Financial Services Laws General Amendment Act — Part 6 | Act 45 of 2013 — South Africa law | Esheria

Financial Services Laws General Amendment Act

Part 6 of 6 · provisions 1,001–1,057

This section states that section 1 of Act 24 of 1956 is being amended.

AI-assisted research synopsis — verify against the official legal text below.

Jurisdiction
South Africa
Instrument
Act or statute
Citation
Act 45 of 2013
Version
Undated source snapshot
Language
en
Updated
Official source
View official record ↗
Complete work
View statute overview
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

Publicly available, excluded from search-engine indexing

This page remains available for direct access and API use, but this release emits noindex,follow for the following reason:

  • The record does not meet this release's canonical indexing criteria. (market-indexing-disabled)

Statute overview

About this statute

This section states that section 1 of Act 24 of 1956 is being amended. This section states that section 2 of Act 24 of 1956 is being amended. Section title: amendment of section 4 of Act 24 of 1956. This section lists amendments made to Act 24 of 1956. This section amends section 7D of Act 24 of 1956 and inserts section 7F into that Act.

Read the provisions Ask with citations

Legal text

Provisions of Financial Services Laws General Amendment Act

Showing 57 of 1,057

Part

Part 10

  1. 241

    Section 23 of the principal Act is hereby amended by the substitution for

    Verify source ↗

    AI-assisted research summary: A co-operative bank needs the supervisor’s approval before making certain large investments or loans, or taking large deposits.

    241. Section 23 of the principal Act is hereby amended by the substitution for subsections (1) and (2) of the following subsections, respectively: ‘‘(1) A co-operative bank may not without the approval of the supervisor— (a) make an investment with any one person or grant a loan to any one member, which investment or loan, alone or together with all [previous] existing investments or loans made or granted to that person or member, will exceed such percentage of its total investments or loans as may be prescribed by the Minister; or (b) hold a deposit from any one member or related person, which deposit, alone or together with all existing deposits received from that member or related person will exceed such percentage of its total deposits as may be prescribed by the Minister. (2) The supervisor may, when approving a deposit, loan or investment referred to in subsection (1), impose prudential requirements on the co-operative bank in addition to those referred to in section 20.’’. Amendment of section 31 of Act 40 of 2007 10 15 20 25
  2. 242

    Section 31 is hereby amended by the substitution for subsection (3) of the

    Verify source ↗

    AI-assisted research summary: The Agency may require a representative body to provide additional information or documents.

    242. Section 31 is hereby amended by the substitution for subsection (3) of the 30 following subsection: ‘‘(3) The [supervisor] Agency may require a representative body to furnish [him or her] the Agency with additional information or documents.’’. Amendment of section 32 of Act 40 of 2007
  3. 243

    Section 32 of the principal Act is hereby amended by the substitution for

    Verify source ↗

    AI-assisted research summary: This amendment changes section 32 so that paragraph (a) refers to representing more than one co-operative financial institution or co-operative bank in dealings with organs of state, the private sector, and stakeholders.

    243. Section 32 of the principal Act is hereby amended by the substitution for 35 paragraph (a) of the following paragraph: ‘‘(a) represents [two or more] more than one co-operative financial institution or co-operative [banks] bank in interactions with organs of state, the private sector and stakeholders; [and]’’. Amendment of section 36 of Act 40 of 2007 40
  4. 244

    Section 36 of the principal Act is hereby amended—

    Verify source ↗

    AI-assisted research summary: The Agency may require a support organisation to provide information and an approved report about an application.

    244. Section 36 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 [supervisor] Agency may require a support organisation to furnish [him or her] the Agency with—’’; and 45 (b) by the substitution in subsection (3) for paragraph (b) of the following paragraph: ‘‘(b) a report by an auditor or by any other knowledgeable person, approved by the [supervisor] Agency, on aspects relating to the application.’’. 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 221 Wet No. 45 van 2013 221 namalungu ombuso, amacandelo abucala nabanye ababandakanye- kileyo;’’; (d) kwisiqendu (b) kwicandelwana (1) ekuchazweni kwegama elithi ‘‘umthetho’’ kufakelwe isiqendu esilandelayo: ‘‘(b) i-Arhente, ithetha umthetho omiselwe [ngumphathi] yi-Arhente 5 (e) phantsi kwecandelo 57;’’; nangokuthi athi yokuchazwa kwamagama endaweni elixhasayo’’ kwicandelwana (1) kufakelwe ukuchazwa kwamagama okulandelayo: iqumrhu elixhasayo 14‘iqumrhu elixhasayo’ lithetha [ibhodi yomelo] eliqinisekisiweyo phantsi kwecandelo 38 exhasa ngaphezu kwebhanki yentsebenziswano enye ngokokucetywa phantsi kwecandelo 37;’’; ‘‘iqumrhu Kwenziwa utshintsho kwicandelo 23 loMthetho 40 ka-2007
  5. 241

    Kwenziwa utshintsho kuMthetho ekwaqalwa ngawo ngokuthi endaweni

    Verify source ↗

    AI-assisted research summary: A cooperative bank may not make certain large investments, loans, or deposits without the manager’s permission, and the manager must attach prudential conditions when approving them.

    241. Kwenziwa utshintsho kuMthetho ekwaqalwa ngawo ngokuthi endaweni yecandelwana (1) nelesi-(2) kufakelwe amacandelo alandelayo: ‘‘(1) Ibhanki yentsebenziswano ngaphandle kwemvume yomphathi ayikwazi— (a) ukwenza utyalo mali nomntu omnye okanye inike imali-mboleko ilungu elinye, apho utyalo mali okanye imali-mboleko, lulodwa utyalo-mali okanye luhlangene [nolwangaphambili] olukhoyo okanye imali-mboleko enikwe umntu okanye ilungu elo, idlula isixa esithile ekhulwini sotyalo-mali ludityaniswe okanye lwemali mboleko njengoko kumiswe nguMphathiswa; okanye (b) abambe idiphozithi evela kulo naliphi na ilungu elinye okanye umntu ohlobene nalo, diphozithi iyodwa okanye idibene nazo zonke iidiphozithi ezikhoyo ezifunyenwe kwelo lungu okanye kumntu ohlobene nalo ziya kuthi kratya ngaphaya kwenani leediphozithi zizonke ezinokuthi zifunwe nguMphathiswa. leyo, (2) Umphathi xa evumela idiphozithi, ubolekiso-mali okanye utyalo-mali ekubhekiswe kulo kwicandelwana (1), kufuneka amise imiqathango yeemfuneko zobulumko kwibhanki yentsebenziswano ngaphezu kwaleyo kubhekiswe kuyo kwicandelo 20.’’. Kwenziwa utshintsho kwicandelo 31 loMthetho 40 ka-2007
  6. 242

    Kwenziwa utshintsho kwicandelo 31 ngokuthi endaweni yecandelwana (3)

    Verify source ↗

    AI-assisted research summary: The Agency may require the board to submit additional information and documents to the Agency.

    242. Kwenziwa utshintsho kwicandelo 31 ngokuthi endaweni yecandelwana (3) kufakelwe icandelo elilandelayo: ‘‘(3) [Umphathi] I-Arhente ingafuna ukuba ibhodi yomelo ingenise [kuyo] kwiArhente ulwazi namaxwebhu ongezelelekileyo.’’. Kwenziwa utshintsho kwicandelo 32 loMthetho 40 ka-2007 10 15 20 25 30 35
  7. 243

    Kwenziwa utshintsho kwicandelo 32 loMthetho ekwaqalwa ngawo ngokuthi

    Verify source ↗

    AI-assisted research summary: This provision amends section 32 of the Act by replacing paragraph (a) with new wording about cooperative banks, cooperative financial institutions, and cooperation with public and private bodies and other interested persons.

