Financial Sector Regulation Act — Part 5 | Act 9 of 2017 — South Africa law | Esheria

Financial Sector Regulation Act

Part 5 of 8 · provisions 801–1,000

This provision text only shows headings and the table of contents for section 4 of the Financial Sector Regulation Act, 2017.

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

Jurisdiction
South Africa
Instrument
Act or statute
Citation
Act 9 of 2017
Version
Undated source snapshot
Language
en
Updated
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Ombud Council Reserve Bank concurrence account administration accountability accounting accounting authority accounting records acquisitions and disposals acting appointments administration administrative action administrative action procedures administrative law administrative penalties administrative powers administrative procedure administrative sanctions advertising alternative dispute resolution amalgamations amendment amendment to existing provision amendments annual financial statements +873 more

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Statute overview

About this statute

This provision text only shows headings and the table of contents for section 4 of the Financial Sector Regulation Act, 2017. This section is titled “Application of other legislation” and introduces the Reserve Bank’s responsibility for financial stability. Heading for section 12 on monitoring of risks by the Reserve Bank. Section 14 is titled “Determination of systemic events.” This section heading refers to directives to financial sector regulators.

Read the provisions Ask with citations

Legal text

Provisions of Financial Sector Regulation Act

Showing 200 of 1,463

Part

Chapter is declared to be a statutory

  1. 294

    No. 41060

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    AI-assisted research summary: Gazette heading/table entry for Act No. 9 of 2017 showing the extent of repeal or amendment; no operative rule is stated here.

    294 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 290 Act No. and year Short Title Extent of repeal or amendment
  2. 2

    The insertion after section 1 of the

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    AI-assisted research summary: This provision says the Authority must publish certain registrations, exemptions, withdrawals, and society rules on the Register, and it may also publish the same material on its website.

    2. The insertion after section 1 of the following sections: ‘‘Relationship between Act and Finan- cial Sector Regulation Act 1A. (1) Except as otherwise provided by this Act or the Financial Sector Regu- lation Act, the powers and duties of the Authority in terms of this Act are in ad- dition to the powers and duties that it has in terms of the Financial Sector Regulation Act. (2) Unless expressly provided other- wise in this Act, or this Act requires a matter to be prescribed by regulation, a reference in this Act to a matter being— (a) prescribed must be read as a refer- ence to the matter being prescribed in a prudential standard, a conduct standard or a joint standard; or (b) determined must be read as a refer- ence to the Authority determining the matter in writing and registering the determination in the Register. (3) (a) A reference in this Act to the Authority announcing or publishing in- formation or a document on a web site must be read as a reference to the Au- thority publishing the information or document in the Register. (b) The Authority may also publish the information or document on its web site. (4) A reference in this Act to a fee prescribed by regulation must be read as a reference to the relevant fee being de- termined in terms of section 237 and Chapter 16 of the Financial Sector Regu- lation Act. (5) The Authority must publish the following on the Register: (a) the registration of a society in terms of this Act and each cancellation of a registration; (b) any exemption or any withdrawal of an exemption referred to in sections 3(2) and (3), 25(1) or section 47(1)(bC); and (c) the rules of each registered friendly society, and each amendment of those rules. Regulatory instruments

Part

Chapter 16 of the Financial Sector Regu-

  1. 1B

    For the purposes of the definition

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    AI-assisted research summary: This section says it is for the purposes of the definition of “regulatory instrument” in section 1(1) of the Financial Sector Act.

    1B. For the purposes of the definition of ‘‘regulatory instrument’’ in sec- tion 1(1) of the Financial Sector This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 295 291 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo
  2. 2

    Die volgende artikel word na artikel 1

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    AI-assisted research summary: The Authority has powers and duties under this Act alongside those under the Financial Sector Regulation Act, and must publish specified matters in the Register.

    2. Die volgende artikel word na artikel 1 ingevoeg: ‘‘Verhouding tussen Wet en ‘Financial Sector Regulation Act, 1A. (1) Behalwe soos anders deur hierdie Wet of die ‘Financial Sector Regulation Act’ bepaal, het die Owerheid die bevoegdhede en pligte ingevolge hierdie Wet benewens die bevoegdhede en pligte wat die Owerheid ingevolge die ‘Financial Sector Regulation Act’ het. (2) Tensy uitdruklik anders in hierdie Wet bepaal, of tensy hierdie Wet vereis dat ’n aangeleentheid by regulasie voorgeskryf word, moet ’n verwysing in hierdie Wet dat ’n aangeleentheid— (a) voorgeskryf word, gelees word as ’n verwysing daarna dat die aangeleent- heid in ’n voorsorgstandaard, ’n gedragstandaard of ’n gesamentlike standaard voorgeskryf is; of (b) bepaal word, gelees word as ’n verwysing daarna dat die Owerheid die aangeleentheid skriftelik bepaal en die bepaling in die Register registreer. (3) (a) ’n Verwysing in hierdie Wet na die Owerheid wat inligting of ’n dokument op ’n webwerf publiseer, moet gelees word as ’n verwysing na die Owerheid wat die inligting of dokument in die Register publiseer. (b) Die Owerheid kan ook die inligting of dokument op sy webwerf publiseer. (4) ’n Verwysing in hierdie Wet na gelde wat by regulasie voorgeskryf is, moet gelees word as ’n verwysing daarna dat die tersaaklike gelde ingevolge artikel 237 en Hoofstuk 16 van die ‘Financial Sector Regulation Act’, vasgestel word. (5) Die Owerheid moet die volgende in die Register publiseer: (a) die registrasie van ’n vereniging ingevolge hierdie Wet en elke kansellasie van ’n registrasie; (b) enige vrystelling of enige intrekking van ’n vrywaring bedoel in artikels 3(2) en (3), 25(1) of artikel 47(1)(bC); en (c) die reëls van elke geregistreerde hulpvereniging, en elke wysiging van daardie reëls. Reguleringsinstrumente
  3. 1B

    By die toepassing van die

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    AI-assisted research summary: This provision says section 1(1)’s definition of “regulatory instrument” applies here.

    1B. By die toepassing van die omskrywing van ‘reguleringsinstrument’ (‘regulatory instrument’) in artikel 1(1) This gazette is also available free online at www.gpwonline.co.za
  4. 296

    No. 41060

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    AI-assisted research summary: The provision says that a matter prescribed by the Authority, where this Act specifically requires notice in the Gazette, counts as a regulatory instrument.

    296 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 292 Regulation Act, any matter prescribed by the Authority in respect of which notice in the Gazette is specifically required by this Act is a regulatory instrument.’’.
  5. 3

    The substitution in section 3(1) for

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    AI-assisted research summary: A friendly society covered by this paragraph must, from time to time, provide the Authority with statistical information when requested.

    3. The substitution in section 3(1) for paragraph (a) of the following paragraph: ‘‘(a) which has been established or con- tinued in terms of a collective agreement concluded in a council in terms of the Labour Relations Act, 1995. However, such a friendly society shall from time to time furnish the [registrar] Au- thority with such statistical infor- mation as may be requested by the [Minister] Authority;’’.
  6. 4

    The repeal of sections 4 and 32.

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    AI-assisted research summary: This section states that sections 4 and 32 are repealed.

    4. The repeal of sections 4 and 32.
  7. 5

    The substitution in section 33 for sub-

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    AI-assisted research summary: The Authority and a registered society may apply to court for certain orders, but a society needs the court’s leave and must give security and show prima facie desirability first.

    5. The substitution in section 33 for sub- section (1) of the following subsection: ‘‘(1) The [registrar] Authority may, [with the consent of the Minister,] in regard to any registered society, apply to the court for an order in terms of para- graph (c), (d) or (e) of subsection (3), and a registered society may, in regard to itself, apply to the court for an order in terms of paragraph (b), (d) or (e) of that subsection, if the [registrar] Authority or the society is of the opinion that it is desirable, because the society is not in a sound financial condition or for any other reason, that such an order be made in regard to the society: Provided that a society shall not make such an applica- tion except by leave of the court, and the court shall not grant such leave unless the society has given security to an amount specified by the court for the payment of the costs of the application and of any opposition thereto, and has established prima facie the desirability of the order for which it wished to apply.’’.
  8. 6

    The repeal of sections 44 and 45.

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    AI-assisted research summary: This section repeals sections 44 and 45.

    6. The repeal of sections 44 and 45.
  9. 7

    The deletion in section 47(1) of para-

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    AI-assisted research summary: This provision deletes paragraphs (bA) and (bC) in section 47(1).

    7. The deletion in section 47(1) of para- graphs (bA) and (bC).
  10. 8

    The deletion in section 48 of subsec-

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    AI-assisted research summary: This section deletes subsections (2) to (5) of section 48.

    8. The deletion in section 48 of subsec- tions (2), (3), (4) and (5). This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 297 293 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo van die ‘Financial Sector Regulation Act’, is enige aangeleentheid deur die Owerheid voorgeskryf ten opsigte waarvan kennisgewing in die Staatskoerant spesifiek deur hierdie Wet vereis word, ’n reguleringsinstrument.’’.
  11. 3

    Paragraaf (a) in artikel 3(1) word deur

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    AI-assisted research summary: A mutual aid association must periodically provide the registrar with statistical information requested by the Minister.

    3. Paragraaf (a) in artikel 3(1) word deur die volgende paragraaf vervang: ‘‘(a) wat ingestel of voortgesit is inge- volge ’n kollektiewe ooreenkoms in ’n raad ingevolge die Wet op Arbeidsverhoudinge, 1995, gesluit of voortgesit. So ’n onderlinge hulpvereniging moet egter van tyd tot tyd die [registrateur] Owerheid van die statistiese inligting voorsien wat deur die [Minister] Owerheid versoek mag word;’’.
  12. 4

    Artikels 4 en 32 word herroep.

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    AI-assisted research summary: Articles 4 and 32 are repealed.

    4. Artikels 4 en 32 word herroep.
  13. 5

    Subartikel (1) van artikel 33 word

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    AI-assisted research summary: The Authority may apply to court for an order about a registered association, and the association may apply about itself, but the association needs leave of court and must satisfy security and prima facie proof requirements first.

    5. Subartikel (1) van artikel 33 word deur die volgende subartikel vervang: ‘‘(1) [Met toestemming van die Minister kan die registrateur] Die Owerheid kan met betrekking tot ’n geregistreerde vereniging by die hof aansoek doen om ’n bevel ooreen- komstig paragraaf (c), (d) of (e) van subartikel (3), en ’n geregistreerde vereniging kan met betrekking tot homself by die hof aansoek doen om ’n bevel ooreenkomstig paragraaf (b), (d) of (e) van daardie sub-artikel, indien die [registrateur] Owerheid of die vereniging van oordeel is dat dit wenslik is, omdat die vereniging nie in ’n gesonde geldelike toestand is nie, of om ’n ander rede, dat so ’n bevel ten aansien van die vereniging uitgevaardig word: Met dien verstande dat ’n vereniging nie so ’n aansoek doen nie, dan alleen met verlof van die hof en dat die hof nie sodanige verlof verleen nie, tensy die vereniging sekerheid gestel het tot ’n bedrag deur die hof vasgestel ten opsigte van betaling van die koste van die aansoek en van enige opposisie daarteen, en prima facie bewys gelewer het van die wenslikheid van die bevel waarom hy aansoek wil doen.’’.
  14. 6

    Artikels 44 en 45 word herroep.

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    AI-assisted research summary: Articles 44 and 45 are repealed.

    6. Artikels 44 en 45 word herroep.
  15. 7

    Paragrawe (bA) en (bC) in artikel

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    AI-assisted research summary: Paragraphs (bA) and (bC) in article 47(1) are deleted.

    7. Paragrawe (bA) en (bC) in artikel 47(1) word geskrap.
  16. 8

    Subartikels (2), (3), (4) en (5) in

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    AI-assisted research summary: Subsections (2), (3), (4) and (5) of section 48 are deleted.

    8. Subartikels (2), (3), (4) en (5) in artikel 48 word geskrap. This gazette is also available free online at www.gpwonline.co.za
  17. 298

    No. 41060

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    AI-assisted research summary: This text is a table entry listing the South African Reserve Bank Act, 1989 in relation to repeal or amendment.

    298 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 294 Act No. 90 of 1989 South African Reserve Bank Act, 1989
  18. 9

    The substitution for the expression

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    AI-assisted research summary: Wherever the text says “registrar,” it should be read as “Authority.”

    9. The substitution for the expression ‘‘registrar’’, wherever it occurs, of the ex- pression ‘‘Authority’’.
  19. 10

    The amendment of the arrangement

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    AI-assisted research summary: This section amends the arrangement of sections by inserting item 1A, titled “Relationship between Act and Financial Sector Regulation Act.”

    10. The amendment of the arrangement of sections by the insertion after item 1 of the following items: ‘‘1A. Relationship between Act and Financial Sector Regulation Act
  20. 1B

    Regulatory instruments’’.

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    AI-assisted research summary: Section heading only.

    1B. Regulatory instruments’’.
  21. 1

    The amendment of section 3 by the

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    AI-assisted research summary: The Bank must protect and maintain financial stability.

    1. The amendment of section 3 by the addition of the following subsection, the existing section becoming subsection (1): ‘‘(2) In addition, the Bank is respon- sible for protecting and maintaining financial stability as envisaged in the Financial Sector Regulation Act, 2017.’’.
  22. 2

    The substitution in section 10(1) for

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    AI-assisted research summary: This section replaces paragraph (v) in section 10(1) so the Bank’s functions include those assigned under the listed banking and financial sector laws.

    2. The substitution in section 10(1) for paragraph (v) of the following paragraph: ‘‘(v) perform the functions assigned to the Bank by the Banks Act, 1990 (Act No. 94 of 1990), [and] the Mutual Banks Act, 1993 (Act No. 124 of 1993), the Financial Sector Regulation Act, 2017 and other financial sector laws as de- fined in section 1(1) of the Finan- cial Sector Regulation Act, 2017.’’.
  23. 3

    The substitution in section 11 for sub-

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    AI-assisted research summary: This section replaces section 11(2) with a new rule about how certain inspection provisions apply.

    3. The substitution in section 11 for sub- section (2) of the following subsection: ‘‘(2) (a) The provisions of [the In- spection of Financial Institutions Act, 1984 (Act No. 38 of 1984),] Part 4 of Chapter 9 of the Financial Sector Regu- lation Act, 2017 except [sections 2 and 7] section 134 [thereof], shall [mutatis mutandis] apply with the changes neces- sary in the context in respect of an in- spection carried out in terms of subsec- tion (1). (b) Section 130 of the Financial Sector Regulation Act, 2017 does not apply in respect of an inspection carried out in terms of subsection (1). ’’.

Part

Chapter 9 of the Financial Sector Regu-

  1. 4

    The substitution in section 12 for sub-

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    AI-assisted research summary: This provision substitutes subsection (2) so that specified provisions from two other financial regulation laws apply, with necessary changes.

    4. The substitution in section 12 for sub- section (2) of the following subsection: ‘‘(2) The provisions of [sections 4, 5, 8 and 9 of the Inspection of Financial Institutions Act, 1984 (Act No. 38 of 1984),] Part 4 of Chapter 9 of the Finan- cial Sector Regulation Act shall apply [mutatis mutandis] with the necessary This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 299 295 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo Wet No. 90 van 1989 Wet op die Suid- Afrikaanse Reserwebank, 1989
  2. 9

    Die uitdrukkig ‘‘registrateur’’ word,

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    AI-assisted research summary: Whenever the word “registrateur” appears, it is replaced with “Owerheid”.

    9. Die uitdrukkig ‘‘registrateur’’ word, waar dit ook al voorkom, deur die uitdrukking ‘‘Owerheid’’ vervang.
  3. 10

    Die indeling van artikels word

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    AI-assisted research summary: This section amends the article arrangement by inserting item 1A after item 1, titled about the relationship between the Act and the Financial Sector Regulation Act.

    10. Die indeling van artikels word gewysig deur die volgende items na item 1 in te voeg: ‘‘1A. Verhouding tussen Wet en ‘Finan- cial Sector Regulation Act’
  4. 1B

    Reguleringsinstrumente’’.

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    AI-assisted research summary: 1B. Reguleringsinstrumente’’.

    1B. Reguleringsinstrumente’’.
  5. 1

    Artikel 3 word gewysig deur die

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    AI-assisted research summary: The Bank is responsible for protecting and maintaining financial stability.

    1. Artikel 3 word gewysig deur die volgende subartikel by te voeg, sodat die bestaande artikel subartikel (1) word: ‘‘(2) Daarbenewens is die Bank verantwoordelik vir die beskermng en onderhoud van finansiële bestendigheid soos in die ‘Financial Sector Regulation Act’, 2017, beoog.’’.
  6. 2

    Paragraaf (v) in artikel 10(1) word

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    AI-assisted research summary: This provision replaces paragraph (v) in article 10(1) with a rule that the Bank must perform the activities assigned to it by certain financial-sector laws.

    2. Paragraaf (v) in artikel 10(1) word deur die volgende subparagraaf vervang: ‘‘(v) die werksaamhede verrig wat deur die Bankwet, 1990 (Wet No. 94 van 1990), [en] die Wet op Onderlinge Banke, 1993 (Wet No. 124 van 1993), die ‘Financial Sec- tor Regulation Act’, 2017 en ander wette oor die finansiële sektor soos omskryf in artikel 1(1) van die ‘Financial Sector Regulation Act’, 2017, aan die Bank opgedra word.’’.
  7. 3

    Subartikel (2) in artikel 11 word deur

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    AI-assisted research summary: For inspections under subsection (1), certain provisions of Part 4 of Chapter 9 of the Financial Sector Regulation Act, 2017 apply with the necessary changes, but section 130 does not apply.

    3. Subartikel (2) in artikel 11 word deur die volgende subartikel vervang: ‘‘(2) (a) Die bepalings van [die Wet op Inspeksie van Finansiële Instellings, 1984 (Wet No. 38 van 1984),] Deel 4 van Hoofstuk 9 van die ‘Financial Sector Regulation Act’, 2017 behalwe [artikels 2 en 7 daarvan] artikel 134, is [mutatis mutandis] van toepassing met die veranderinge deur die samehang vereis ten opsigte van ’n inspeksie wat ingevolge subartikel (1) uitgevoer word. (b) Artikel 130 van die ‘Financial Sector Regulation Act’, 2017, is nie ten opsigte van ’n inspeksie ingevolge sub- artikel (1) gedoen, van toepassing nie.’’.
  8. 4

    Subartikel (2) van artikel 12 word

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    AI-assisted research summary: This provision replaces section 12(2) with a new subsection referring to specified provisions of two financial-services laws, to apply mutatis mutandis with necessary changes.

    4. Subartikel (2) van artikel 12 word deur die volgende subartikel vervang: ‘‘(2) Die bepalings van [artikels 4, 5, 8 en 9 van die Wet op Inspeksie van Finansiële Instellings, 1984 (Wet No. 38 van 1984),] Deel 4 van Hoofstuk 9 van die ’Financial Sector Regulation Act’ is [mutatis mutandis] met die veranderinge deur die samehang This gazette is also available free online at www.gpwonline.co.za
  9. 300

    No. 41060

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    AI-assisted research summary: This fragment lists an amendment entry for the Banks Act, 1990 and refers to changes needed in the context of an inspection under subsection (1).

    300 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 296 Act No. 94 of 1990 Banks Act, 1990 changes required by the context in re- spect of an inspection carried out in terms of subsection (1).’’.
  10. 1

    The amendment of section 1—

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    AI-assisted research summary: This section amends section 1 by adding and removing certain definitions, and by adding a rule that undefined words generally keep the meaning given in the Financial Sector Regulation Act.

