Financial Sector Regulation Act
Part 6 of 8 · provisions 1,001–1,200
This provision text only shows headings and the table of contents for section 4 of the Financial Sector Regulation Act, 2017.
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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.
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Provisions of Financial Sector Regulation Act
Showing 200 of 1,463
Part
part of the affairs of a [financial
- 360 Verify source ↗
No. 41060
AI-assisted research summary: This section adds and changes definitions, and says undefined words generally keep the meanings from the Financial Sector Regulation Act unless context shows otherwise.
360 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 356 Extent of repeal or amendment (k) by the insertion in subsection (1) after the definition of ‘‘intermediary ser- vice’’ 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;’’; (l) by the deletion in subsection (1) of the definition of ‘‘official web site’’; (m) by the insertion in subsection (1) after the definition of ‘‘Ombud’’ of the following definition: ‘‘ ‘Ombud Council’ means the council established in terms of sec- tion 175 of the Financial Sector Regulation Act;’’; (n) by the insertion after the definition of ‘‘product supplier’’ 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;’’; (o) 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;’’; (p) by the deletion in subsection (1) of the definition of ‘‘registrar’’; (q) by the insertion in subsection (1) after definition of ‘‘this Act’’ of the follow- ing definition: ‘‘ ‘Tribunal’ means the Financial Services Tribunal established in terms of section 219 of the Financial Sector Regulation Act;’’; (r) by the deletion of subsection (3)(b)(ii); and (s) by the addition of the following subsec- tion: ‘‘(7) 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 361 357 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo aangaan, aanbied om dit aan te gaan of dit aangaan; of (b) met die oog daarop om— (i) ’n finansiële produk [gekoop deur ’n kliënt van ’n produkvoorsiener of waarin die kliënt belê het,] te koop, te verkoop of andersins daarin te handel (hetsy op ’n diskresionêre of nie-diskresionêre basis), te bestuur, te administreer, in veilige bewaring te hou, in stand te hou of te diens; (ii) premies of ander gelde betaalbaar deur die kliënt [aan ’n produkvoorsiener] ten opsigte van ’n finansiële produk in te vorder of daarvoor rekenpligtigheid te aanvaar; of (iii) die eise van ’n kliënt [teen ’n produkvoorsiener] ten opsigte van ’n finansiële produk te ontvang, in te dien [of], te prosesseer of te skik;’’; (o) deur in subartikel (1) die omskrywing van ‘‘vereistes vir geskiktheid en gepastheid’’ deur die volgende omskrywing te vervang: ‘‘ ‘vereistes vir geskiktheid en gepastheid’ die vereistes in artikel 6A [gepubliseer] bedoel;’’; (p) deur in subartikel (1) na die omskrywing van ‘‘voorskryf’’ die volgende omskrywing in te voeg: ‘‘ ‘voorsorgstandaard’ dit wat ingevolge artikel 1(1) van die ‘Financial Sector Regulation Act’, 2016, aan ‘prudential standard’ toegeskryf is;’’; (q) deur in subartikel (1) die omskrywing van ‘‘Wet op die Raad op Finansiële Dienste’’ te skrap; (r) deur subartikel (3)(b)(ii) te skrap; en (s) deur die volgende subartikel by te voeg: ‘‘(7) 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.’’. This gazette is also available free online at www.gpwonline.co.za - 362 Verify source ↗
No. 41060
AI-assisted research summary: This text only shows a Gazette heading and table headers for repeal or amendment information.
362 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 358 Act No. and year Short Title Extent of repeal or amendment - 2 Verify source ↗
The insertion after section 1 before
AI-assisted research summary: This section says several references in the Act must be read differently, mainly as references to the Authority or the Register.
2. The insertion after section 1 before Chapter 1 of the following sections: ‘‘Relationship between Act and Finan- cial Sector Regulation Act 1A. (1) A reference in this Act to the Board or 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 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, 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. (6) A reference in this Act to an in- spection 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)(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. 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 363 359 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo
Part
Chapter 1 of the following sections:
- 2 Verify source ↗
Die volgende artikel word na artikel 1
AI-assisted research summary: This section says references in the Act must be read as references to the Authority in several situations, and the Authority may also publish information or documents on its website.
2. Die volgende artikel word na artikel 1 voor Hoofstuk 1 ingevoeg: ‘‘Verhouding tussen Wet en ‘Financial Sector Regulation Act’ 1A. (1) ’n Verwysing in hierdie Wet na die Raad of die registrateur moet as ’n verwysing na die Owerheid gelees word. (2) 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 ‘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 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, ’n gedragstandaard of ’n gesamentlike standaard 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) ’n Verwysing in hierdie Wet na ’n ter plaatse besoek ingevolge ’n bepaling van hierdie Wet, moet gelees word as ’n verwysing na ’n toesighoudende ter plaatse inspeksie ingevolge die ‘Finan- cial Sector Regulation Act’. (6) ’n Verwysing in hierdie Wet 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) (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 sy webwerf publiseer. This gazette is also available free online at www.gpwonline.co.za - 364 Verify source ↗
No. 41060
AI-assisted research summary: This section says certain references in the Act must be interpreted in a specific way.