    243. Kwenziwa utshintsho kwicandelo 32 loMthetho ekwaqalwa ngawo ngokuthi endaweni yesiqendu (a) kufakwe isiqendu esilandelayo: (a) ‘‘ imele iibhanki zentsebenziswano [ezimbini nangaphezulu] amaziko emali entsebenziswano aliqela okanye ukusebenzisana namaqumrhu aseburhulumenteni, amaziko abucala nabanye abantu abachaphazelekayo; [kwaye]’’ 40 Kwenziwa utshintsho kwicandelo 36 loMthetho 40 ka-2007
  8. 244

    Kwenziwa utshintsho kwicandelo 36 loMthetho ekwaqalwa ngawo ngokuthi—

    Verify source ↗

    AI-assisted research summary: This amendment lets the Agency require a supporting body to provide information and a report connected to an application.

    244. Kwenziwa utshintsho kwicandelo 36 loMthetho ekwaqalwa ngawo ngokuthi— (a) endaweni yamagama awandulela isiqendu (a) kwicandelwana (3) kufakelwe 45 amagama alandelayo: ‘‘[Umphathi] I-Arhente ingafuna ukuba iqumrhu elixhasayo [limnike] linike i-Arhente—’’ nangokuthi (b) endaweni yesiqendu (b) kwicandelwana (3) kufakelwe icandelo elilandelayo: ‘‘(b) ingxelo ngumphicothi zincwadi zemali okanye omnye umntu [ngumphathi] yi-Arhente ngemibandela onolwazi ovunywe ebhekisele kwisicelo.’’. 50 222 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 Amendment of section 37 of Act 40 of 2007 222
  9. 245

    Section 37 of the principal Act is hereby amended—

    Verify source ↗

    AI-assisted research summary: This provision amends section 37 of the principal Act by deleting paragraph (a) and replacing part of paragraph (b).

    245. Section 37 of the principal Act is hereby amended— (a) by the deletion of paragraph (a); and (b) by the substitution in paragraph (b) for the words preceding subparagraph (i) of the following words: ‘‘support agreements have been entered into with at least two co- operative banks or co-operative financial institutions, which support agreements may provide for—’’. Amendment of section 41 of Act 40 of 2007
  10. 246

    Section 41 of the principal Act is hereby amended by—

    Verify source ↗

    AI-assisted research summary: The South African Reserve Bank must appoint a suitable employee as the supervisor of co-operative banks, subject to the Minister’s approval.

    246. Section 41 of the principal Act is hereby amended by— (a) by the substitution for the heading of the following heading: ‘‘[Supervisors] Supervisor of co-operative banks’’; (b) by the substitution for subsection (1) of the following subsection: ‘‘(1) The South African Reserve Bank must, subject to the approval of the Minister, appoint a suitable employee in its service as the supervisor of co-operative banks with the authority to exercise the powers and perform the functions conferred on the supervisor by or in terms of this Act [in respect of— (a) primary co-operative banks that hold deposits in excess of 20 million Rand; secondary co-operative banks; and tertiary co-operative banks].’’; and (c) by the deletion of subsections (2), (3) and (4). (b) (c) Repeal of section 42 of Act 40 of 2007
  11. 247

    Section 42 of the principal Act is hereby repealed.

    Verify source ↗

    AI-assisted research summary: Section 42 of the principal Act is repealed.

    247. Section 42 of the principal Act is hereby repealed. Substitution of section 43 of Act 40 of 2007
  12. 248

    The following section is hereby substituted for section 43 of the principal Act:

    Verify source ↗

    AI-assisted research summary: This provision replaces section 43 of the principal Act with a new section heading about deputy co-operative bank supervisors and designated employees.

    248. The following section is hereby substituted for section 43 of the principal Act: ‘‘Deputy co-operative bank supervisors [and designated employees]
  13. 43

    The South African Reserve Bank [and Agency] may, subject to the

    Verify source ↗

    AI-assisted research summary: The South African Reserve Bank [and Agency] may, with the Minister’s approval, appoint up to four employees as deputies to assist the co-operative banks supervisor, and may also designate other Agency employees to help the supervisor.

    43. The South African Reserve Bank [and Agency] may, subject to the approval of the Minister[— (a)] appoint not more than four employees in its service as deputy in the co-operative banks supervisors, performance of his or her duties[; and from time to time designate such other employees of the Agency as may be necessary to assist the supervisor].’’. the supervisor to assist (b) Amendment of section 47 of Act 40 of 2007
  14. 249

    Section 47 of the principal Act is hereby amended by the substitution in

    Verify source ↗

    AI-assisted research summary: The supervisor gets the registrar’s powers and duties for subsection (2), and no warrant is needed for search and seizure aimed at regulatory compliance.

    249. Section 47 of the principal Act is hereby amended by the substitution in subsection (1) for paragraph (b) of the following paragraph: ‘‘(b) The supervisor has for the purposes of subsection (2) the powers and duties conferred or imposed upon a registrar by the Inspection of Financial Institutions Act, [1988 (Act No. 80 of 1988)] 1998 (Act No. 80 of 1998), and any reference in that Act to ‘registrar’ must be construed as a reference to ‘supervisor’ and any reference to ‘financial institution’ must be construed as a reference to ‘co-operative bank’, provided that no warrant is required for search and seizure activities aimed at establishing regulatory compliance.’’. 5 10 15 20 25 30 35 40 45 Amendment of section 48 of Act 40 of 2007
  15. 250

    Section 48 of the principal Act is hereby amended by the substitution for

    Verify source ↗

    AI-assisted research summary: A directive under subsection (1) starts on the date the supervisor sets in the directive, and it can start immediately.

    250. Section 48 of the principal Act is hereby amended by the substitution for subsection (3) of the following subsection: ‘‘(3) A directive issued in terms of subsection (1) takes effect on the date determined by the [Reserve Bank] supervisor in the directive, and may take effect immediately.’’. 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 223 Wet No. 45 van 2013 223 Kwenziwa utshintsho kwicandelo 37 loMthetho ka-2007
  16. 245

    Kwenziwa utshintsho kwicandelo 37 loMthetho ekwaqalwa ngawo ngokuthi—

    Verify source ↗

    AI-assisted research summary: This provision amends section 37 of the referenced Act by deleting one paragraph and replacing wording before subsection (1) in paragraph (b).

    245. Kwenziwa utshintsho kwicandelo 37 loMthetho ekwaqalwa ngawo ngokuthi— (a) kucinywe isiqendu (a); nangokuthi (b) endaweni yamagama awandulela isiqendwana (1) kwisiqendu (b) kufakelwe amagama alandelayo: 5 ‘‘izivumelwano zoxhaso kungenwe kuzo nobuncinane beebhanki zentsebenziswano ezimbini [okanye amaziko emali entsebenziswano], ezi mvumelwano zoxhaso zilungiselela—’’. Kwenziwa utshintsho kwicandelo 41 loMthetho ka-2007
  17. 246

    Kwenziwa utshintsho kwicandelo 41 loMthetho ekwaqalwa ngawo ngokuthi—

    Verify source ↗

    AI-assisted research summary: This section amends section 41 of the Act, requiring the South African Reserve Bank to appoint a suitable bank supervisor with the Minister’s consent, and repeals section 42 of Act 40 of 2007.

    246. Kwenziwa utshintsho kwicandelo 41 loMthetho ekwaqalwa ngawo ngokuthi— 10 (a) kulungiswe lo mxholwana ulandelayo ngolu hlobo: ‘‘[Abongameli bee] Umongameli weebhanki zentsebenziswano’’; (b) endaweni yecandelwana (1) kufakelwe icandelwana elilandelayo: ‘‘(1) IBhanki enguVimba yoMzantsi-Afrika kufuneka, ngemvume yoMphathiswa imisele umsebenzi wayo ofanelekileyo njengomphathi amandla weebhanki nokwenza imisebenzi athweswe umphathi okanye ngokolungiselelo ngulo Mthetho [ngokubhekisele— (a) kwiibhanki zentsebenziswano zodidi lokuqala ezibambe imali zentsebenziswano lokusebenzisa onegunya ebekiweyo engaphezu kwezigidi ezingama-20 zeerandi; iibhanki zentsebenziswano ezikudidi lwesibini; (b) (c) neebhanki zentsebenziswano ezikudidi lwesithathu].’’; nangokuthi (c) kucinywe icandelwana (2), (3) nelesi-(4). Kutshitshiswa icandelo 42 loMthetho 40 ka-2007
  18. 247

    Icandelo 42 loMthetho ekwaqalwa ngawo liyatshitshiswa.