    1. The amendment of section 1— (a) by the insertion in subsection (1) after the definition of ‘‘allocated capital and reserve funds’’ of the following defini- tion: ‘‘ ‘Authority’ means the Prudential Authority established in terms of section 32 of the Financial Sector Regulation Act;’’; (b) by the deletion in subsection (1) of the definition of ‘‘board of review’’; (c) by the insertion in subsection (1) after the definition of ‘‘company’’ of the following definition: ‘‘ ‘conduct standard’ has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act;’’; (d) by the insertion in subsection (1) after the definition of ‘‘fellow subsidiary’’ of the following definition: ‘‘ ‘Financial Sector Regulation Act’ means the Financial Sector Regulation Act, 2017;’’; (e) by the deletion in subsection (1) of the definition of ‘‘prescribed’’; (f) by the insertion in subsection (1) after the definition of ‘‘person’’ of the fol- lowing definition: ‘‘ ‘prudential standard’ has the same meaning ascribed to it in terms of section 1(1) of the Financial Sec- tor Regulation Act;’’; (g) by the insertion in subsection (1) after the definition of ‘‘qualifying capital and reserve funds’’ of the following definition: ‘‘ ‘Register’ means the Financial Sector Information Register referred to in section 256 of the Financial Sector Regulation Act;’’; (h) by the deletion in subsection (1) of the definition of ‘‘Registrar’’; (i) by the insertion in subsection (1) after the definition of ‘‘tier 2 unimpaired reserve funds’’ of the following defini- tion: ‘‘ ‘Tribunal’ means the Financial Services Tribunal established in terms of section 219 of the Financial Sector Regulation Act;’’; and (j) by the addition of the following subsec- tion: ‘‘(3) Unless the context otherwise indicates, words and expressions not defined in subsection (1) have the same meaning ascribed to them in terms of the Financial Sector Regula- tion Act.’’. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 301 297 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo Bankwet No. 94 van 1990 Bankwet, 1990 vereis van toepassing ten opsigte van ’n inspeksie wat ingevolge subartikel (1) uitgevoer word.’’.
  11. 1

    Artikel 1 word gewysig—

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    AI-assisted research summary: This section changes a definition list and says undefined words generally take their meaning from the Financial Sector Regulation Act unless the context indicates otherwise.

    1. Artikel 1 word gewysig— (a) deur in subartikel (1) na die omskrywing van ‘‘filiaal’’ die volgende omskrywing in te voeg: ‘‘ ‘Financial Sector Regulation Act’ die ‘Financial Sector Regula- tion Act’, 2017;’’; (b) deur in subartikel (1) die volgende omskrywing na die omskrywing van ‘‘finansiële state’’ in te voeg: ‘‘ ‘gedragstandaard’ dit wat ingevolge artikel 1(1) van die ‘Financial Sector Regulation Act’ aan ‘conduct standard’ toegeskryf word;’’; (c) deur in subartikel (1) die omskrywing van ‘‘hersieningsraad’’ te skrap; (d) deur in subartikel (1) na die omskry- wing van ‘‘openbare maatskappy’’ die volgende omskrywing in te voeg: ‘‘ ‘Owerheid’ die Voorsorgowerheid ingestel ingevolge artikel 32 van die ‘Financial Sector Regulation Act’;’’; (e) deur in subartikel (1) die volgende omskrywing na die omskrywing van ‘‘publiek’’ in te voeg: ‘‘ ‘Register’ die Inligtingsregister vir die Finansiële Sektor in artikel 256 van die ‘Financial Sector Regulation Act’ bedoel;’’; (f) deur in subartikel (1) die omskrywing van ‘‘Registrateur’’ te skrap; (g) deur in subartikel (1) na die omskrywing van ‘‘toegewysde kapitaal en reserwefondse’’ die volgende omskrywing in te voeg: ‘‘ ‘Tribunaal’ die Tribunaal vir Finansiële Dienste ingestel ingevolge artikel 219 van die ‘Financial Sector Regulation Act’;’’; (h) deur in subartikel (1) die omskrywing van ‘‘voorgeskryf’’ te skrap; (i) deur in subartikel (1) na die omskrywing van ‘‘voorgeskryf’’ die volgende omskrywing in te voeg: ‘‘ ‘voorsorgstandaard’ dit wat ingevolge artikel 1(1) van die ‘Financial Sector Regulation Act’ aan ‘prudential standard’ toegeskryf is;’’; en (j) deur die volgende subartikel by te voeg: ‘‘(3) Tensy die samehang anders aandui, het woorde en uitdrukkings wat nie in subartikel (1) omskryf is nie, die betekenis wat ingevolge die ‘Financial Sector Regulation Act’ daaraan toegeskryf is.’’. This gazette is also available free online at www.gpwonline.co.za
  12. 302

    No. 41060

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    AI-assisted research summary: 302 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 298 Act No. and year Short Title Extent of repeal or amendment

    302 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 298 Act No. and year Short Title Extent of repeal or amendment
  13. 2

    The insertion after section 1 of the

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    AI-assisted research summary: This section says certain references in the Act must be read as including notices published in the Register, and some matters may be treated as prescribed or determined in specified alternative ways.

    2. The insertion after section 1 of the following section: ‘‘Relationship between Act and Finan- cial Sector Regulation Act 1A. (1) Except as otherwise provided by this Act or the Financial Sector Regu- lation Act, the powers and duties of the Authority in terms of this Act are in ad- dition to the powers and duties that it has in terms of the Financial Sector Regulation Act. (2) A reference in this Act to the Au- thority determining or publishing a mat- ter by notice in the Gazette must be read as including a reference to the Authority determining or publishing the matter by notice published in the Register. (3) Unless expressly provided other- wise in this Act, or this Act requires a matter to be prescribed by regulation in terms of section 90, a reference in this Act to a matter being— (a) prescribed must be read as a refer- ence to the matter being prescribed in a prudential standard or a conduct standard; or (b) determined must be read as a refer- ence to the Authority determining the matter in writing and registering the determination in the Register. (4) (a) Matters in respect of which regulations relating to banks may be pre- scribed in terms of this Act may also be made in prudential standards or conduct standards. (b) Regulations prescribed in terms of this Act that are in force immediately before the commencement of this sub- section continue to be in force, but may be repealed by the Minister to allow for prudential or conduct standards to be made in terms of the Financial Sector Regulation Act, in respect of the subject matter of those regulations. (c) Paragraph (b) does not limit the powers of the Minister in terms of this Act to prescribe regulations. (5) A reference in this Act to an in- spection or an investigation in terms of section 6 of this Act must be read as a reference to an investigation in terms of the Financial Sector Regulation Act, but not a reference to an inspection in terms of section 83 or 84 of this Act. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 303 299 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo
  14. 2

    Die volgende artikel word na artikel 1

    Verify source ↗

    AI-assisted research summary: This section explains how references in the Act should be read, especially for the Authority and the Minister.

    2. Die volgende artikel word na artikel 1 ingevoeg: ‘‘Verhouding tussen Wet en Financial Sector Regulation Act 1A. (1) Behalwe soos anders deur hierdie Wet of die ‘Financial Sector Regulation Act’ bepaal, het die Owerheid die bevoegdhede en pligte ingevolge hierdie Wet benewens die bevoegdhede en pligte wat die Owerheid ingevolge die ‘Financial Sector Regulation Act’ het. (2) ’n Verwysing in hierdie Wet na die Owerheid wat ’n aangeleentheid by kennisgewing in die Staatskoerant bepaal of publiseer, moet gelees word as ’n verwysing na die Owerheid wat die aangeleentheid bepaal of publiseer by kennisgewing in die Register gepubliseer. (3) Tensy uitdruklik anders in hierdie Wet bepaal, of tensy hierdie Wet vereis dat ’n aangeleentheid by regulasie ingevolge artikel 90 voorgeskryf word, moet ’n verwysing in hierdie Wet na ’n aangeleentheid wat— (a) voorgeskryf word, gelees word as’n verwysing daarna dat die aangeleent- heid in ’n voorsorgstandaard of ’n gedragstandaard voorgeskryf word; of (b) bepaal word, gelees word as ’n verwysing daarna dat die Owerheid die aangeleentheid skriftelik bepaal en die bepaling in die Register registreer. (4) (a) Aangeleenthede ten opsigte waarvan regulasies ten aansien van banke wat ingevolge hierdie Wet gemaak kan word, kan ook in voorsorgstandaarde of gedragstandaarde voorgeskryf word wat ingevolge die ‘Financial Sector Regulation Act’ voorgeskryf is. (b) Regulasies ingevolge hierdie Wet voorgeskryf wat onmiddellik voor die inwerkingtreding van hierdie subartikel van krag is, is steeds van krag, maar die Minister kan regulasies herroep sodat voorsorg- of gedragstandaarde ingevolge die ‘Financial Sector Regulation Act’ oor die onderwerp van daardie regulasies, gemaak kan word. (c) Paragraaf (b) beperk nie die bevoegdhede van die Minister ingevolge hierdie Wet om regulasies voor te skryf nie. (5) ’n Verwysing in hierdie Wet na ’n inspeksie of ondersoek ingevolge artikel 6 van hierdie Wet, moet gelees word as This gazette is also available free online at www.gpwonline.co.za
  15. 304

    No. 41060

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    AI-assisted research summary: This section says certain references must be read differently, lets the Authority publish on its website, and makes Financial Sector Regulation Act requirements prevail when inconsistent.

    304 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 300 Act No. and year Short Title Extent of repeal or amendment (6) (a) A reference in this Act to the Authority announcing or publishing in- formation or a document on a web site must be read as a reference to the Au- thority publishing the information or document in the Register. (b) The Authority may also publish the information or document on its web site. (7) A reference in this Act to a pre- scribed fee must be read as a reference to the relevant fee determined in terms of section 237 and Chapter 16 of the Financial Sector Regulation Act. (8) A reference in this Act to a review of a decision of the Authority must be read as a reference to a reconsideration of the decision by the Tribunal in terms of the Financial Sector Regulation Act. (9) (a) If any requirement in the Fi- nancial Sector Regulation Act is incon- sistent with any provision of this Act, the requirement in the Financial Sector Regulation Act prevails. (b) If any requirement in a regulatory instrument made in terms of the Finan- cial Sector Regulation Act is inconsistent with any provision of a regulatory instru- ment made in terms of this Act, the re- quirement in the regulatory instrument made in terms of the Financial Sector Regulation Act prevails.’’.
  16. 3

    The repeal of section 3.

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    AI-assisted research summary: This section repeals section 3.

    3. The repeal of section 3.
  17. 4

    The deletion in section 4 of subsec-

    Verify source ↗

    AI-assisted research summary: This provision deletes subsections (1) and (2) in section 4.

    4. The deletion in section 4 of subsec- tions (1) and (2).
  18. 5

    The substitution in section 5 for sub-

    Verify source ↗

    AI-assisted research summary: A delegation under subsection (1)(a) does not stop the Authority from exercising the relevant power.

    5. The substitution in section 5 for sub- section (2) of the following subsection: ‘‘(2) Any delegation under subsection (1) (a) shall not prevent the exercise of the relevant power by the [Registrar personally] Authority.’’.
  19. 6

    The deletion in section 6 of subsec-

    Verify source ↗

    AI-assisted research summary: This provision deletes subsections (1) and (2) in section 6.

    6. The deletion in section 6 of subsec- tions (1) and (2).
  20. 7

    The repeal of sections 8, 9 and 10.

    Verify source ↗

    AI-assisted research summary: This section repeals sections 8, 9, and 10.

    7. The repeal of sections 8, 9 and 10.
  21. 8

    The amendment of section 23—

    Verify source ↗

    AI-assisted research summary: The Registrar may cancel or suspend a bank’s registration by written notice, subject to section 24 and any stated conditions; the Authority may also publish information or documents on its website.

    8. The amendment of section 23— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) The Registrar may subject to the provisions of section 24, in the case of a bank registered as such, [with the consent of the Governor and after consultation with the Minister and] by notice in writing to the institution concerned cancel, or suspend on such conditions as the Registrar may deem fit, such regis- tration if the institution has not con- This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 305 301 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo ’n verwysing na ’n inspeksie of onder- soek ingevolge die ‘Financial Sector Regulation Act’, maar nie ’n verwysing na ’n inspeksie ingevolge artikel 83 of 84 van hierdie Wet nie. (6) (a) ’n Verwysing in hierdie Wet na die Owerheid wat inligting of ’n dokument op ’n webwerf aankondig of publiseer, moet gelees word as ’n verwysing na die Owerheid wat die inligting of dokument in die Register publiseer. (b) Die Owerheid kan ook die inligting of dokument op die Owerheid se webwerf publiseer. (7) ’n Verwysing in hierdie Wet na voorgeskrewe gelde moet gelees word as ’n verwysing na die tersaaklike gelde ingevolge artikel 237 en Hoofstuk 16 van die ‘Financial Sector Regulation Act’, bepaal. (8) ’n Verwysing in hierdie Wet na ’n hersiening van ’n besluit van die Owerheid moet gelees word as ’n verwysing na ’n heroorweging van die besluit deur die Tribunaal ingevolge die ‘Financial Sector Regulation Act’. (9) (a) Indien enige vereiste in die ‘Financial Sector Regulation Act’ onbestaanbaar is met enige bepaling van hierdie Wet, geld die vereiste in die ‘Financial Sector Regulation Act’. (b) Indien enige vereiste in ’n reguleringsinstrument gemaak ingevolge die ‘Financial Sector Regulation Act’ onbestaanbaar is met enige bepaling van ’n reguleringsinstrument ingevolge hierdie Wet gemaak, geld die vereiste in die reguleringsinstrument ingevolge die ‘Financial Sector Regulation Act’ gemaak.’’.
  22. 3

    Artikel 3 word herroep.

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    AI-assisted research summary: Article 3 is repealed.

    3. Artikel 3 word herroep.
  23. 4

    Subartikels (1) en (2) in artikel 4 word

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    AI-assisted research summary: Subarticles (1) and (2) in article 4 are deleted.

    4. Subartikels (1) en (2) in artikel 4 word geskrap.
  24. 5

    Subartikel (2) in artikel 5 word deur

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    AI-assisted research summary: A delegation under subsection (1)(a) does not stop the authority from exercising the relevant power personally.

    5. Subartikel (2) in artikel 5 word deur die volgende subartikel vervang: ‘‘(2) ’n Delegering kragtens subartikel (1)(a) belet nie die uitoefening van die betrokke bevoegdheid deur die [Registrateur persoonlik] Owerheid nie.’’.
  25. 6

    Subartikels (1) en (2) in artikel 6 word

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    AI-assisted research summary: Subsections (1) and (2) of article 6 are deleted.

    6. Subartikels (1) en (2) in artikel 6 word geskrap.
  26. 7

    Artikels 8, 9 en 10 word geskrap.

    Verify source ↗

    AI-assisted research summary: Articles 8, 9 and 10 are deleted.

    7. Artikels 8, 9 en 10 word geskrap. This gazette is also available free online at www.gpwonline.co.za
  27. 306

    No. 41060

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    AI-assisted research summary: The Registrar may cancel or suspend a bank’s registration, subject to section 24, and may cancel it if the bank has stopped doing banking business or is no longer operating.

    306 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 302 Act No. and year Short Title Extent of repeal or amendment ducted any business as a bank during the period of six months commenc- ing on the date on which the institu- tion was registered as a bank.’’; (b) by the substitution in subsection (2) for the words preceding paragraph (a) of the following words: ‘‘The Registrar may, subject to the provisions of section 24, in the case of a bank registered as such, [after consultation with the Minister and] by notice in writing to the in- stitution concerned cancel, or sus- pend on such conditions as the Reg- istrar may deem fit, such registration if—’’; and (c) by the substitution for subsection (3) of the following subsection: ‘‘(3) The Registrar may, subject to the provisions of section 24, in the case of a bank registered as such, [after consultation with the Minis- ter and] by notice in writing to the institution concerned cancel such registration if the institution has ceased to conduct the business of a bank or is no longer in operation.’’.
  28. 9

    The substitution in section 52 for sub-

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    AI-assisted research summary: The Registrar may, by notice in the Register, तय determine when an application under subsection (1) is not required.

    9. The substitution in section 52 for sub- section (1A) of the following subsection: ‘‘(1A) Notwithstanding subsection (1), the Registrar may, by [means of a circu- lar contemplated in section 6(4)] notice published in the Register, determine cir- cumstances and conditions in terms whereof an application contemplated in subsection (1) is not required.’’.
  29. 10

    The amendment of section 69A—

    Verify source ↗

    AI-assisted research summary: This amendment gives certain appointed commissioners and other appointed persons powers and duties linked to those of specified inspectors/investigators, and extends those powers to bank associates.

    10. The amendment of section 69A— (a) by the substitution for subsection (4) of the following subsection: ‘‘(4) A commissioner appointed under subsection (1) and any person or persons appointed under subsec- tion (2) shall for the purpose of their functions in terms of this section have powers and duties in all re- spects corresponding to the powers and duties conferred or imposed [by sections 4 and 5 of the Inspection of Financial Institutions Act, 1998 (Act No. 80 of 1998), upon a regis- trar or an inspector contemplated in the Inspection of Financial In- stitutions Act, 1998] or an investi- gator in terms of the Financial Sec- tor Regulation Act: Provided that for the purposes of this section, those powers extend to the associates of the bank. [(a) any reference to an ‘‘institu- tion’’ or a ‘‘financial institu- This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 307 303 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo
  30. 8

    Artikel 23 word gewysig—

    Verify source ↗

    AI-assisted research summary: The Registrar may withdraw or suspend a bank’s registration, subject to section 24 and written notice, if the bank has not done business within six months or has stopped operating.

    8. Artikel 23 word gewysig— (a) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Registrateur kan, behoudens die bepalings van artikel 24, in die geval van ’n bank wat as sodanig geregistreer is, [met die instemming van die President en na oorleg met die Minister en] by skriftelike kennisgewing aan die betrokke instelling sodanige registrasie intrek of onderworpe aan die voorwaardes wat die Registrateur goedvind, opskort indien die instelling nie gedurende die tydperk van ses maande vanaf die datum waarop die instelling as ’n bank geregistreer is, enige sake as ’n bank gedoen het nie.’’; (b) deur in subartikel (2) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Die Registrateur kan, behoudens die bepalings van artikel 24, in die geval van ’n bank wat as sodanig geregistreer is, [na oorleg met die Minister en] by skriftelike kennisgewing aan die betrokke instelling sodanige registrasie intrek of, onderworpe aan die voorwaardes wat die Registrateur goedvind, opskort indien—’’; en (c) deur subartikel (3) deur die volgende subartikel te vervang: ‘‘(3) Die Registrateur kan, behoudens die bepalings van artikel 24, in die geval van ’n bank wat as sodanig geregistreer is, [na oorleg met die Minister en] by skriftelike kennisgewing aan die betrokke instelling sodanige registrasie intrek indien die instelling opgehou het om die bedryf van ’n bank uit te oefen of nie langer in werking is nie.’’.
  31. 9

    Subartikel (1A) in artikel 52 word

    Verify source ↗

    AI-assisted research summary: The Registrar may publish a notice in the Register setting conditions under which an application under subsection (1) is not required.

    9. Subartikel (1A) in artikel 52 word deur die volgende subartikel vervang: ‘‘(1A) Ondanks subartikel (1) kan die Registrateur deur [middel van ’n omsendbrief in artikel 6(4) beoog] kennisgewing in die Register gepubliseer, omstandighede en voorwaardes bepaal ingevolge waarvan ’n aansoek in subartikel (1) beoog, nie vereis word nie.’’.
  32. 10

    Artikel 69A word gewysig—

    Verify source ↗

    AI-assisted research summary: This provision amends Article 69A by replacing subsections (4) and (5) with a new subsection (4).

    10. Artikel 69A word gewysig— (a) deur subartikels (4) en (5) deur die volgende subartikel te vervang: ‘‘(4) ’n Kommissaris aangestel kragtens subartikel (1) en enige This gazette is also available free online at www.gpwonline.co.za
  33. 308

    No. 41060

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    AI-assisted research summary: A commissioner and appointed persons have powers and duties matching Part 4 of Chapter 9 of the Financial Sector Regulation Act for this section, with certain references treated as referring to a bank under curatorship or related persons.

