Financial Services Board legislation as defined in section 1 of the Financial Services Board Act, 1990 (Act No. 97 of 1990), or in terms of banking legislation, to make an application for the business rescue of a provider. (2) The registrar may make an application under section 131 of the Companies Act in respect of a provider if the registrar is satisfied that it is in the interests of the clients of the provider or the financial services industry. (3) The following acts are subject to the approval of the registrar: (a) The resolution of a provider to begin business rescue proceedings; (b) (c) (d) 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— (a) any reference to the Commission shall be construed as a reference also (b) (c) (d) to the registrar; the reference to creditors shall be construed as a reference also to clients of the provider; any reference relating to the ability of a provider to pay all debts, shall be construed as relating also to the provider’s inability to comply with the financial soundness requirement under section 8(1)(c) of this Act; there shall be considered, in addition to any question relating to the business of a provider, also the question whether any cause of action is in the interests of the clients. (5) If an application to a Court for an order relating to the business rescue of a provider is made by an affected person other than the registrar— (a) the application 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 are lodged with the registrar, before the application is set down for hearing; the registrar may, if satisfied that the application is not in the interests of the clients of the provider, join the application as a party and file affidavits and other documents in opposition to the application. (b) (6) As from the date upon which a business rescue practitioner is appointed, the business rescue practitioner of a provider shall not conduct any new business unless the practitioner has been granted permission to do so by a court. 10 15 20 25 30 35 40 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 195 Wet No. 45 van 2013 Wysiging van artikel 38 van Wet 37 van 2002 195 - 200 Verify source ↗
Artikel 38 van die Hoofwet word hierby gewysig deur paragraaf (b) deur die
AI-assisted research summary: This section amends paragraph (b) so it refers to a special resolution about liquidation under the Companies Act, 1973, and registered under that Act.
200. Artikel 38 van die Hoofwet word hierby gewysig deur paragraaf (b) deur die volgende paragraaf te vervang: ‘‘(b) spesiale besluit met betrekking tot die likwidasie [soos beoog in artikel 349 van] ingevolge die Maatskappywet[, 1973 (Wet No. 61 van 1973)], en geregistreer ingevolge daardie Wet, van;’’. 5 Invoeging van artikels 38A, 38B en 38C in Wet 37 van 2002 - 201 Verify source ↗
Die volgende artikels word hierby na artikel 38 in die Hoofwet ingevoeg:
AI-assisted research summary: The registrar can act in business-rescue and liquidation matters for a supplier, and can issue directives. Some steps need registrar approval, and certain filings and publication rules apply.
201. Die volgende artikels word hierby na artikel 38 in die Hoofwet ingevoeg: ‘‘Ondernemingsredding 38A. (1) (a) Ondanks die bepalings van die Maatskappywet of enige ander wet waarvolgens ’n verskaffer ingelyf is, is Hoofstuk 6 van die Maatskappywet, behoudens hierdie en met die nodige veranderinge, van toepassing in verband met die ondernemingsredding van ’n verskaffer, hetsy dit ’n maatskappy is al dan nie. artikels (b) Hierdie artikel is nie van toepassing nie indien ’n ander registrateur ingevolge wetgewing op die Raad op Finansiële Dienste soos omskryf in artikel 1 van die Wet op die Raad op Finansiële Dienste, 1990 (Wet No. 97 van 1990), of ingevolge bankwetgewing, gemagtig is om aansoek te doen om die ondernemingsredding van ’n verskaffer. (2) Die registrateur kan kragtens artikel 131 van die Maatskappywet ’n aansoek ten opsigte van ’n verskaffer bring indien die registrateur tevrede is in die belange van die kliënte van die verskaffer of die dat dit finansiëledienstebedryf is. (3) Die volgende handelinge is onderhewig aan die goedkeuring van die ’n Verskaffer se besluit om ondernemingreddingsverrigtinge te begin; registrateur: (a) (b) die aanstelling van ’n ondernemingreddingspraktisyn; (c) die aanneming van ’n ondernemingreddingsplan; en (d) die uitoefening van ’n bevoegdheid deur die ondernemingreddings- praktisyn kragtens die Maatskappywet. (4) By die toepassing van hoofstuk 6 van die Maatskappywet— (a) word enige verwysing na die Kommissie as ’n verwysing na ook die registrateur uitgelê; (b) die verwysing na krediteure word as ’n verwysing na ook die kliënte (c) van die verskaffer uitgelê; enige verwysing na ’n verskaffer se vermoë om alle skulde te delg, word uitgelê dat dit ook verband hou met die verskaffer se onvermoë om te voldoen aan die vereiste vir finansiële gesondheid kragtens artikel 8(1)(c) van hierdie Wet; (d) bo en behalwe enige oorweging in verband met die besigheid van ’n verskaffer, word die vraag of enige handelswyse in die belang van die kliënte is, ook oorweeg. (5) Indien ’n aansoek by ’n Hof om ’n bevel betreffende die ondernemingsredding van ’n verskaffer deur ’n geraakte persoon behalwe die registrateur gedoen word— (a) moet die aansoek nie aangehoor word nie tensy afskrifte 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 word voor die aansoek vir verhoor op die rol geplaas word; (b) kan die registrateur, indien tevrede dat die aansoek nie in belang van die kliënte van die verskaffer is nie, by die aansoek aansluit as ’n party en beëdigde verklarings en ander dokumente indien om die aansoek teen te staan. (6) Met ingang vanaf die datum waarop ’n ondernemingreddings- praktisyn aangestel word, doen die ondernemingreddingspraktisyn van ’n verskaffer nie enige nuwe besigheid nie, tensy die praktisyn deur ’n hof toestemming gegee is om dit te doen. 10 15 20 25 30 35 40 45 50 55 196 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 196 Application by registrar for sequestration or liquidation 38B. (1) Subject to subsection (3), if the registrar, after an on-site visit in terms of section 4(5) or an inspection in terms of the Inspection of Financial Institutions Act, 1998 (Act No. 80 of 1998), considers that the interests of the clients of a financial services provider or of members of the public so require, the registrar may apply to the court for the sequestration or liquidation of that provider, whether or not the provider 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. 69 of 1984); or the law under which that provider is incorporated. (2) In deciding an application contemplated in subsection (1), the court— (a) may take into account whether sequestration or liquidation of the financial services provider concerned is reasonably necessary— (i) (ii) in order to protect the interests of the clients of the provider; and for the integrity and stability of the financial sector; 5 10 15 (b) may make an order concerning the manner in which claims may be 20 (c) proved by clients of the financial services provider concerned; and shall appoint as trustee or liquidator a person nominated by the registrar. (3) This section does not apply if another registrar is authorised in terms of Financial Services Board legislation as defined in section 1 of the Financial Services Board Act, 1990 (Act No. 97 of 1990), or in terms of banking legislation, to apply to the court for the sequestration or liquidation of that provider. 25 Directives 38C. (1) The registrar may, in order to ensure compliance with or to prevent a contravention of this Act, issue a directive to any person or persons to whom the provisions of this Act apply. 30 (2) A directive issued in terms of subsection (1) may— (a) apply generally; or (b) be limited in its application to a particular person or category of 35 persons. (3) A directive issued in terms of subsection (1) takes effect on the date determined by the registrar in the directive. (4) In the event of a departure from section 3(2) or 4(1), (2) or (3) of the Promotion of Administrative Justice Act (Act No. 3 of 2000), the directive must include a statement to that effect and the reasons for such departure. (5) The registrar must, where a directive is issued to ensure the protection of the public in general, publish the directive 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.’’. 40 45 Substitution of section 40 of Act 37 of 2002 - 202 Verify source ↗
The following section is hereby substituted for section 40 of the principal Act:
AI-assisted research summary: This section is titled “Saving of rights,” but the provided text does not state any operative rule.
202. The following section is hereby substituted for section 40 of the principal Act: ‘‘Saving of rights - 40 Verify source ↗
No provision of this Act, and no act performed under or in terms of
AI-assisted research summary: This section says the Act cannot be read as taking away a client’s or other affected person’s right to seek legal redress.
40. No provision of this Act, and no act performed under or in terms of any such provision, may be construed as affecting any right of a client, or other affected person, to seek appropriate legal redress in terms of this Act, the common law or any other statutory law, and whether relating to civil or criminal matters, in respect of the rendering of any financial service by an authorised financial services provider, or representative of such provider, or 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 197 Wet No. 45 van 2013 197 Aansoek deur registrateur vir sekwestrasie of likwidasie 38B. (1) Behoudens subartikel (3), indien die registrateur na ’n besoek ter plaatse ingevolge artikel 4(5) of ’n inspeksie ingevolge die Wet op Inspeksie van Finansiële Instellings, 1998 (Wet No. 80 van 1998), meen dat die belange van die kliënte van ’n verskaffer van finansiële dienste of van lede van die publiek dit vereis, kan die registrateur by die hof aansoek doen om die sekwestrasie of likwidasie van daardie verskaffer, hetsy die verskaffer 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. 69 van 1984); of (d) die wet waarkragtens daardie verskaffer ingelyf is. (2) Wanneer ’n hof beslis oor ’n aansoek in subartikel (1) beoog— (a) kan die hof in ag neem of sekwestrasie of likwidasie van die betrokke verskaffer van finansiële dienste redelik nodig is— (i) ten einde die belange van die kliënte van die verskaffer te beskerm; en (ii) vir die integriteit en stabiliteit van die finansiële sektor; (b) kan die hof ’n bevel uitreik betreffende die wyse waarop eise deur kliënte van die betrokke verskaffer van finansiële dienste bewys kan word; en (c) moet die hof ’n persoon deur die registrateur benoem as trustee of likwidateur aanstel. (3) Hierdie artikel is nie van toepassing nie indien ’n ander registrateur ingevolge wetgewing op die Raad op Finansiële Dienste soos in artikel 1 van die Wet op die Raad op Finansiële Dienste, 1990 (Wet No. 97 van 1990), omskryf, of ingevolge bankwetgewing, gemagtig is om by die hof aansoek te doen om sekwestrasie of likwidasie van daardie verskaffer. Lasgewings 38C. (1) Die registrateur kan, ten einde voldoening te verseker aan of oortreding te voorkom van hierdie Wet, ’n lasgewing uitreik aan enige persoon of persone waarop die bepalings van hierdie Wet van toepassing is. (2) ’n Voorskrif wat ingevolge subartikel (1) uitgereik is kan— (a) (b) in die algemeen van toepassing wees; of in die toepassing daarvan beperk wees tot ’n bepaalde persoon of kategorie persone. (3) ’n Voorskrif ingevolge subartikel (1) uitgereik tree in werking op die datum in die voorskrif deur die registrateur bepaal. (4) In die geval van ’n afwyking van artikel 3(2) of 4(1), (2) of (3) van ‘Promotion of Administrative Justice Act, 2000’ (Wet No. 3 van 2000), moet die voorskrif ’n verklaring te dien effekte en die redes vir sodanige afwyking insluit. (5) Waar ’n voorskrif uitgereik word om die beskerming van die publiek in die algemeen te verseker, moet die registrateur die voorskrif op die amptelike webwerf en in enige ander media wat die registrateur gepas ag, publiseer, ten einde te verseker dat die publiek maklik en betroubaar toegang tot die voorskrif kan kry.’’. Vervanging van artikel 40 van Wet 37 van 2002 - 202 Verify source ↗
Artikel 40 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: This section replaces Article 40 of the principal Act with a new article.
202. Artikel 40 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Voorbehoud van regte - 40 Verify source ↗
Geen bepaling van hierdie Wet, en geen handeling verrig kragtens of
AI-assisted research summary: This section preserves a client’s or other affected person’s right to seek appropriate judicial redress.
40. Geen bepaling van hierdie Wet, en geen handeling verrig kragtens of ingevolge enige sodanige bepaling, word uitgelê as sou dit enige reg raak van ’n kliënt, of ander geaffekteerde persoon, om gepaste geregtelike verhaal te verkry ingevolge hierdie Wet, die gemene reg of enige ander statutêre wet, en hetsy met betrekking tot siviele of strafregtelike aangeleenthede, ten opsigte van die lewering van enige finansiële diens 5 10 15 20 25 30 35 40 45 50 55 198 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 198 any act of a person who is not an authorised financial services provider or a representative of such a provider.’’. Amendment of section 41 of Act 37 of 2002 - 203 Verify source ↗
Section 41 of the principal Act is hereby amended by the substitution in
AI-assisted research summary: The registrar may determine, by notice on the official web site, the manner and requirements for payment of the fees.