    Verify source ↗

    AI-assisted research summary: Section 42 of the principal Act is repealed, and section 43 of Act 40 of 2007 is replaced/substituted.

    247. Icandelo 42 loMthetho ekwaqalwa ngawo liyatshitshiswa. Kuthatyathelw’ indawo icandelo 43 loMthetho 40 ka-2007 15 20 25
  19. 248

    Icandelo 43 loMthetho ekwaqalwa ngawo lithatyathelw’ indawo ngale ndlela

    Verify source ↗

    AI-assisted research summary: This provision replaces section 43 of the original Act with new wording, but the excerpt is cut off.

    248. Icandelo 43 loMthetho ekwaqalwa ngawo lithatyathelw’ indawo ngale ndlela ilandelayo: ‘‘Oosekela baphathi beebhanki abonyuliweyo] zentsebenziswano [nabasebenzi 30
  20. 43

    IBhanki enguVimba yoMzantsi Afrika [ne-Arhente], ngemvume

    Verify source ↗

    AI-assisted research summary: With the Minister’s permission, the South African Reserve Bank and the Agency may appoint up to four employees as deputy managers for cooperative banks, and may also designate other such employees of the Agency as needed, up to 35.

    43. IBhanki enguVimba yoMzantsi Afrika [ne-Arhente], ngemvume yoMphathiswa[— (a)] ingamisela abasebenzi kwesine njengoosekela baphathi beebhanki zentsebenziswano ukuncedisa umphathi ekwenzeni imisebenzi yakhe[; kunye abangekho ngaphezu bayo 35 (b) kuze kumaxesha ngamaxesha yalathe abanye abasebenzi abalolu hlobo be-Arhente njengokuba kuyimfuneko].’’. Kwenziwa utshintsho kwicandelo 47 loMthetho 40 ka-2007
  21. 249

    Kwenziwa utshintsho kwicandelo 47 loMthetho ekwaqalwa ngawo ngokuthi

    Verify source ↗

    AI-assisted research summary: This provision amends section 47 and says the manager has the powers and duties assigned to the auditor for subsection (2).

    249. Kwenziwa utshintsho kwicandelo 47 loMthetho ekwaqalwa ngawo ngokuthi 40 endaweni yesiqendu (b) kwicandelwana (1) kufakelwe isiqendu esilandelayo: ‘‘(b) Umphathi ngeenjongo zecandelwana (2) unamagunya nemisebenzi enikwe okanye ethweswe umgcini zincwadi nguMthetho wohlolo lwamaziko emali ka-1988 [(uMthetho onguNombolo 80 ka-1988)] 1998 (uMthetho onguNombolo zincwadi’ 80 ka-1998), kwaye ukusingisela kwalo Mthetho ‘kumgcini kuthatyathwe njengokubhekisa ‘kumphathi’ kuze ukusingisela ‘kwiziko lemali’ makuthatyathwe njengokubhekisa ‘kwibhanki yentsebenziswano’ ngokuxho- mekeke ekubeni akukho siqinisekiso sifunekayo sokukhangela nokuthimba imisebenzi ejoliswe ekusekweni kolawulo lothotyelo.’’. Kwenziwa utshintsho kwicandelo 48 loMthetho 40 ka-2007 45 50
  22. 250

    Kwenziwa utshintsho kwicandelo 48 loMthetho ekwaqalwa ngawo ngokuthi

    Verify source ↗

    AI-assisted research summary: The substituted subsection says regulations made under subsection (1) start on the date set by the specified manager/controller, and they may also start immediately.

    250. Kwenziwa utshintsho kwicandelo 48 loMthetho ekwaqalwa ngawo ngokuthi endaweni yecandelwana (3) kufakwe icandelwana elilandelayo: ‘‘(3) Imigaqo ekhutshwe ngokwecandelwana (1) iqala ukusebenza ukusukela kumhla ogqitywe [yiBhanki enguVimba] ngumphathi kulo mgaqo, kwaye ungaqalisa kwangoko ukusebenza.’’. 55 224 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 Amendment of section 55 of Act 40 of 2007 224
  23. 251

    Section 55 of the principal Act is hereby amended—

    Verify source ↗

    AI-assisted research summary: This section amends section 55 of the principal Act, including changes to listed functions and a power for the Minister to determine additional functions by Gazette notice.

    251. Section 55 of the principal Act is hereby amended— (a) by the deletion in subsection (1) of paragraph (b); (b) by the substitution in subsection (1) for paragraph (f) of the following paragraph: 5 ‘‘(f) provide, in consultation with the supervisor, financial support to co-operative banks through loans or grants;’’; (c) by the substitution in subsection (1) for paragraph (h) of the following paragraph: ‘‘(h) assist, in consultation with the supervisor, co-operative banks with 10 liquidity management;’’; and (d) by the deletion in subsection (1) of the word ‘‘and’’ at the end of paragraph (k), the addition to that subsection of the word ‘‘and’’ to paragraph (l) and the addition to that subsection of the following paragraph: ‘‘(m) perform any other function consistent with this Act, which the 15 Minister may determine by notice in the Gazette.’’. Amendment of section 57 of Act 40 of 2007
  24. 252

    Section 57 of the principal Act is hereby amended—

    Verify source ↗

    AI-assisted research summary: This section amends section 57 of the principal Act and adds a rule that, for any rule applying to a co-operative bank, the Agency must get the supervisor’s written approval before seeking the Minister’s written approval.

    252. Section 57 of the principal Act is hereby amended— (a) by the substitution in subsection (1) for paragraph (a) of the following paragraph: ‘‘(a) the matters referred to in section 55(1)(d) [to (h)] and (e);’’; (b) by the insertion in subsection (1) after paragraph (a) of the following paragraph: ‘‘(aA) the matters referred to in section 55(1)(f) to (h), in consultation with the supervisor;’’; and (c) by the insertion in subsection (3) after paragraph (a) of the following paragraph: ‘‘(aA) Before the Agency secures the written approval of the Minister in terms of paragraph (a)(i), in respect of any Rule that applies to a co-operative bank, the Agency must obtain written approval of the supervisor.’’. 20 25 30 Amendment of section 58 of Act 40 of 2007
  25. 253

    Section 58 of the principal Act is hereby amended by the substitution for

    Verify source ↗

    AI-assisted research summary: The board of the Agency must include the Managing Director and 6 to 10 non-executive members appointed by the Minister.

    253. Section 58 of the principal Act is hereby amended by the substitution for subsection (1) of the following subsection: ‘‘(1) The board of the Agency consists of the Managing Director and not less than six but not more than 10 non-executive members appointed by the Minister.’’. 35 Amendment of section 61 of Act 40 of 2007
  26. 254

    Section 61 of the principal Act is hereby amended by the substitution in

    Verify source ↗

    AI-assisted research summary: The chairperson and deputy chairperson each hold office for 40 years from the date of appointment.

    254. Section 61 of the principal Act is hereby amended by the substitution in subsection (1) for paragraph (b) of the following paragraph: ‘‘(b) The chairperson and deputy chairperson each hold office for a period of 40 [two] three years from the date of their appointment.’’. Substitution of section 83 of Act 40 of 2007
  27. 255

    The following section is hereby substituted for section 83 of the principal Act:

    Verify source ↗

    AI-assisted research summary: This section says section 83 of the principal Act is replaced with a section titled “Certification of documents.”

    255. The following section is hereby substituted for section 83 of the principal Act: ‘‘Certification of documents
  28. 83

    Any document that must be submitted to the supervisor by a

    Verify source ↗

    AI-assisted research summary: Documents a co-operative bank must submit to the supervisor under this Act must be certified as correct by the managing director, and financial information must also be certified by the bank’s auditor.