    308 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 304 Act No. and year Short Title Extent of repeal or amendment tion’’ in sections 4 and 5 of the Inspection of Financial Insti- tutions Act, 1998, shall be deemed to be a reference to a bank under curatorship or any of its associates; and (b) any reference to ‘the regis- trar’ and ‘an inspector’ in sections 4 and 5 of the Inspec- tion of Financial Institutions Act, 1998, shall be deemed to be a reference to the commis- sioner and any person ap- pointed under subsection (2), respectively.]’’; and (b) by the substitution for subsections (4) and (5) with the following subsections: ‘‘(4) A commissioner appointed under subsection (1) and any person or persons appointed under subsec- tion (2) shall for the purpose of their functions in terms of this section have powers and duties in all re- spects corresponding to the powers and duties conferred or imposed by [sections 4 and 5 of the Inspection of Financial Institutions Act, 1998 (Act No. 80 of 1998), upon a regis- trar or an inspector contemplated in the Inspection of Financial In- stitutions Act, 1998] Part 4 of Chapter 9 of the Financial Sector Regulation Act: Provided that for the purposes of this section— (a) any reference to [an ‘‘institu- tion’’ or a ‘‘financial institu- tion’’ in sections 4 and 5 of the Inspection of Financial Institu- tions Act, 1998] Part 4 of Chap- ter 9 of the Financial Sector Regulation Act shall be deemed to be a reference to a bank under curatorship or any of its associ- ates; and (b) any reference to [‘‘the regis- trar’’] ‘‘a financial sector regu- lator’’ and ‘‘an [inspector] in- vestigator’’ in [sections 4 and 5 of the Inspection of Financial Institutions Act, 1998] Part 4 of Chapter 9 of the Financial Sector Regulation Act shall be deemed to be a reference to the commissioner and any person appointed under subsection (2), respectively. (5) When an investigation is made under this section and [section 4 of the Inspection of Financial Institu- tions Act, 1998 (Act No. 80 of 1998),] Part 4 of Chapter 9 of the Financial Sector Regulation Act ap- plies, [subsection (1)(a) of that] This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 309 305 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo persoon of persone aangestel kragtens subartikel (2) het, vir die doeleindes van hul werksaamhede ingevolge hierdie artikel, bevoegdhede en pligte wat in alle opsigte ooreenstem met die bevoegdhede en pligte deur [artikels 4 en 5 van die Wet op Inspeksie van Finansiële Instellings, 1998 (Wet No. 80 van 1998), aan ’n registrateur of ’n inspekteur bedoel in die Wet op Inspeksie van Finansiële Instellings, 1998,] Deel 4 van Hoofstuk 9 van die ‘Financial Sector Regulation Act’ verleen of opgelê: Met dien verstande dat by die toepassing van hierdie artikel- (a) ’n verwysing na [’n ‘instelling’ of ’n ‘finansiële instelling’ in artikels 4 en 5 van die Wet op Inspeksie van Finansiële Instellings, 1998,] Deel 4 van Hoofstuk 9 van die ‘Financial Sector Regulation Act’ geag word ’n verwysing te wees na ’n bank onder kuratele of enige van sy geassosieerdes; en (b) ’n verwysing na [‘die registrateur’] ’n finansiële- sektorreguleerder (‘financial sector regulator’ en ’n [inspekteur] ondersoeker (‘in- vestigator’) in [artikels 4 en 5 van die Wet op Inspeksie van Finansiële Instellings, 1998,] Deel 4 van Hoofstuk 9 van die ‘Financial Sector Regulation Act’ geag word ’n verwysing te wees na, onderskeidelik, die kommissaris en enige persoon kragtens subartikel (2) aangestel. (5) Wanneer ’n ondersoek kragtens hierdie artikel uitgevoer word en [artikel 4 van die Wet op Inspeksie van Finansiële Instellings, 1998,] Deel 4 van Hoofstuk 9 van die ’Financial Sector Regulation Act’ van toepassing is, [word subartikel (1)(a) van daardie] artikel 136(1) van daardie Wet [geag gewysig te wees om soos volg te lui: ‘(1) Wanneer ’n kommissaris ’n ondersoek van die besigheid, handel, transaksies, sake of bates en laste van ’n bank onder kuratele uitvoer, kan die kommissaris— (a) ’n persoon wat ’n direkteur, dienaar, werknemer, vennoot, lid of aandeelhouer van die This gazette is also available free online at www.gpwonline.co.za

Part

Chapter 9 of the Financial Sector

  1. 310

    No. 41060

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    AI-assisted research summary: A commissioner investigating a bank under curatorship may examine certain people, administer oaths or affirmations, and may order the proceedings to be held in camera for good cause shown.

    310 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 306 Act No. and year Short Title Extent of repeal or amendment section 136(1) of that Act shall [be deemed to have been amended as follows: ‘(1) In carrying out an investiga- tion into the business, trade, dealings, affairs or assets and liabilities of a bank under cu- ratorship, a commissioner may— (a) administer an oath or af- firmation or otherwise examine any person who is, or formerly was, a di- rector, servant, employee, partner, member or share- holder of the institution: Provided that the person examined, whether under oath or not, may have his or her legal adviser present at the examina- tion: Provided further that on good cause shown the commissioner may direct that the proceedings un- der this paragraph shall be held in camera and not be accessible to the pub- lic;’] apply with the changes necessary in the context in respect of an in- spection carried out in terms of subsection (1) and the commissioner may on good cause shown direct that the proceedings under this para- graph shall be held in cam- era and not be accessible to the public.’’; and (c) by the repeal of subsection (5A).
  2. 11

    The substitution in section 84 for

    Verify source ↗

    AI-assisted research summary: The repayment administrator is given the powers of an investigator, for the purposes of carrying out the duties in subsection (4), in relation to the relevant person and that person’s affairs.

    11. The substitution in section 84 for subsection (5) of the following subsection: ‘‘(5) For the purposes of the perfor- mance of the duties as set out in subsec- tion (4), the repayment administrator shall, in relation to the person subject to the relevant direction and in relation to the affairs of that person, have the pow- ers conferred by [sections 4 and 5 of the Inspection of Financial Institutions Act, 1998 (Act No. 80 of 1998)] sec- tions 136 to 138 of the Financial Sector Regulation Act, upon an [inspector] investigator contemplated in those sec- tions, as if the repayment administrator were an [inspector] investigator and the person subject to the direction were a financial institution contemplated in those sections.’’.
  3. 12

    The deletion in section 90 of subsec-

    Verify source ↗

    AI-assisted research summary: This section deletes section 90 subsection (1)(e) and (g), and repeals subsection (5A).

    12. The deletion in section 90 of subsec- tion (1)(e) and (g). This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 311 307 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo instelling is of voorheen was onder eed of bevestiging of andersins ondervra: Met dien verstande dat die persoon wat ondervra word, hetsy onder eed of nie, sy of haar regsverteen- woordiger by die ondervraging teenwoordig mag hê: Met dien verstande, voorts, dat by aanvoering van gegronde redes die kommissaris kan gelas dat die verrigtinge kragtens hierdie paragraaf in camera moet plaasvind en nie vir die publiek toeganklik is nie;’] van toepassing met die veranderinge deur die samehang vereis ten opsigte van ’n inspeksie ingevolge subartikel (1) uitgevoer en die kommissaris kan by die aanvoer van goeie gronde gelas dat die verrigtinge kragtens hierdie paragraaf in camera gehou word en toeganklik vir die publiek is nie.’’; en (b) deur subartikel (5A) te herroep.
  4. 11

    Subartikel (5) in artikel 84 word deur

    Verify source ↗

    AI-assisted research summary: The refunds administrator may use inspector/investigator powers for subsection (4) duties, in relation to the person named in the notice and that person’s affairs.

    11. Subartikel (5) in artikel 84 word deur die volgende subartikel vervang: ‘‘(5) Vir die doeleindes van die verrigting van die pligte soos in subartikel (4) uiteengesit, het die terugbetalingsadministrateur, met betrekking tot die persoon wat aan die tersaaklike lasgewing onderworpe is en met betrekking tot die sake van daardie persoon, die bevoegdhede wat by [artikels 4 en 5 van die Wet op Inspeksie van Finansiële Instellings, 1998 (Wet No. 80 van 1998)] artikels 136 tot 138 van die ‘Financial Sector Regulation Act’, aan ’n [inspekteur] ondersoeker beoog in daardie artikels verleen word, asof die terugbetalings- administrateur ’n [inspekteur] ondersoeker en die persoon wat aan die lasgewing onderworpe is ’n finansiële instelling was soos in daardie artikels beoog.’’.
  5. 12

    Subartikel (1)(e) en (g) in artikel 90

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    AI-assisted research summary: Subarticles (1)(e) and (g) in article 90 are deleted.

    12. Subartikel (1)(e) en (g) in artikel 90 word geskrap. This gazette is also available free online at www.gpwonline.co.za
  6. 312

    No. 41060

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    AI-assisted research summary: 312 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 308

    312 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 308
  7. 13

    The amendment of section 91—

    Verify source ↗

    AI-assisted research summary: This section amends section 91 by replacing one penalty/compliance paragraph and deleting other paragraphs and subsections.

    13. The amendment of section 91— (a) by the substitution in subsection (1) for paragraph (b) of the following para- graph: ‘‘(b) contravenes or fails to comply with a provision of section 7(3), (4) or (5), 34, 35, [37(1),] 38(1), 39, 41, 42(1), 52(1) or (4), 53, 55, 58, 59, 60(5)(a), 60(5)(b), 61(2), 65, 66, 67, 70(2), (2A) or (2B), 70A, 72, 73, 75, 76, 77, 78(1) or (3), 79, 80, 84(1A) or 84(2),’’; (b) by the deletion in subsection (4) of paragraph (c); and (c) by the deletion of subsections (6), (6A) and (7).
  8. 14

    The repeal of section 91A.

    Verify source ↗

    AI-assisted research summary: This section repeals section 91A.

    14. The repeal of section 91A.
  9. 15

    The substitution for the expression

    Verify source ↗

    AI-assisted research summary: Replace “Registrar” with “Authority” wherever “Registrar” appears.

    15. The substitution for the expression ‘‘Registrar’’, wherever it occurs, of the expression ‘‘Authority’’.
  10. 16

    The amendment of the arrangement

    Verify source ↗

    AI-assisted research summary: This section amends the arrangement of sections by adding item 1A and replacing item 4.

    16. The amendment of the arrangement of sections— (a) by the insertion after item 1 of the fol- lowing item: ‘‘1A. Relationship between Act and Financial Sector Regulation Act’’; and (b) by the substitution for item 4 of the following item: ‘‘4. Authority’’.
  11. 1

    The repeal of the whole Act.

    Verify source ↗

    AI-assisted research summary: This section says the whole Act is repealed.

    1. The repeal of the whole Act.
  12. 1

    The amendment of section 1—

    Verify source ↗

    AI-assisted research summary: This section amends section 1 by adding a definition of “Authority” and deleting the definitions of “executive officer” and “Financial Services Board”.

    1. The amendment of section 1— (a) by the insertion before the definition of ‘‘executive officer’’ of the following definition: ‘‘ ‘Authority’ means the Prudential Authority established in terms of section 32 of the Financial Sector Regulation Act, 2017;’’; and (b) by the deletion of the definitions of ‘‘executive officer’’ and ‘‘Financial Services Board’’. Act No. 97 of 1990 Act No. 8 of 1993 Financial Services Board Act, 1990 Financial Super- vision of the Road Accident Fund Act, 1993 Act No. 124 of 1993 Mutual Banks
  13. 1

    The amendment of section 1—

    Verify source ↗

    AI-assisted research summary: This provision amends section 1 by adding a definition of “Authority” and removing the definition of “board of appeal”.

    1. The amendment of section 1— Act, 1994 (a) by the insertion in subsection (1) after the definition of ‘‘associate’’ of the following definition: ‘‘ ‘Authority’ means the Prudential Authority established in terms of section 32 of the Financial Sector Regulation Act;’’; (b) by the deletion in subsection (1) of the definition of ‘‘board of appeal’’; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 313 309 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo
  14. 13

    Artikel 91 word gewysig—

    Verify source ↗

    AI-assisted research summary: This section amends Article 91 by replacing one paragraph and deleting another paragraph and three subsections.

    13. Artikel 91 word gewysig— (a) deur in subartikel (1) paragraaf (b) deur die volgende paragraaf te vervang: ‘‘(b) ’n bepaling van artikel 7(3), (4) of (5), 34, 35, [37(1),] 38(1), 39, 41, 42(1), 52(1) of (4), 53, 55, 58, 59, 60(5)(a), 60(5)(b), 61(2), 65, 66, 67, 70(2), (2A) of (2B), 70A, 72, 73, 75, 76, 77, 78(1) of (3), 79, 80, 84(1A) of 84(2) oortree of versuim om daaraan te voldoen,’’; (b) deur paragraaf (c) in subartikel (4) te skrap; en (c) deur subartikels (6), (6A) en (7) te skrap.
  15. 14

    Artikel 91A word herroep.

    Verify source ↗

    AI-assisted research summary: Section 91A is repealed.

    14. Artikel 91A word herroep.
  16. 15

    Die uitdrukking ‘‘Registrateur’’,

    Verify source ↗

    AI-assisted research summary: The term “Registrateur” is replaced with “Owerheid” wherever it appears.

    15. Die uitdrukking ‘‘Registrateur’’, waar dit ook al voorkom, word deur die uitdrukking ‘‘Owerheid’’ vervang.
  17. 16

    Die indeling van artikels word

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    AI-assisted research summary: This section changes the Act’s article list, inserts a new item on the relationship between the Act and the Financial Sector Regulation Act, replaces item 4 with “Authority,” and amends section 1 to add a definition of “Authority” while deleting two other definitions. It also repeals the whole Act.

    16. Die indeling van artikels word gewysig— (a) deur die volgende item na item 1 in te voeg: ‘‘1A. Verhouding tussen Wet en ‘Financial Sector Regulation Act’ ’’; en (b) deur item 4 deur die volgende item te vervang: ‘‘4. Owerheid’’. Die hele Wet word herroep. Artikel 1 word gewysig— (a) deur die volgende omskrywing na die omskrywing van ‘‘Minister’’ in te voeg: ‘‘ ‘Owerheid’ die Gedragsowerheid vir die Finansiële Sektor soos ingestel ingevolge artikel 32 van die ‘Financial Sector Regulation Act’, 2017;’’; en (b) deur die omskrywings van ‘‘Raad op Finansiële Dienste’’ en ‘‘uitvoerende beampte’’ te skrap.
  18. 1

    Artikel 1 word gewysig—

    Verify source ↗

    AI-assisted research summary: Section 1 amends Article 1 by deleting the definition of “appeal board” and adding a definition of “Financial Sector Regulation Act.”

    1. Artikel 1 word gewysig— (a) deur in subartikel (1) die omskrywing van ‘‘appèlraad’’ te skrap; (b) deur in subartikel (1) die volgende omskrywing na die omskrywing van ‘‘filiaal’’ in te voeg: ‘‘ ‘Financial Sector Regulation Act’ die ‘Financial Sector Regula- tion Act’, 2017;’’; Wet No. 97 van 1990 Wet op die Raad op Finansiële Dienste,1990 Wet No. 8 van 1993 Wet op Finansiële Toesighouding oor die Pad- ongelukfonds, 1993 Wet No. 124 van 1993 Wet op Onderlinge Banke, 1993 This gazette is also available free online at www.gpwonline.co.za
  19. 314

    No. 41060

    Verify source ↗

    AI-assisted research summary: This section adds and updates definitions, and says undefined words generally keep the meaning given in the Financial Sector Regulation Act unless the context shows otherwise.

    314 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 310 Extent of repeal or amendment (c) by the insertion in subsection (1) after the definition of ‘‘company’’ of the following definition: ‘‘ ‘conduct standard’ has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act;’’; (d) by the insertion in subsection (1) after the definition of ‘‘executive officer’’ of the following definition: ‘‘ ‘Financial Sector Regulation Act’ means the Financial Sector Regulation Act, 2017;’’; (e) by the deletion in subsection (1) of the definition of ‘‘prescribed’’; (f) by the insertion in subsection (1) after the definition of ‘‘person’’ of the fol- lowing definition: ‘‘ ‘prudential standard’ has the same meaning ascribed to it in terms of section 1(1) of the Financial Sec- tor Regulation Act;’’; (g) by the insertion in subsection (1) after the definition of ‘‘public’’ of the fol- lowing definition: ‘‘ ‘Register’ means the Financial Sector Information Register referred to in section 256 of the Financial Sector Regulation Act;’’; (h) by the deletion in subsection (1) of the definition of ‘‘Registrar’’; (i) by the insertion in subsection (1) after the definition of ‘‘subsidiary’’ of the following definition: ‘‘ ‘Tribunal’ means the Financial Services Tribunal established in terms of section 219 of the Financial Sector Regulation Act;’’; and (j) by the addition of the following subsec- tion: ‘‘(3) Unless the context otherwise indicates, words and expressions not defined in subsection (1) have the same meaning ascribed to them in terms of the Financial Sector Regula- tion Act.’’.
  20. 2

    The insertion after section 1 of the

    Verify source ↗

    AI-assisted research summary: This section updates the Act’s definitions and says references to the Registrar are to be read as references to the Authority.

    2. The insertion after section 1 of the following section: ‘‘Relationship between Act and Finan- cial Sector Regulation Act 1A. (1) A reference in this Act to the Registrar must be read as a reference to the Authority. (2) Except as otherwise provided by this Act or the Financial Sector Regula- tion Act, the powers and duties of the Authority in terms of this Act are in This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 315 311 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (c) deur in subartikel (1) die volgende omskrywing na die omskrywing van ‘‘finansiële state’’ in te voeg: ‘‘ ‘gedragstandaard’ dit wat ingevolge artikel 1(1) van die ‘Financial Sector Regulation Act’ aan ‘conduct standard’ toegeskryf is;’’; (d) deur in subartikel (1) die volgende omskrywing na die omskrywing van ‘‘opbetaalde aandeel’’ in te voeg: ‘‘ ‘Owerheid’ die Voorsorgowerheid ingestel ingevolge artikel 32 van die ‘Financial Sector Regulation Act’;’’; (e) deur in subartikel (1) die volgende omskrywing na die omskrywing van ‘‘raad’’ in te voeg: ‘‘ ‘Register’ die Inligtingsregister vir die Finansiële Sektor bedoel in artikel 256 van die ‘Financial Sector Regulation Act’;’’; (f) deur in subartikel (1) die omskrywing van ‘‘Registrateur’’ te skrap; (g) deur in subartikel (1) die volgende omskrywing na die omskrywing van ‘‘subskripsie-aandeel’’ in te voeg: ‘‘ ‘Tribunaal’ die Tribunaal vir Finansiële Dienste ingestel ingevolge artikel 219 van die ‘Finan- cial Sector Regulation Act’;’’; (h) deur in subartikel (1) die omskrywing van ‘‘voorgeskryf’’ te skrap; (i) deur in subartikel (1) die volgende omskrywing na die omskrywing van ‘‘voorgeskryf’’ in te voeg: ‘‘ ‘voorsorgstandaard’ dit wat in artikel 1(1) van die ‘Financial Sector Regulation Act’ aan ‘prudential stan- dard’ toegskryf is;’’; en (j) deur die volgende subartikel by te voeg: ‘‘(3) Tensy die samehang anders aandui, het woorde en uitdrukkings wat nie in subartikel (1) omskryf is nie, dieselfde betekenis as wat in die ‘Financial Sector Regulation Act’ daaraan toegeskryf is.’’.
  21. 2

    Die volgende artikels word na

    Verify source ↗

    AI-assisted research summary: References to the Registrar in this Act must be read as references to the Authority, and the Authority has the powers and duties provided for under this Act except where this Act or the Financial Sector Regulation Act says otherwise.

    2. Die volgende artikels word na artikel 1 ingevoeg: ‘‘Verhouding tussen Wet en ‘Financial Sector Regulation Act’ 1A. (1) ’n Verwysing in hierdie Wet na die Registrateur moet as ’n verwysing na die Owerheid gelees word. (2) Buiten soos anders deur hierdie Wet of die ‘Financial Sector Regulation Act’ bepaal, het die Owerheid die bevoegdhede en pligte ingevolge hierdie This gazette is also available free online at www.gpwonline.co.za
  22. 316

    No. 41060

    Verify source ↗

    AI-assisted research summary: References to Gazette publication, prescription, and determination in this Act are to be read as including Register-based notice, standards, or written determinations; the Authority may also publish information or documents on its website.