203. Section 41 of the principal Act is hereby amended by the substitution in subsection (1) for paragraph (b) of the following paragraph: ‘‘(b) The fees are payable in the manner, and are subject to the requirements, determined by the registrar by notice [in the Gazette] on the official web site.’’. Repeal of section 42 of Act 37 of 2002 - 204 Verify source ↗
The principal Act is hereby amended by the repeal of section 42.
AI-assisted research summary: This section amends the principal Act by repealing section 42.
204. The principal Act is hereby amended by the repeal of section 42. Amendment of section 44 of Act 37 of 2002 - 205 Verify source ↗
Section 44 of the principal Act is hereby amended by the substitution in
AI-assisted research summary: The registrar may exempt any person or category of persons from any provision of the Act, but only in cases not otherwise provided for and on reasonable grounds.
205. Section 44 of the principal Act is hereby amended by the substitution in subsection (4) for paragraph (a) of the following paragraph: ‘‘(a) The registrar may in any case not provided for in this Act, on reasonable grounds, on application or on the registrar’s own initiative by notice [in the Gazette] on the official web site, exempt any person or category of persons from any provision of this Act.’’. Amendment of section 45 of Act 37 of 2002 - 206 Verify source ↗
Section 45 of the principal Act is hereby amended by the substitution in
AI-assisted research summary: This amendment replaces the reference to a judicial manager with a business rescue practitioner, and keeps the reference to a liquidator and a person acting for that person.
206. Section 45 of the principal Act is hereby amended by the substitution in subsection (1)(b) for subparagraph (iii) of the following subparagraph: ‘‘(iii) the liquidator of a company in liquidation, [judicial manager] business rescue practitioner of a company [under judicial management] subject to business rescue proceedings, or a person acting on behalf of such liquidator or [judicial manager] business rescue practitioner;’’. Amendment of Arrangement of Sections of Act 37 of 2002 5 10 15 20 - 207 Verify source ↗
The Arrangement of Sections of the principal Act is hereby amended—
AI-assisted research summary: This provision amends the principal Act’s arrangement of sections by inserting new items and deleting some existing ones.
207. The Arrangement of Sections of the principal Act is hereby amended— 25 (a) by the insertion after item 6 of the following item: ‘‘6A. Fit and proper requirements’’; (b) by the insertion after item 8 of the following item: ‘‘8A. Compliance with fit and proper requirements after authorisation’’; (c) by the deletion of item 33; (d) by the deletion of item 37; (e) by the insertion after item 38 of the following items: ‘‘38A. Business rescue - 38B Verify source ↗
Application by registrar for sequestration or liquidation
AI-assisted research summary: This section concerns applications by the registrar for sequestration or liquidation.
38B. Application by registrar for sequestration or liquidation - 38C Verify source ↗
Directives’’; and
AI-assisted research summary: This text is an amendment heading referencing section 38C, directives, and the deletion of item 42.
38C. Directives’’; and (f) by the deletion of item 42. 30 35 Part 9 Amendment of Collective Investment Schemes Control Act, 2002 Amendment of section 1 of Act 45 of 2002
Part
Part 8
- 175 Verify source ↗
Section 1 of the Financial Advisory and Intermediary Services Act, 2002 (in this
AI-assisted research summary: This section amends section 1 of the principal Act by deleting, inserting, and replacing several definitions.
175. Section 1 of the Financial Advisory and Intermediary Services Act, 2002 (in this Part referred to as the principal Act), is hereby amended— (a) by the deletion in subsection (1) of the definition of ‘‘Advisory Committee’’; (b) by the insertion in subsection (1) after the definition of ‘‘collective investment 25 scheme’’ of the following definition: ‘‘ ‘Companies Act’ means the Companies Act, 2008 (Act No. 71 of 2008);’’; (c) by the insertion in subsection (1) after the definition of ‘‘compliance officer’’ 30 of the following definition: ‘‘ ‘continuous professional development’ means a process of learning and development with the aim of enabling a financial services provider, key individual, representative or compliance officer to maintain the competency to comply with this Act;’’; (d) by the substitution in subsection (1) for subparagraph (v) of paragraph (a) of the definition of ‘‘financial product’’ of the following subparagraph: ‘‘(v) any ‘securities’ as defined in section 1 of the [Securities Services Act, 2002] Financial Markets Act, 2012 (Act No. 19 of 2012);’’. (e) by the substitution in subsection (1) for paragraph (h) of the definition of ‘‘financial product’’ of the following paragraph: ‘‘(h) any other product similar in nature to any financial product referred to in paragraphs (a) to (g), inclusive, declared by the registrar[, after consultation with the Advisory Committee,] by notice in the Gazette to be a financial product for the purposes of this Act;’’; 35 40 45 (f) by the insertion in subsection (1) after the definition of ‘‘financial services provider’’ of the following definition: ‘‘ ‘fit and proper requirements’ means the requirements published under section 6A;’’; 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 171 Wet No. 45 van 2013 171 Herroeping van artikel 8 van Wet 28 van 2001
Part
Part 9
- 208 Verify source ↗
Section 1 of the Collective Investment Schemes Control Act, 2002 (in this Part
AI-assisted research summary: This section amends section 1 of the Collective Investment Schemes Control Act, 2002 by deleting one definition and replacing the definition of “authorised agent”.
208. Section 1 of the Collective Investment Schemes Control Act, 2002 (in this Part 40 referred to as the principal Act), is hereby amended— (a) by the deletion of the definition of ‘‘advisory committee’’; (b) by the substitution for the definition of ‘‘authorised agent’’ of the following definition: STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 199 Wet No. 45 van 2013 199 deur ’n gemagtigde verskaffer van finansiële dienste of ’n verteenwoordiger van so ’n verskaffer, of enige handeling van ’n persoon wat nie ’n gemagtigde verskaffer van finansiële dienste of ’n verteenwoordiger van so ’n verskaffer is nie.’’. Wysiging van artikel 41 van Wet 37 van 2002 5 - 203 Verify source ↗
Artikel 41 van die Hoofwet word hierby gewysig deur paragraaf (b) in subartikel
AI-assisted research summary: Fees must be paid in the manner and subject to the requirements set by the registrar by notice on the official website.
203. Artikel 41 van die Hoofwet word hierby gewysig deur paragraaf (b) in subartikel (1) deur die volgende paragraaf te vervang: ‘‘(b) Die gelde is betaalbaar op die wyse en onderworpe aan die vereistes, deur die registrateur by kennisgewing [in die Staatskoerant] op die amptelike webwerf bepaal.’’. 10 Herroeping van artikel 42 van Wet 37 van 2002 - 204 Verify source ↗
Die Hoofwet word hierby gewysig deur artikel 42 te herroep.
AI-assisted research summary: This provision amends the Hoofwet by repealing section 42.
204. Die Hoofwet word hierby gewysig deur artikel 42 te herroep. Wysiging van artikel 44 van Wet 37 van 2002 - 205 Verify source ↗
Artikel 44 van die Hoofwet word hierby gewysig deur paragraaf (a) in subartikel
AI-assisted research summary: The registrar may exempt a person or category of persons from any provision of the Act in cases not covered by the Act, if there are reasonable grounds, either on application or on the registrar’s own initiative, and by notice on the official website.
205. Artikel 44 van die Hoofwet word hierby gewysig deur paragraaf (a) in subartikel (4) deur die volgende paragraaf te vervang: ‘‘(a) Die registrateur kan in enige geval waarvoor nie in hierdie Wet voorsiening gemaak word nie, op redelike gronde, op aansoek of op die registrateur se eie inisiatief by kennisgewing [in die Staatskoerant] op die amptelike webwerf, enige persoon of kategorie persone van enige bepaling van hierdie Wet vrystel.’’. Wysiging van artikel 45 van Wet 37 van 2002 - 206 Verify source ↗
Artikel 45 van die Hoofwet word hierby gewysig deur subparagraaf (iii) in
AI-assisted research summary: This provision replaces subparagraph (iii) in Article 45(1)(b) with updated wording about a liquidator or business rescue practitioner, or someone acting for them.
206. Artikel 45 van die Hoofwet word hierby gewysig deur subparagraaf (iii) in subartikel (1)(b) deur die volgende subparagraaf te vervang: ‘‘(iii) die likwidateur of [geregtelike bestuurder] ondernemingreddingspraktisyn van ’n maatskappy onder [onder geregtelike bestuur] onderhewig aan ondernemingreddingsverrigtinge, of ’n persoon wat namens so ’n likwidateur of [geregtelike bestuurder] ondernemingreddingspraktisyn optree;’’. likwidasie of Wysiging van Indeling van Artikels van Wet 37 van 2002 - 207 Verify source ↗
Die Indeling van Artikels van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends the table of sections in the principal Act by adding items 6A and 8A, deleting items 33 and 37, and adding further items after item 38.
207. Die Indeling van Artikels van die Hoofwet word hierby gewysig— (a) deur die volgende item na item 6 in te voeg: ‘‘6A. Vereistes vir geskiktheid en gepastheid’’; (b) deur die volgende item na item 8 in te voeg: ‘‘8A. Voldoening aan vereistes vir geskiktheid en gepastheid na magtiging’’; (c) deur item 33 te skrap; (d) deur item 37 te skrap; (e) deur die volgende items na item 38 in te voeg: ‘‘38A. Ondernemingsredding - 38B Verify source ↗
Aansoek by registrateur om sekwestrasie of likwidasie
AI-assisted research summary: This section concerns an application to the registrar for sequestration or liquidation.
38B. Aansoek by registrateur om sekwestrasie of likwidasie - 38C Verify source ↗
Lasgewings’’; en
AI-assisted research summary: This text is an amendment heading: it refers to deleting item 42 and to Part 9 amending the Collective Investment Schemes Act, 2002.
38C. Lasgewings’’; en (f) deur item 42 te skrap. 15 20 25 30 35 40 Deel 9 Wysiging van Wet op Beheer van Kollektiewe Beleggingskemas, 2002 Wysiging van artikel 1 van Wet 45 van 2002 - 208 Verify source ↗
Artikel 1 van die Wet op Beheer van Kollektiewe Beleggingskemas, 2002 (In
AI-assisted research summary: This provision amends section 1 of the principal Act by deleting, inserting, and replacing several definitions.
208. Artikel 1 van die Wet op Beheer van Kollektiewe Beleggingskemas, 2002 (In 45 hierdie Deel die Hoofwet genoem), word hierby gewysig— (a) deur die omskrywing van ‘‘advieskomitee’’ te skrap; (b) deur die omskrywing van ‘‘akte’’ deur die volgende omskrywing te vervang: 200 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 200 ‘‘ ‘authorised agent’ means a person authorised by a manager to solicit investments in a portfolio from members of the public or to perform a function contemplated in the definition of ‘administration’, and includes any person to whom a function has been delegated in terms of section 4(5);’’; 5 (c) by the insertion after the definition of ‘‘collective investment scheme’’ of the following definition: ‘‘ ‘Companies Act’ means the Companies Act, 2008 (Act No. 71 of 2008);’’; (d) by the substitution for the definition of ‘‘company’’ of the following 10 definition: ‘‘ ‘company’ means a company [incorporated or registered under] as defined in the Companies Act[, 1973 (Act No. 61 of 1973)];’’; (e) by the substitution for the definition of ‘‘deed’’ of the following definition: ‘‘ ‘deed’ means the agreement between a manager and a trustee or custodian, or the document of incorporation whereby a collective investment scheme is established and in terms of which it is administered and includes— (i) the deed of a management company which immediately prior to the commencement of this Act was a management company in terms of any law repealed by this Act; and (ii) a supplemental deed entered into in terms of a deed.’’; (f) by the insertion after the definition of ‘‘Minister’’ of the 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 Board;’’; (g) by the insertion after the definition of ‘‘prescribed’’ of the following definition: ‘‘ ‘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 any other person, or all or part of the public;’’; and (h) by the substitution for the definition of ‘‘registrar’’ of the following definition: ‘‘ ‘registrar’ means the [registrar or the deputy registrar of collective investment schemes] person referred to in section 7;’’. Amendment of section 4 of Act 45 of 2002 - 209 Verify source ↗
Section 4 of the principal Act is hereby amended by the addition of the following
AI-assisted research summary: A manager may delegate certain administration functions only with the registrar’s written approval; the registrar also has powers and duties in relation to a delegated person.