    83. Any document that must be submitted to the supervisor by a co-operative bank in terms of this Act must be certified as correct by the managing director [and, in the case of financial information, also by the auditor of the co-operative bank].’’. 45 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 225 Wet No. 45 van 2013 Kwenziwa utshintsho kwicandelo 55 loMthetho 40 ka-2007 225
  29. 251

    Kwenziwa utshintsho kwicandelo 55 loMthetho ekwaqalwa ngawo ngokuthi—

    Verify source ↗

    AI-assisted research summary: This provision amends section 55 of the Act by deleting one paragraph, replacing two paragraphs, and adding a new paragraph.

    251. Kwenziwa utshintsho kwicandelo 55 loMthetho ekwaqalwa ngawo ngokuthi— (a) kwicandelwana (1) kucinywe isiqendu (b); (b) kwicandelwana (1) endaweni yesiqendu (f) kufakwe isiqendu esilandelayo: inkxaso yemali kwiibhanki ‘‘(f) inike, ngokubonisana nomphathi, 5 zentsebenziswano ngemali-mboleko nangeminikelo;’’; (c) kwicandelwana (1) endaweni yesiqendu (h) kufakwe isiqendu esilandelayo: ‘‘(h) incedise, ngokubonisana nomphathi, iibhanki zolawulo ngolawulo lwemali yokuhlawula;’’; nangokuthi (d) kongezwe kwicandelwana (1) igama elithi ‘‘kwaye’’ ekupheleni kwesiqendu 10 (l), kuze kongezwe kwelo candelwana isiqendu esilandelayo: ‘‘(m)yenze nawuphi na umsebenzi ovumelana nalo Mthetho, anokuthi uMphathiswa enze isigqibo ngawo ngokupapasha isihlokomiso kuShicilelo-Mithetho.’’. Kwenziwa utshintsho kwicandelo 57 loMthetho 40 ka-2007
  30. 252

    Kwenziwa utshintsho kwicandelo 57 loMthetho ekwaqalwa ngawo—

    Verify source ↗

    AI-assisted research summary: This provision amends section 57 of the principal Act and adds a rule that the Agency must first obtain the manager’s written permission in the stated cooperative-bank context.

    252. Kwenziwa utshintsho kwicandelo 57 loMthetho ekwaqalwa ngawo— (a) ngokuthi kwicandelwana (1) endaweni yesiqendu (a) kufakwe isiqendu esilandelayo: ‘‘(a) imicimbi ekuthethwe ngayo kwicandelo 55(1)(d) [ukuya ku-(h)] no-(e);’’; (b) ngokuthi emva kwesiqendu (a) kwicandelwana (1) kufakelwe isiqendu esilandelayo: ‘‘(aA) imicimbi ekuthethwe ngayo kwicandelo 55(1)(f) ukuya ku-(h), ngokubonisana nomphathi;’’; nangokuthi (c) kwicandelwana (3) emva kwesiqendu (a) kufakelwe isiqendu esilandelayo: ‘‘(aA) Ngaphambi kokuba iArhente ifumane imvume ebhaliweyo yoMphathiswa ngokwesiqendu (a)(i), ngokumayela nawo nawuphi na uMthetho osebenzayo kwibhanki yentsebenziswano, iArhente mayifumane imvume ebhaliweyo yomphathi.’’. Kwenziwa utshintsho kwicandelo 58 loMthetho 40 ka-2007
  31. 253

    Kwenziwa utshintsho kwicandelo 58 loMthetho ekwaqalwa ngawo ngokuthi

    Verify source ↗

    AI-assisted research summary: This provision amends section 58 so the Board includes a Chief Executive Officer and 6 to 10 non-executive members appointed by the Minister.

    253. Kwenziwa utshintsho kwicandelo 58 loMthetho ekwaqalwa ngawo ngokuthi ‘‘(1) endaweni yecandelwana (1) kufakwe icandelwana elilandelayo: inoMlawuli Ophetheyo namalungu angenamandla olawulo angekho ngaphantsi kwesithandathu kodwa engekho ngaphezu kweshumi amiselwa nguMphathiswa.’’. ye-Arhente Ibhodi kunye Kwenziwa utshintsho kwicandelo 61 loMthetho 40 ka-2007
  32. 254

    Kwenziwa utshintsho kwicandelo 61 loMthetho ekwaqalwa ngawo ngokuthi

    Verify source ↗

    AI-assisted research summary: This section amends another provision to say the chairperson and deputy chairperson hold office for three years from appointment.

    254. Kwenziwa utshintsho kwicandelo 61 loMthetho ekwaqalwa ngawo ngokuthi kwicandelwana (1) endaweni yesiqendu (b) kufakwe isiqendu esilandelayo: ‘‘(b) Usihlalo nosekela sihlalo baziphatha ezo zikhundla ixesha leminyaka [emibini] emithathu ukusukela kumhla wokumiselwa kwabo.’’. Kuthatyathelw’ indawo icandelo 83 loMthetho 40 ka-2007
  33. 255

    Icandelo 83 loMthetho ekwaqalwa ngawo lithatyathelw’ indawo licandelo

    Verify source ↗

    AI-assisted research summary: Documents submitted to the president under the Act must be certified as true by the managing director, and non-financial information must be certified by the bank’s auditor.

    255. Icandelo 83 loMthetho ekwaqalwa ngawo lithatyathelw’ indawo licandelo elilandelayo: 15 20 25 30 35 40 ‘‘Ukuqinisekiswa kwamaxwebhu ‘‘83. Onke amaxwebhu angeniswa kumongameli yibhanki yentsebenzi- swano ngokwalo Mthetho kufuneka aqinisekiswe njenganyanisekileyo ngumlawuli ophetheyo [kuze okuphathelele kulwazi olungemali lona luqinisekiswe ngumphicothi zincwadi zemali yebhanki yentsebenzi- swano].’’. 45 226 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 226 Amendment of Arrangement of Sections of Act 40 of 2007
  34. 256

    The Arrangement of Sections of the principal Act is hereby amended—

    Verify source ↗

    AI-assisted research summary: This section changes the arrangement of sections in the principal Act by replacing item 41 and deleting item 42.

    256. The Arrangement of Sections of the principal Act is hereby amended— (a) by the substitution for item 41 of the following item: ‘‘41. [Supervisors] Supervisor of co-operative banks’’; and (b) by the deletion of item 42. Part 11 Amendment of Financial Services Laws General Amendment Act, 2008 Amendment of section 78 of Act 22 of 2008

Part

Part 11

  1. 257

    Section 78 of the Financial Services Laws General Amendment Act, 2008, is

    Verify source ↗

    AI-assisted research summary: This section replaces subsections (2) to (10) with transitional rules about how earlier acts, references, pending enforcement matters, and certain representative rules are to be treated.