    316 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 312 addition to the powers and duties that it has in terms of the Financial Sector Regulation Act. (3) A reference in this Act to the Au- thority determining or publishing a mat- ter by notice in the Gazette must be read as including a reference to the Authority determining or publishing the matter by notice published in the Register. (4) Unless expressly provided other- wise in this Act, or this Act requires a matter to be prescribed by regulation in terms of section 91, a reference in this Act to a matter being— (a) prescribed must be read as a refer- ence to the matter being prescribed in a prudential standard or a conduct standard; or (b) determined must be read as a refer- ence to the Authority determining the matter in writing and registering the determination in the Register. (5) (a) Matters in respect of which regulations relating to banks may be pre- scribed in terms of this Act may also be made in prudential standards or conduct standards. (b) Regulations prescribed in terms of this Act that are in force immediately before the commencement of this sub- section continue to be in force, but may be repealed by the Minister to allow for prudential or conduct standards to be made in terms of the Financial Sector Regulation Act, in respect of the subject- matter of those regulations. (c) Paragraph (b) does not limit the powers of the Minister in terms of this Act to prescribe regulations. (6) (a) A reference in this Act to the Authority announcing or publishing in- formation or a document on a web site must be read as a reference to the Au- thority publishing the information or document in the Register. (b) The Authority may also publish the information or document on its web site. (7) A reference in this Act to a deter- mined or prescribed fee must be read as a reference to the relevant fee deter- mined in terms of section 237 and Chap- ter 16 of the Financial Sector Regulation Act. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 317 313 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo Wet benewens die bevoegdhede en pligte wat die Owerheid ingevolge die ‘Finan- cial Sector Regulation Act’ het. (3) ’n Verwysing in hierdie Wet na die Owerheid wat ’n aangeleentheid by kennisgewing in die Staatskoerant bepaal of publiseer, moet gelees word dat dit ’n verwysing insluit na die Owerheid wat die aangeleentheid bepaal of publiseer by kennisgewing in die Reg- ister gepubliseer. (4) Tensy uitdruklik anders in hierdie Wet bepaal, of tensy hierdie Wet vereis dat ’n aangeleentheid by regulasie ingevolge artikel 91 voorgeskryf word, moet ’n verwysing in hierdie Wet na ’n aangeleentheid wat— (a) voorgeskryf word, gelees word as ’n verwysing daarna dat die aangeleent- heid in ’n voorsorgstandaard of ’n gedragstandaard voorgeskryf word; of (b) bepaal word, gelees word as’n verwysing daarna dat die Owerheid die aangeleentheid skriftelik bepaal en die bepaling in die Register registreer. (5) (a) Aangeleenthede ten opsigte waarvan regulasies ten aansien van banke ingevolge hierdie Wet gemaak kan word, kan ook in voorsorgstandaarde of gedragstandaarde voorgeskryf word. (b) Regulasies ingevolge hierdie Wet voorgeskryf wat van krag is onmiddellik voor die inwerkingtreding van hierdie subartikel, bly van krag, maar kan deur die Minister herroep word sodat voorsorgstandaarde of gedragstandaarde ingevolge die ‘Financial Sector Regula- tion Act’ gemaak kan word, ten opsigte van die onderwerp van daardie regulasies. (c) Paragraaf (b) beperk nie die Minis- ter se bevoegdhede ingevolge hierdie Wet om regulasies uit te vaardig nie. (6) (a)’n Verwysing in hierdie Wet dat die Owerheid inligting of ’n dokument op ’n webwerf aankondig of publiseer, moet gelees word as ’n verwysing na die Owerheid wat die inligting of dokument in die Register publiseer. (b) Die Owerheid kan ook die inligting of dokument op die Owerheid se webwerf publiseer. (7) ’n Verwysing in hierdie Wet na bepaalde of voorgeskrewe gelde moet gelees word as ’n verwysing na die tersaaklike gelde vasgestel ingevolge artikel 237 en Hoofstuk 16 van die ‘Financial Sector Regulation Act’. This gazette is also available free online at www.gpwonline.co.za
  23. 318

    No. 41060

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    AI-assisted research summary: This section says a reference to an appeal of an Authority decision must be read as a reconsideration by the Tribunal, and that conflicting requirements in the Financial Sector Regulation Act prevail.

    318 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 314 (8) A reference in this Act to an ap- peal of a decision of the Authority must be read as a reference to a reconsidera- tion of the decision by the Tribunal in terms of the Financial Sector Regulation Act. (9) (a) If any requirement in the Fi- nancial Sector Regulation Act is incon- sistent with any provision of this Act, the requirement in the Financial Sector Regulation Act prevails. (b) If any requirement in a regulatory instrument made in terms of the Finan- cial Sector Regulation Act is inconsistent with any provision of a regulatory instru- ment made in terms of this Act, the re- quirement in the regulatory instrument made in terms of the Financial Sector Regulation Act prevails.’’.
  24. 3

    The repeal of section 2.

    Verify source ↗

    AI-assisted research summary: This section repeals section 2.

    3. The repeal of section 2.
  25. 4

    The substitution in section 3 for sub-

    Verify source ↗

    AI-assisted research summary: A delegation under subsection (1)(a) does not stop the Authority from exercising the relevant power.

    4. The substitution in section 3 for sub- section (2) of the following subsection: ‘‘(2) Any delegation under subsection (1) (a) shall not prevent the exercise of the relevant power by the [Registrar personally] Authority.’’.
  26. 5

    The deletion in section 4 of subsec-

    Verify source ↗

    AI-assisted research summary: This provision deletes subsections (1) and (2) from section 4.

    5. The deletion in section 4 of subsec- tions (1) and (2).
  27. 6

    The repeal of sections 6, 7 and 8.

    Verify source ↗

    AI-assisted research summary: This provision repeals sections 6, 7, and 8.

    6. The repeal of sections 6, 7 and 8.
  28. 7

    The amendment of section 21—

    Verify source ↗

    AI-assisted research summary: The Registrar may cancel or suspend a mutual bank’s registration, by written notice, if it has not carried on business as a mutual bank for six months after registration and section 22 is satisfied.

    7. The amendment of section 21— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) The Registrar may, subject to the provisions of section 22, in the case of a mutual bank registered as such, [with the consent of the Min- ister and] by notice in writing to the institution concerned cancel, or sus- pend on such conditions as the Reg- istrar may deem fit, such registration if the institution has not conducted any business as a mutual bank dur- ing the period of six months com- mencing on the date on which the institution was registered as a mutual bank.’’; (b) by the substitution in subsection (2) for the words preceding paragraph (a) of the following words: ‘‘The Registrar may, subject to the provisions of section 22, in the case of a mutual bank registered as such, [with the consent of the Minister and] by notice in writing to the in- stitution concerned cancel, or sus- pend on such conditions as the Reg- istrar may deem fit, such registration if—’’; and This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 319 315 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (8) ’n Verwysing in hierdie Wet na ’n appèl teen ’n besluit van die Owerheid moet gelees word as ’n verwysing na ’n heroorweging van die besluit deur die Tribunaal ingevolge die ‘Financial Sec- tor Regulation Act’. (9) (a) Indien enige vereiste in die ‘Financial Sector Regulation Act’ strydig is met enige bepaling van hierdie Wet, geld die vereiste in die ‘Financial Sector Regulation Act’. (b) Indien enige vereiste in ’n reguleringsinstrument gemaak ingevolge die ‘Financial Sector Regulation Act’ strydig is met enige bepaling van ’n reguleringsinstrument ingevolge hierdie Wet gemaak, geld die vereiste in die reguleringsinstrument ingevolge die ‘Financial Sector Regulation Act’ gemaak.’’.
  29. 3

    Artikel 2 word herroep.

    Verify source ↗

    AI-assisted research summary: Article 2 is repealed.

    3. Artikel 2 word herroep.
  30. 4

    Subartikel (2) in artikel 3 word deur

    Verify source ↗

    AI-assisted research summary: A delegation under subsection (1)(a) does not stop the authority itself from exercising the relevant power.

    4. Subartikel (2) in artikel 3 word deur die volgende subartikel vervang: ‘‘(2) ’n Delegering kragtens subartikel (1)(a) belet nie die uitoefening van die betrokke bevoegdheid deur die [Registrateur self] Owerheid nie.’’.
  31. 5

    Subartikels (1) en (2) in artikel 4 word

    Verify source ↗

    AI-assisted research summary: Subsections (1) and (2) of article 4 are deleted.

    5. Subartikels (1) en (2) in artikel 4 word geskrap.
  32. 6

    Artikels 6, 7 en 8 word herroep.

    Verify source ↗

    AI-assisted research summary: Articles 6, 7, and 8 are repealed.

    6. Artikels 6, 7 en 8 word herroep.
  33. 7

    Artikel 21 word gewysig—

    Verify source ↗

    AI-assisted research summary: Die Registrateur kan die registrasie van ’n geregistreerde onderlinge bank intrek of opskort, by skriftelike kennisgewing, as die bank vir ses maande ná registrasie geen sake gedoen het nie, en dit bly onderhewig aan artikel 22.

    7. Artikel 21 word gewysig— (a) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Die Registrateur kan, behoudens die bepalings van artikel 22, in die geval van ’n onderlinge bank wat as sodanig geregistreer is, [met die instemming van die Min- ister en] by skriftelike kennisgewing aan die betrokke instelling sodanige registrasie intrek of onderworpe aan die voorwaardes wat die Registrateur goedvind, opskort indien die instelling nie gedurende die tydperk van ses maande vanaf die datum waarop die instelling as ’n onderlinge bank geregistreer is, enige sake as ’n onderlinge bank gedoen het nie.’’; (b) deur in subartikel (2) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Die Registrateur kan, behoudens die bepalings van artikel 22, in die geval van ’n onderlinge bank wat as sodanig geregistreer is, [met die This gazette is also available free online at www.gpwonline.co.za
  34. 320

    No. 41060

    Verify source ↗

    AI-assisted research summary: The Registrar may cancel a mutual bank’s registration by written notice if the bank has stopped conducting business or is no longer operating.

    320 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 316 Extent of repeal or amendment (c) by the substitution for subsection (3) of the following subsection: ‘‘(3) The Registrar may, subject to the provisions of section 22, in the case of a mutual bank registered as such, [with the consent of the Min- ister and] by notice in writing to the institution concerned cancel such registration if the institution has ceased to conduct business as a mu- tual bank or is no longer in opera- tion.’’.
  35. 8

    The deletion in section 91 of subsec-

    Verify source ↗

    AI-assisted research summary: This provision deletes items (e) and (g) from section 91(1).

    8. The deletion in section 91 of subsec- tion (1)(e) and (g).
  36. 9

    The deletion in section 92 of subsec-

    Verify source ↗

    AI-assisted research summary: This provision deletes subsections (6) and (7) of section 92.

    9. The deletion in section 92 of subsec- tions (6) and (7).
  37. 10

    The amendment of the arrangement

    Verify source ↗

    AI-assisted research summary: This section amends the arrangement of sections by inserting item 1A after item 1.

    10. The amendment of the arrangement of sections by the insertion after item 1 of the following item: ‘‘1A. Relationship between Act and Financial Sector Regulation Act’’.
  38. 1

    The repeal of the whole Act.

    Verify source ↗

    AI-assisted research summary: This section says the whole Act is repealed.

    1. The repeal of the whole Act. Act No. and year Short Title Act No. 141 of 1993 Policy Board for Financial Services and Regulation Act, 1993 Act No. 52 of 1998 Long-term
  39. 1

    The amendment of section 1—

    Verify source ↗

    AI-assisted research summary: This section amends definitions in the Insurance Act and gives the Registrar power to withdraw or suspend registration in specified cases.

    1. The amendment of section 1— Insurance Act, 1998 (a) by the insertion in subsection (1) after the definition of ‘‘auditor’’ of the fol- lowing definition: ‘‘ ‘Authority’ means— (a) in the case of sections 7, 9 to 17, 19 to 21, 23 to 35 and 37 to 43, the Prudential Authority es- tablished in terms of section 32 of the Financial Sector Regula- tion Act; (b) in the case of section 8 and sec- tions 44 to 65, the Financial Sector Conduct Authority estab- lished in terms of section 56 of the Financial Sector Regulation Act; and (c) in the case of sections 3, 4, 18, 22 and 36, either the Prudential Authority or the Financial Sector Conduct Authority, subject to consultation and co-ordination requirements set out in the Fi- nancial Sector Regulation Act;’’; (b) by the deletion in subsection (1) of the definition of ‘‘Board’’; (c) by the insertion in subsection (1) after the definition of ‘‘company’’ of the following definition: ‘‘ ‘conduct standard’ has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act;’’; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 321 317 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo instemming van die Minister en] by skriftelike kennisgewing aan die betrokke instelling sodanige registrasie intrek of, onderworpe aan die voorwaardes wat die Registrateur goedvind, opskort indien—’’; en (c) deur subartikel (3) deur die volgende subartikel te vervang: ‘‘(3) Die Registrateur kan, behoudens die bepalings van artikel 22, in die geval van ’n onderlinge bank wat as sodanig geregistreer is, [met die instemming van die Minister en] by skriftelike kennisgewing aan die betrokke instelling sodanige registrasie intrek indien die instelling opgehou het om die bedryf van ’n onderlinge bank uit te oefen of nie langer in werking is nie.’’.
  40. 8

    Subartikel (1)(e) en (g) in artikel 91

    Verify source ↗

    AI-assisted research summary: This provision deletes subparagraphs (1)(e) and (g) of section 91.

    8. Subartikel (1)(e) en (g) in artikel 91 word geskrap.
  41. 9

    Subartikels (6) en (7) in artikel 92

    Verify source ↗

    AI-assisted research summary: Subsections (6) and (7) of section 92 are deleted.

    9. Subartikels (6) en (7) in artikel 92 word geskrap.
  42. 10

    Die indeling van artikels word

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    AI-assisted research summary: This section changes the article list by adding item 1A and says the whole Act is repealed.

    10. Die indeling van artikels word gewysig deur die volgende item na item 1 in te voeg: ‘‘1A. Verhouding tussen Wet en ‘Financial Sector Regulation Act’ ’’. Die hele Wet word herroep.
  43. 1

    Artikel 1 word gewysig—

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    AI-assisted research summary: This provision amends Article 1 by inserting three new definitions.

    1. Artikel 1 word gewysig— (a) deur in subartikel (1) na die omskrywing van ‘‘filiaal’’ die volgende omskrywing in te voeg: ‘‘ ‘Financial Sector Regulation Act’ die ‘Financial Sector Regulation Act’, 2017;’’; (b) deur in subartikel (1) die volgende omskrywing na die omskrywing van ‘‘fondspolis’’ in te voeg: ‘‘ ‘gedragstandaard’ dit wat ingevolge artikel 1(1) van die ‘Financial Sector Regulation Act’ aan ‘conduct standard’ toegeskryf is;’’; (c) deur in subartikel (1) die volgende omskrywing na die omskrywing van ‘‘gekoppelde polis’’ in te voeg: ‘‘ ‘gesamentlike standaard’ dit wat ingevolge artikel 1(1) van die ‘Financial Sector Regulation Act’ aan ‘joint standard’ toegeskryf is;’’; Wet No. 141 van 1993 Wet No. 52 van 1998 Wet Op die Beleidsraad vir Finansiële Dienste en Regulering, 1993 Langtermyn- versekeringswet, 1998 This gazette is also available free online at www.gpwonline.co.za
  44. 322

    No. 41060

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    AI-assisted research summary: This section amends definitions so several terms are taken from the Financial Sector Regulation Act, and undefined words must generally keep that Act’s meaning unless context says otherwise.

    322 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 318 Extent of repeal or amendment (d) by the insertion in subsection (1) after the definition of ‘‘financial reporting standards’’ of the following definition: ‘‘ ‘Financial Sector Regulation Act’ means the Financial Sector Regulation Act, 2017;’’; (e) by the insertion in subsection (1) after the definition of ‘‘holding company’’ of the following definition: ‘‘ ‘joint standard’ has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act;’’; (f) by the deletion in subsection (1) of the definition of ‘‘prescribe’’; (g) by the insertion in subsection (1) after the definition of ‘‘premium’’ of the following definition: ‘‘ ‘prudential standard’ has the same meaning ascribed to it in terms of section 1(1) of the Financial Sec- tor Regulation Act;’’; (h) by the insertion in subsection (1) after the definition of ‘‘publish’’ of the fol- lowing definition: ‘‘ ‘Register’ means the Financial Sector Information Register referred to in section 256 of the Financial Sector Regulation Act;’’; (i) by the deletion in subsection (1) of the definition of ‘‘Registrar’’; (j) by the insertion in subsection (1) after the definition of ‘‘this Act’’ of the fol- lowing definition: ‘‘ ‘Tribunal’ means the Financial Services Tribunal established in terms of section 219 of the Financial Sector Regulation Act;’’; and (k) by the addition of the following sub- section: ‘‘(3) Unless the context otherwise indicates, words and expressions not defined in subsection (1) have the same meaning ascribed to them in terms of the Financial Sector Regu- lation Act.’’. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 323 319 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (d) deur in subartikel (1) die volgende omskrywing na die omskrywing van ‘‘ouditeur’’ in te voeg: ‘‘ ‘Owerheid’— (a) in die geval van artikels 7, 9 tot 17, 19 tot 21, 23 tot 35 en 37 tot 43, die Voorsorgowerheid ingestel ingevolge artikel 32 van die ‘Financial Sector Regulation Act’; (b) in die geval van artikel 8 en artikels 44 tot 65, die Gedrags- owerheid vir die Finansiële Sektor ingestel ingevolge artikel 56 van die ‘Financial Sector Regulation Act’; en (c) in die geval van artikels 3, 4, 18, 22 en 36, óf die Voorsorgs- owerheid óf die Gedrags- owerheid vir die Finansiële Sektor, behoudens oorleg- plegings- en koördinerings- vereistes soos in die ‘Financial Sector Regulation Act’, uiteengesit;’’; (e) deur in subartikel (1) die omskrywing van ‘‘Raad’’ te skrap; (f) deur in subartikel (1) die volgende omskrywing na die omskrywing van ‘‘Raad’’ in te voeg: ‘‘ ‘Register’ die Inligtingsregister vir die Finansiële Sektor bedoel in artikel 256 van die ‘Financial Sector Regulation Act’;’’; (g) deur in subartikel (1) die omskrywing van ‘‘Registrateur’’ te skrap; (h) deur in subartikel (1) na die omskrywing van ‘‘statutêre aktuaris’’ die volgende omskrywing in te voeg: ‘‘ ‘Tribunaal’ die Tribunaal vir Finansiële Dienste ingestel ingevolge artikel 219 van die ‘Financial Sector Regulation Act’;’’; (i) deur in subartikel (1) die omskrywing van ‘‘voorskryf’’ te skrap; (j) deur in subartikel (1) na die omskrywing van ‘‘voorskryf’’ die volgende omskrywing in te voeg: ‘‘ ‘voorsorgstandaard’ dit wat ingevolge die ‘Financial Sector Regulation’ Act aan ‘prudential standard’ toegeskryf word;’’; en (k) deur die volgende subartikel by te voeg: ‘‘(3) Tensy die samehang anders aandui, het woorde en uitdrukkings wat nie in subartikel (1) omskryf is nie, die betekenis in die ‘Financial Sector Regulation Act’ daaraan toegeskryf.’’. This gazette is also available free online at www.gpwonline.co.za
  45. 324

    No. 41060

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    AI-assisted research summary: This excerpt is a gazette heading for Section 324 and does not state an operative rule on its own.

    324 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 320 Act No. and year Short Title Extent of repeal or amendment
  46. 2

    The insertion after section 1 of the

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    AI-assisted research summary: This section says many references in the Act must be read differently, mainly by substituting the Authority for the Registrar or Board and by treating certain notices, inspections, and appeals as references under the Financial Sector Regulation Act.

    2. The insertion after section 1 of the following sections: ‘‘Relationship between Act and Finan- cial Sector Regulation Act 1A. (1) A reference in this Act to the Registrar (but not to the Registrar of Medical Schemes) or a reference to the Board must be read as a reference to the Authority. (2) Except as otherwise provided for in this Act or the Financial Sector Regu- lation Act, the powers and duties of the Authority in terms of this Act are in ad- dition to the powers and duties that it has in terms of the Financial Sector Regulation Act. (3) A reference in this Act to the Au- thority determining or publishing a mat- ter by notice in the Gazette must be read as including a reference to the Authority determining or publishing the matter by notice published in the Register. (4) Unless expressly provided other- wise in this Act, or this Act requires a matter to be prescribed by regulation, a reference in this Act to a matter being— (a) prescribed must be read as a refer- ence to the matter being prescribed in a prudential standard, a conduct standard or a joint standard; or (b) determined must be read as a refer- ence to the Authority determining the matter in writing and registering the determination in the Register. (5) (a) A reference in this Act to an on-site visit in terms of a provision of this Act must be read as a reference to a supervisory on-site inspection in terms of the Financial Sector Regulation Act. (b) A reference to an inspection in terms of a provision of this Act must be read as a reference to an investigation in terms of the Financial Sector Regulation Act. (6) The references in sections 3(3) and 22(3) to an appeal to the board of appeal established by section 26 of the Financial Services Board Act must be read as a reference to a reconsideration of the de- cision by the Tribunal in terms of the Financial Sector Regulation Act. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 325 321 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo
  47. 2

    Die volgende artikels word na

    Verify source ↗

    AI-assisted research summary: This section tells readers how to interpret certain references in the Act, including references to the Registrar, Board, Gazette notices, inspections, and appeals.