209. Section 4 of the principal Act is hereby amended by the addition of the following subsection: ‘‘(5) (a) A manager may, with the approval of the registrar and in writing, delegate any function listed in the definition of ‘administration’ to any person (in this section referred to as the ‘delegated person’). (b) Anything done or omitted to be done by the delegated person in the performance of a function so delegated, must be regarded as having been done or omitted by the manager. (c) The registrar has, in respect of a delegated person, all the powers and duties conferred or imposed upon the registrar in respect of a manager. (d) If a manager delegated any function listed in the definition of ‘administra- tion’ to any person without the prior approval of the registrar before the commencement of section 209 of the Financial Services Laws General Amendment Act, 2013, that delegation must be regarded as having been made in terms of paragraph (a) for a period of six months, reckoned from the date of such commencement, during which period the manager must apply for approval, and after the expiration of that six-month period, the deemed period will expire.’’. 15 20 25 30 35 40 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 201 Wet No. 45 van 2013 201 ‘‘ ‘akte’ die ooreenkoms tussen ’n bestuurder en ’n trustee of bewaarder, of die inlywingsdokument waardeur ’n kollektiewe beleggingskema ingestel en ingevolge waarvan dit geadministreer word, en ook— (i) die akte van ’n bestuursmaatskappy wat onmiddellik voor die inwerkingtreding van hierdie Wet ’n bestuursmaatskappy was ingevolge enige wet deur hierdie Wet herroep; en ’n aanvullende akte ingevolge ’n akte afgesluit.’’; (c) deur die volgende omskrywing na die omskrywing van ‘‘akte’’ in te voeg: (ii) ‘‘ ‘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 opgerig;’’; (d) deur die omskrywing van ‘‘gemagtigde agent’’ deur die volgende omskrywing te vervang: ‘‘ ‘gemagtigde agent’ ’n persoon gemagtig deur ’n bestuurder om beleggings in ’n portefeulje van lede van die publiek te werf of om ’n werksaamheid beoog in die omskrywing van ‘administrasie’ te verrig, ook ’n persoon aan wie ’n werksaamheid ingevolge artikel 4(5) gedelegeer is;’’; (e) deur die omskrywing van ‘‘maatskappy’’ deur die volgende omskrywing te vervang: 5 10 15 20 ‘‘ ‘maatskappy’ ’n maatskappy [ingelyf of geregistreer kragtens] soos omskryf in die Maatskappywet[, 1973 (Wet No. 61 van 1973)];’’; deur die volgende omskrywing na die omskrywing van ‘‘maatskappy’’ in te voeg: (f) ‘‘ ‘Maatskappywet’ die Maatskappywet, 2008 (Wet No. 71 van 2008);’’; 25 (g) deur die volgende omskrywing na die omskrywing van ‘‘ouditeur’’ 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;’’; en (h) deur die omskrywing van ‘‘registrateur’’ deur die volgende omskrywing te vervang: ‘‘ ‘registrateur’ die [registrateur of adjunkregistrateur van kollek- tiewe beleggingskemas] persoon in artikel 7 bedoel;’’. Wysiging van artikel 4 van Wet 45 van 2002 - 209 Verify source ↗
Artikel 4 van die Hoofwet word hierby gewysig deur die volgende subartikel by
AI-assisted research summary: A manager may delegate administrative work only with the registrar’s written approval; delegated acts are treated as the manager’s acts, and the registrar has the same powers and duties in relation to the delegated person as in relation to a manager.
209. Artikel 4 van die Hoofwet word hierby gewysig deur die volgende subartikel by te voeg: ‘‘(5) (a) ’n Bestuurder kan, met die goedkeuring van die registrateur en skriftelik, enige werksaamheid in die omskrywing van ‘administrasie’ vermeld, aan enige persoon (in hierdie artikel die ‘gedelegeerde persoon’ genoem) delegeer. (b) Enigiets gedoen of nie gedoen nie deur die gedelegeerde persoon in die verrigting van ’n werksaamheid wat so gedelegeer is, moet geag word deur die bestuurder gedoen of uitgelaat te wees. (c) Die registrateur het, ten opsigte van ’n gedelegeerde persoon, al die bevoegdhede en pligte aan die registrateur opgelê ten opsigte van ’n bestuurder. (d) Indien ’n bestuurder enige werksaamheid in die omskrywing van ‘administrasie’ voor die inwerkingtreding van artikel 208 van die Algemene Wysigingswet op Wette op Finansiële Dienste sonder die vooraf toestemming van die registrateur aan ’n persoon gedelegeer het, moet daardie delegering geag word ingevolge paragraaf (a) vir ’n tydperk van ses maande gemaak te wees, bereken vanaf die datum van sodanige inwerkingtreding, tydens welke tydperk die bestuurder om goedkeuring moet aansoek doen, en na die verstryking van daardie tydperk van ses maande, sal die geagte tydperk verstryk.’’. 30 35 40 45 50 55 202 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 Amendment of section 5 of Act 45 of 2002 202 - 210 Verify source ↗
Section 5 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: The registrar may exempt a person from the Act by notice on the official web site.
210. Section 5 of the principal Act is hereby amended by the substitution for paragraph (b) of the following paragraph: ‘‘(b) is exempted from the provisions of this Act by the registrar by notice [in the Gazette] on the official web site.’’. Substitution of section 7 of Act 45 of 2002 - 211 Verify source ↗
The following section is hereby substituted for section 7 of the principal Act:
AI-assisted research summary: The executive officer becomes the registrar of collective investment schemes, and the deputy executive officer becomes the deputy registrar.
211. The following section is hereby substituted for section 7 of the principal Act: ‘‘Registrar and deputy registrar of collective investment schemes 7. (1) The executive officer [and a deputy executive officer] referred to in section 1 of the Financial Services Board Act, 1990 (Act No. 97 of 1990), [are] is the registrar [and the deputy registrar] of collective investment schemes[, respectively] and has the powers and duties provided for by or under this Act or any other law. (2) The deputy executive officer referred to in section 1 of the Financial Services Board Act, 1990 (Act No. 97 of 1990), is the deputy registrar of collective investment schemes. (3) The deputy registrar of collective investment schemes exercises the functions of the registrar of collective investment schemes to the extent that such functions have been delegated to the deputy registrar under section 20 of the Financial Services Board Act, 1990 (Act No. 97 of 1990).’’. Repeal of sections 8, 9, 10, 11, 12 and 13 of Act 45 of 2002 - 212 Verify source ↗
Sections 8, 9, 10, 11, 12 and 13 of the principal Act are hereby repealed.
AI-assisted research summary: This provision repeals sections 8 to 13 of the principal Act.
212. Sections 8, 9, 10, 11, 12 and 13 of the principal Act are hereby repealed. Substitution of section 14 of Act 45 of 2002 - 213 Verify source ↗
The following section is hereby substituted for section 14 of the principal Act:
AI-assisted research summary: The registrar may conduct on-site visits or instruct an inspector to inspect, and may then direct the person concerned to take steps, stop an act, or fix a non-compliance, subject to one listed exception.
213. The following section is hereby substituted for section 14 of the principal Act: ‘‘Inspections and on-site visits 14. (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 15 of Act 45 of 2002, as amended by section 63 of Act 22 of 2008 - 214 Verify source ↗
Section 15 of the principal Act is hereby amended—
AI-assisted research summary: The registrar may act after an investigation, on-site visit, or inspection under section 14 if there are reasonable grounds to think the interests of investors or the public require it.
214. Section 15 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for the words preceding paragraph (a) of the following words: ‘‘If the registrar, after an [investigation] on-site visit or inspection under section 14, considers on reasonable grounds that the interests of the investors of a collective investment scheme or of members of the public so require, [he or she] the registrar may—’’; 5 10 15 20 25 30 35 40 45 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 203 Wet No. 45 van 2013 Wysiging van artikel 5 van Wet 45 van 2002 203 - 210 Verify source ↗
Artikel 5 van die Hoofwet word hierby gewysig deur paragraaf (b) deur die
AI-assisted research summary: The registrar may issue a notice on the official website to exempt something from the Act’s provisions.
210. Artikel 5 van die Hoofwet word hierby gewysig deur paragraaf (b) deur die volgende paragraaf te vervang: ‘‘(b) deur die registrateur by kennisgewing [in die Staatskoerant] op die amptelike webwerf van die bepalings van hierdie Wet vrygestel is.’’. 5 Vervanging van artikel 7 van Wet 45 van 2002 - 211 Verify source ↗
Artikel 7 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: The provision identifies the registrar and deputy registrar roles for collective investment schemes and says the deputy registrar may perform delegated registrar functions.
211. Artikel 7 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Registrateur en adjunkregistrateur van kollektiewe beleggingskemas 7. (1) Die uitvoerende beampte [en ’n adjunk- uitvoerende beampte] in artikel 1 van die Wet op die Raad op Finansiële Dienste, 1990 (Wet No. 97 van 1990), bedoel, [en die adjunkregistrateur] van kollektiewe beleggingskemas en het die bevoegdhede en magte deur of kragtens hierdie Wet of enige ander wet voorsien. [onderskeidelik] die registrateur is (2) Die adjunk- uitvoerende beampte in artikel 1 van die Wet op die Raad is die op Finansiële Dienste, 1990 (Wet No. 97 van 1990), bedoel adjunkregistrateur van kollektiewe beleggingskemas. (3) Die adjunkregistrateur van kollektiewe beleggingskemas oefen die werksaamhede van die registrateur van kollektiewe beleggingskemas uit tot die mate wat sodanige werksaamhede kragtens artikel 20 van die Wet op die Raad op Finansiële Dienste, 1990 (Wet No. 97 van 1990), aan die adjunkregistrateur gedelegeer is.’’. Herroeping van artikels 8, 9, 10, 11, 12 en 13 van Wet 45 van 2002 - 212 Verify source ↗
Artikels 8, 9, 10, 11, 12 en 13 van die Hoofwet word hierby herroep.
AI-assisted research summary: This section repeals Articles 8 to 13 of the Hoofwet.
212. Artikels 8, 9, 10, 11, 12 en 13 van die Hoofwet word hierby herroep. Vervanging van artikel 14 van Wet 45 van 2002 - 213 Verify source ↗
Artikel 14 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: The registrar may carry out an onsite visit or direct an inspector to inspect, and after that may order the relevant fund or person to act, stop acting, or correct a breach or non-compliance.
213. Artikel 14 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Inspeksies en besoeke ter plaatse 14. (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 gelas 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 staak 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), mag uitreik nie.’’. 10 15 20 25 30 35 40 Wysiging van artikel 15 van Wet 45 van 2002, soos gewysig deur artikel 63 van Wet 28 van 2001 - 214 Verify source ↗
Artikel 15 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends section 15 so the registrar can take court and management action over collective investment schemes and managers, and non-compliance can be an offence.
214. Artikel 15 van die Hoofwet word hierby gewysig— (a) deur in subartikel (1) die woorde wat paragraaf (a) voorafgaan deur die 45 volgende woorde te vervang: ‘‘Indien die registrateur, na ’n [ondersoek] ter plaatse besoek of inspeksie kragtens artikel 14, op redelike gronde van oordeel is dat die belange van beleggers in ’n kollektiewe beleggingskema of van lede van die publiek dit vereis, kan [hy of sy] die registrateur—’’; 50 204 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 204 (b) by the substitution in subsection (1) for paragraph (a) of the following paragraph: ‘‘(a) apply to the court under [section 346 of] the Companies Act[, 1973 (Act No. 61 of 1973),] for the winding-up of a manager or of a collective investment scheme [as if he or she were a creditor thereof];’’; 5 (c) by the deletion in subsection (1) of paragraph (b); (d) by the deletion in subsection (1) of the word ‘‘or’’ at the end of paragraph (g) and the addition to that subsection of the following paragraphs: ‘‘(i) instruct a manager to wind up a portfolio or amalgamate a portfolio 10 (j) with another portfolio; if a manager fails to comply with a written request, direction or directive by the registrar under this Act, do or cause to be done all that a manager was required to do in terms of the request, direction or directive of the registrar.’’; (e) by the substitution in subsection (2) for the words preceding paragraph (a) of the following words: ‘‘The registrar may oppose any application in terms of the Companies Act[, 1973 (Act No. 61 of 1973),] for—’’; (f) by the insertion in subsection (2) of the word ‘‘or’’ at the end of paragraph (a) and the deletion in that subsection of paragraph (b); and (g) by substitution for subsection (4) of the following subsection: ‘‘(4) A person who refuses or fails to comply with a request or direction referred to in paragraphs (d), (e), (f) or (g) of subsection (1) is guilty of an offence and on conviction liable to a fine not exceeding R10 million or to imprisonment for a period not exceeding [one year] 10 years, or to both [a] such fine and such imprisonment.’’. 15 20 25 Insertion of sections 15A and 15B in Act 45 of 2002 - 215 Verify source ↗
The following sections are hereby inserted in the principal Act after section 15:
AI-assisted research summary: The registrar may require a manager, trustee, or custodian to explain a possible financial soundness failure and propose how to fix it.