    257. Section 78 of the Financial Services Laws General Amendment Act, 2008, is hereby amended by the substitution for subsections (2) to (10) of the following subsections, respectively: ‘‘(2) Anything done or omitted by the board of appeal referred to in the Financial Services Board Act, 1990, or by any member thereof, prior to the date of coming into operation of this Act, is deemed, unless clearly inappropriate, to have been done or omitted by the appeal board established by virtue of section [10] 29 of this Act, or by a corresponding member thereof, as the case may be. (3) A reference in any law— (a) (b) to the board of appeal referred to in Financial Services Board Act, 1990, as constituted immediately prior to the coming into operation of this Act, is, unless clearly inappropriate, construed as a reference to the appeal board established by virtue of section 26A inserted in terms of section [28] 29 of this Act; and to section 26 of the Financial Service Board Act, 1990, as it existed prior to the date of coming into operation of this Act, is construed, unless clearly inappropriate, as a reference to section 26 of that Act as substituted by sections 26A and 26B, as inserted in the Financial Services Board Act, 1990, by section [28] 29 of this Act. (4) The deletion, by virtue of section [33] 66 of this Act, of the definition of ‘enforcement committee’ in section 1 of the Securities Services Act, 2004, and the repeal of sections 94(e), 97, 98, 99, 100, 101, 102, 103, 104, 105, 106 and 111(b) and (3) of the Act by sections [67, 68 and 69] 71(b), 72 and 73 of this Act, do not affect any proceeding of, investigation instituted, fine to be imposed or the payment of a compensatory amount to be required by, the enforcement committee referred to in that Act and which is pending at the date of coming into operation of this Act, and any such proceeding, investigation, fine or payment of a compensatory amount may be continued, instituted or enforced as if this Act had not been passed. (5) The definition of ‘representative’ in section 1(1) of the Financial Advisory and Intermediary Services Act, 2002, as amended by section [44(c)] 45(d) of this Act, only applies with effect from a date 12 months after the date contemplated in section [76] 79 to persons employed or mandated as representatives prior to that date. (6) The provisions of section 8(10) of the Financial Advisory and Intermediary Services Act, 2002, as inserted by section [47] 48 of this Act, only applies with effect from a date 12 months after the date contemplated in section [76] 79 to persons employed or mandated as representatives prior to that date. (7) An agreement concluded between a provider and a representative as contemplated in the Financial Advisory and Intermediary Services Act, 2002, before the date contemplated in section [76] 79 and which qualified as a mandatory agreement contemplated in section 13(1)(b)(i) of the first-mentioned Act, before that date, is deemed with effect from the date contemplated in section [76] 79 to constitute a mandate contemplated in section 13(1)(b)(i) of the first-mentioned Act, as replaced by section [50] 52(a) of this Act. 5 10 15 20 25 30 35 40 45 50 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 227 Wet No. 45 van 2013 227 Kwenziwa utshintsho kulandelelwano lwamacandelo oMthetho 40 ka-2007
  2. 256

    Kwenziwa utshintsho kulandelelwano lwamacandelo oMthetho ekwaqalwa

    Verify source ↗

    AI-assisted research summary: This provision replaces the heading of section 41 and deletes section 42.

    256. Kwenziwa utshintsho kulandelelwano lwamacandelo oMthetho ekwaqalwa ngawo ngokuthi— (a) icandelo 41 lithatyathelwe indawo koku kulandelayo: ‘‘41. [Abaphathi] Umphathi weebhanki zentsebenziswano’’; nango- kuthi 5 (b) kucinywe icandelo 42. Deel 11 Wysiging van Algemene Wysigingswet op Wette op Finansiële Dienste, 2008 Wysiging van artikel 78 van Wet 22 van 2008
  3. 257

    Artikel 78 van die Algemene Wysigingswet op Wette op Finansiële Dienste,

    Verify source ↗

    AI-assisted research summary: This section amends earlier financial-services laws and sets transitional rules for when the new or amended provisions start to apply.

    257. Artikel 78 van die Algemene Wysigingswet op Wette op Finansiële Dienste, 2008, word hierby gewysig deur subartikels (2) tot (10) onderskeidelik deur die volgende subartikels te vervang: ‘‘(2) Enigiets gedoen of gelaat deur die appèlraad bedoel in die Wet op die Raad op Finansiële Dienste, 1990, of deur enige lid daarvan, voor die datum van die inwerkingtreding van hierdie Wet, word, tensy duidelik onvanpas, geag gedoen of gelaat te wees deur die appèlraad ingestel uit hoofde van artikel [10] 29 van hierdie Wet, of na gelang van die geval, deur ’n korresponderende lid daarvan. (3) ’n Verwysing in enige wet— (a) na die appèlraad bedoel in die Wet op die Raad op Finansiële Dienste, 1990, soos saamgestel onmiddellik voor die inwerkingtreding van hierdie Wet, word, tensy duidelik onvanpas, uitgelê as ’n verwysing na die appèlraad ingestel uit hoofde van artikel 26A, ingevoeg ingevolge artikel [28] 29 van hierdie Wet; en (b) na artikel 26 van die Wet op die Raad op Finansiële Dienste, 1990, soos dit bestaan het voor die datum van die inwerkingtreding van hierdie Wet, word, tensy duidelik onvanpas, uitgelê as ’n verwysing na artikel 26 van daardie Wet soos vervang deur artikels 26A en 26B, soos ingevoeg in die Wet op die Raad op Finansiële Dienste, 1990, deur artikel [28] 29 van hierdie Wet. (4) Die skrapping, uit hoofde van artikel [33] 66 van hierdie Wet, van die omskrywing van ‘afdwingingskomitee’ in artikel 1 van die ‘Securities Services Act, 2004’, en die herroeping van artikels 94(e), 97, 98, 99, 100, 101, 102, 103, 104, 105, 106 en 111 (1)(b) en (3) van daardie Wet by artikels [67, 68 en 69] 71(b), 72 en 73 van hierdie Wet, beïnvloed nie enige verrigting van, of ondersoek ingestel, boete wat opgelê staan te word of betaling van ’n vergoedende bedrag wat vereis gaan word deur, die afdwingingskomitee bedoel in hierdie Wet, en wat hangende is op die datum van die inwerkingtreding van hierdie Wet nie, en daar kan voortgegaan word met enige sodanige verrigting, en enige sodanige ondersoek kan ingestel word, boete kan opgelê word of betaling van ’n vergoedende bedrag kan afgedwing word, asof hierdie Wet nie aangeneem is nie. (5) Die omskrywing van ‘verteenwoordiger’ in artikel 1(1) van die Wet op Finansiële Advies- en Tussengangersdienste, 2002, soos gewysig deur artikel [44(c)] 45(d) van hierdie Wet, is slegs van toepassing met ingang van ’n datum 12 maande na die datum beoog in artikel [76] 79 op persone wat voor daardie datum in hegtenis geneem is of opdrag ontvang het as verteenwoordigers. (6) Die bepalings van artikel 8(1) van die Wet op Finansiële Advies- en Tussengangersdienste, 2002, soos ingevoeg deur artikel [47] 48 van hierdie Wet, is slegs van toepassing met ingang van ’n datum 12 maande na die datum beoog in artikel [76] 79 op persone wat voor daardie datum as direkteure, lede, trustees of vennote van verskaffers aangestel is. (7) ’n Ooreenkoms, voor die datum beoog in artikel [76] 79 tussen ’n verskaffer en ’n verteenwoordiger, soos beoog in die Wet op Finansiële Advies- en Tussengangersdienste, 2002, gesluit, en wat, voor daardie datum, as ’n lasgewingsooreenkoms’ beoog in artikel 13(1)(b)(i) van laasgenoemde Wet gekwalifiseer het, word, met ingang van die datum beoog artikel [76] 79, geag ’n opdrag beoog in artikel 13(1)(b)(i) van die eersgenoemde Wet, soos vervang by artikel [50] 52(a) van hierdie Wet uit te maak. 10 15 20 25 30 35 40 45 50 55 228 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 228 (8) The provisions of section 13(2)(a) of the Financial Advisory and Intermediary Services Act, 2002, as amended by section [50] 52(b) of this Act, only applies with effect from 12 months after the date contemplated in section [76] 79 to persons who are with effect from that date or any later date appointed as representatives or their key individuals, as contemplated in the Financial Advisory and Intermediary Services Act, 2002. (9) Section 17(1)(b) of the Financial Advisory and Intermediary Services Act, 2002, as amended by section [55] 57(a) of this Act, only applies with effect from a date 18 months after the date contemplated in section [76] 79 to directors, members, auditors, trustees, principal officers, public officers or company secretaries appointed as compliance officers prior to that date. (10) Section [56(c)] 58(b) of this Act comes into operation on a date six months after the date contemplated in section [76] 79.’’. Part 12 Amendment of Financial Markets Act, 2012 5 10 15 Amendment of section 6 of Act 19 of 2012

Part

Part 12

  1. 258

    Section 6 of the Financial Markets Act, 2012 (in this Part referred to as the

    Verify source ↗

    AI-assisted research summary: This provision amends section 6 of the Financial Markets Act, 2012 by deleting subsection (6), and it also refers to substituting section 95 of Act 19 of 2012.