    2. Die volgende artikels word na artikel 1 ingevoeg: ‘‘Verhouding tussen Wet en ‘Financial Sector Regulation Act’ 1A. (1) ’n Verwysing in hierdie Wet na die Registrateur (maar nie na die Registrateur van Mediese Skemas nie) of ’n verwysing na die Raad moet as ’n verwysing na die Owerheid gelees word. (2) Behalwe waar anders in hierdie Wet of die ‘Financial Sector Regulation Act’ bepaal, het die Owerheid die bevoegdhede en pligte ingevolge hierdie Wet benewens die bevoegdhede en pligte wat die Owerheid ingevolge die ‘Finan- cial Sector Regulation Act’ het. (3) ’n Verwysing in hierdie Wet na die Owerheid wat ’n aangeleentheid by kennisgewing in die Staatskoerant bepaal of publiseer, moet gelees word dat dit ’n verwysing insluit na die Owerheid wat die aangeleentheid by kennisgewing in die Register gepubliseer, bepaal of publiseer het. (4) Tensy uitdruklik anders in die Wet bepaal, of tensy hierdie Wet vereis dat ’n aangeleentheid by regulasie voorgeskryf word, moet ’n verwysing in hierdie Wet dat ’n aangeleentheid— (a) voorgeskryf word, gelees word as ’n verwysing daarna dat die aangeleent- heid in ’n voorsorgstandaard of ’n gedragstandaard voorgeskryf word; of (b) bepaal word, gelees word as ’n verwysing daarna dat die Owerheid die aangeleentheid skriftelik bepaal en die bepaling in die Register registreer. (5) (a) ’n Verwysing in hierdie Wet na ’n ter plaatse besoek ingevolge ’n bepaling van hierdie Wet moet gelees word as ’n verwysing na ’n ter plaatse toesighoudende inspeksie of ’n ondersoek ingevolge die ‘Financial Sector Regulation Act’. (b) ’n Verwysing na ’n inspeksie ingevolge ’n bepaling van hierdie Wet, moet gelees word as ’n verwysing na ’n heroorweging van die besluit van die Tribunaal ingevolge die ‘Financial Sector Regulation Act’. (6) Die verwysings in artikels 3(3) en 22(3) na ’n appèl aan die appèlraad ingevolge artikel 26 van die Wet op die Raad op Finansiële Dienste moet gelees word as ’n verwysing na ’n heroorweging van die besluit deur die Tribunaal ingevolge die ‘Financial Sector Regulation Act’. This gazette is also available free online at www.gpwonline.co.za
  48. 326

    No. 41060

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    AI-assisted research summary: A reference to a determined or prescribed fee must be understood as the relevant fee determined under section 237 and Chapter 16 of the Financial Sector Regulation Act.

    326 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 322 (7) A reference in this Act to a deter- mined or prescribed fee must be read as a reference to the relevant fee deter- mined in terms of section 237 and Chap- ter 16 of the Financial Sector Regulation Act. Regulatory instruments
  49. 1B

    For the purposes of the definition

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    AI-assisted research summary: For this Act, a matter prescribed by the Authority that requires Gazette notice is treated as a regulatory instrument.

    1B. For the purposes of the definition of ‘‘regulatory instrument’’ in sec- tion 1(1) of the Financial Sector Regula- tion Act, any matter prescribed by the Authority in respect of which notice in the Gazette is specifically required by this Act is a regulatory instrument.’’.
  50. 3

    The substitution for section 2 of the

    Verify source ↗

    AI-assisted research summary: The Authority must exercise its powers and perform its duties under this Act subject to the Financial Sector Regulation Act.

    3. The substitution for section 2 of the following section: ‘‘Exercise of powers and performance of duties by Authority 2. (1) The Authority, in fulfilling its responsibility for implementing this Act, must exercise its powers and perform its duties in terms of this Act subject to the Financial Sector Regulation Act. (2) The Prudential Authority, in re- spect of sections 9 to15, 26 and 37 to 43, must act with the concurrence of the Financial Sector Conduct Authority. (3) The Prudential Authority or the Financial Sector Conduct Authority, as the case may be, in respect of sections 18 and 22, must act with the concurrence of the other Authority.’’.
  51. 4

    The deletion in section 4 of subsec-

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    AI-assisted research summary: This provision deletes subsections (2), (4) and (8) in section 4.

    4. The deletion in section 4 of subsec- tions (2), (4) and (8).
  52. 5

    The repeal of section 5.

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    AI-assisted research summary: Section 5 is repealed.

    5. The repeal of section 5.
  53. 6

    The amendment of section 9—

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    AI-assisted research summary: Section 9(3)(b) is amended so the applicant must satisfy the Authority that it complies, and has taken appropriate measures to keep complying, with the Act’s governance, risk management, and financial soundness requirements.

    6. The amendment of section 9— (a) by the substitution in subsection (3) for paragraph (b) of the following para- graph: ‘‘(b) unless the applicant demon- strates to the satisfaction of the Authority that— (i) it complies and has taken appropriate measures to continue to comply with the governance and risk management framework and financial soundness requirements of this Act; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 327 323 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (7) ’n Verwysing in hierdie Wet na bepaalde of voorgeskrewe gelde moet gelees word as ’n verwysing na die tersaaklike gelde bepaal ingevolge artikel 237 en Hoofstuk 16 van die ‘Financial Sector Regulation Act’. Reguleringsinstrumente
  54. 1B

    By die toepassing van die

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    AI-assisted research summary: For the defined term “regulatory instrument,” a matter prescribed by the Authority is included if this Act specifically requires notice in the Government Gazette.

    1B. By die toepassing van die omskrywing van ‘reguleringsinstrument’ (‘regulatory instrument’) in artkel 1(1) van die ‘Financial Sector Regulation Act’, is enige aangeleentheid deur die Owerheid voorgeskryf ten opsigte waarvan kennis in die Staatskoerant spesifiek deur hierdie Wet vereis word, ’n reguleringsinstrument.’’.
  55. 3

    Artikel 2 word deur die volgende

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    AI-assisted research summary: The authority must exercise its powers and perform its duties under the Act, subject to the Financial Sector Regulation Act. For certain sections, the Prudential Authority needs the Conduct Authority’s consent, and for some sections either authority must act with the other authority’s consent.

    3. Artikel 2 word deur die volgende artikel vervang: ‘‘Uitoefening van bevoegdhede en verrigting van pligte deur Owerheid 2. (1) Die Owerheid, by die vervulling van sy verantwoordelikheid om hierdie Wet in werking te stel, moet sy bevoegdhede uitoefen en sy pligte verrig ingevolge hierdie Wet behoudens die ‘Financial Sector Regulation Act’. (2) Die Voorsorgowerheid, ten opsigte van artikels 9 tot 15, 26 en 37 tot 43, moet met die instemming van die Gedragsowerheid vir die Finansiële Sektor handel. (3) Die Voorsorgowerheid of die Gedragsowerheid vir die Finansiële Sektor, na gelang van die geval, ten opsigte van artikels 18 en 22, moet met die instemming van die ander Owerheid optree.’’.
  56. 4

    Subartikels (2), (4) en (8) in artikel 4

    Verify source ↗

    AI-assisted research summary: Subarticles (2), (4), and (8) of article 4 are deleted.

    4. Subartikels (2), (4) en (8) in artikel 4 word geskrap.
  57. 5

    Artikel 5 word herroep.

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    AI-assisted research summary: Article 5 is repealed.

    5. Artikel 5 word herroep.
  58. 6

    Artikel 9 word gewysig—

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    AI-assisted research summary: This provision amends Article 9 by replacing paragraph (b) in subsection (3).

    6. Artikel 9 word gewysig— (a) deur in subartikel (3) paragraaf (b) deur die volgende paragraaf te vervang: ‘‘(b) tensy die aansoeker tot bevrediging van die Owerheid demonstreer dat— (i) die aansoeker voldoen aan, en gepaste stappe gedoen het om voort te gaan om te voldoen aan hierdie Wet se vereistes vir ’n beheer- en risiko- bestuurraamwerk en This gazette is also available free online at www.gpwonline.co.za
  59. 328

    No. 41060

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    AI-assisted research summary: Registration is only supported if the applicant’s directors and managing executives, and anyone who controls or owns the applicant, meet the fit and proper requirements, and registration is not against prospective policyholders’ or the public interest.

    328 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 324 (ii) its directors and managing executives meet the fit and proper requirements; and (iii) any persons that directly or indirectly control or own that applicant within the meaning of section 25 of this Act, meet the fit and proper require- ments;’’; and (b) by the addition in subsection (3) of the following paragraph: ‘‘(cA) if the registration will be con- trary to the interests of pro- spective policyholders or the public interest.’’.
  60. 7

    The amendment of section 10 by the

    Verify source ↗

    AI-assisted research summary: This section amends section 10 to add a paragraph about a long-term insurer’s business arrangements, including outsourcing arrangements it may enter into.

    7. The amendment of section 10 by the insertion after paragraph (f) of the follow- ing paragraph: ‘‘(fA) relating to the business arrange- ments of the long-term insurer, including, but not limited to, the outsourcing arrangements that the long-term insurer may enter into;’’.
  61. 8

    The amendment of section 11 by the

    Verify source ↗

    AI-assisted research summary: The Authority may notify a long-term insurer and change, remove, replace, or add conditions for its registration in the circumstances listed.

    8. The amendment of section 11 by the substitution for subsection (1) of the fol- lowing subsection: ‘‘(1) The [Registrar] Authority may, by notice to the long-term insurer, amend, delete, replace or impose addi- tional conditions contemplated in section 10, subject to which the long-term in- surer is registered or deemed to be regis- tered— (a) upon application of a long-term insurer and having regard, with the necessary changes required by the context, to section 9(3)(b); (aA) when in the public interest or the interests of the policyholders or potential policyholders of the long- term insurer; (b) when acting in accordance with section 12(2) or (3) or when giving an authorisation in accordance with section 35(2)(a), in relation to a long-term insurer; or This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 329 325 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo vereistes vir finansiële gesondheid; (ii) die aansoeker se direkteure en uitvoerende bestuurders voldoen aan die vereistes vir geskiktheid en gepastheid; en (iii) enige persone wat daardie aansoeker regstreeks of onregstreeks beheer of besit binne die betekenis van artikel 25 van hierdie Wet, voldoen aan die vereistes vir geskiktheid en gepastheid;’’; en (b) deur die volgende paragraaf in subartikel (3) by te voeg: ‘‘(cA) en die registrasie daarvan onbestaanbaar sal wees met die belange van voornemende polishouers of die openbare belang.’’.
  62. 7

    Artikel 10 word gewysig deur die

    Verify source ↗

    AI-assisted research summary: This section amends Article 10 by adding a paragraph about the business arrangements of a long-term insurer, including outsourcing arrangements it may enter into.

    7. Artikel 10 word gewysig deur die volgende paragraaf na paragraaf (f) in te voeg: ‘‘(fA) aangaande die besigheidsreëlings van die langtermynversekeraar, met inbegrip van, maar nie beperk nie tot, die uitbestedingsreëlings wat die langtermynversekeraar kan aangaan;’’.
  63. 8

    Artikel 11 word gewysig deur

    Verify source ↗

    AI-assisted research summary: The authority may, by notice to a long-term insurer, add, change, remove, replace, or impose extra conditions linked to registration.

    8. Artikel 11 word gewysig deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Die [Registrateur] Owerheid kan, by kennisgewing aan die langtermynversekeraar, bykomende voorwaardes in artikel 10 beoog, behoudens waaraan die langtermyn- versekeraar geregistreer is of geag word geregistreer te wees, wysig, skrap, vervang of oplê— (a) by aansoek van ’n langtermyn- versekeraar en met inagneming, met die nodige veranderinge deur die samehang vereis, van artikel 9(3)(b); (aA) wanneer dit in die openbare belang of die belang van die polishouers of potensiële polishouers van die langtermynversekeraar is; (b) wanneer ooreenkomstig artikel 12(2) of (3) gehandel word of wanneer magtiging ooreenkomstig artikel 35(2)(a), met betrekking tot ’n langtermyn- versekeraar verleen word; of This gazette is also available free online at www.gpwonline.co.za
  64. 330

    No. 41060

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    AI-assisted research summary: The Registrar Authority may change a long-term insurer’s registration condition, or set a new one, if the insurer has stopped entering certain long-term policies and the insurer has had at least 30 days to make representations.

    330 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 326 (c) if a long-term insurer has ceased to enter into certain long-term poli- cies determined by the [Registrar] Authority to an extent which no longer justifies its continued regis- tration in respect of those policies, and the long-term insurer has been allowed at least 30 days in which to make representations in respect of the matter [, by notice to the long-term insurer vary a condi- tion, subject to which the long- term insurer is registered or deemed to be registered, by amending or deleting it, or deter- mine a new condition contem- plated in section 10].’’.
  65. 9

    The deletion in section 22 of subsec-

    Verify source ↗

    AI-assisted research summary: This section deletes subsection (3) from section 22.

    9. The deletion in section 22 of subsec- tion (3).
  66. 10

    The amendment of section 26—

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    AI-assisted research summary: This section amends rules so a person cannot acquire or hold certain interests in a long-term insurer without prior approval, and it changes a shareholding threshold to 15%.

    10. The amendment of section 26— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) Subject to this section, no person shall, directly or indirectly and without the prior approval of the [Registrar] Authority, acquire or hold shares or any other financial interest in a long-term insurer or a related party of that long-term in- surer which results in that person, directly or indirectly, alone or with a related party, exercising control within the meaning of section 2(2) of the Companies Act, over that long-term insurer.’’; (b) by the substitution, in subsection (2) for paragraphs (a) and (b) of the fol- lowing paragraphs: ‘‘(a) prior to the conversion of shares issued with a nominal value or par value in accor- dance with the Companies Act, the aggregate nominal value of those shares, by itself or to- gether with the aggregate nominal value of the shares already owned by that person or by that person and related parties, will amount to [25] 15 per cent or more of the total nominal value of all of the is- sued shares of the long-term insurer concerned; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 331 327 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (c) indien ’n langtermynversekeraar opgehou het om sekere langtermynpolisse deur die [Registrateur] Owerheid bepaal, af te sluit in die mate wat nie langer sy voortgesette registrasie ten opsigte van daardie polisse regverdig nie, en die langtermynversekeraar minstens 30 dae toegelaat is om vertoë ten opsigte van die aangeleentheid te rig[, by kennisgewing aan die lang- termynversekeraar ’n voorwaarde, behoudens waaraan die langtermyn- versekeraar geregistreer is of geag word geregistreer te wees, verander deur dit te wysig of te skrap, of ’n nuwe voorwaarde in artikel 10 beoog, bepaal].’’.
  67. 9

    Subartikel (3) in artikel 22 word

    Verify source ↗

    AI-assisted research summary: Subarticle (3) of article 22 is deleted.

    9. Subartikel (3) in artikel 22 word geskrap.
  68. 10

    Artikel 26 word gewysig—

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    AI-assisted research summary: A person may not acquire or hold shares or another financial interest in a long-term insurer without prior approval if it would give that person control.

    10. Artikel 26 word gewysig— (a) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Behoudens hierdie artikel mag geen persoon, regstreeks of onregstreeks en sonder die vooraf goedkeuring van die [Registrateur] Owerheid, aandele of enige ander finansiële belang in ’n langtermyn- versekeraar of ’n verwante party van daardie langtermynversekeraar verkry of hou wat tot gevolg het dat daardie persoon, regstreeks of onregstreeks, alleen of saam met ’n verwante party, beheer binne die betekenis van artikel 2(2) van die Maatskappywet oor daardie langtermynversekeraar uitoefen nie.’’; (b) deur in subartikel (2) paragrawe (a) en (b) deur die volgende paragrawe te vervang: ‘‘(a) voor die omskepping van aandele uitgereik met ’n nominale waarde of pariwaarde ooreenkomstig die Maatskappywet, die totale nominale waarde van daardie aandele, opsigself of tesame met die totale nominale waarde van die aandele alreeds deur daardie persoon of daardie persoon en verwante partye besit, [25] 15 persent of meer van die totale nominale waarde van al die uitgereikte aandele van die betrokke langtermyn- versekeraar sal bedra; This gazette is also available free online at www.gpwonline.co.za
  69. 332

    No. 41060

    Verify source ↗

    AI-assisted research summary: This section changes the ownership threshold for certain long-term insurer shares from 25% to 15% and adjusts related approval and court-compulsion wording.

    332 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 328 (b) after the conversion of shares issued with a nominal value or par value in accordance with the Companies Act, the total number of those shares, by itself or together with the total number of the shares already owned by that person or by that person and related parties, will amount to [25] 15 per cent or more of all the shares in a specific class of shares issued by the long-term insurer con- cerned.’’; (c) by the substitution in subsection (3) for the words preceding paragraph (a) of the following words: ‘‘The approval referred to in subsec- tion (1) or (2)—’’; (d) by the insertion in subsection (3) after paragraph (a) of the following para- graph: ‘‘(aA) shall not be given if the per- son does not meet the fit and proper requirements;’’; (e) by the substitution in subsection (4)(a) for the words preceding subparagraph (i) of the following words: ‘‘compelling such shareholder to reduce, within a period determined by the Court, that shareholding to a shareholding not exceeding [25] 15 per cent of—’’; and (f) by the deletion of subsections (5) and (6).
  70. 11

    The deletion in section 62 of subsec-

    Verify source ↗

    AI-assisted research summary: This section deletes section 62 subsections (2)(f) and (4).

    11. The deletion in section 62 of subsec- tions (2)(f) and (4).
  71. 12

    The substitution in section 66(1) for

    Verify source ↗

    AI-assisted research summary: This section replaces section 66(1)(a) so that a person contravenes the provision if they do not comply with a relevant notice, directive, or request.

    12. The substitution in section 66(1) for paragraph (a) of the following paragraph: ‘‘(a) contravenes or fails to comply with a provision of a notice, directive or request referred to in section [4(3), (4) or] (5)(a)(i), 22(2) or 27(2);’’.
  72. 13

    The substitution in section 67(1) for

    Verify source ↗

    AI-assisted research summary: This section replaces section 67(1)(a) so that contravening or failing to comply with certain notices, directives, or requests is covered.

    13. The substitution in section 67(1) for paragraph (a) of the following paragraph: ‘‘(a) contravenes or fails to comply with a provision of a notice, directive or request referred to in section [4(2),(3) or (4),] 22(1) or (2), 27(1), 31(1), 35(1) or (2)(a) or 36(2);’’.
  73. 14

    The repeal of section 68.

    Verify source ↗

    AI-assisted research summary: This section is titled “The repeal of section 68” and also amends a shareholding threshold to 15% and adds a fit-and-proper requirement.

    14. The repeal of section 68. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 333 329 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (b) na die omskepping van aandele uitgereik met ’n nominale waarde of pariwaarde ooreenkomstig die Maatskappywet, die totale getal van daardie aandele, opsigself of tesame met die totale getal van die aandele alreeds deur daardie persoon en verwante partye besit, [25] 15 persent of meer van al die aandele in ’n bepaalde klas aandele uitgereik deur die betrokke langtermyn- versekeraar sal bedra.’’; (c) deur in subartikel (3) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Die goedkeuring in subartikel (1) of (2) bedoel—’’; (d) deur die volgende paragraaf na paragraaf (a) in subartikel (3) in te voeg: ‘‘(aA) word nie gegee as die persoon nie aan die vereistes vir geskiktheid en gepastheid voldoen nie;’’; (e) deur in subartikel (4)(a) die woorde wat subparagraaf (i) voorafgaan deur die volgende woorde te vervang: ‘‘om sodanige aandeelhouer te verplig om, binne ’n tydperk deur die Hof bepaal, daardie aandeelhouding te verminder tot ’n aandeelhouding van hoogstens [25] 15 persent van—’’; en (f) deur subartikels (5) en (6) te skrap.
  74. 11

    Subartikels (2)(f) en (4) in artikel 62

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    AI-assisted research summary: This provision deletes subsections (2)(f) and (4) of article 62.

    11. Subartikels (2)(f) en (4) in artikel 62 word geskrap.
  75. 12

    Deur in artikel 66(1) paragraaf (a)

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    AI-assisted research summary: This provision replaces a paragraph so that non-compliance with certain notices, orders, or requests in specified articles is captured.