215. The following sections are hereby inserted in the principal Act after section 15: ‘‘Powers of registrar in respect of financial soundness requirement 30 15A. (1) If the registrar is satisfied that a manager, trustee or custodian is failing, or is likely to fail within a reasonable period, to comply with an applicable financial soundness requirement under this Act, the registrar may by notice direct the manager, trustee or custodian to furnish the registrar, within a specified period, with— (a) specified information relating to the nature and cause of the failure; and (b) proposals as to the course of action that the manager, trustee or to ensure compliance with the financial custodian must adopt soundness requirement under this Act. (2) When the registrar has received the information and proposals referred to in subsection (1), the registrar may, without derogating from the registrar’s powers under any other provision of this Act— (a) by notice authorise the manager, trustee or custodian concerned to adopt a course of action which the registrar is satisfied will reasonably ensure that the manager, trustee or custodian complies with the financial soundness requirements under this Act; (b) at (c) that time or at any time thereafter, by notice authorise the adjustment of that course of action to the extent that the registrar deems appropriate in the circumstances; or if deemed reasonably necessary in the interests of investors, at that time or at any time thereafter, and notwithstanding any steps already taken by the registrar in accordance with paragraph (a) or (b) or any other provision of this Act, act in accordance with section 15. 35 40 45 50 (3) For the purposes of this section, ‘financial soundness requirement’ means any requirement or limitation referred to in sections 85 to 89, 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 205 Wet No. 45 van 2013 205 (b) deur paragraaf (a) in subartikel (1) deur die volgende paragraaf te vervang: ‘‘(a) by die hof kragtens [artikel 346 van] die Maatskappywet[, 1973 (Wet No. 61 van 1973),] aansoek doen om die likwidasie van ’n bestuurder of van ’n kollektiewe beleggingskema [asof hy of sy ’n skuldeiser daarvan is];’’; (c) deur paragraaf (b) in subartikel (1) te skrap; (d) deur die woord ‘‘of’’ aan die einde van paragraaf (g) in subartikel (1) te skrap en die volgende paragrawe by daardie subartikel te voeg: ‘‘(i) ’n bestuurder opdrag gee om ’n portefeulje te likwideer of ’n (j) portefeulje met ’n ander portefeulje te amalgameer; indien ’n bestuurder versuim om aan ’n skriftelike versoek, instruksie of lasgewing deur die registrateur kragtens hierdie Wet te voldoen, alles wat ingevolge die versoek, instruksie of direktief van die registrateur, van die bestuurder vereis is om te doen, of te laat doen.’’; (e) deur in subartikel (2) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Die registrateur kan enige aansoek ingevolge die Maatskappywet[, 1973 (Wet No. 61 van 1973),] vir—’’; (f) deur die woord ‘‘of’’ aan die einde van paragraaf (a) in subartikel (2) in te voeg en paragraaf (b) in daardie subartikel te skrap; en (g) deur subartikel (4) deur die volgende subartikel te vervang: ‘‘(4) ’n Persoon wat weier of versuim om aan ’n versoek of lasgewing bedoel in paragrawe (d), (e), (f) of (g) van subartikel (1) te voldoen, is skuldig aan ’n misdryf en by skuldigbevinding strafbaar met ’n boete van hoogstens R10 miljoen of met gevangenisstraf vir ’n tydperk van hoogstens [een] 10 jaar of met [’n] die boete sowel as daardie gevangenisstraf.’’. 5 10 15 20 25 Invoeging van artikels 15A en 15B in Wet 45 van 2002 - 215 Verify source ↗
Die volgende artikels word hierby na artikel 15 in die Hoofwet ingevoeg:
AI-assisted research summary: The registrar may issue directives and notices to help ensure compliance with financial health requirements, and must publish certain public-protection directives online and in other media.
215. Die volgende artikels word hierby na artikel 15 in die Hoofwet ingevoeg: 30 ‘‘Bevoegdhede van registrateur ten opsigte van vereiste oor finansiële gesondheid 15A. (1) Indien die registrateur tevrede is dat ’n bestuurder, trustee of bewaarder faal, of waarskynlik sal faal, binne ’n redelike tydperk, om aan ’n toepaslike vereiste vir finansiële gesondheid kragtens hierdie Wet te voldoen, kan die registrateur by kennisgewing die bestuurder, trustee of bewaarder, binne ’n vermelde tydperk, voorsien van— (a) gespesifiseerde inligting oor die aard en oorsaak van die versuim; en trustee of (b) voorstelle oor die handelswyse wat die bestuurder, bewaarder moet volg om voldoening aan die vereiste vir finansiële gesondheid kragtens hierdie Wet te verseker. (2) Wanneer die registrateur die inligting en voorstelle in subartikel (1) bedoel ontvang het, kan die registrateur, sonder om afbreuk te doen aan die registrateur se bevoegdhede kragtens enige ander bepaling van hierdie Wet— (a) die betrokke bestuurder, trustee of bewaarder by kennisgewing magtig om ’n handelwyse aan te neem wat die registrateur oortuig is redelik sal verseker dat die bestuurder, trustee of bewaarder voldoen aan die vereistes vir finansiële gesondheid kragtens hierdie Wet; (c) (b) op daardie tydstip of te eniger tyd daarna, die verandering van daardie handelswyse by kennisgewing magtig tot die mate wat die registrateur onder die omstandighede gepas ag; of indien dit in die belang van beleggers redelik nodig geag word, op daardie tydstip of te eniger tyd daarna, en ondanks enige stappe wat die registrateur reeds ooreenkomstig paragraaf (a) of (b) of enige ander bepaling van hierdie Wet geneem het, ooreenkomstig artikel 15 handel. (3) By die toepassing van hierdie artikel, beteken ‘vereiste vir finansiële gesondheid’ enige vereiste of beperking in artikels 85 tot 89, inklusief, 35 40 45 50 55 206 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 206 inclusive, sections 91 to 96, inclusive, and section 105 and includes any other financial requirements imposed under this Act. Directives 15B. (1) The registrar may, in order to ensure compliance with or to prevent a contravention of this Act, issue a directive to any person to whom the provisions of this Act apply. (2) A directive issued in terms of subsection (1) may— (a) apply generally; or (b) be limited in its application to a particular person or to a category of persons. (3) A directive issued in terms of subsection (1) takes effect on the date determined by the registrar in the directive. (4) In the event of a departure from section 3(2) or 4(1), (2) or (3) of the Promotion of Administrative Justice Act, 2000 (Act No. 3 of 2000), the directive must include a statement to that effect and the reasons for such departure. (5) The registrar must, where a directive is issued to ensure the protection of the public in general, publish the directive 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.’’. 5 10 15 20 Repeal of section 21 of Act 45 of 2002 - 216 Verify source ↗
Section 21 of the principal Act is hereby repealed.
AI-assisted research summary: Section 21 of the principal Act is repealed.
216. Section 21 of the principal Act is hereby repealed. Amendment of section 34 of Act 45 of 2002 - 217 Verify source ↗
Section 34 of the principal Act is hereby amended—
AI-assisted research summary: This section amends section 34 of the principal Act, including rules about voluntary winding-up and sending certain notices or accounts to the registrar.
217. Section 34 of the principal Act is hereby amended— (a) by the substitution for subsection (2) of the following subsection: 25 ‘‘(2) Subject to subsection (1), the provisions of the Companies Act[, 1973 (Act No. 61 of 1973),] relating to the voluntary winding-up of companies apply with the necessary changes to the voluntary dissolution of an association.’’; and (b) by the substitution in subsection (3) for paragraph (b) of the following 30 paragraph: ‘‘(b) forward to the registrar a copy of every notice or account which, in terms of the Companies Act[, 1973], he or she is required to furnish to the Master of the High Court.’’. Amendment of section 35 of Act 45 of 2002 35 - 218 Verify source ↗
Section 35 of the principal Act is hereby amended—
AI-assisted research summary: This section amends section 35 and gives the registrar power to issue and publish notices for compliance and public protection.
218. Section 35 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for paragraph (e) of the following paragraph: ‘‘(e) the business rescue practitioner of the association; or’’; and (b) by the substitution for subsections (2) and (3) of the following subsections, 40 respectively: ‘‘(2) (a) Subject to the provisions of subsection (1), the provisions of the Companies Act[, 1973 (Act No. 61 of 1973),] relating to the winding-up of companies by the court apply with the necessary changes to an association. (b) In the application of the provisions of that Act[— (i) (ii) (iii) section 346(3) of that Act is construed as if after the words ‘except an application by’ there were inserted the words ‘the registrar defined in section 1 of the Collective Investment Schemes Control Act, 2002, or’; section 346(4)(a) of that Act is construed as if after the words ‘lodged with the Master’ there were inserted the words ‘and registrar defined in section 1 of the Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001)’; section 346(4)(b) of that Act is construed as if after the word ‘Master’ there were inserted the words ‘or registrar defined in 45 50 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 207 Wet No. 45 van 2013 207 artikels 91 tot 96, inklusief, en artikel 105 en sluit enige ander finansiële vereistes in wat kragtens hierdie Wet opgelê is. Lasgewings 15B. (1) Die registrateur kan, ten einde voldoening aan hierdie Wet te verseker of om oortreding daarvan te voorkom, ’n lasgewing aan enige persoon uitreik op wie die bepalings van hierdie Wet van toepassing is. (2) ’n Lasgewing ingevolge subartikel (1) uitgereik kan— in die algemeen geld; of (a) (b) op ’n bepaalde persoon of ’n kategorie persone van toepassing wees. (3) ’n Voorskrif ingevolge subartikel (1) uitgereik, tree in werking op ’n datum in die lasgewing deur die registrateur bepaal. (4) In die geval van ’n afwyking van artikel 3(2) of 4(1), (2) of (3) van die ‘Promotion of Administrative Justice Act, 2000’ (Wet No. 3 van 2000), moet die voorskrif ’n verklaring te dien effekte en die redes vir die afwyking, insluit. (5) Die registrateur moet, waar ’n voorskrif uitgereik word om die beskerming van die publiek in die algemeen te verseker, die voorskrif op die amptelike webwerf en enige ander media wat die registrateur gepas ag, publiseer, ten einde te verseker dat die publiek maklik en betroubaar toegang tot die voorskrif kan verkry.’’. Herroeping van artikel 21 van Wet 45 van 2002 - 216 Verify source ↗
Artikel 21 van die Hoofwet word hierby herroep.
AI-assisted research summary: Article 21 of the Principal Act is repealed.
216. Artikel 21 van die Hoofwet word hierby herroep. Wysiging van artikel 34 van Wet 45 van 2002 - 217 Verify source ↗
Artikel 34 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This provision amends Article 34 of the Principal Act by replacing subsection (2) and paragraph (b) in subsection (3).
217. Artikel 34 van die Hoofwet word hierby gewysig— (a) deur subartikel (2) deur die volgende subartikel te vervang: subartikel ‘‘(2) Behoudens die (1) Maatskappywet[, 1973 (Wet No. 61 van 1973),] met betrekking tot die vrywillige likwidasie van maatskappye met die nodige veranderinge op die vrywillige ontbinding van ’n vereniging van toepassing.’’; en bepalings van die is (b) deur paragraaf (b) in subartikel (3) deur die volgende paragraaf te vervang: ‘‘(b) ’n kopie van elke kennisgewing of rekening aan die registrateur stuur wat hy of sy ingevolge die Maatskappywet[, 1973], aan die Meester van die Hoë Hof moet verskaf.’’. Wysiging van artikel 35 van Wet 45 van 2002 - 218 Verify source ↗
Artikel 35 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends the principal Act and says a court may wind up an association only if it is satisfied that business rescue is undesirable.