    258. Section 6 of the Financial Markets Act, 2012 (in this Part referred to as the principal Act), is hereby amended by the deletion in section 6 of subsection (6). Substitution of section 95 of Act 19 of 2012
  2. 259

    The following section is hereby substituted for section 95 of the principal Act:

    Verify source ↗

    AI-assisted research summary: The registrar may conduct on-site visits, instruct inspections, and help a supervisory authority investigate certain possible contraventions or failures.

    259. The following section is hereby substituted for section 95 of the principal Act: 20 ‘‘Inspections and on-site visits 95. (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) The registrar may, at the request of a supervisory authority, investigate or assist that supervisory authority in an investigation into possible contraventions or failures similar to contraventions or failures that may occur under this Act that are regulated in terms of the laws of a country other than the Republic that that supervisory authority administers.’’. Amendment of section 96 of Act 19 of 2012
  3. 260

    Section 96 of the principal Act is hereby amended—

    Verify source ↗

    AI-assisted research summary: This provision amends section 96 of the principal Act, including changing paragraph (e) so the matter is handed over to the National Director of Public Prosecutions where the contravention or failure constitutes an offence under the Act.

    260. Section 96 of the principal Act is hereby amended— (a) by the insertion of the word ‘‘or’’ at the end of paragraph (d); (b) by the substitution for paragraph (e) of the following subsection: ‘‘(e) hand the matter over to the National Director of Public Prosecu- tions, provided that the contravention or failure constitutes an offence in terms of this Act[; or].’’; and (c) by the deletion of paragraph (f). Part 13 Amendment of Credit Rating Services Act, 2012 25 30 35 40 Amendment of section 1 of Act 24 of 2012

Part

Part 13

  1. 261

    Section 1 of the Credit Rating Services Act, 2012 (in this Part referred to as the

    Verify source ↗

    AI-assisted research summary: This provision amends the definition of “regulatory purposes” in the Credit Rating Services Act, 2012, and delays when certain amended rules start to apply.

    261. Section 1 of the Credit Rating Services Act, 2012 (in this Part referred to as the principal Act), is hereby amended by the substitution for the definition of ‘‘regulatory purposes’’ of the following definition: 45 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 229 Wet No. 45 van 2013 229 (8) Die bepalings van artikel 13(2)(a) van die Wet op Finansiële Advies- en Tussengangersdienste, 2002, soos gewysig deur artikel [50] 52(b) van hierdie Wet, is slegs met ingang van ’n datum 12 maande na die datum beoog in artikel [76] 79 van toepassing op persone wat met ingang van daardie datum 12 maande na die datum beoog in artikel 76 van toepassing op persone wat met ingang van daardie datum of enige later datum as verteenwoordigers of hulle sleutelpersone aangestel is, soos beoog in die Wet op Finansiële Advies- en Tussengangersdienste, 2002. (9) Artikel 17(1)(b) van die Wet op Finansiële Advies- en Tussengangersdienste, 2002, soos gewysig deur artikel [55] 57(a) van hierdie Wet, is slegs van toepassing met ingang van ’n datum 18 maande na die datum beoog in artikel [76] 79 op direkteure, trustees, hoofbeamptes, openbare beamptes of maatskappysekretarisse aangestel as voldoeningsbeamptes voor daardie datum. lede, ouditeurs, (10) Artikel [56(c)] 58(b) van hierdie Wet tree in werking op ’n datum ses maande na die datum beoog in artikel [76] 79.’’. Incenye 12 Kuchitjiyelwa kweMtsetfo Wetimakethe Tetimali, 2012 Kuchitjiyelwa kwesigaba 6 seMtsetfo nombolo 19 wanga-2012 5 10 15
  2. 258

    Sigaba 6 seMtsetfo Wetimakethe Tetimali, 2012 (kuleNcenye utsatfwa

    Verify source ↗

    AI-assisted research summary: This provision amends section 6 of the Financial Markets Act, 2012 by deleting subsection (6), and it also refers to the repeal of section 95 of Act No. 19 of 2012.

    258. Sigaba 6 seMtsetfo Wetimakethe Tetimali, 2012 (kuleNcenye utsatfwa njengeMtsetfo loyinhloko), lapha uchitjiyelwa ngekucishwa kwesigaba 6 sesigatjana (6). 20 Kukhishwa kwesigaba 95 seMtsetfo nombolo 19 wanga-2012
  3. 259

    Sigaba 95 seMtsetfo loyinhloko lapha sichitjiyelwa ngekukhishwa kwesigaba

    Verify source ↗

    AI-assisted research summary: The Registrar may visit premises, direct an inspector to inspect, and investigate or help investigate possible breaches or failures to comply, if requested by the supervisory body.

    259. Sigaba 95 seMtsetfo loyinhloko lapha sichitjiyelwa ngekukhishwa kwesigaba sikhishelwa lesigaba lesilandzelako: ‘‘Kucwaninga kanye nekuvakashela etindzaweni tekusebentela 95. (1) Irejistra inga— (a) vakasha emagcekeni ngaphasi kweSahluko 1A seMtsetfo Wetikhungo Tetimali (Kuvikelwa Kwetimali) 2001, (Umtsetfo nombolo wanga- 2001); nobe (b) yalela umhloli kwekutsi ahlole ngaphasi kweMtsetfo Wekuhlolwa Kwetikhungo Tetimali, 1998 (Umtsetfo nombolo 80 wanga-1998). (2) Irejistra, ngesicelo semtimba locaphelako, ingaphenya nobe ingasita umtimba locaphelako eluphenyweni lwekwaphula umtsetfo lokungaba khona nobe kwehluleka lokufaka nekwaphula umtsetfo nobe kwehluleka lokungenteka ngaphasi kwaloMtsetfo lokulawulwa ngaphasi ngaphasi kwemitsetfo yelive ngaphambi kweRiphabhuliki lephetfwe ngulomtimba locaphelako.’’. Kuchitjiyelwa kwesigaba 96 seMtsetfo nombolo 19 wanga-2012
  4. 260

    Sigaba 96 seMtsetfo loyinhloko sichitjiyelwa—

    Verify source ↗

    AI-assisted research summary: This provision amends section 96 of the principal Act by adding “or” after paragraph (d) and deleting paragraphs (e) and (f).

    260. Sigaba 96 seMtsetfo loyinhloko sichitjiyelwa— (a) ngekufakwa kwa ‘‘noma’’ ngemuva kwesigatjana (d); (b) ngekukhishwa kwesigatjana (e) salesigatjana lesilandzelako: ‘‘(e) kundlulisa indzaba kuMcondzisi waVelonkhe Wetekushushiswa Kwemphakatsi, ngekuya ngekutsi kwephulwa kwemtsetfo noma kwehluleka kwenta licala ngekulandzela loMtsetfo [; nobe].’’; futsi (c) ngekucishwa kwesigatjana (f). Khwiniso ya Mulayo wa Tshumelo dza u Kala Zwikolodo wa, 2012 Tshipid ˆ a tsha vhu 13 Khwiniso ya khethekanyo ya vhu 1 ya Mulayo wa Nomboro ya vhu. 24 wa 2012
  5. 261

    Khethekanyo ya vhu 1 ya Mulayo wa Tshuumelo dza u Kala Zwikolodo wa,

    Verify source ↗

    AI-assisted research summary: This section changes the definition of “regulatory purposes.”

    261. Khethekanyo ya vhu 1 ya Mulayo wa Tshuumelo dza u Kala Zwikolodo wa, thoho), hafha u khou a u tshi khou vhidzwa upfi Mulayo ˆ thalutshedzo ˆ thalutshedzo ya ‘‘ndivho dza ndangulo’’ kha ˆ 2012 (kha tshino Tshipid ˆ khwiniswa nga u imelwa ha i tevhelaho: 25 30 35 40 45 50 230 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 230 ‘‘ ‘regulatory purposes’ means the use of credit ratings for the specific purpose of complying with national legislation or the listings requirements made by an exchange under section [12] 11 of the [Securities Services Act, 2004 (Act No. 36 of 2004)] Financial Markets Act, 2012 (Act No. 19 of 2012);’’. Substitution of section 25 of Act 24 of 2012
  6. 262

    The following section is hereby substituted for section 25 of the principal Act:

    Verify source ↗

    AI-assisted research summary: The registrar may conduct on-site visits, instruct inspections, and after either may direct the person concerned to fix or stop non-compliance, but may not make a specified order under another Act.