    12. Deur in artikel 66(1) paragraaf (a) deur die volgende paragraaf te vervang: ‘‘(a) ’n bepaling van ’n kennisgewing, lasgewing of versoek in artikel [4(3), (4) of] (5)(a)(i), 22(2) of 27(2) bedoel oortree of versuim om daaraan te voldoen;’’.
  76. 13

    Paragraaf (a) in artikel 67(1) word

    Verify source ↗

    AI-assisted research summary: Section 67(1)(a) is replaced so it covers contravening or failing to comply with certain notices, orders, or requests listed in the section.

    13. Paragraaf (a) in artikel 67(1) word deur die volgende paragraaf vervang: ‘‘(a) ’n bepaling van ’n kennisgewing, lasgewing of versoek in artikel [4(2), (3) of (4),] 22(1) of (2), 27(1), 31(1), 35(1) of (2)(a) of 36(2) bedoel oortree of versuim om daaraan te voldoen;’’.
  77. 14

    Artikel 68 word herroep.

    Verify source ↗

    AI-assisted research summary: Artikel 68 is repealed.

    14. Artikel 68 word herroep. This gazette is also available free online at www.gpwonline.co.za
  78. 334

    No. 41060

    Verify source ↗

    AI-assisted research summary: The text shown is a Gazette heading and table header for amendments or repeals; it does not state a substantive rule.

    334 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 330
  79. 15

    The amendment of Schedule 1—

    Verify source ↗

    AI-assisted research summary: This section amends Schedule 1 so that certain instruments qualify only if they meet Authority-approved criteria and any conditions the Authority sets.

    15. The amendment of Schedule 1— (a) by the substitution in Item 2(b) for sub- paragraph (i) of the following subpara- graph: ‘‘(i) an over-the-counter instrument, it is capable of being readily closed out and is entered into with a counterparty [for which the relevant criteria have been] that complies with crite- ria approved by the [Registrar] Authority and any [subject to such] conditions as [he or she] the Authority may determine;’’; and (b) by the substitution in Item 2(b) for sub- paragraph (iii) of the following sub- paragraph: ‘‘(iii) any other instrument, it is regularly traded on a licensed stock exchange in the Repub- lic, or on any other financial market in the Republic ap- proved by the [Registrar sub- ject to such conditions as he or she may determine] Au- thority, which approval may be subject to conditions deter- mined by the Authority.’’.
  80. 16

    The amendment of the arrangement

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    AI-assisted research summary: This provision amends the arrangement of sections by inserting a new item after item 1.

    16. The amendment of the arrangement of sections— (a) by the insertion after item 1 of the fol- lowing items: ‘‘1A. Relationship between Act and Financial Sector Regulation Act
  81. 1B

    Regulatory instruments’’; and

    Verify source ↗

    AI-assisted research summary: This section amends an item by substituting a new title about the Authority exercising powers and performing duties.

    1B. Regulatory instruments’’; and (b) by the substitution for item 2 of the following item: ‘‘2. Exercise of powers and perfor- mance of duties by Authority’’. Act No. 53 of 1998 Short-term Insur- ance Act, 1998
  82. 1

    The amendment of section 1—

    Verify source ↗

    AI-assisted research summary: This provision defines “Authority” for different sections of the Act.

    1. The amendment of section 1— (a) by the insertion in subsection (1) after the definition of ‘‘approved reinsurance policy’’ of the following definition: ‘‘ ‘Authority’ means— (a) in the case of sections 7, 9 to 17, 19 to 20, 22 to 34, 36 to 42, 56 and 59 to 62, the Prudential Authority established in terms of section 32 of the Financial Sec- tor Regulation Act; (b) in the case of sections 8, 43 to 55, the Financial Sector Conduct Authority established in terms of section 56 of the Financial Sec- tor Regulation Act; and This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 335 331 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo
  83. 15

    Bylae 1 word gewysig—

    Verify source ↗

    AI-assisted research summary: This provision amends Schedule 1 by replacing text about certain instruments and making approval/conditions subject to the Owerheid.

    15. Bylae 1 word gewysig— ‘‘(i) (a) deur in Item 2(b) subparagraaf (i) deur die volgende subparagraaf te vervang: ’n oor-die-toonbank instrument, dit in staat is om geredelik gerealiseer te word en dit afgesluit word met ’n teenparty [vir wie die betrokke keuringsmaat- stawwe] wat voldoen aan maatstawwe goedgekeur [is] deur die [Registrateur behoudens die] Owerheid en enige voorwaardes wat [hy of sy] die Owerheid bepaal;’’ en (b) deur in Item 2(b) subparagraaf (iii) deur die volgende subparagraaf te vervang: ‘‘(iii) enige ander instrument, dit gereeld op ’n gelisensieerde aandelebeurs in die Republiek, of op enige ander finansiële mark in die Republiek deur die [Registrateur] Owerheid goedgekeur [behoudens die voorwaardes wat hy of sy bepaal], welke goedkeuring onderhewig kan wees aan voorwaardes deur die Owerheid bepaal, verhandel word.’’.
  84. 16

    Wysiging van die indeling van

    Verify source ↗

    AI-assisted research summary: This provision amends the schedule or classification of articles by adding item 1A on the relationship between the Act and the Financial Sector Regulation Act.

    16. Wysiging van die indeling van artikels— (a) deur die volgende items na item 1 in te voeg: ‘‘1A. Verhouding tussen Wet en ‘Financial Sector Regulation Act’
  85. 1B

    Reguleringsinstrumente’’; en

    Verify source ↗

    AI-assisted research summary: This provision amends item 2 to read: “Uitoefening van bevoegdhede en verrigting van pligte deur Owerheid”.

    1B. Reguleringsinstrumente’’; en (b) deur item 2 deur die volgende item te vervang: ‘‘2. Uitoefening van bevoegdhede en verrigting van pligte deur Owerheid’’.
  86. 1

    Artikel 1 word gewysig—

    Verify source ↗

    AI-assisted research summary: This section amends the definitions in section 1 by adding new meanings for “Financial Sector Regulation Act” and “conduct standard”.

    1. Artikel 1 word gewysig— (a) deur in subartikel (1) die volgende omskrywing na die omskrywing van ‘‘filiaal’’ in te voeg: ‘‘ ‘Financial Sector Regulation Act’ die ’Financial Sector Regulation Act’, 2017;’’; (b) deur in subartikel (1) die volgende omskrywing na die omskrywing van ‘‘garansiepolis’’ in te voeg: ‘‘ ‘gedragstandaard’ dit wat ingevolge die ’Financial Sector Regulation Act’ aan ’conduct standard’ toegeskryf is;’’; Wet No. 53 van 1998 Korttermyn- versekeringswet, 1998 This gazette is also available free online at www.gpwonline.co.za
  87. 336

    No. 41060

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    AI-assisted research summary: This section updates definitions and replaces several references with authorities under the Financial Sector Regulation Act.

    336 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 332 (c) in the case of sections 3, 4, 18, 21, 35, 57, 58 and 63, either the Prudential Authority or the Financial Sector Conduct Au- thority, subject to consultation and co-ordination requirements set out in the Financial Sector Regulation Act;’’; (b) by the deletion in subsection (1) of the definition of ‘‘Board’’; (c) by the insertion in subsection (1) after the definition of ‘‘company’’ of the following definition: ‘‘ ‘conduct standard’ has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act;’’; (d) by the insertion in subsection (1) after the definition of ‘‘financial reporting standards’’ of the following definition: ‘‘ ‘Financial Sector Regulation Act’ means the Financial Sector Regulation Act, 2017;’’; (e) by the deletion in subsection (1) of the definition of ‘‘Financial Services Board Act’’; (f) by the insertion in subsection (1) after the definition of ‘‘independent interme- diary’’ of the following definition: ‘‘ ‘joint standard’ has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act;’’; (g) by the deletion in subsection (1) of the definition of ‘‘prescribe’’; (h) by the insertion in subsection (1) after the definition of ‘‘proportional reinsurance’’ of the following defini- tion: ‘‘ ‘prudential standard’ has the same meaning ascribed to it in terms of section 1(1) of the Financial Sec- tor Regulation Act;’’; (i) by the insertion in subsection (1) after the definition of ‘‘publish’’ of the fol- lowing definition: ‘‘ ‘Register’ means the Financial Sector Information Register referred to in section 256 of the Financial Sector Regulation Act;’’; (j) by the deletion in subsection (1) of the definition of ‘‘Registrar’’; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 337 333 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (c) deur in subartikel (1) die volgende omskrywing na die omskrywing van ‘‘gemengde polis’’ in te voeg: ‘‘ ‘gesamentlike standaard’ dit wat in artikel 1(1) van die ‘Financial Sector Regulation Act’ aan ‘joint standard’ toegeskryf word;’’; (d) deur in subartikel (1) die volgende omskrywing na die omskrywing van ‘‘ouditeur’’ in te voeg: ‘‘ ‘Owerheid’— (a) in die geval van artikels 7, 9 tot 17, 19 tot 20, 22 tot 34, 36 tot 42, 56 en 59 tot 62, die Voorsorgowerheid ingestel ingevolge artikel 32 van die ‘Financial Sector Regulation Act’; (b) in die geval van artikels 8, 43 tot 55, die Gedragsowerheid vir die Finansiële Sektor ingestel ingevolge artikel 56 van die ‘Financial Sector Regulation Act’; en (c) in die geval van artikels 3, 4, 18, 21, 35, 57, 58 en 63, óf die Voorsorgowerheid óf die Gedragsowerheid vir die Finansiële Sektor, behoudens vereistes vir oorleg en koördinering in die ‘Financial Sector Regulation Act’ uiteengesit;’’; (e) deur in subartikel (1) die omskrywing van ‘‘Raad’’ te skrap; (f) deur in subartikel (1) na die omskrywing van ‘‘Raad’’ die volgende omskrywing in te voeg: ‘‘ ‘Register’ die Inligtingsregister vir die Finansiële Sektor in artikel 256 van die ‘Financial Sector Regulation Act’ bedoel;’’; (g) deur in subartikel (1) die omskrywing van ‘‘Registrateur’’ te skrap; (h) deur in subartikel (1) na die omskrywing van ‘‘statutêre aktuaris’’ die volgende omskrywing in te voeg: ‘‘ ‘Tribunaal’ die Tribunaal vir Finansiële Dienste ingestel ingevolge artikel 219 van die ‘Financial Sector Regulation Act’;’’; en (i) deur in subartikel (1) die omskrywing van ‘‘voorskryf’’ te skrap; (j) deur in subartikel (1) na die omskrywing van ‘‘voorskryf’’ die volgende omskrywing in te voeg: ‘‘ ‘voorsorgstandaard’ dit wat ingevolge artikel 1(1) van die ‘Finan- cial Sector Regulation Act’ aan ‘prudential standard’ toegeskryf is;’’; This gazette is also available free online at www.gpwonline.co.za
  88. 338

    No. 41060

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    AI-assisted research summary: This provision amends a definition section to add a definition of “Tribunal” and to say other undefined words keep the meaning given in the Financial Sector Regulation Act unless the context indicates otherwise.

    338 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 334 Extent of repeal or amendment (k) by the insertion in subsection (1) after the definition of ‘‘transportation policy’’ of the following definition: ‘‘ ‘Tribunal’ means the Financial Services Tribunal established in terms of section 219 of the Financial Sector Regulation Act;’’; and (l) by the addition of the following subsec- tion: ‘‘(3) Unless the context otherwise indicates, words and expressions not defined in subsection (1) have the same meaning ascribed to them in terms of the Financial Sector Regula- tion Act.’’.
  89. 2

    The insertion after section 1 of the

    Verify source ↗

    AI-assisted research summary: This section tells readers how to interpret references in the Act and how the Authority’s powers and duties relate to the Financial Sector Regulation Act.

    2. The insertion after section 1 of the following sections: ‘‘Relationship between Act and Finan- cial Sector Regulation Act 1A. (1) A reference in this Act to the Registrar (but not to the Registrar of Medical Schemes) or a reference to the Board, must be read as a reference to the Authority. (2) Except as otherwise provided by this Act or the Financial Sector Regula- tion Act, the powers and duties of the Authority in terms of this Act are in ad- dition to the powers and duties that it has in terms of the Financial Sector Regulation Act. (3) A reference in this Act to the Au- thority determining or publishing a mat- ter by notice in the Gazette must be read as including a reference to the Authority determining or publishing the matter by notice published in the Register. (4) Unless expressly provided other- wise in this Act, or this Act requires a matter to be prescribed by regulation, a reference in this Act to a matter being— (a) prescribed must be read as a refer- ence to the matter being prescribed in a prudential standard, a conduct standard or a joint standard; or (b) determined must be read as a refer- ence to the Authority determining the matter in writing and registering the determination in the Register. (5) A reference in this Act to an on- site visit in terms of a provision of this Act must be read as a reference to a su- pervisory on-site inspection in terms of the Financial Sector Regulation Act. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 339 335 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (k) deur in subartikel (1) die omskrywing van ‘‘Wet op die Raad op Finansiële Dienste’’ te skrap; en (l) deur die volgende subartikel by te voeg: ‘‘(3) Tensy die samehang anders aandui, het woorde en uitdrukkings wat nie in subartikel (1) omskryf is nie, die betekenis in die ‘Financial Sector Regulation Act’ daaraan toegeskryf.’’.
  90. 2

    Die volgende artikels word na

    Verify source ↗

    AI-assisted research summary: This section tells readers how to interpret references to the Registrar, the Board, the Authority, and certain prescribed or published matters.

    2. Die volgende artikels word na artikel 1 ingevoeg: ‘‘Verhouding tussen Wet en ‘Financial Sector Regulation Act’ 1A. (1) ’n Verwysing in hierdie Wet na die Registrateur (maar nie na die Registrateur van Mediese Skemas nie) of ’n verwysing na die Raad, moet gelees word as ’n verwysing na die Owerheid. (2) Behalwe waar anders deur hierdie Wet of die ‘Financial Sector Regulation Act’ bepaal, het die Owerheid die bevoegdhede en pligte ingevolge hierdie Wet benewens die bevoegdhede en pligte wat die Owerheid ingevolge die ‘Finan- cial Sector Regulation Act’ het. (3) ’n Verwysing in hierdie Wet na die Owerheid wat ’n aangeleentheid, by kennisgewing in die Staatskoerant bepaal of publiseer, moet gelees word dat dit ’n verwysing insluit na die Owerheid wat die aangeleentheid, by kennisgewing in die Register gepubliseer, bepaal of publiseer. (4) Tensy uitdruklik anders in hierdie Wet bepaal, of tensy hierdie Wet vereis dat ’n aangeleentheid by regulasie voorgeskryf word, moet ’n verwysing in hierdie Wet na ’n aangeleentheid— (a) wat voorgeskryf word, gelees word as ’n verwysing daarna dat die aangeleentheid in ’n voorsorg- standaard, gedragstandaard of gesamentlike standaard voorgeskryf word; of (b) wat bepaal word, gelees word as ’n verwysing daarna dat die Owerheid die aangeleentheid skriftelik bepaal en die bepaling in die Register registreer. (5) ’n Verwysing in hierdie Wet na ’n ter plaatse besoek ingevolge die bepalings van hierdie Wet, moet gelees word as ’n verwysing na ’n toesighoudende inspeksie ter plaatse of ’n ondersoek ingevolge die ‘Financial Sector Regulation Act’. This gazette is also available free online at www.gpwonline.co.za
  91. 340

    No. 41060

    Verify source ↗

    AI-assisted research summary: References in this Act must be read with updated meanings for inspections, appeals, and fees.

    340 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 336 (6) A reference to an inspection in terms of a provision of this Act must be read as a reference to an investigation in terms of the Financial Sector Regulation Act. (7) The reference in sections 3(3) and 21(3) to an appeal to the board of appeal established by section 26 of the Financial Services Board Act must be read as a reference to a reconsideration of the de- cision by the Tribunal in terms of the Financial Sector Regulation Act. (8) A reference in this Act to a deter- mined or prescribed fee must be read as a reference to the relevant fee deter- mined in terms of section 237 and Chap- ter 16 of the Financial Sector Regulation Act. Regulatory instruments
  92. 3

    The substitution for section 2 of the

    Verify source ↗

    AI-assisted research summary: The Authority must exercise its powers and perform its duties subject to the Financial Sector Regulation Act, and the Prudential Authority must get the other Authority’s concurrence for specified sections.

    3. The substitution for section 2 of the following section: ‘‘Exercise of powers and performance of duties by Authority 2. (1) The Authority, in fulfilling its responsibility for implementing this Act, must exercise its powers and perform its duties in terms of this Act subject to the Financial Sector Regulation Act. (2) The Prudential Authority, in re- spect of sections 9 to 15, 25 and 36 to 42, must act with the concurrence of the Financial Sector Conduct Authority. (3) The Prudential Authority or the Financial Sector Conduct Authority, as the case may be, in respect of sections 18, 21 and 57, must act with the concur- rence of the other Authority.’’.
  93. 5

    The repeal of section 5.

    Verify source ↗

    AI-assisted research summary: This section concerns the repeal of section 5.

    5. The repeal of section 5. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 341 337 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (6) ’n Verwysing na ’n inspeksie ingevolge ’n bepaling van hierdie Wet moet gelees word as ’n verwysing na ’n ondersoek ingevolge die ‘Financial Sector Regulation Act’. (7) Die verwysing in artikels 3(3) en 21(3) na ’n appèl tot die appèlraad ingestel by artikel 26 van die Wet op die Raad op Finansiële Dienste, moet gelees word as ’n verwysing na ’n heroorweging van die besluit deur die Tribunaal ingevolge die ‘Financial Sector Regulation Act’. (8) ’n Verwysing in hierdie Wet na bepaalde of voorgeskrewe gelde moet gelees word as ’n verwysing na die tersaaklike gelde bepaal ingevolge artikel 237 en Hoofstuk 16 van die ‘Financial Sector Regulation Act’. Reguleringsinstrumente
  94. 1B

    By die toepassing van die

    Verify source ↗

    AI-assisted research summary: For this definition, a matter prescribed by the Authority and requiring Gazette notice under this Act counts as a “regulatory instrument.”

    1B. By die toepassing van die omskrywing van ‘reguleringsinstrument’ (‘regulatory instrument’) in artikel 1(1) van die ‘Financial Sector Regulation Act’, is enige aangeleentheid wat deur die Owerheid voorgeskryf is ten opsigte waarvan kennisgewing in die Staatskoerant spesifiek deur hierdie Wet vereis word, ’n reguleringsinstrument.’’.
  95. 3

    Artikel 2 word deur die volgende

    Verify source ↗

    AI-assisted research summary: The Authority must exercise its powers and perform its duties under the Act, subject to the Financial Sector Regulation Act, and some actions need consent from the other authority.

    3. Artikel 2 word deur die volgende artikel vervang: ‘‘Uitoefening van bevoegdhede en verrigting van pligte deur Owerheid 2. (1) Die Owerheid, by die vervulling van sy verantwoordelikheid om hierdie Wet in werking te stel, moet sy bevoegdhede uitoefen en sy pligte verrig ingevolge hierdie Wet behoudens die ‘Financial Sector Regulation Act’. (2) Die Voorsorgowerheid, ten opsigte van artikels 9 tot 15, 25 en 36 tot 42, moet met die instemming van die Gedragsowerheid vir die Finansiële Sektor optree. (3) Die Voorsorgowerheid of die Gedragsowerheid vir die Finansiële Sektor, na gelang van die geval, ten opsigte van artikels 18, 21 en 57 moet met die instemming van die ander Owerheid optree.’’.
  96. 5

    Artikel 5 word herroep.

    Verify source ↗

    AI-assisted research summary: Artikel 5 is repealed.

    5. Artikel 5 word herroep. This gazette is also available free online at www.gpwonline.co.za
  97. 342

    No. 41060

    Verify source ↗

    AI-assisted research summary: This excerpt only shows a section heading/table header about repeal or amendment, not an operative rule.

    342 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 338
  98. 6

    The amendment of section 9—

    Verify source ↗

    AI-assisted research summary: This amendment changes the section 9 registration test so the applicant must satisfy the Authority about compliance, fit and proper persons, and ownership/control fit and proper requirements, and registration must not be contrary to policyholders’ or the public interest.