218. Artikel 35 van die Hoofwet word hierby gewysig— (a) deur paragraaf (e) in subartikel (1) deur die volgende subartikel te vervang: ‘‘(e) die vereniging se ondernemingreddingspraktisyn; of’’; en (b) deur subartikels (2) en (3) onderskeidelik deur die volgende subartikels te vervang: ‘‘(2) (a) Behoudens die bepalings van subartikel (1) is die bepalings van die Maatskappywet[, 1973 (Wet No. 61 van 1973),] met betrekking tot die likwidasie van maatskappye deur die hof met die nodige veranderinge op ’n vereniging van toepassing. (b) By die toepassing van die bepalings van daardie Wet[— (i) word artikel 346(3) van daardie Wet uitgelê asof na die woorde ‘behalwe ’n aansoek deur’ die woorde ‘die registrateur omskryf in artikel 1 van die Wet op Beheer van Kollektiewe Belegging- skemas, 2002, of’ ingevoeg was; (ii) word artikel 346(4)(a) van daardie Wet uitgelê asof na die woorde ‘by die Meester’ die woorde ‘en registrateur omskryf in artikel 1 van die Wet op Finansiële Instellings (Beskerming van Fondse), 2001 (Wet No. 28 van 2001)’ ingevoeg was; (iii) word artikel 346(4)(b) van daardie Wet uitgelê asof na die woord ‘Meester’ die woorde ‘of registrateur omskryf in artikel 5 10 15 20 25 30 35 40 45 50 208 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 208 (iv) section 1 of the Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001)’; and section 357 of that Act is construed as if the registrar were included among the persons to whom notice is required to be given under subsection (1)(b) of that section] the reference to the Commission in section 81 of the Companies Act must be construed as being a reference also to the registrar. (3) An order for the winding-up of an association by the court may only be made if the court is satisfied that [it] a business rescue of the association is undesirable [that an association be placed under judicial management].’’. 5 10 Substitution of section 36 of Act 45 of 2002 - 219 Verify source ↗
The following section is hereby substituted for section 36 of the principal Act:
AI-assisted research summary: This section substitutes section 36 of the principal Act with a section headed “Business rescue of association.”
219. The following section is hereby substituted for section 36 of the principal Act: ‘‘Business rescue of association - 36 Verify source ↗
Section 111A applies with the changes required by the context to the
AI-assisted research summary: Section 111A applies, with context-based changes, to the business rescue of an association.
36. Section 111A applies with the changes required by the context to the 15 business rescue of an association.’’. Substitution of section 37 of Act 45 of 2002 - 220 Verify source ↗
The following section is hereby substituted for section 37 of the principal Act:
AI-assisted research summary: This section substitutes a new section 37, titled “Appointment of [judicial manager or] liquidator.”
220. The following section is hereby substituted for section 37 of the principal Act: ‘‘Appointment of [judicial manager or] liquidator - 37 Verify source ↗
Despite the provisions of the Companies Act, [1973 (Act No. 61 of
AI-assisted research summary: A judicial manager or liquidator for an association must be appointed by the Master of the High Court, after consulting the registrar.
37. Despite the provisions of the Companies Act, [1973 (Act No. 61 of 1973),] a [judicial manager or] liquidator in respect of an association must be appointed by the Master of the High Court in consultation with the registrar.’’. 20 Amendment of section 41 of Act 45 of 2002 - 221 Verify source ↗
Section 41 of the principal Act is hereby amended—
AI-assisted research summary: This section amends section 41 of the principal Act and makes contravening subsection (1) an offence punishable by a fine, imprisonment, or both.
221. Section 41 of the principal Act is hereby amended— (a) by the substitution in subsection (2) for paragraph (a) of the following paragraph: ‘‘(a) is a company under the Companies Act[, 1973 (Act No. 61 of 1973)]; and’’; and (b) by the substitution for subsection (3) of the following subsection: ‘‘(3) A person who contravenes subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding R10 million or to imprisonment for a period not exceeding [five] 10 years, or to both [a] such fine and such imprisonment.’’. Amendment of section 42 of Act 45 of 2002 - 222 Verify source ↗
Section 42 of the principal Act is hereby amended by the addition of the
AI-assisted research summary: The registrar may withdraw or amend conditions or restrictions on a company’s registration as a manager if the change is justified and will not prejudice investors.
222. Section 42 of the principal Act is hereby amended by the addition of the following subsection: ‘‘(5) The registrar may, after the registration of a company as a manager, on application by the manager or on the registrar’s own initiative, withdraw or amend any condition or restriction in respect of the registration if the registrar is satisfied that any such withdrawal or amendment is justified and will not prejudice the interests of investors.’’. Substitution of section 46 of Act 45 of 2002 - 223 Verify source ↗
The following section is hereby substituted for section 46 of the principal Act:
AI-assisted research summary: The registrar may determine the manner, limits, and conditions for portfolio investment, after consulting the advisory committee.
223. The following section is hereby substituted for section 46 of the principal Act: ‘‘Limitation on investment in portfolio 46. (1) The registrar may[, after consultation with the advisory committee,] determine the manner in which and the limits and conditions 25 30 35 40 45 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 209 Wet No. 45 van 2013 209 1 van die Wet op Finansiële Instellings (Beskerming van Fondse), 2001 (Wet No. 28 van 2001)’ ingevoeg was; en (iv) word artikel 357 van daardie Wet uitgelê asof die registrateur ingesluit is by die persone aan wie kragtens subartikel (1)(b) van daardie artikel kennis gegee moet] word die verwysing na die Kommissie in artikel 81 van die Maatskappywet uitgelê as ook ’n verwysing na die registrateur. (3) ’n Bevel vir die likwidasie van ’n vereniging deur die hof moet gegee word slegs indien die hof tevrede is dat [dit] ’n ondernemings- redding van die vereniging onwenslik is [dat ’n vereniging onder geregtelike bestuur geplaas word].’’. 5 10 Vervanging van artikel 36 van Wet 45 van 2002 - 219 Verify source ↗
Artikel 36 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: Article 36 is replaced with a new article titled “Ondernemingsredding van vereniging” (business rescue of an association).
219. Artikel 36 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Ondernemingsredding van vereniging - 36 Verify source ↗
Artikel 111A is van toepassing met die veranderinge deur die
AI-assisted research summary: Section 111A applies, with the changes required, to the business rescue of an association.
36. Artikel 111A is van toepassing met die veranderinge deur die 15 samehang vereis op die ondernemingsredding van ’n vereniging.’’. Vervanging van artikel 37 van Wet 45 van 2002 - 220 Verify source ↗
Artikel 37 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: This section replaces Article 37 of the principal Act with a new article.
220. Artikel 37 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Aanstelling van [geregtelike bestuurder of] likwidateur - 37 Verify source ↗
Ondanks die bepalings van die Maatskappywet[, 1973 (Wet No. 61
AI-assisted research summary: The Master of the High Court appoints a judicial manager or liquidator for an association, after consulting the registrar.
37. Ondanks die bepalings van die Maatskappywet[, 1973 (Wet No. 61 van 1973),] word ’n [geregtelike bestuurder of] likwidateur met betrekking tot ’n vereniging deur die Meester van die Hoë Hof in oorleg met die registrateur aangestel.’’. Wysiging van artikel 41 van Wet 45 van 2002 - 221 Verify source ↗
Artikel 41 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends Article 41 and makes a person who contravenes subsection (1) guilty of an offence, punishable on conviction by a fine up to R10 million, imprisonment up to 10 years, or both.
221. Artikel 41 van die Hoofwet word hierby gewysig— (a) deur paragraaf (a) in subartikel (2) deur die volgende paragraaf te vervang: ‘‘(a) ’n maatskappy kragtens die Maatskappywet[, 1973 (Wet No. 61 van 1973), is; en]’’; en (b) deur subartikel (3) deur die volgende subartikel te vervang: ‘‘(3) ’n Persoon wat subartikel (1) oortree, is skuldig aan ’n misdryf en by skuldigbevinding strafbaar met ’n boete van hoogstens R10 miljoen of met gevangenisstraf vir ’n tydperk van hoogstens [vyf] 10 jaar of met beide [’n] sodanige boete en sodanige gevangenisstraf.’’. 20 25 30 Wysiging van artikel 42 van Wet 45 van 2002 - 222 Verify source ↗
Artikel 42 van die Hoofwet word hierby gewysig deur die volgende subartikel by
AI-assisted research summary: The registrar may withdraw or amend registration conditions or restrictions in certain cases.
222. Artikel 42 van die Hoofwet word hierby gewysig deur die volgende subartikel by 35 te voeg: ‘‘(5) Die registrateur kan, na die registrasie van ’n maatskappy as ’n bestuurder, by aansoek deur die bestuurder of op inisiatief van die registrateur, enige voorwaarde of beperking ten opsigte van die registrasie terugtrek of wysig indien die registrateur tevrede is dat enige sodanige terugtrekking of wysiging geregverdig is en die belange van beleggers nie sal benadeel nie.’’. 40 Vervanging van artikel 46 van Wet 45 van 2002 - 223 Verify source ↗
Artikel 46 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: The registrar may set how securities may be included in a collective investment scheme portfolio, including limits and conditions.
223. Artikel 46 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Beperking op belegging in portefeulje 46. (1) Die registrateur kan[, na oorlegpleging met die advieskomitee,] die wyse waarop en beperkings en voorwaardes onderworpe waaraan 45 210 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 210 subject to which securities or classes of securities may be included in a portfolio of a collective investment scheme in securities. (2) The registrar may[, after consultation with the advisory commit- limits and conditions for different tee,] determine different manners, securities or classes of securities or different portfolios of a collective investment scheme in securities.’’. 5 Amendment of section 47 of Act 45 of 2002 - 224 Verify source ↗
Section 47 of the principal Act is hereby amended by the substitution in
AI-assisted research summary: This section changes the definition of “property shares” in section 47.
224. Section 47 of the principal Act is hereby amended by the substitution in subsection (1) for paragraph (b) of the definition of ‘‘property shares’’ of the following paragraph: 10 ‘‘(b) a holding company which has no subsidiaries other than fixed property companies which are wholly owned subsidiaries as referred to in section [1(5)] 3(1)(b) of the Companies Act[, 1973 (Act No. 61 of 1973)]; and’’. Amendment of section 48 of Act 45 of 2002 - 225 Verify source ↗
Section 48 of the principal Act is hereby amended—
AI-assisted research summary: This section amends section 48 of the principal Act and creates an offence for contravening subsection (1), with a fine, imprisonment, or both.
225. Section 48 of the principal Act is hereby amended— (a) by the substitution in subsection (2) for paragraph (a) of the following paragraph: ‘‘(a) is registered as a company under the Companies Act[, 1973 (Act No. 61 of 1973)]; and’’; and (b) by the substitution for subsection (3) of the following subsection: ‘‘(3) A person who contravenes subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding R10 million or to imprisonment for a period not exceeding [five] 10 years, or to both [a] such fine and such imprisonment.’’. Amendment of section 50 of Act 45 of 2002 - 226 Verify source ↗
Section 50 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: This section amends section 50 so that Chapter 2 Part D of the Companies Act applies to the repurchase of a participatory interest by a collective investment scheme in property.
226. Section 50 of the principal Act is hereby amended by the substitution for subsection (2) of the following subsection: ‘‘(2) [Chapter V] Part D of Chapter 2 of the Companies Act[, 1973 (Act No. 61 of 1973),] applies to the repurchase of a participatory interest by a collective investment scheme in property and for the purposes of this subsection, ‘shares’ as referred to in that [Chapter are regarded as including] Part includes participatory interests in a collective investment scheme in property.’’. Amendment of section 53 of Act 45 of 2002 - 227 Verify source ↗
Section 53 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: This amendment says a person who breaches subsection (1) commits an offence and may be fined up to R10 million, imprisoned for up to 10 years, or both.
227. Section 53 of the principal Act is hereby amended by the substitution for subsection (3) of the following subsection: ‘‘(3) A person who contravenes subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding R10 million or to imprisonment for a period not exceeding [five] 10 years, or to both [a] such fine and such imprisonment.’’. Amendment of section 65 of Act 45 of 2002 15 20 25 30 35 - 228 Verify source ↗
Section 65 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: A person who solicits investments in an unapproved foreign collective investment scheme commits an offence.
228. Section 65 of the principal Act is hereby amended by the substitution for 40 subsection (3) of the following subsection: ‘‘(3) A person who solicits investments in a foreign collective investment scheme which is not approved in terms of subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding R10 million or to imprisonment for a period not exceeding [five] 10 years, or to both [a] such fine and such imprisonment.’’. Amendment of section 69 of Act 45 of 2002 - 229 Verify source ↗
Section 69 of the principal Act is hereby amended—
AI-assisted research summary: The registrar may set different methods, limits, and conditions for different securities, classes of securities, or portfolios of a collective investment scheme in securities.
229. Section 69 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for paragraph (a) of the following paragraph: 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 211 Wet No. 45 van 2013 211 effekte of klasse effekte ingesluit kan word in ’n portefeulje van ’n kollektiewe beleggingskema in effekte, bepaal. (2) Die registrateur kan[, na oorlegpleging met die advieskomitee,] verskillende wyses, perke en voorwaardes vir verskillende effekte of klasse effekte of verskillende portefeuljes van ’n kollektiewe beleggingskema in effekte, bepaal.’’. 5 Wysiging van artikel 47 van Wet 45 van 2002 - 224 Verify source ↗
Artikel 47 van die Hoofwet word hierby gewysig deur in subartikel (1) paragraaf
AI-assisted research summary: This provision amends Article 47 of the principal law by replacing part of the definition of “property shares.”