    262. The following section is hereby substituted for section 25 of the principal Act: ‘‘Inspections and on-site visits 25. (1) The registrar may— (a) conduct an on-site visit under Chapter 1A of the Financial Institutions (b) (Protection of Funds) Act, 2001 (Act No. 28 of 2001); or instruct an inspector to conduct an inspection under the Inspection of Financial Institutions Act, 1998 (Act No. 80 of 1998). (2) After an on-site visit or inspection has been carried out in terms of subsection (1), the registrar may direct the person concerned to take any steps, to refrain from performing or continuing to perform any act or to terminate or remedy any contravention of or failure to comply with any provision of this Act: Provided that the registrar may not make an order contemplated in section 6D(2)(b) of the Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001).’’. Repeal of section 29 of Act No. 24 of 2012
  7. 263

    Section 29 of the principal Act is hereby repealed.

    Verify source ↗

    AI-assisted research summary: Section 29 of the principal Act is repealed.

    263. Section 29 of the principal Act is hereby repealed. Part 14 Consequential and Related Amendments to Certain Laws, Exemptions, Saving and Short Title and Commencement Consequential and related amendments to certain laws

Part

Part 14

  1. 264

    The laws referred to in the Schedule are hereby amended to the extent specified

    Verify source ↗

    AI-assisted research summary: The Minister may, by notice in the Gazette, exempt a financial institution from a specific provision of the Act when strict application is impractical.

    264. The laws referred to in the Schedule are hereby amended to the extent specified in the third column thereof. Exemptions and saving 265. (1) The Minister may by notice in the Gazette, where practicalities impede the strict application of a specific provision of this Act, exempt any financial institution as defined in section 1 of the Financial Services Board Act, 1990 (Act No. 97 of 1990), from, or in respect of, such provision for a period and on conditions determined in the notice. (2) An exemption under subsection (1) may— (a) apply to financial institutions generally; or (b) be limited in its application to a particular— (i) financial institution; (ii) kind of financial institution, which may, for the purposes of this section, be defined either in relation to a category or type of financial institution or in any other manner. (3) Anything done under a provision of a law amended by this Act prior to the amendment of that provision by this Act, must be regarded as having been done under the provision of that law as amended by this Act. 5 10 15 20 25 30 35 40 STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 231 Wet No. 45 van 2013 231 ‘‘ ‘ndivho dza ndangulo’ zwi amba u shumiswa ha zwikalo zwa tshikolodo zwi tshi itelwa ndivho dzenedzo dza u anana na mulayosikwa wa lushaka kana mitevhe ya ekano nga fhasi ha khethekanyo ya [12] 11 ya Mulayo wa [Securities Services Act, 2004 (Act No. 36 of 2004)] Mimaraga ya Masheleni wa; 2012 (Mulayo wa Nomboro ya vhu. 19 wa 2012);’’. ea dzo itwaho nga mun ˆ thod ˆ ˆ Udzheniswa ha khethekanyo ya vhu 25 ya Mulayo wa Nomboro ya vhu. 24 wa 2012
  2. 262

    Khethekanyo ya vhu 25 ya Mulayo

    Verify source ↗

    AI-assisted research summary: This provision amends section 25 and repeals section 29 of another Act.

    262. Khethekanyo ya vhu 25 ya Mulayo tevhelaho: thoho i khou khwiniswa nga khethekanyo i ˆ ‘‘Nyingamelo na u dalela hune ha shumelwa hone tra a nga— 25. (1) Redzhis ˆ (a) dalela nga fhasi ha Ndima ya 1A ya Mulayo wa Zwiimiswa zwa Masheleni (Tsireledzo ya Masheleni) wa, 2001, (Mulayo wa Nomboro ya. 80 wa 1998; kana laela muingameli uri a ye a ingamele nga fhasi ha Mulayo wa Nyingamelo ya Zwiimiswa zwa Masheleni wa, 1998 (Mulayo wa Nomboro ya. 80 wa 1998. (b) (2) Nga murahu ha u dalela kana nyingamelo ho/yo itwa hu tshi tra a nga laela muthu a thukhu ya vhu (1), redzhis tevhedzwa khethekanyo ˆ ˆ kwameaho uri a dzhie maga, uri a litshe u ita kana u ya phand a na u ita kana ˆ u fhelisa kana u tandulula u pfuka mulayo kana u kundelwa u anana na mbetshelo dza uno Mulayo: Tenda redzhis o ita ndaela yo bulwaho tra a sa d ˆ ˆ kha khethekanyo ya vhu 6D(2)(b) ya Mulayo wa Zwiimiswa zwa Masheleni (Tsireledzo ya Masheleni) wa, 2001 (Mulayo wa Nomboro ya. 28 wa 2001).’’. 5 10 15 20 Ufheliswa ha khethekanyo ya vhu 29 ya Mulayo wa Nomboro ya vhu. 24 wa 2012 25 thoho i khou fheliswa.
  3. 263

    Khethekanyo ya vhu 29 ya Mulayo

    Verify source ↗

    AI-assisted research summary: This section is a heading for consequential and related amendments, exemptions, reservations, short title, and commencement.

    263. Khethekanyo ya vhu 29 ya Mulayo ˆ Deel 14 Gevolglike en Verwante Wysigings aan Sekere Wette, Vrystellings, Voorbehoud en Kort Titel en Inwerkingtreding Gevolglike en verwante wysigings aan sekere wette
  4. 264

    Die wette in die Bylae vermeld word hierby gewysig tot die mate in die derde

    Verify source ↗

    AI-assisted research summary: The Minister may exempt a financial institution from a specific provision by Gazette notice, and may set different commencement dates by notice.

    264. Die wette in die Bylae vermeld word hierby gewysig tot die mate in die derde kolom daarvan aangedui. Vrystellings en voorbehoud 265. (1) Die Minister kan by kennisgewing in die Staatskoerant, waar praktiese aspekte die streng toepassing van ’n spesifieke bepaling van hierdie Wet belemmer, ’n finansiële instelling soos omskryf in artikel 1 van die Wet op die Raad op Finansiële Dienste, 1990 (Wet No. 97 van 1990), vrystel van, of vrystel ten opsigte van, sodanige bepaling vir ’n tydperk en op voorwaardes in die kennisgewing bepaal. (2) ’n Vrystelling kragtens subartikel (1) kan— (a) op finansiële instellings in die algemeen van toepassing wees; of (b) in toepassing beperk wees tot ’n bepaalde— (i) finansiële instelling; (ii) soort finansiële instelling, wat, by die toepassing van hierdie artikel, óf in verband met ’n kategorie of tipe finansiële instelling óf op enige ander wyse omskryf kan word. (3) Enigiets gedoen kragtens ’n bepaling van ’n Wet wat deur hierdie Wet gewysig is, voordat daardie bepaling deur hierdie Wet gewysig is, moet geag word kragtens die bepaling van daardie wet soos deur hierdie Wet gewysig, gedoen te wees. 30 35 40 45 232 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 Short title and commencement 232 266. (1) This Act is called the Financial Services Laws General Amendment Act, 2013, and comes into operation on a date determined by the Minister by notice in the Gazette. (2) The Minister may set different dates for different provisions of this Act to come 5 into operation. (3) Despite subsection (1), section 1(l) is deemed to have come into operation on 7 December 2001. STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 233 Wet No. 45 van 2013 Kort titel en inwerkingtreding 233 266. (1) Hierdie Wet heet die Algemene Wysigingswet op Wette op Finansiële Dienste, 2013, en tree in werking op ’n datum by kennisgewing in die Staatskoerant bepaal. (2) Die Minister kan verskillende datums bepaal vir die inwerkingtreding van 5 verskillende bepalings van hierdie Wet. (3) Ondanks subartikel (1), word artikel 1(l) geag op 7 Desember 2001 in werking te getree het. 234 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 234 SCHEDULE Laws amended (Section 257) No. and year of act Short title Extent of amendment Act No. 78 of 1998 National Payment System Act, 1998 Act No. 131 of 1998 Medical Schemes Act, 1998 Amendment of section 4 of Act 78 of 1998, as amended by section 4 of Act 22 of 2004, section 90 of Act 40 of 2007 and section 35 of Act 22 of 2008
  5. 1

    Section 4 of Act 78 of 1998 is

    Verify source ↗

    AI-assisted research summary: This provision amends section 4 of Act 78 of 1998 by replacing paragraph (b) of subsection (1).