    6. The amendment of section 9— (a) by the substitution in subsection (3) for paragraph (b) of the following para- graph: ‘‘(b) unless the applicant demon- strates to the satisfaction of the Authority that— (i) it complies and has taken appropriate measures to continue to comply with the governance and risk management framework and financial soundness requirements of this Act; (ii) its directors and managing executives meet the fit and proper requirements; and (iii) any persons that directly or indirectly control or own that applicant within the meaning of section 25 meet the fit and proper requirements.’’; and (b) by the addition in subsection (3) of the following paragraph: ‘‘(cA) if registration will be con- trary to the interests of pro- spective policyholders or the public interest.’’.
  99. 7

    The amendment of section 10 by the

    Verify source ↗

    AI-assisted research summary: This section amends section 10 by adding a new paragraph about the short-term insurer’s business arrangements, including outsourcing arrangements it may enter into.

    7. The amendment of section 10 by the insertion after paragraph (f) of the follow- ing paragraph: ‘‘(fA) relating to the business arrange- ments of the short-term insurer, including, but not limited to, the outsourcing arrangements that the short-term insurer may enter into;’’.
  100. 8

    The amendment of section 11 by the

    Verify source ↗

    AI-assisted research summary: The Authority may notify a short-term insurer and change, delete, replace, or add conditions tied to its registration.

    8. The amendment of section 11 by the substitution for subsection (1) of the fol- lowing subsection: ‘‘(1) The [Registrar] Authority may, by notice to the short-term insurer, amend, delete, replace or impose addi- tional conditions contemplated in section 10, subject to which the short-term in- surer is registered or deemed to be regis- tered— (a) upon application of a short-term insurer and having regard, with the necessary changes required by the context, to section 9(3)(b); This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 343 339 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo
  101. 6

    Artikel 9 word gewysig—

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    AI-assisted research summary: Registration can be refused unless the applicant satisfies the Authority about its compliance, management fit and proper status, and control/ownership fitness.

    6. Artikel 9 word gewysig— (a) deur in subartikel (3) paragraaf (b) deur die volgende paragraaf te vervang: ‘‘(b) tensy die aansoeker tot bevrediging van die Owerheid demonstreer dat— (i) die aansoeker voldoen aan, en gepaste stappe gedoen het om voort te gaan om te voldoen aan, hierdie Wet se vereistes vir ’n beheer- en risiko- bestuurraamwerk en finansiële gesondheid; (ii) die aansoeker se direkteure en uitvoerende bestuurders voldoen aan die vereistes vir gepast- heid en geskiktheid; en (iii) enige persone wat daardie aansoeker regstreeks of onregstreeks beheer of besit binne die betekenis van artikel 25, aan die vereistes vir geskiktheid en gepastheid voldoen.’’; en (b) deur die volgende paragraaf in subartikel (3) by te voeg: ‘‘(cA) indien registrasie onbestaan- baar met die belange van voornemende polishouers of die openbare belang sal wees.’’.
  102. 7

    Artikel 10 word gewysig deur die

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    AI-assisted research summary: The provision adds a paragraph about the short-term insurer’s business arrangements, including outsourcing arrangements it may enter into.

    7. Artikel 10 word gewysig deur die volgende paragraaf na paragraaf (f) in te voeg: ‘‘(fA) in verband met die besigheids- reëlings van die korttermyn- versekeraar, met inbegrip van, maar nie beperk nie tot, die uitbestedingsreëlings wat die korttermynversekeraar kan aangaan;’’.
  103. 8

    Artikel 11 word gewysig deur

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    AI-assisted research summary: The Registrar Authority may, by notice to a short-term insurer, amend, delete, replace, or add conditions under which the insurer is registered or deemed registered.

    8. Artikel 11 word gewysig deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Die [Registrateur] Owerheid kan, by kennisgewing aan die korttermynversekeraar, voorwaardes in artikel 10 beoog, wysig, skrap, vervang of bykomende voorwaardes oplê, onderworpe waaraan die korttermynversekeraar geregistreer is of geag word geregistreer te wees— (a) by aansoek van ’n korttermynversekeraar en met inagneming, met die nodige This gazette is also available free online at www.gpwonline.co.za
  104. 344

    No. 41060

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    AI-assisted research summary: The Registrar may, by notice, vary or replace a short-term insurer’s registration condition in specified cases.

    344 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 340 (aA) when in the public interest or the interests of the policyholders or potential policyholders of the short-term insurer; (b) when acting in accordance with (c) section 12(2) or (3), or when giv- ing an authorisation in accordance with section 34(2)(a), in relation to a short-term insurer; or if a short-term insurer has ceased to enter into certain short-term policies determined by the [Regis- trar] Authority to an extent which no longer justifies its continued registration in respect of those policies, and the short-term insurer has been allowed at least 30 days in which to make representations in respect of the matter [,by notice to the short-term insurer vary a condition, subject to which the short-term insurer is registered or deemed to be registered, by amending or deleting it, or deter- mine a new condition contem- plated in section 10].’’.
  105. 9

    The deletion in section 21 of subsec-

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    AI-assisted research summary: This provision deletes subsection (3) from section 21.

    9. The deletion in section 21 of subsec- tion (3).
  106. 10

    The amendment of section 25—

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    AI-assisted research summary: A person may not acquire or hold shares or another financial interest in a short-term insurer, or its related party, without prior approval from the Registrar Authority if it would give control.

    10. The amendment of section 25— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) Subject to this section, no person shall, directly or indirectly, and without the prior approval of the [Registrar] Authority, acquire or hold shares or any other financial interest in a short-term insurer or a related party of that short-term in- surer which results in that person, directly or indirectly, alone or with a related party, exercising control within the meaning of section 2(2) of the Companies Act over that short-term insurer.’’; (b) by the substitution in subsection (2) for paragraphs (a) and (b) of the following paragraphs: ‘‘(a) prior to the conversion of shares issued with a nominal value or par value in accor- dance with the Companies Act, This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 345 341 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo veranderinge deur die samehang vereis, van artikel 9(3)(b); (c) (aA) wanneer dit in die openbare belang of die belange van die polishouers of potensiële polishouers van die korttermynversekeraar is; (b) wanneer ooreenkomstig artikel 12(2) of (3), gehandel word of wanneer magtiging ooreenkomstig artikel 34(2)(a), met betrekking tot ’n korttermynversekeraar, verleen word; of indien ’n korttermynversekeraar opgehou het om sekere korttermynpolisse deur die [Registrateur] Owerheid bepaal, af te sluit in die mate wat nie langer sy voortgesette registrasie ten opsigte van daardie polisse regverdig nie, en die korttermynversekeraar minstens 30 dae toegelaat is om vertoë ten opsigte van die aangeleentheid te rig[, by kennisgewing aan die korttermynversekeraar ’n voorwaarde, behoudens waaraan die korttermynversekeraar geregistreer is of geag word geregistreer te wees, verander deur dit te wysig of te skrap, of ’n nuwe voorwaarde in artikel 10 beoog, bepaal].’’.
  107. 9

    Subartikel (3) in artikel 21 word

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    AI-assisted research summary: This provision deletes subarticle (3) in article 21.

    9. Subartikel (3) in artikel 21 word geskrap.
  108. 10

    Artikel 25 word gewysig—

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    AI-assisted research summary: No person may buy or hold shares or another financial interest in a short-term insurer, or its related party, without prior approval if that would give the person control.

    10. Artikel 25 word gewysig— (a) deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) Behoudens hierdie artikel, mag geen persoon, regstreeks of onregstreeks, en sonder die vooraf goedkeuring van die [Registrateur] Owerheid, aandele of enige ander finansiële belang in ’n korttermyn- versekeraar of verwante party van daardie korttermynversekeraar verkry of hou wat tot gevolg het dat daardie persoon, regstreeks of onregstreeks, alleen of saam met ’n verwante party, beheer binne die betekenis van artikel 2(2) van die Maatskappywet oor daardie korttermynversekeraar uitoefen nie.’’; (b) deur in subartikel (2) paragrawe (a) en (b) deur die volgende paragrawe te vervang: ‘‘(a) voor die omskakeling van aandele uitgereik met ’n nominale waarde of pariwaarde This gazette is also available free online at www.gpwonline.co.za
  109. 346

    No. 41060

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    AI-assisted research summary: Approval is not to be given if the person does not meet the fit and proper requirements, and the shareholding threshold is 15 per cent.

    346 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title Extent of repeal or amendment 342 (b) the aggregate nominal value of those shares, by itself or to- gether with the aggregate nomi- nal value of the shares already owned by that person or by that person and related parties, will amount to [25] 15 per cent or more of the total nominal value of all of the issued shares of the short-term insurer concerned; after the conversion of shares issued with a nominal value or par value in accordance with the Companies Act, the total number of those shares, by it- self or together with the total number of the shares already owned by that person or by that person and related parties, will amount to [25] 15 per cent or more of all the shares in a spe- cific class of shares issued by the short-term insurer con- cerned.’’; (c) by the substitution in subsection (3) for the words preceding paragraph (a) of the following words: ‘‘(3) The approval referred to in subsection (1) or (2)—’’; (d) by the insertion in subsection (3) after paragraph (a) of the following para- graph: ‘‘(aA) shall not be given if the per- son does not meet the fit and proper requirements;’’; (e) by the substitution in subsection (4)(a) for the words preceding subparagraph (i) of the following words: ‘‘compelling such shareholder to reduce, within a period determined by the Court, that shareholding to a shareholding not exceeding [25] 15 per cent of—’’; and (f) by the deletion of subsections (5) and (6).
  110. 11

    The amendment of section 55 by

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    AI-assisted research summary: This provision amends section 55 by deleting subsections (2)(f) and (4).

    11. The amendment of section 55 by the deletion of subsections (2)(f) and (4).
  111. 12

    The amendment of section 65 by the

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    AI-assisted research summary: This section amends section 65 to add or change compliance and shareholding-approval rules, including a 15 percent threshold and a fit-and-proper requirement.

    12. The amendment of section 65 by the substitution in subsection (1) for paragraph (a) of the following paragraph: ‘‘(a) contravenes or fails to comply with a provision of a notice, directive or request referred to in section [4(2), (3) or (4),] 21(1) or (2), 26(1), 34(2)(a) or 35(2);’’. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 347 343 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (b) ooreenkomstig die Maatskappywet, indien die totale nominale waarde van daardie aandele, opsigself of tesame met die totale nominale waarde van die aandele alreeds deur daardie persoon of daardie persoon en verwante partye besit, [25] 15 persent of meer van die totale nominale waarde van al die uitgereikte aandele van die betrokke korttermynversekeraar sal bedra; na die omskakeling van aandele met ’n nominale waarde of pariwaarde uitgereik ooreenkomstig die Maatskappywet, die totale getal van daardie aandele, opsigself of tesame met die aandele wat daardie persoon of daardie persoon en verwante partye reeds besit, meer as [25] 15 persent of meer van al die aandele in ’n bepaalde klas aandele deur die betrokke korttermynversekeraar uitgereik, sal beloop.’’; (c) deur in subartikel (3) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘(3) Die goedkeuring in subartikel (1) of (2) bedoel—’’; (d) deur die volgende paragraaf na paragraaf (a) in subartikel (3) in te voeg: ‘‘(aA) word nie gegee nie as die persoon nie aan die vereistes vir geskiktheid en gepastheid voldoen nie;’’; (e) deur in subartikel (4)(a) die woorde wat subparagraaf (i) voorafgaan deur die volgende woorde te vervang: ‘‘(i) om so ’n aandeelhouer te verplig om, binne ’n tydperk deur die Hof bepaal, daardie aandeelhouding te verminder tot ’n aandeelhouding van hoogstens [25] 15 persent van—’’ (f) deur subartikels (5) en (6) te skrap.
  112. 11

    Artikel 55 word gewysig deur

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    AI-assisted research summary: Article 55 is amended by deleting subsections (2)(f) and (4).

    11. Artikel 55 word gewysig deur subartikels (2)(f) en (4) te skrap.
  113. 12

    Artikel 65 word gewysig deur in

    Verify source ↗

    AI-assisted research summary: This provision amends Article 65 by replacing paragraph (a) in subsection (1).

    12. Artikel 65 word gewysig deur in subartikel (1) paragraaf (a) deur die volgende paragraaf te vervang: ‘‘(a) ’n bepaling van ’n kennisgewing, lasgewing of versoek in artikel This gazette is also available free online at www.gpwonline.co.za
  114. 348

    No. 41060

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    AI-assisted research summary: This fragment is a table heading about the extent of repeal or amendment.

    348 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 344 Act No. and year Short Title Extent of repeal or amendment
  115. 13

    The repeal of section 66.

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    AI-assisted research summary: This section repeals section 66.

    13. The repeal of section 66.
  116. 14

    The amendment of Schedule 1—

    Verify source ↗

    AI-assisted research summary: This section amends Schedule 1 so that certain instruments and markets must meet criteria approved by the Authority, and those approvals may come with conditions set by the Authority.

    14. The amendment of Schedule 1— (a) by the substitution in Item 2(b) for sub- paragraph (i) of the following subpara- graph: ‘‘(i) an over-the-counter instrument, it is capable of being readily closed out and is entered into with a counterparty that com- plies with criteria [for which the relevant criteria have been] approved by the [Regis- trar] Authority and any [sub- ject to such] conditions as [he or she] the Authority may de- termine;’’ and (b) by the substitution in Item 2(b) for sub- paragraph (iii) of the following sub- paragraph: ‘‘(iii) any other instrument, it is regularly traded on a licensed stock exchange in the Repub- lic, or on any other financial market in the Republic ap- proved by the [Registrar sub- ject to such conditions as he or she may determine] Au- thority, which approval may be subject to conditions deter- mined by the Authority.’’.
  117. 15

    The amendment of Schedule 3 by the

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    AI-assisted research summary: This section amends Schedule 3 so that the Authority may determine the conditions.

    15. The amendment of Schedule 3 by the substitution in Item 6(3) for paragraph (c) of the following paragraph: ‘‘(c) subject to the conditions [he or she] that the Authority may deter- mine.’’.
  118. 1B

    Regulatory instruments’’; and

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    AI-assisted research summary: This provision repeals the whole of Act No. 80 of 1998 and substitutes item 2 with a new title about the exercise of powers and performance of duties by the Authority.

    1B. Regulatory instruments’’; and (b) by the substitution for item 2 of the following item: ‘‘2. Exercise of powers and perfor- mance of duties by Authority’’. Act No. 80 of 1998 Inspection of Financial Institu- tions Act, 1998 The repeal of the whole Act This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 349 345 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo [4(2), (3) of (4),] 21(1) of (2), 26(1), 34(2)(a) of 35(2) bedoel, oortree of versuim om daaraan te voldoen;’’.
  119. 13

    Artikel 66 word herroep.

    Verify source ↗

    AI-assisted research summary: Article 66 is repealed.

    13. Artikel 66 word herroep.
  120. 14

    Bylae 1 word gewysig—

    Verify source ↗

    AI-assisted research summary: This section amends Schedule 1 by replacing two subparagraphs about which instruments qualify and how the Authority may approve them.

    14. Bylae 1 word gewysig— (a) deur in Item 2(b) subparagraaf (i) deur die volgende subparagraaf te vervang: ‘‘(i) ’n oor-die-toonbank instrument, dit in staat is om geredelik gerealiseer te word en dit afgesluit word met ’n teenparty [vir wie die betrokke keuringsmaatstawwe] wat aan maatstawwe voldoen wat goedgekeur is deur die [Registrateur behoudens die] Owerheid en enige voorwaardes wat [hy of sy] die Owerheid bepaal;’’ en (b) deur in item 2(b) subparagraaf (iii) deur die volgende subparagraaf te vervang: ‘‘(iii) enige ander instrument, dit gereeld op ’n gelisensieerde aandelebeurs in die Republiek, of op enige ander finansiële mark in die Republiek deur die [Registrateur] Owerheid goedgekeur [behoudens], welke goedkeuring onderhewig is aan [die] voorwaardes wat [hy of sy] die Owerheid bepaal, verhandel word.’’.
  121. 15

    Bylae 3 word gewysig deur in Item

    Verify source ↗

    AI-assisted research summary: This section amends Schedule 3, item 6(3)(c), replacing the paragraph with wording that makes it subject to conditions determined by the Authority.

    15. Bylae 3 word gewysig deur in Item 6(3) paragraaf (c) deur die volgende paragraaf te vervang: ‘‘(c) behoudens die voorwaardes wat [hy of sy] die Owerheid bepaal.’’.
  122. 16

    Die indeling van artikels word

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    AI-assisted research summary: This section amends the article layout by inserting new items after item 1, including item 1A on the relationship between the Act and the Financial Sector Regulation Act.

    16. Die indeling van artikels word gewysig— (a) deur die volgende items na item 1 in te voeg: ‘‘1A. Verhouding tussen Wet en ‘Financial Sector Regulation Act’
  123. 1B

    Reguleringsinstrumente; en’’.

    Verify source ↗

    AI-assisted research summary: This provision repeals the whole Act.

    1B. Reguleringsinstrumente; en’’. (b) deur item 2 deur die volgende item te vervang: ‘‘2. Uitoefening van bevoegdhede en verrigting van pligte deur Owerheid’’. Die hele Wet word herroep. Wet No. 80 van 1998 Wet op Inspeksie van Finansiële Instellings, 1998 This gazette is also available free online at www.gpwonline.co.za
  124. 350

    No. 41060

    Verify source ↗

    AI-assisted research summary: This text only shows the section heading and reference details; it does not state a substantive rule.

    350 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Act No. 28 of 2001 Short Title Financial Institutions (Protection of Funds) Act, 2001 346 Extent of repeal or amendment
  125. 1

    The amendment of section 1—

    Verify source ↗

    AI-assisted research summary: This section amends section 1 by deleting some definitions and inserting or replacing others, including defining “Authority” and “Financial Sector Regulation Act.”

    1. The amendment of section 1— (a) by the deletion of the definitions of ‘‘administrative sanction’’ and ‘‘appli- cant’’; (b) by the insertion before the definition of ‘‘Companies Act’’ of the following definition: ‘‘ ‘Authority’ means the Financial Sector Conduct Authority estab- lished in terms of section 56 of the Financial Sector Regulation Act;’’; (c) by the deletion of the definitions of ‘‘board’’, ‘‘determination’’, ‘‘director- ate’’, ‘‘enforcement committee’’ and ‘‘financial institution’’; (d) by the insertion after the definition of ‘‘financial institution’’ of the following definition: ‘‘ ‘Financial Sector Regulation Act’ means the Financial Sector Regulation Act, 2017;’’; (e) by the substitution for the definition of ‘‘institution’’ of the following defini- tion: ‘‘ ‘institution’, for the purposes of sections 5[, 6, 9] and 10, means— (a) a [financial institution] super- vised entity; (b) any person, partnership, com- pany or trust in which, or in the business of which, a [financial institution] supervised entity or an unregistered person has or had a direct or indirect interest; (c) any person, partnership, com- pany or trust which has or had a direct or indirect interest in a [financial institution] super- vised entity or unregistered per- son, or in the business of a [fi- nancial institution] supervised entity or an unregistered person; (d) a participating employer in a pension fund organisation; (e) any person, partnership, com- pany or trust that controls, man- ages or administers the affairs or part of the affairs of a [financial institution] supervised entity or an unregistered person; or (f) any unregistered person;’’; (f) by the substitution for the definition of ‘‘law’’ of the following definition: ‘‘ ‘law’, for the purposes of section 5A, means— (a) this Act; (b) the Pension Funds Act, 1956 (Act No. 24 of 1956); the Friendly Societies Act, 1956 (Act No. 25 of 1956); the Close Corporations Act, 1984 (Act No. 69 of 1984); (c) (d) This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 351 Nomoro ya Molao le ngwaga Wet No. 28 van 2001 Setlhogo se se khutshwane Wet op Finansiële Instellings (Beskerming van Fondse), 2001 347 Bogolo jwa phimolo kgotsa tlhabololo

Part

part of the affairs of a [financial

  1. 1

    Artikel 1 word gewysig—

    Verify source ↗

    AI-assisted research summary: This section amends definitions in the Act, including inserting and replacing certain terms and deleting others.