224. Artikel 47 van die Hoofwet word hierby gewysig deur in subartikel (1) paragraaf (b) van die omskrywing van ‘‘eiendomsaandele’’ deur die volgende paragraaf te vervang: 10 ‘‘(b) ’n houermaatskappy wat geen ander filiale het as vaste-eiendomsmaatskappye wat volfiliale is soos bedoel in artikel [1(5)] 3(1)(b) van die Maatskappywet[, 1973 (Wet No. 61 van 1973)], nie; en’’. Wysiging van artikel 48 van Wet 45 van 2002 - 225 Verify source ↗
Artikel 48 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends article 48 and adds that a person who contravenes subsection (1) commits an offence punishable by a fine of up to R10 million, imprisonment for up to 10 years, or both.
225. Artikel 48 van die Hoofwet word hierby gewysig— (a) deur paragraaf (a) in subartikel (2) deur die volgende paragraaf te vervang: ‘‘(a) geregistreer is as ’n maatskappy kragtens die Maatskappywet[, 1973 (Wet No. 61 van 1973)]; en’’; en (b) deur subartikel (3) deur die volgende subartikel te vervang: ‘‘(3) ’n Persoon wat subartikel (1) oortree, is skuldig aan ’n misdryf en by skuldigbevinding strafbaar met ’n boete van hoogstens R10 miljoen of met gevangenisstraf vir ’n tydperk van hoogstens [vyf] 10 jaar, of met beide [’n] sodanige boete en sodanige gevangenisstraf.’’. 15 20 Wysiging van artikel 50 van Wet 45 van 2002 - 226 Verify source ↗
Artikel 50 van die Hoofwet word hierby gewysig deur subartikel (2) deur die
AI-assisted research summary: This provision amends section 50 of the principal Act by replacing subsection (2) with a rule about repurchasing a participating interest by a collective investment scheme in property.
226. Artikel 50 van die Hoofwet word hierby gewysig deur subartikel (2) deur die 25 volgende subartikel te vervang: ‘‘(2) [Hoofstuk V] Deel D van Hoofstuk 2 van die Maatskappywet[, 1973 (Wet No. 61 van 1973),] is van toepassing op die terugkoop van ’n deelnemende belang deur ’n kollektiewe beleggingskema in eiendom en by die toepassing van hierdie subartikel [word] sluit ‘aandele’ soos bedoel in daardie [Hoofstuk, geag] Deel deelnemende belange in ’n kollektiewe beleggingskema in eiendom in [te sluit].’’. Wysiging van artikel 53 van Wet 45 van 2002 - 227 Verify source ↗
Artikel 53 van die Hoofwet word hierby gewysig deur subartikel (3) deur die
AI-assisted research summary: A person who breaches subsection (1) commits an offence and may be fined up to R10 million, imprisoned for up to 10 years, or both.
227. Artikel 53 van die Hoofwet word hierby gewysig deur subartikel (3) deur die volgende subartikel te vervang: ‘‘(3) ’n Persoon wat ’n bepaling van subartikel (1) oortree, is skuldig aan ’n misdryf en by skuldigbevinding strafbaar met ’n boete van hoogstens R10 miljoen of met gevangenisstraf vir ’n tydperk van hoogstens [vyf] 10 jaar, of met beide [’n] sodanige boete en sodanige gevangenisstraf.’’. Wysiging van artikel 65 van Wet 45 van 2002 30 35 - 228 Verify source ↗
Artikel 65 van die Hoofwet word hierby gewysig deur subartikel (3) deur die
AI-assisted research summary: A person who solicits investments in an unapproved foreign collective investment scheme commits an offence and may be fined up to R10 million, imprisoned for up to 10 years, or both.
228. Artikel 65 van die Hoofwet word hierby gewysig deur subartikel (3) deur die 40 volgende subartikel te vervang: ‘‘(3) ’n Persoon wat beleggings werf in ’n buitelandse kollektiewe beleggingskema wat nie ingevolge subartikel (1) goedgekeur is nie, is skuldig aan ’n misdryf en by skuldigbevinding strafbaar met ’n boete van hoogstens R10 miljoen of met gevangenisstraf vir ’n tydperk van hoogstens [vyf] 10 jaar, of met beide [’n] sodanige boete en sodanige gevangenisstraf.’’. 45 Wysiging van artikel 69 van Wet 45 van 2002 - 229 Verify source ↗
Artikel 69 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This provision amends section 69 of the main Act by replacing a paragraph and a subparagraph.
229. Artikel 69 van die Hoofwet word hierby gewysig— (a) deur paragraaf (a) in subartikel (1) deur die volgende paragraaf te vervang: 212 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 212 ‘‘(a) a public company under the Companies Act[, 1973 (Act No. 61 of 1973)];’’; and (b) by the substitution in subsection (3)(a) for subparagraph (i) of the following subparagraph: ‘‘(i) the company or institution is not, in relation to the manager, either a holding company or a subsidiary [or fellow subsidiary company] within the meaning of those terms as defined in the Companies Act[, 1973 (Act No. 61 of 1973)]; and’’. 5 Amendment of section 70 of Act 45 of 2002 - 230 Verify source ↗
Section 70 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: A trustee or custodian must report known irregularities or undesirable practices to the manager, and must also report to the registrar as soon as possible if remedial steps are not taken to its satisfaction.
230. Section 70 of the principal Act is hereby amended by the substitution for 10 subsection (2) of the following subsection: ‘‘(2) A trustee or custodian must report to the manager any irregularity or undesirable practice[, whether declared in terms of section 21 or not,] concerning the collective investment scheme of which it is aware and if steps to rectify the irregularity or practice in question are not taken to the satisfaction of the trustee or custodian, it must as soon as possible report such irregularity or undesirable practice to the registrar.’’. 15 Substitution of section 81 of Act 45 of 2002 - 231 Verify source ↗
The following section is hereby substituted for section 81 of the principal Act:
AI-assisted research summary: A converted collective investment scheme must be incorporated as a company, the CIPC may only endorse the Memorandum of Incorporation with the required certificate, and first directors must sign the Memorandum of Incorporation if they accept appointment.
231. The following section is hereby substituted for section 81 of the principal Act: ‘‘Registration of [memorandum and articles of association by registrar of companies] Memorandum of Incorporation by Companies and Intellectual Property Commission 20 81. (1) If a collective investment scheme is not a company incorporated in terms of the Companies Act, [1973 (Act No. 61 of 1973),] and is converted into a collective investment scheme in the format of a company, it must be incorporated as a company in terms of the Companies Act[, 1973,] with its [memorandum and articles of association] Memorandum of Incorporation complying with that Act: Provided that, subject to the requirements of the Companies Act[, 1973,] and any requirement of the registrar or any other authority, the conversion must be regarded as having taken place upon the [registration of the memorandum and articles of association] endorsement of the Memorandum of Incorporation under that Act. (2) The [Registrar of Companies] Companies and Intellectual Property Commission may not [register the memorandum and articles of association] endorse the Memorandum of Incorporation of a company contemplated in this section unless the application is accompanied by a certificate issued in terms of section 82(1). (3) For the purposes of the [registration of the memorandum and articles of association] endorsement of the Memorandum of Incorporation of any such company in terms of the Companies Act, [1973 (Act No. 61 of 1973),] the persons referred to in section 78(2)(e) must, if they accept their appointment as the first directors of the company, sign [the memorandum and articles of association] the Memorandum of Incorporation as if they were the [subscribers of such company as] persons contemplated in section [54(2)] 13(1) of the Companies Act[, 1973].’’. 25 30 35 40 45 Amendment of section 84 of Act 45 of 2002 - 232 Verify source ↗
Section 84 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: Section 84 is amended so that Companies Act prospectus/share-offer rules do not apply to the offer covered by subsection (1).
232. Section 84 of the principal Act is hereby amended by the substitution for subsection (2) of the following subsection: ‘‘(2) The provisions of the Companies Act, [1973 (Act No. 61 of 1973),] with respect to the issue of a prospectus or an offer of shares, do not apply to an offer referred to in subsection (1).’’. 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 213 Wet No. 45 van 2013 213 ‘‘(a) ’n publieke maatskappy kragtens die Maatskappywet[, 1973 (Wet No. 61 van 1973)];’’; en (b) deur subparagraaf (i) in subartikel (3)(a) deur die volgende subparagraaf te vervang: ‘‘(i) die maatskappy of instelling nie, met betrekking tot die bestuurder, óf ’n houermaatskappy óf ’n filiaal [óf medefiliaalmaatskappy] binne die bedoeling van daardie begrippe soos omskryf in die Maatskappywet[, 1973 (Wet No. 61 van 1973),] is nie; en’’. 5 Wysiging van artikel 70 van Wet 45 van 2002 - 230 Verify source ↗
Artikel 70 van die Hoofwet word hierby gewysig deur subartikel (2) deur die
AI-assisted research summary: A trustee or custodian must report any known irregularity or undesirable practice in the collective investment scheme to the manager, and must also report it to the registrar if corrective steps are not satisfactory.
230. Artikel 70 van die Hoofwet word hierby gewysig deur subartikel (2) deur die 10 volgende subartikel te vervang: ‘‘(2) ’n Trustee of bewaarder moet enige onreëlmatigheid of ongewenste praktyk[, hetsy ingevolge artikel 21 verklaar al dan nie,] met betrekking tot die kollektiewe beleggingskema waarvan die trustee of bewaarder bewus is, aan die bestuurder rapporteer en indien stappe om die betrokke onreëlmatigheid of ongewenste praktyk reg te stel nie tot bevrediging van die trustee of bewaarder gedoen word nie, moet die trustee of bewaarder so gou doenlik sodanige onreëlmatigheid of ongewenste praktyk aan die registrateur rapporteer.’’. 15 Vervanging van artikel 81 van Wet 45 van 2002 - 231 Verify source ↗
Artikel 81 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: A converted collective investment scheme must be incorporated as a company with a memorandum of incorporation, and the Commission may not confirm or register it unless a certificate under article 82(1) is attached.
231. Artikel 81 van die Hoofwet word hierby deur die volgende artikel vervang: 20 ‘‘Registrasie van [akte van oprigting en statute deur registrateur van maatskappye] Akte van Oprigting deur Kommissie vir Maatskappye en Intellektuele Eiendom 81. (1) Indien ’n kollektiewe beleggingskema nie ’n maatskappy ingelyf ingevolge die Maatskappywet, [1973 (Wet No. 61 van 1973),] is nie en omskep word tot ’n kollektiewe beleggingskema in die formaat van ’n maatskappy, moet dit ingelyf word as ’n maatskappy ingevolge die Maatskappywet[, 1973,] met ’n [akte van oprigting en statute] Akte van Oprigting wat aan daardie Wet voldoen: Met dien verstande dat, behoudens die vereistes van die Maatskappywet[, 1973,] en enige vereiste van die registrateur of enige ander gesag, die omskepping geag plaas te gevind het by [registrasie van die akte van oprigting en statute] bevestiging van die Akte van Oprigting kragtens daardie Wet. (2) Die [Registrateur van Maatskappye] Kommissie vir Maatskappye en Intellektuele Eiendom mag nie die [akte van oprigting en statute] Akte van Oprigting van ’n maatskappy beoog in hierdie artikel [registreer] bevestig nie tensy die aansoek vergesel gaan van ’n sertifikaat uitgereik ingevolge artikel 82(1). (3) Met die oog op die [registrasie van die akte van oprigting en statute] bevestiging van die Akte van Oprigting van enige sodanige maatskappy ingevolge die Maatskappywet, [1973 (Wet No. 61 van 1973),] moet die persone bedoel in artikel 78(2)(e), indien hulle hul aanstelling as die eerste direkteure van die maatskappy aanvaar, die [akte van oprigting en statute] Akte van Oprigting onderteken asof hulle [onderskrywers van sodanige maatskappy is] persone is soos beoog in artikel [54(2)] 13(1) van die Maatskappywet[, 1973].’’. 25 30 35 40 45 Wysiging van artikel 84 van Wet 45 van 2002 - 232 Verify source ↗
Artikel 84 van die Hoofwet word hierby gewysig deur subartikel (2) deur die
AI-assisted research summary: For an offer covered by subsection (1), the Companies Act rules on prospectuses and share offers do not apply.