    1. Section 4 of Act 78 of 1998 is hereby amended by the substitution for paragraph (b) of subsection (1) of the following paragraph: ‘‘(b) to act as a medium for communica- tion by its members with the South African Government, the Reserve Bank, the Registrar of Banks, the Co-operative Bank [Supervisors] Supervisor, the Registrar of Finan- cial Institutions, any financial or other exchange, other public bod- ies, authorities and officials, the news media, the general public and other private associations and insti- tutions; and;’’. Amendment of section 1 of Act 131 of 1998, as amended by section 1 of Act 55 of 2001, section 1 of Act 62 of 2002, section 40 of Act 65 of 2002 and sec- tion 25 of Act 52 of 2003
  6. 1

    Section 1 of Act 131 of 1998 is

    Verify source ↗

    AI-assisted research summary: This provision changes the definition of “business of a medical scheme.”

    1. Section 1 of Act 131 of 1998 is hereby amended by the substitution for the definition of ‘‘business of a medical scheme’’ of the following definition: ‘‘business of a medical scheme’’ means the business of undertaking, [liability] in return for a premium or contribution[-], the liability associated with one or more of the following activities: (a) [to make provision] Providing for the obtaining of any rel- evant health service; (b) [to grant] granting assistance in defraying expenditure in- curred in connection with the rendering of any relevant health service; [and] or (c) [where applicable, to render] rendering a relevant health ser- vice, either by the medical scheme itself, or by any sup- plier or group of suppliers of a relevant health service or by any person, in association with or in terms of an agreement with a medical scheme.’ STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 235 Wet No. 45 van 2013 235 BYLAE Wette gewysig (Artikel 257) No. en jaar van Wet Wet No. 78 van 1998 Kort titel Omvang van wysiging Nasionale Betalingstelselwet, 1998 Wysiging van artikel 4 van Wet 78 van 1998, soos gewysig deur artikel 4 van Wet 22 van 2004, artikel 90 van Wet 40 van 2007 en artikel 35 van Wet 22 van 2008 Wet No. 131 van 1998 Wet op Mediese Skemas, 1998
  7. 1

    Artikel 4 van Wet 78 van 1998

    Verify source ↗

    AI-assisted research summary: This section amends Article 4 of Act 78 of 1998 by replacing paragraph (b) with a new communication function.

    1. Artikel 4 van Wet 78 van 1998 word hierby gewysig deur paragraaf (b) in subartikel (1) deur die volgende paragraaf te vervang: ‘‘(b) op te tree as ’n medium vir kommunikasie deur sy lede met die Suid-Afrikaanse Regering, die Reserwebank, die Registrateur van Banke, die Opsiener oor Samewerkende Banke, die Registrateur van Finansiële Instellings, enige finansiële of ander beurs, ander openbare liggame, owerhede en beamptes, die nuusmedia, die algemene publiek en ander private verenigings en instellings; en’’. Wysiging van artikel 1 van Wet 131 van 1998, soos gewysig deur artikel 1 van Wet 55 van 2001, artikel 1 van Wet 62 van 2002, artikel 40 van Wet 65 van 2002 en artikel 25 van Wet 52 van 2003
  8. 1

    Artikel 1 van Wet 131 van 1998 word

    Verify source ↗

    AI-assisted research summary: This provision defines “business of a medical scheme” as undertaking liability, in return for a premium or contribution, for certain health-service-related activities.

    1. Artikel 1 van Wet 131 van 1998 word hierby gewysig— ‘‘ ‘besigheid van ’n mediese skema’ die besigheid om in ruil vir ’n premie of bydrae, aanspreeklikheid te onderneem wat met een of meer van die volgende aktiwiteite vereenselwig word: (a) [om voorsiening te maak vir] Die bewerkstelliging van verkryging van ’n toepaslike gesondheidsdiens; (c) (b) [om] verlening van bystand [te verleen] ter bestryding van uitgawes wat in verband met die lewering van ’n toepaslike gesondheidsdiens aangegaan is; [en] of [om, waar van toepassing,] die lewering van ’n toepaslike gesondheidsdiens te lewer, hetsy deur die mediese skema self, of deur enige verskaffer of groep verskaffers van ’n toepaslike gesondheidsdiens, of deur enige persoon in samewerking met, of ingevolge ’n ooreenkoms met, ’n mediese skema;’’. 236 No. 37237 Act No. 45 of 2013 GOVERNMENT GAZETTE, 16 January 2014 Financial Services Laws General Amendment Act, 2013 No. and year of act Short title Extent of amendment 236 Act No. 14 of 2005 Co-operatives Act, 2005 Amendment of Schedule 1 to Act 14 of 2005, as amended by section 90 of Act 40 of 2007
  9. 1

    Schedule 1 to Act 14 of 2005 is

    Verify source ↗

    AI-assisted research summary: The Minister may make regulations for financial services co-operatives, but only after consulting the listed authorities.

    1. Schedule 1 to Act 14 of 2005 is hereby amended by the substitution for subitem (1) of item 7 of Part 3 of the following subitem: ‘‘(1) The Minister may, in consulta- tion with the Minister of Finance, the [relevant supervisor for co-opera- tive banks] Co-operative Bank Super- visor, the Registrar of Banks or the Registrars of Long-term or Short-term Insurance, or the Registrar of Medical Schemes, as the case may be, make regulations regarding any matter relat- ing to the operation or administration of financial services co-operatives or any category of financial services co- operatives.’’. STAATSKOERANT, 16 Januarie 2014 Algemene Wysigingswet op Wette op Finansiële Dienste, 2013 No. 37237 237 Wet No. 45 van 2013 237 No. en jaar van Wet Kort titel Omvang van wysiging Nawu wa No. 14 wa 2005 Nawu wa Mabindzuntirhisano, 2005 Ku cinciwa ka xiyenge xa 1 xa Nawu wa 14 wa 2005, tanihilaha wu nga nciciwa hakona hi xiyenge xa 90 xa nawu wa 40 wa 2007
  10. 1

    Xedulu ya 1 ya Nawu wa 14 wa

    Verify source ↗

    AI-assisted research summary: The Minister may make regulations about the operation or regulation of co-operative banks and any category of financial services co-operatives, after consulting the listed officials.

    1. Xedulu ya 1 ya Nawu wa 14 wa 2005 ya cinicwa hi ku siviwa ka ayithemetsongo ya (1) ya ayitheme ya 7 ya Xiyenge xa 3 xa ayithemetsongo leyi landzelaka: ‘‘(1) Hi ku tihlanganisa na Holobye wa Timali, [murhangeri loyi a faneleke wa tibangi ta mabindzuntirhisano] Murhangeri wa Bangi ya Bindzuntirhisano, Mutsarisi wa Tibangi kumbe Vatsarisi va Ndzindzakhombo wa nkarhi wo leha kumbe wa nkarhinyana, kumbe Mutsarisi wa Swikimi swa Vutshunguri, tanihilaha xiyimo xi nga ta va xi ri hakona, Holobye a nga ha endla swinawana mayelana na mhaka yin’wana na yin’wana leyi fambelanaka na matirhelo kumbe vulawuri bya bindzuntirhisano ra vukorhokeri bya timali kumbe nkhetekanyo wihi na wihi wa mabindzuntirhisano ya vukorhokeri bya timali.’’.

Provision text is displayed from LexChat’s stored statute record. Use the official source links to verify amendments, commencement, and current legal force.