    1. Artikel 1 word gewysig— (a) deur die omskrywings van ‘‘aansoeker’’, ‘‘administratiewe sanksie’’ en ‘‘afdwingingskomitee’’ te skrap; (b) deur die omskrywings van ‘‘direktoraat’’ en ‘‘finansiële instelling’’ te skrap; (c) deur die volgende omskrywing na die omskrywing van ‘‘finansiële instelling’’ in te voeg: ‘‘ ‘Financial Sector Regulation Act’ die ‘Financial Sector Regula- tion Act’, 2017;’’; (d) deur die omskrywing van ‘‘instelling’’ deur die volgende omskrywing te vervang: ‘‘ ‘instelling’ by die toepassing van artikels 5[, 6, 9] en 10— (e) ’n [finansiële instelling] entiteit onder toesig; (f) enige persoon, vennootskap, maatskappy of trust waarin, of in die besigheid waarvan, ’n [finansiële instelling] entiteit onder toesig of ’n ongeregistreerde persoon ’n regstreekse of onregstreekse belang het of gehad het; (g) enige persoon, vennootskap, maatskappy of trust wat ’n regstreekse of onregstreekse belang in ’n [finansiële instelling] entiteit onder toesig of ongeregistreerde persoon, of in die besigheid van ’n [finansiële instelling] entiteit onder toesig of ongeregistreerde persoon het of gehad het; (h) ’n deelnemende werkgewer in ’n pensioenfondsorganisasie; (i) enige persoon, vennootskap, maatskappy of trust wat die sake of deel van die sake van ’n [finansiële instelling] entiteit onder toesig of ’n ongeregistreerde persoon beheer, bestuur of administreer; (j) enige ongeregistreerde persoon;’’; (k) deur die volgende omskrywing voor die omskrywing van ‘‘persoon’’ in te voeg: ‘‘ ‘Owerheid’ die Gedragsowerheid vir die Finansiële Sektor, ingestel ingevolge artikel 56 van die ‘Finan- cial Sector Regulation Act’;’’; (l) deur die omskrywing van ‘‘registrateur’’ deur die volgende omskrywing te vervang: ‘‘ ‘registrateur’— (a) [die registrateur soos omskryf in enige van die Wette vermeld in paragraaf (a) van die This gazette is also available free online at www.gpwonline.co.za
  2. 352

    No. 41060

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    AI-assisted research summary: This section changes some definitions, including ‘registrar’ and ‘law’, and deletes the definition of ‘respondent’.

    352 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 348 Act No. and year Short Title Extent of repeal or amendment (e) (i) (f) (g) (h) the Trust Property Control Act, 1988 (Act No. 57 of 1988); the Banks Act, 1990 (Act No. 94 of 1990); the Mutual Banks Act, 1993 (Act No. 124 of 1993); the Long-term Insurance Act, 1998 (Act No. 52 of 1998); the Short-term Insurance Act, 1998 (Act No. 53 of 1998); the Medical Schemes Act, 1998 (Act No. 131 of 1998); the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001); the Financial Advisory and Inter- mediary Services Act, 2002 (Act No. 37 of 2002); (m) the Collective Investment (k) (j) (l) (n) (o) (p) Schemes Control Act, 2002 (Act No. 45 of 2002); the Co-operative Banks Act, 2007 (Act No. 40 of 2007); the Companies Act, 2008 (Act No. 71 of 2008); the Financial Markets Act, 2012 (Act No. 19 of 2012); the Credit Rating Services Act, 2012 (Act No. 24 of 2012); including any subordinate legislation, enactment or regulatory instrument made under these Acts;’’; (q) (g) by the substitution for the definition of ‘‘registrar’’ of the following definition: ‘‘ ‘registrar’ means— (a) the Authority [the registrar as defined in any of the Acts referred to in para- graph (a) of the definition of ‘‘financial institution’’ in section 1 of the Finan- cial Services Board Act, 1990; the executive officer de- fined in section 1 of the Financial Services Board Act, 1990;] or (b) [(c)](b) [except for the purposes of sections 6A to 6I,] the reg- istrar of medical schemes referred to in section 1 of the Medical Schemes Act, 1998;’’; (h) by the deletion of the definition of ‘‘re- spondent’’; and (i) by the addition in section 1 of the fol- lowing subsection, the existing section becoming subsection (1): ‘‘(2) Unless the context otherwise indicates, words and expressions not defined in subsection (1) have the same meaning ascribed to them in terms of the Financial Sector Regula- tion Act.’’. This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 353 349 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (b) omskrywing van ‘finansiële instelling’ in artikel 1 van die Wet op die Raad op Finansiële Dienste, 1990; die uitvoerende beampte omskryf in artikel 1 van die Wet op die Raad op Finansiële Dienste, 1990] die Owerheid; of [(c)](b) [behalwe vir die doeleindes van artikels 6A tot 6I,] die registrateur van mediese skemas bedoel in artikel 1 van die Wet op Mediese Skemas, 1998;’’; (m) deur die omskrywing van ‘‘raad’’, ‘‘respondent’’ en ‘‘vasstelling’’ te skrap; en (n) deur die omskrywing van ‘‘wet’’ deur die volgende omskrywing te vervang: ‘‘ ‘wet’ by die toepassing van artikel 5A— (a) hierdie Wet; (b) die Wet op Pensioenfondse, 1956 (Wet No. 24 van 1956); (c) die Wet op Onderlinge Hulpverenigings, 1956 (Wet No. 25 van 1956); (d) die Wet op Beslote Korporasies, 1984 (Wet No. 69 van 1984); (e) die Wet op die Beheer oor Trustgoed, 1988 (Wet No. 57 van 1988); (f) die Bankwet, 1990 (Wet No. 94 van 1990); (g) die Wet op Onderlinge Banke, 1993 (Wet No. 124 van 1993); (h) die Langtermynversekeringswet, 1998 (Wet No. 52 van 1998); (i) die Korttermynversekeringswet, 1998 (Wet No. 53 van 1998); (j) die Wet op Mediese Skemas, 1998 (Wet No. 131 van 1998); (k) die Wet op die Finansiële Intelligensiesentrum, 2001 (Wet No. 38 van 2001); (l) Wet op Finansiële Advies- en Tussengangersdienste, 2002 (Wet No. 37 van 2002); (m) Wet op Beheer van Kollektiewe Beleggingskemas, 2002 (Wet No. 45 van 2002); (n) die ‘Co-operative Banks Act’, 2007 (Wet No. 40 van 2007); (o) die Maatskappywet, 2008 (Wet No. 71 van 2008); (p) die ‘Financial Markets Act’, 2012 (Wet No. 19 van 2012); en (q) die ‘Credit Rating Services Act’, 2012 (Wet No. 24 van 2012); This gazette is also available free online at www.gpwonline.co.za
  3. 354

    No. 41060

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    AI-assisted research summary: This text appears to be a Gazette header or table heading for an amendment/repeal schedule, not a substantive rule.

    354 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 350 Act No. and year Short Title Extent of repeal or amendment
  4. 2

    The repeal of section 4A.

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    AI-assisted research summary: This section repeals section 4A.

    2. The repeal of section 4A.
  5. 3

    The amendment of section 5—

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    AI-assisted research summary: The curator of an institution must give the registrar any reports or information about the institution’s affairs that the registrar asks for.

    3. The amendment of section 5— (a) by the substitution in subsection (5) for paragraph (e) of the following para- graph: ‘‘(e) the costs incurred by the regis- trar in respect of an inspection of the affairs of the institution [concerned] that was con- ducted in terms of the Inspec- tion of Financial Institutions Act, 1998 (Act No. 80 of 1998) prior to its repeal, or a supervi- sory on-site inspection or in- vestigation in terms of the Fi- nancial Sector Regulation Act;’’; and (b) by the substitution for subsection (7) of the following subsection: ‘‘(7) The curator of an institution must furnish the registrar [of the institution concerned] with such reports or information concerning the affairs of that institution as the registrar may require.’’.
  6. 4

    The repeal of sections 6, 6A to 6I, 7, 9

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    AI-assisted research summary: This section repeals sections 6, 6A to 6I, 7, 9 and 9A of the Financial Intelligence Centre Act, 2001.

    4. The repeal of sections 6, 6A to 6I, 7, 9 and 9A. Act No. 38 of 2001 Financial Intelligence Centre Act, 2001
  7. 1

    The substitution in section 45E for

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    AI-assisted research summary: This section replaces the wording so that eligible Financial Sector Tribunal members are the appeal board members, and appeal board proceedings must follow this Act.

    1. The substitution in section 45E for subsections (2) and (3) of the following subsections: ‘‘(2) The members of the Financial Sector Tribunal established in terms of section 219 of the Financial Sector Regulation Act, 2017, and appointed in terms of section 220 of that Act, are the members of the appeal board. (3) Proceedings before the appeal board are to be conducted and deter- mined in accordance with this Act.’’.
  8. 2

    The deletion of section 45E(4) to (11)

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    AI-assisted research summary: This provision deletes section 45E(4) to (11) and (13).

    2. The deletion of section 45E(4) to (11) and (13). This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 355 351 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo ook enige ondergeskikte wetgewing, verordening of maatreël gemaak kragtens hierdie Wette;’’; (a) deur die volgende subartikel by die artikel te voeg, sodat die bestaande artikel subartikel (1) word: ‘‘(2) Tensy die samehang anders aandui, het woorde en uitdrukkings wat nie in subartikel (1) omskryf is nie, die betekenis wat in die ‘Finan- cial Sector Regulation Act’ daaraan toegeskryf is.’’.
  9. 2

    Artikel 4A word herroep.

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    AI-assisted research summary: Article 4A is repealed.

    2. Artikel 4A word herroep.
  10. 3

    Artikel 5 word gewysig—

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    AI-assisted research summary: The curator of an institution must give the relevant registrar the information about the institution’s affairs that the registrar requires.

    3. Artikel 5 word gewysig— (a) deur paragraaf (e) in subartikel (5) deur die volgende paragraaf te vervang: ‘‘(e) die koste opgeloop deur die registrateur met betrekking tot ’n inspeksie van die sake van die [betrokke] instelling gedoen ingevolge die Wet op Inspeksie van Finansiële Instellings, 1998 (Wet No. 80 van 1998), voor die herroeping daarvan, of ’n toesighoudende ter plaatse inspeksie of ondersoek ingevolge die ‘Financial Sector Regulation Act’;’’; en (b) deur subartikel (7) deur die volgende subartikel te vervang: ‘‘(7) Die kurator van ’n instelling moet aan die betrokke registrateur die [verslae of] inligting verskaf betreffende die sake van die instelling wat die registrateur vereis.’’.
  11. 4

    Artikels 6, 6A tot 6I, 7, 9 en 9A word

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    AI-assisted research summary: Articles 6, 6A to 6I, 7, 9, and 9A are repealed.

    4. Artikels 6, 6A tot 6I, 7, 9 en 9A word herroep.
  12. 1

    Artikel 45E(2) en (3) word

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    AI-assisted research summary: This section replaces the stated subsections so that certain Financial Services Tribunal members are the appeal board members, and appeal board proceedings must be handled under this Act.

    1. Artikel 45E(2) en (3) word onderskeidelik deur die volgende subartikels vervang: ‘‘(2) Die lede van die Tribunaal vir Finansiële Dienste ingestel ingevolge artikel 219 van die ‘Financial Sector Regulation Act’, 2017, en aangestel ingevolge artikel 220 van daardie Wet, is die lede van die appèlraad. (3) Verrigtinge voor die appèlraad moet ooreenkomstig hierdie Wet gehou en beslis word.’’.
  13. 2

    Artikels 45E(4) tot (11) en (13) word

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    AI-assisted research summary: Articles 45E(4) to (11) and (13) are deleted.

    2. Artikels 45E(4) tot (11) en (13) word geskrap. Wet No. 38 van 2001 Wet op Finansiële Intelligensie- sentrum, 2001 This gazette is also available free online at www.gpwonline.co.za
  14. 356

    No. 41060

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    AI-assisted research summary: This section heading indicates an extent of repeal or amendment related to the Financial Advisory and Intermediary Services Act, 2002.

    356 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Act No. 37 of 2002 Short Title Financial Advisory and Intermediary Services Act, 2002 352 Extent of repeal or amendment
  15. 1

    The amendment of section 1—

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    AI-assisted research summary: This section amends section 1 by adding and deleting definitions, and by adding a new paragraph to the definition of “financial product.”

    1. The amendment of section 1— (a) by the insertion in subsection (1) after the definition of ‘‘advice’’ of the fol- lowing definition: ‘‘ ‘alternative investment fund’ means a collective investment under- taking, including investment com- partments of a collective investment undertaking, constituted in any legal form, including in terms of a con- tract, by means of a trust, or in terms of statute, which— (a) raises capital from one or more investors to facilitate the partici- pation or interest in, subscrip- tion, contribution or commit- ment to, a fund or portfolio, with a view to investing it in accor- dance with a defined investment policy for the benefit of the in- vestors; and (b) does not require approval as a collective investment scheme in terms of the Collective Invest- ment Schemes Control Act, 2002 (Act No. 45 of 2002);’’; (b) by the insertion in subsection (1) after the definition of ‘‘authorised financial services provider’’ of the following definition: ‘‘ ‘Authority’ means the Financial Sector Conduct Authority estab- lished in terms of section 56 of the Financial Sector Regulation Act;’’; (c) by the deletion in subsection (1) of the definitions of ‘‘Board’’ and ‘‘board of appeal’’; (d) by the insertion before the definition of ‘‘client’’ of the following definition: ‘‘ ‘conduct standard’ has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act, 2017;’’; (e) by the insertion after the definition of ‘‘financial product’’ of the following definition: ‘‘ ‘Financial Sector Regulation Act’ means the Financial Sector Regulation Act, 2017;’’; (f) by the deletion in subsection (1) of the definition of ‘‘Financial Services Board Act’’; (g) by the insertion in subsection (1) in the definition of ‘‘financial product’’ after paragraph (g) of the following para- graph: ‘‘(gA) an investment, subscription, contribution, or commitment in an alternative investment fund;’’; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 357 Nomoro ya Molao le ngwaga Wet No. 37 van 2002 Setlhogo se se khutshwane Wet op Finansiële Advies- en Tussengangers- dienste, 2002 353 Bogolo jwa phimolo kgotsa tlhabololo
  16. 1

    Artikel 1 word gewysig—

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    AI-assisted research summary: This section amends definitions, including adding an “alternative investment fund” definition and a reference to the Financial Sector Regulation Act, 2017.

    1. Artikel 1 word gewysig— (a) deur in subartikel (1) die volgende omskrywing voor die omskrywing van ‘‘dokument’’ in te voeg: ‘‘ ‘alternatiewe beleggingsfonds’ ’n kollektiewe beleggingsonderneming, met inbegrip van beleggings- kompartemente van ’n kollektiewe beleggingsonderneming, in enige regmatige vorm daargestel, ook ingevolge ’n kontrak, by wyse van ’n trust, of ingevolge ’n statuut, wat— (a) kapitaal van een of meer belegger verkry om die deelname of belang in, intekening tot, bydrae tot of verbintenis tot ’n fonds of portefeulje te vergemaklik met die oog daarop om dit ooreenkomstig ’n omskrewe beleggingsbeleid tot voordeel van die beleggers te belê; en (b) vereis nie goedkeuring as ’n kollektiewe beleggingskema ingevolge die Wet op Beheer van Kollektiewe Belegging- skemas, 2002 (Wet No. 45 van 2002), nie;’’; (b) deur in subartikel (1) die omskrywings van ‘‘amptelike webwerf’’ en ‘‘appèlraad’’ te skrap; (c) deur in subartikel (1) die volgende omskrywing na die omskrywing van ‘‘dokument’’ in te voeg: ‘‘ ‘Financial Sector Regulation Act’ die ‘Financial Sector Regula- tion Act’, 2017;’’; (d) deur in subartikel (1) die volgende paragraaf na paragraaf (g) in die omskrywing van ‘‘finansiële produk‘‘ in te voeg: ‘‘(gA) ’n belegging, intekening, bydrae, of verbintenis in ’n saamgepotte fonds;’’; (e) deur in subartikel (1) in die omskrywing van ‘‘finansiële produk’’ paragraaf (j) deur die volgende paragraaf te vervang: ‘‘(j) enige finansiële produk uitgereik deur enige buitelandse produkverskaffer [en bemark in die Republiek] en wat na aard en karakter wesenlik soortgelyk is aan of ooreenstemmend is met ’n finansiële produk bedoel in paragrawe (a) tot en met (i);’’; This gazette is also available free online at www.gpwonline.co.za
  17. 358

    No. 41060

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    AI-assisted research summary: This section amends several definitions in an existing financial law and adds new defined terms linked to the Financial Sector Regulation Act.

    358 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 354 Extent of repeal or amendment (h) by the substitution in subsection (1) in the definition of ‘‘financial product’’ for paragraph (j) of the following para- graph: ‘‘(j) any financial product issued by any foreign product supplier [and marketed in the Repub- lic] and which in nature and character is essentially similar or corresponding to a financial product referred to in paragraph (a) to (i), inclusive;’’; (i) by the substitution in subsection (1) for the definition of ‘‘fit and proper require- ments’’ of the following definition: ‘‘ ‘fit and proper requirements’ means the requirements [published under] referred to in section 6A;’’; (j) by the substitution in subsection (1) for the definition of ‘‘intermediary service’’ of the following definition: ‘‘ ‘intermediary service’ means, subject to subsection (3)(b), any act other than the furnishing of advice, performed by a person [for or on behalf of a client or product sup- plier]— (a) the result of which is that a client may enter into, offers to enter into or enters into any transaction in respect of a financial product [with a product supplier]; or (b) with a view to— (i) buying, selling or otherwise dealing in (whether on a discretionary or non-discre- tionary basis), managing, administering, keeping in safe custody, maintaining or servicing a financial product [purchased by a client from a product supplier or in which the client has in- vested]; (ii) collecting or accounting for premiums or other moneys payable by the client [to a product supplier] in re- spect of a financial product; or (iii) receiving, submitting [or], processing or settling the claims of a client [against a product supplier] in re- spect of a financial prod- uct;’’; This gazette is also available free online at www.gpwonline.co.za Molao wa Taolo ya Lephata la Ditshelete , 2017 Nmr 9 ya 2017 GOVERNMENT GAZETTE, 22 AUGUST 2017 No. 41060 359 355 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (f) deur in subartikel (1) die volgende omskrywing na die omskrywing van ‘‘gedragskode’’ in te voeg: ‘‘ ‘gedragstandaard’ dit wat in artikel 1(1) van die ‘Financial Sector Regulation Act’, aan ‘conduct stan- dard’ toegeskryf is;’’; (g) deur in subartikel (1) die volgende omskrywing na die omskrywing van ‘‘gematigde verskaffer van finansiële dienste’’ die volgende omskrywing in te voeg: ‘‘ ‘gesamentlike standaard’ het die betekenis ingevolge artikel 1(1) van die ‘Financial Sector Regulation Act’ aan ‘joint standard’ toegeskryf;’’; (h) deur in subartikel (1) die volgende omskrywing na die omskrywing van ‘‘Ombud’’ in te voeg: ‘‘ ‘Ombudsraad’ die raad ingevolge artikel 175 van die ’Financial Sector Regulation Act’ ingestel;’’; (i) deur in subartikel (1) na die omskrywing van ‘‘ouditeur’’ die volgende omskrywing in te voeg: ‘‘ ‘Owerheid’ die Gedragsraad op die Finansiële Sektor ingestel ingevolge artikel 56 van die ‘Financial Sector Regulation Act’;’’; (j) deur in subartikel (1) die omskrywing van ‘‘Raad’’ te skrap; (k) deur in subartikel (1) die volgende omskrywing na die omskrywing van ‘‘reël’’ in te voeg: ‘‘ ‘Register’ die Inligtingsregister op die Finansiële Sektor in artikel 256 van die ‘Financial Sector Regulation Act’ bedoel;’’; (l) deur in subartikel (1) die omskrywing van ‘‘registrateur’’ te skrap; (m) deur in subartikel (1) na die omskrywing van ‘‘sleutelpersoon’’ die volgende omskrywing in te voeg: ‘‘ ‘Tribunaal’ die Tribunaal vir Finansiële Dienste ingestel ingevolge artikel 219 van die ‘Financial Sector Regulation Act’;’’; (n) deur in subartikel (1) die omskrywing van ‘‘tussengangersdiens’’ deur die volgende omskrywing te vervang: ‘‘ ‘tussengangersdiens’ behoudens subartikel (3)(b), enige ander handeling as die verskaffing van advies, verrig deur ’n persoon [vir of namens ’n kliënt of produkvoorsiener]— (a) waarvan die gevolg is dat ’n kliënt enige transaksie ten opsigte van ’n finansiële produk [met ’n produkvoorsiener] kan This gazette is also available free online at www.gpwonline.co.za

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