232. Artikel 84 van die Hoofwet word hierby gewysig deur subartikel (2) deur die volgende subartikel te vervang: ‘‘(2) Die bepalings van die Maatskappywet, [1973 (Wet No. 61 van 1973),] met betrekking tot die uitreiking van ’n prospektus of ’n aanbod van aandele, is nie op ’n aanbod bedoel in subartikel (1) van toepassing nie.’’. 50 214 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 Amendment of section 90 of Act 45 of 2002 214 - 233 Verify source ↗
Section 90 of the principal Act is hereby amended by the substitution in
AI-assisted research summary: This provision amends section 90 so that a manager must furnish copies of every return or notice required under sections 70(6) and 85 to the Companies and Intellectual Property Commission.
233. Section 90 of the principal Act is hereby amended by the substitution in subsection (4) for paragraph (b) of the following paragraph: ‘‘(b) a copy of every return or notice which the manager is required to furnish to the [Registrar of Companies] Companies and Intellectual Property Commission under [section 216(2)] sections 70(6) and 85 of the Companies Act[, 1973 (Act No. 61 of 1973)].’’. Amendment of section 97 of Act 45 of 2002 - 234 Verify source ↗
Section 97 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: The registrar may suspend or amend a deed provision if it is not in investors’ best interests or does not sufficiently protect investors.
234. Section 97 of the principal Act is hereby amended by the substitution for subsection (3) of the following subsection: ‘‘(3) (a) The registrar, if a provision of a deed is not in the best interests of investors or does not afford sufficient protection to investors, may by notice in the Gazette suspend a provision of any deed and— (i) determine the matters to be complied with; or [suspend such a provision and] (ii) determine the matters in respect of and the period within which any deed must be amended. (b) Where the registrar, under paragraph (a)(ii), has determined matters in respect of and the period within which a deed must be amended, and the deed is not amended to the satisfaction of the registrar or within the determined period, the registrar may amend the deed. (c) If the registrar has amended a deed under paragraph (b), the deed must be regarded as having been amended in accordance with the requirements of this Act, despite all parties to that deed not having agreed to or signed the deed.’’. Amendment of section 111 of Act 45 of 2002 - 235 Verify source ↗
Section 111 of the principal Act is hereby amended—
AI-assisted research summary: The registrar may order a liquidator or business rescue practitioner to provide documents, and the Master must promptly file a copy with the registrar in the section 82 application for a manager.
235. Section 111 of the principal Act is hereby amended— (a) by the substitution for subsections (1), (2) and (3) of the following subsections, respectively: ‘‘(1) Except where this Act expressly provides otherwise, the application of the Companies Act [, 1973 (Act No. 61 of 1977),] to a manager is not affected by this Act. (2) (a) [Sections 85 to 89 of the Companies Act, 1973, do] Despite section 5 of the Companies Act, section 48 of the said Act does not apply to an open-ended investment company. (b) [Chapter VI of the Companies Act, 1973,] Despite section 5 of the Companies Act, Chapter 4 of the said Act does not apply to any offer of participatory interests to members of the public or to investors by an open-ended investment company or a foreign collective investment scheme approved in terms of section 65. (3) In the application of section [357] 82 of the Companies Act[, 1973 (Act No. 61 of 1973),] to a manager, the [registrar is regarded as having been included amongst the persons to whom notice is required to be given under] Master must also file promptly with the registrar a copy of the documentation referred to in subsection (1)[(b)] of that section.’’; (b) by the deletion of subsection (4); and (c) by the substitution for subsection (5) of the following subsection: ‘‘(5) The registrar may, in respect of any manager being wound up or [judicially managed] being subject to business rescue proceedings, in writing direct the liquidator or the [judicial manager] business rescue practitioner, as the case may be, to furnish him or her with a copy of any particular account, return statements or other document which the liquidator or the [judicial manager] business rescue practitioner is required under any provision of the Companies Act[,1973] to furnish to the [Registrar of Companies] Companies and Intellectual Property 5 10 15 20 25 30 35 40 45 50 55 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 215 Wet No. 45 van 2013 Wysiging van artikel 90 van Wet 45 van 2002 215 - 233 Verify source ↗
Artikel 90 van die Hoofwet word hierby gewysig deur paragraaf (b) in subartikel
AI-assisted research summary: This section amends article 90 so that a manager must file a copy of each return or notice with the registrar.
233. Artikel 90 van die Hoofwet word hierby gewysig deur paragraaf (b) in subartikel (4) deur die volgende paragraaf te vervang: ‘‘(b) ’n kopie van elke opgawe of kennisgewing wat die bestuurder kragtens [artikel 216 (2)] artikels 70(6) en 85 van die Maatskappywet[, 1973 (Wet No. 61 van 1973),] aan die [Registrateur van Maatskappye] Kommissie vir Maatskappye en Intellektuele Eiendom moet verskaf, by die registrateur indien.’’. 5 Wysiging van artikel 97 van Wet 45 van 2002 - 234 Verify source ↗
Artikel 97 van die Hoofwet word hierby gewysig deur subartikel (3) deur die
AI-assisted research summary: The registrar may suspend a deed provision and, in some cases, amend the deed if investor protection is inadequate.
234. Artikel 97 van die Hoofwet word hierby gewysig deur subartikel (3) deur die 10 volgende subartikel te vervang: ‘‘(3) (a) Die registrateur, indien ’n bepaling van ’n akte nie in die beste belang van beleggers is nie of nie voldoende beskerming aan die beleggers bied nie, kan by kennisgewing in die Staatskoerant ’n bepaling van enige akte opskort en— (i) die aangeleenthede bepaal waaraan voldoen moet word; of [so ’n bepaling opskort en] (ii) die aangeleenthede bepaal ten opsigte waarvan en die tydperk waarin enige akte gewysig moet word. (b) Waar die registrateur, kragtens paragraaf (a)(ii), aangeleenthede ten opsigte waarvan en die tydperk waarin ’n akte gewysig moet word bepaal het, en die akte nie tot bevrediging van die registrateur of binne die bepaalde tydperk gewysig word nie, kan die registrateur die akte wysig. (c) Indien die registrateur ’n akte kragtens paragraaf (b) gewysig het, moet die akte geag word ooreenkomstig die vereistes van hierdie Wet gewysig te wees, ten spyte daarvan dat alle partye tot daardie akte nie op die akte ooreengekom het of dit onderteken het nie.’’. Wysiging van artikel 111 van Wet 45 van 2002 - 235 Verify source ↗
Artikel 111 van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends section 111 so that, in certain cases, the Master must file a copy of the specified document with the registrar, and the registrar may direct a liquidator or business rescue practitioner to provide copies of specified documents.
235. Artikel 111 van die Hoofwet word hierby gewysig— (a) deur subartikels (1), (2) en (3) onderskeidelik deur die volgende subartikels te vervang: ‘‘(1) Behalwe waar hierdie Wet uitdruklik anders bepaal, word die toepassing van die Maatskappywet[, 1973 (Wet No. 61 van 1973),] op ’n bestuurder nie deur hierdie Wet geraak nie. (2) (a) [Artikels 85 tot 89 van die Maatskappywet, 1973, is] is artikel 48 van die Ondanks artikel 5 van die Maatskappywet, genoemde Wet nie van toepassing nie op ’n oop beleggingsmaatskappy. (b) [Hoofstuk VI van die Maatskappywet, 1973, is] Ondanks artikel 5 van die Maatskappywet, is Hoofstuk 4 van die genoemde Wet nie van toepassing nie op enige aanbod van deelnemende belange aan lede van die publiek of beleggers deur ’n oop beleggingsmaatskappy of ’n buitelandse kollektiewe beleggingskema goedgekeur ingevolge artikel 65. (3) By die toepassing van artikel [357] 82 van die Maatskappywet[, 1973 (Wet No. 61 van 1973),] ten opsigte van ’n bestuurder, [word die registrateur geag ingesluit te wees by die persone aan wie kennis kragtens] moet die Meester ook ’n afdruk van die dokument in subartikel (1)[(b)] van daardie artikel [gegee moet word] bedoel, stiptelik by die registrateur indien.’’; (b) deur subartikel (4) te skrap; en (c) deur subartikel (5) deur die volgende subartikel te vervang: ‘‘(5) Die registrateur kan, ten opsigte van ’n bestuurder wat gelikwideer of [geregtelik bestuur word] aan ondernemingreddings- verrigtinge onderwerp word, skriftelik die likwidateur of die [geregte- like bestuurder] ondernemingreddingspraktisyn, na gelang van die geval, gelas om hom of haar te voorsien van ’n afskrif van enige bepaalde rekening, opgawe, staat of ander dokument wat die likwidateur of [geregtelike bestuurder] ondernemingreddingspraktisyn kragtens enige bepaling van die Maatskappywet[, 1973,] aan die [Registrateur van 15 20 25 30 35 40 45 50 55 216 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 216 Commission or the Master, or to furnish him or her from time to time with copies of all or any of such accounts, returns, statements or documents as and when they are furnished to the said [Registrar] Commission or to the Master.’’. Insertion of section 111A in Act 45 of 2002 - 236 Verify source ↗
The following section is hereby inserted in the principal Act after section 111:
AI-assisted research summary: This section adds rules for business rescue of a manager, including registrar approval, court filing requirements, and limits on issuing fresh participatory interests.
236. The following section is hereby inserted in the principal Act after section 111: ‘‘Business rescue of manager 111A. (1) Despite the provisions of the Companies Act or any other law under which a manager is incorporated, Chapter 6 of the Companies Act applies subject to this section and with the changes required by the context, in relation to the business rescue of a manager 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 manager if the registrar is satisfied, whether as contemplated in section 88 or 89 of this Act, or otherwise, that it is in interests of investors. (3) The resolution of a manager to begin business 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, are subject to the approval of the registrar. (4) In the application of Chapter 6 of the Companies Act— (a) a reference to the Commission, shall be construed as a reference also to the registrar; (b) a reference to creditors, shall be construed as a reference also to (c) (d) investors; a reference relating to the ability of a manager to pay all its debts, shall be construed as relating also to its inability to comply with sections 88 and 89 of this Act; and there shall, in addition to any question relating to the business of a manager, be considered also the question whether any cause of action is in the interests of investors. (5) If an application to a Court for an order relating to the business rescue of a manager 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 are lodged with the registrar before the application is set down for hearing; the registrar may, if satisfied that the application is not in the interests of the investors of the manager concerned, join the application as a party and file affidavits and other documents in opposition to the application. (b) (6) As from the date upon which a business rescue practitioner is appointed, the business rescue practitioner of a manager shall not issue any fresh participatory interests, unless the practitioner has been granted permission to do so by a court.’’. 5 10 15 20 25 30 35 40 45 Amendment of section 114 of Act 45 of 2002 - 237 Verify source ↗
Section 114 of the principal Act is hereby amended by the substitution for
AI-assisted research summary: The registrar must determine matters under the Act by notice on the official website, unless the Gazette notice is specifically required.
237. Section 114 of the principal Act is hereby amended by the substitution for subsection (5) of the following subsection: ‘‘(5) Any matter which the registrar may or must determine in terms of this Act must be determined by notice on the official web site, unless notice in the Gazette is specifically required.’’. 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 217 Wet No. 45 van 2013 217 Maatskappye] Kommissie vir Maatskappye en Intellektuele Eiendom of die Meester moet verskaf, of om hom of haar van tyd tot tyd te voorsien van afskrifte van alle of enige van sodanige rekeninge, opgawes, state of dokumente soos en wanneer hulle aan genoemde [Registrateur] Kommissie of die Meester verskaf word.’’. 5 Invoeging van artikel 111A in Wet 45 van 2002 - 236 Verify source ↗
Die volgende artikel word hierby na artikel 111 in die Hoofwet ingevoeg:
AI-assisted research summary: This section makes business-rescue rules apply to a director, requires registrar approval for key steps, and restricts fresh participating interests after a practitioner is appointed.
236. Die volgende artikel word hierby na artikel 111 in die Hoofwet ingevoeg: ‘‘Ondernemingsredding van bestuurder 111A. (1) Ondanks die bepalings van die Maatskappywet of enige ander is Hoofstuk 6 van die wet waarkragtens ’n bestuurder Maatskappywet behoudens hierdie artikel en met die veranderinge deur die samehang vereis, van toepassing ten opsigte van die ondernemingsredding van ’n bestuurder, hetsy dit ’n maatskappy is al dan nie. ingelyf is, (2) Die registrateur kan kragtens artikel 131 van die Maatskappywet ten opsigte van ’n bestuurder ’n aansoek doen, indien die registrateur, hetsy soos in artikel 88 of 89 van hierdie Wet of andersins, oortuig is dat dit in die belang van beleggers is. (3) Die besluit van ’n bestuurder om ondernemingreddingsverrigtinge te begin, die aanstelling van ’n ondernemingreddingspraktisyn, die aan- neming van ’n ondernemingreddingsplan en uitoefening van bevoegdheid deur die ondernemingreddingspraktisyn kragtens die Maatskappywet, is onderhewig aan die goedkeuring van die registrateur. (4) By die toepassing van Hoofstuk 6 van die Maatskappywet— (a) word ’n verwysing van die Kommissie uitgelê as ook ’n verwysing na die registrateur; (b) word ’n verwysing na skuldeisers uitgelê as ook ’n verwysing na beleggers; (c) word ’n verwysing wat verband hou met die vermoë van ’n bestuurder om al sy skulde te delg, uitgelê as ook ’n verwysing na die bestuurder se onvermoë om aan artikels 88 en 89 van hierdie Wet te voldoen; en (d) behalwe enige vraag oor die besigheid van ’n bestuurder, moet daar ook oorweeg word of enige handelswyse in die belang van die beleggers is. (5) Indien ’n aansoek aan ’n Hof om ’n bevel betreffende die ondernemingsredding van ’n bestuurder deur ’n geraakte persoon behalwe die registrateur gemaak word— (a) word dit nie aangehoor nie, tensy afskrifte van die kennisgewing van mosie en van alle gepaardgaande beëdigde verklarings en ander dokumente ter ondersteuning van die ondersoek ingedien, by die registrateur ingedien word voor die aansoek op die rol geplaas word vir verhoor; en (b) die registrateur kan, indien oortuig dat die aansoek nie in die belang van die beleggers van die betrokke bestuurder is nie, by die aansoek as ’n party aansluit en beëdigde verklarings en ander dokumente indien om die aansoek teen te staan. (6) Vanaf die datum waarop ’n ondernemingreddingspraktisyn aangestel word, reik die ondernemingreddingspraktisyn van ’n bestuurder geen vars deelnemende belange uit nie, tensy ’n hof die praktisyn toestemming gegee het om dit te doen.’’. Wysiging van artikel 114 van Wet 45 van 2002 10 15 20 25 30 35 40 45 50 - 237 Verify source ↗
Artikel 114 van die Hoofwet word hierby gewysig deur subartikel (5) deur die
AI-assisted research summary: The registrar must publish any determination required or permitted under the Act by notice on the official website, unless a Government Gazette notice is specifically required.
237. Artikel 114 van die Hoofwet word hierby gewysig deur subartikel (5) deur die volgende subartikel te vervang: ‘‘(5) Enige aangeleentheid wat die registrateur ingevolge hierdie Wet kan of moet bepaal, moet by kennisgewing op die amptelike webwerf bepaal word, tensy kennisgewing in die Staatskoerant [bepaal] spesifiek vereis word.’’. 55 218 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 Substitution of section 116 of Act 45 of 2002 218 - 238 Verify source ↗
The following section is hereby substituted for section 116 of the principal Act:
AI-assisted research summary: This section says the next section replaces section 116 of the principal Act; the text shown is truncated at “Penalties”.
238. The following section is hereby substituted for section 116 of the principal Act: ‘‘Penalties - 116 Verify source ↗
Subject to the provisions of the Criminal Law Amendment Act,
AI-assisted research summary: If a person commits an offence under this Act and no specific penalty is provided, the person may be fined up to R10 million, imprisoned for up to 10 years, or both, subject to the Criminal Law Amendment Act, 1997 on minimum sentences for serious offences.
116. Subject to the provisions of the Criminal Law Amendment Act, 1997 (Act No. 105 of 1997), regarding minimum sentences for serious offences, any person who is, in terms of any provision of this Act, guilty of an offence in respect of which no penalty is specifically provided, is liable to a fine not exceeding R10 million or to imprisonment for a period not exceeding [five] 10 years or to both [a] such fine and such imprisonment.’’. Amendment of Arrangement of Sections of Act 45 of 2002 5 10 - 239 Verify source ↗
The Arrangement of Sections of the principal Act is hereby amended—
AI-assisted research summary: This provision amends the Arrangement of Sections of the principal Act by replacing item 14 and adding new items after item 15.
239. The Arrangement of Sections of the principal Act is hereby amended— (a) by the substitution for item 14 of the following item: ‘‘14. Investigations and inspections’’; (b) by the insertion after item 15 of the following items: ‘‘15A. Powers of registrar in respect of financial soundness requirement - 15B Verify source ↗
Directives’’;
AI-assisted research summary: This text is a legislative amendment note for section 15B, referring to directives and the deletion and substitution of listed items.
15B. Directives’’; 15 (c) by the deletion of item 21; (d) by the substitution for items 36 and 37 of the following items: ‘‘36. Business rescue of association - 37 Verify source ↗
Appointment of liquidator’’;
AI-assisted research summary: This text is an amendment heading. It refers to section 37, the substitution of item 81, and the insertion of item 111A.
37. Appointment of liquidator’’; (e) by the substitution for item 81 of the following item: ‘‘81. Registration of Memorandum of Incorporation by Companies and Intellectual Property Commission’’; and (f) by the insertion after item 111 of the following item: ‘‘111A.Business rescue of manager’’. Part 10 Amendment of Co-operative Banks Act, 2007 Amendment of section 1 of Act 40 of 2007
Part
Part 10
- 240 Verify source ↗
Section 1 of the Co-operative Banks Act, 2007 (in this Part referred to as the
AI-assisted research summary: This section amends definitions in the Co-operative Banks Act, 2007.
240. Section 1 of the Co-operative Banks Act, 2007 (in this Part referred to as the principal Act), is hereby amended— (a) by the substitution in subsection (1) for paragraphs (a) and (b) of the definition of ‘‘co-operative bank’’ of the following paragraphs, respectively: ‘‘(a) [are of similar occupation or profession or who] are employed by a common employer or who are employed within the same business district; or (b) have common membership in an association or organisation, including a [business,] religious, social, co-operative, labour or educational group;’’; (b) by the insertion in subsection (1) after the definition of ‘‘co-operative bank’’ of the following definition: institution’ means a co-operative that ‘‘ ‘co-operative financial chooses to identify itself by use of the name Financial Co-operative, Financial Services Co-operative, Credit Union or Savings and Credit Co-operative;’’; 20 25 30 35 40 (c) by the substitution in subsection (1) for the definition of ‘‘representative 45 body’’ of the following definition: ‘‘ ‘representative body’ means a secondary co-operative, irrespective of whether it is also a secondary co-operative bank, or other association of co-operative financial institutions and co-operative banks registered under section 33 that represents [more than one co-operative bank or] 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 219 Wet No. 45 van 2013 Vervanging van artikel 116 van Wet 45 van 2002 219 - 238 Verify source ↗
Artikel 116 van die Hoofwet word hierby deur die volgende artikel vervang:
AI-assisted research summary: Article 116 of the Principal Act is replaced by a new article titled “Strawwe”.
238. Artikel 116 van die Hoofwet word hierby deur die volgende artikel vervang: ‘‘Strawwe - 116 Verify source ↗
Behoudens die bepalings van die Strafregwysigingswet, 1997 (Wet
AI-assisted research summary: If a person is convicted under this Act and no specific penalty is provided, the person may be fined up to R10 million, imprisoned for up to 10 years, or both, subject to the Criminal Law Amendment Act, 1997 for serious offences.
116. Behoudens die bepalings van die Strafregwysigingswet, 1997 (Wet No. 105 van 1997), met betrekking tot minimum vonnisse vir ernstige misdrywe, is enige persoon wat, ingevolge ’n bepaling van hierdie Wet, skuldig is aan ’n misdryf ten opsigte waarvan vir geen straf spesifiek voorsiening gemaak word nie, strafbaar met ’n boete van hoogstens R10 miljoen of met gevangenisstraf vir ’n tydperk van hoogstens [vyf] 10 jaar of met beide [’n] die boete en sodanige gevangenisstraf.’’. Wysiging van Indeling van Artikels van Wet 45 van 2002 - 239 Verify source ↗
Die Indeling van Artikels van die Hoofwet word hierby gewysig—
AI-assisted research summary: This section amends the principal Act’s list of articles by replacing item 14 and adding a new item 15A after item 15.
239. Die Indeling van Artikels van die Hoofwet word hierby gewysig— (a) deur item 14 deur die volgende item te vervang: ‘‘14. Ondersoeke en inspeksies’’; (b) deur die volgende items na item 15 in te voeg: ‘‘15A. Bevoegdhede van registrateur ten opsigte van vereiste vir finansiële gesondheid - 15B Verify source ↗
Lasgewings’’;
AI-assisted research summary: This text is part of an amendment provision: it deletes item 21 and replaces items 36 and 37 with a new item 36 on business rescue of an association.
15B. Lasgewings’’; (c) deur item 21 te skrap; (d) deur items 36 en 37 deur die volgende items te vervang: ‘‘36. Ondernemingsredding van vereniging - 37 Verify source ↗
Aanstelling van likwidateur’’;
AI-assisted research summary: This text appears to list amendment items, including a provision titled “Aanstelling van likwidateur” and later items about replacing item 81 and inserting item 111A.
37. Aanstelling van likwidateur’’; (e) deur item 81 deur die volgende item te vervang: ‘‘81. Registrasie van Akte van Oprigting deur Kommissie vir Maat- skappye en Intellektuele Eiendom’’; en (f) deur die volgende item na item 111 in te voeg: ‘‘111A. Ondernemingsredding van bestuurder’’. iNxalenye 10 UMthetho Weebhanki Zentsebenziswano ka-2007 Kwenziwa utshintsho kwisiqendu 1 soMthetho 40 ka-2007 - 240 Verify source ↗
Kwenziwa utshintsho kwicandelo 1 loMthetho Weebhanki Zentsebenziswano
AI-assisted research summary: This section changes several definitions in section 1 of the Co-operative Banks Act, 2007.
240. Kwenziwa utshintsho kwicandelo 1 loMthetho Weebhanki Zentsebenziswano ka-2007 (kule Nxalenye obizwe ngokuba nguMthetho ekwaqalwa ngawo) ngokuthi— isiqendu (a) no-(b) kwicandelwana (1) zokuchazwa kwamagama athi ‘‘ibhanki yentsebenziswano’’ zithatyathelwe indawo ziziqendu ezilandelayo: ‘‘(a) [enza umsebenzi ofanayo] okanye abaqeshwe ngumqeshi omnye (a) okanye abaqeshwe kwisithili soshishino esinye; okanye 5 10 15 20 25 30 35 (b) anobulungu obufanayo embuthweni okanye kwiqumrhu elinye, oku ishishini kuquka, iqela elimanyeneyo, ngokomsebenzi okanye imfundo;’’; lenkolo, ngokwentlalo, [ishishini,] (b) emva kokuchazwa kwamagama athi ‘‘ibhanki yentsebenziswano’’ 40 kwicandelwana (1) kufakelwe ukuchazwa kwamagama okulandelayo: ‘‘ ‘iziko lemali lentsebenziswano’ ngumfela-ndawonye okhetha ukuzenza waziwe ngokusebenzisa igama elithi uMfela-ndawonye Wemali, uMfela-ndawonye Weenkonzo Zemali, uMbutho Onika uMfela-ndawonye Wokulondoloza Nokunika Ngetyala Ngetyala;’’; okanye (c) endaweni yokuchazwa kwamagama athi ‘‘ibhodi yomelo’’ kwicandelwana (1) kufakelwe ukuchazwa kwamagama okulandelayo: ‘‘ ‘ibhodi yomelo’ ithetha ishishini elimanyeneyo elikudidi lwesibini nokuba yibhanki yentsebenziswano okanye umbutho weebhanki zentsebenziswano ezibhaliswe phantsi kwecandelo 33 elimele [iibhanki zentsebenziswano ezingaphezu kwebhanki enye] ubuncinane iibhanki ezimbini zentsebenziswano okanye amaziko emali ekusebenzeni 45 50 220 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 220 at least two co-operative banks or co-operative financial institutions in interactions with organs of state, the private sector and stakeholders;’’; (d) by the substitution in subsection (1) for paragraph (b) of the definition of ‘‘rule’’ of the following paragraph: ‘‘(b) the Agency, means a rule prescribed by the [supervisor] Agency 5 under section 57;’’; and (e) by the substitution in subsection (1) organisation’’ of the following definition: for the definition of ‘‘support ‘‘ ‘support organisation’ means a [representative body] support organisation accredited under section 38 that [support] supports more than one co-operative financial institution or co-operative bank as contemplated in section 37;’’. Amendment of section 23 of Act 40 of 2007
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