364 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 360 (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. (9) 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. Regulatory instruments - 1B Verify source ↗
For the purposes of the definition
AI-assisted research summary: For the stated definition, certain fit and proper requirements, codes of conduct, and approval criteria/guidelines count as “regulatory instruments.”
1B. For the purposes of the definition of ‘‘regulatory instrument’’ in section 1 of the Financial Sector Regulation Act, fit and proper requirements determined in terms of section 6A, codes of conduct drafted under section 15 and criteria and guidelines for the approval of compli- ance officers determined under section 17(2) are regulatory instruments.’’. - 3 Verify source ↗
The repeal of section 2.
AI-assisted research summary: This section repeals section 2.
3. The repeal of section 2. - 4 Verify source ↗
The substitution in section 3(2)(b) for
AI-assisted research summary: This section replaces the text of section 3(2)(b)(i) with wording about “the fee payable” under the Act.
4. The substitution in section 3(2)(b) for subparagraph (i) of the following subpara- graph: ‘‘(i) the fee payable [in terms of this Act]; and’’. - 5 Verify source ↗
The deletion in section 4 of subsec-
AI-assisted research summary: This section states that section 4 is amended by deleting subsections (1), (5), and (6).
5. The deletion in section 4 of subsec- tions (1), (5) and (6). - 6 Verify source ↗
The substitution for section 6 of the
AI-assisted research summary: The Authority may delegate certain powers or duties in writing, and must be satisfied of a non-staff delegate’s capacity before delegating.
6. The substitution for section 6 of the following section: ‘‘Delegations 6. (1) The Authority may, in writing, delegate to any person a power or duty conferred upon the Authority under this Act in respect of any matter relating to a conduct standard referred to in section 6A(2)(a), (b) and (e). (2) The Authority must, where the delegation is to a person other than a staff member of the Authority, be satis- fied that the person has sufficient finan- cial, management, human resources and experience necessary for performing the delegated power or duty. (3) A delegation is subject to the limi- tations and conditions specified in the delegation. 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 365 361 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (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’. (9) ’n Verwysing in hierdie Wet na ’n appèl van ’n besluit van die Owerheid moet gelees word as ’n verwysing na ’n hersiening van die besluit van die Tribunaal ingevolge die ‘Financial Sector Regulation Act’. Reguleringsinstrumente - 1B Verify source ↗
By die toepassing van die
AI-assisted research summary: This provision says that certain requirements, codes, and guidelines count as “regulatory instruments” for the Act’s definition.
1B. By die toepassing van die omskrywing van ‘reguleringsinstrument’ (‘regulatory instrument’) in artikel 1 van die ‘Financial Sector Regulation Act’, is vereistes vir geskiktheid en gepastheid ingevolge artikel 6A bepaal, gedrags- kodes kragtens artikel 15 opgestel en maatstawwe en riglyne vir die goedkeuring van voldoeningsbeamptes kragtens artikel 17(2) bepaal, reguleringsinstrumente.’’. - 3 Verify source ↗
Artikel 2 word herroep.
AI-assisted research summary: Artikel 2 is repealed.
3. Artikel 2 word herroep. - 4 Verify source ↗
Subparagraaf (i) in artikel 3(2)(b)
AI-assisted research summary: This provision replaces subparagraph (i) in article 3(2)(b) with wording about fees payable under the Act.
4. Subparagraaf (i) in artikel 3(2)(b) word deur die volgende subparagraaf vervang: ‘‘(i) die gelde betaalbaar [ingevolge hierdie Wet]; en’’. - 5 Verify source ↗
Subartikels (1), (5) en (6) word uit
AI-assisted research summary: Subsections (1), (5), and (6) are deleted from section 4.
5. Subartikels (1), (5) en (6) word uit artikel 4 geskrap. - 6 Verify source ↗
Artikel 6 word deur die volgende
AI-assisted research summary: The Authority may delegate certain powers or duties to any person, but must be satisfied about that person’s resources and experience if the person is not a staff member.
6. Artikel 6 word deur die volgende artikel vervang: ‘‘Delegerings 6. (1) Die Owerheid kan ’n bevoegdheid of plig ten opsigte van enige aangeleentheid in verband met ’n gedragstandaard in artikel 6A(2)(a), (b) en (e) bedoel, kragtens hierdie Wet aan die Owerheid opgelê, aan enige persoon delegeer. (2) Die Owerheid moet, waar die delegering is aan ’n persoon behalwe ’n personeellid van die Owerheid, tevrede wees dat die persoon die nodige finansies, bestuurskapasiteit, mensehulpbronne en ervaring het vir die verrigting van die gedelegeerde bevoegdheid of plig. (3) ’n Delegering is onderhewig aan die beperkings en voorwaardes in die delegering vermeld. This gazette is also available free online at www.gpwonline.co.za - 366 Verify source ↗
No. 41060
AI-assisted research summary: The Authority remains responsible for delegated powers or duties, and it may amend or revoke a delegation in writing at any time.
366 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 362 (4) A delegation does not divest the Authority of responsibility in respect of the delegated power or duty and any- thing done by a delegate in accordance with a delegation is deemed to be done by the Authority. (5) A delegation made under this sec- tion may be amended or revoked in writ- ing at any time, but an amendment or revocation does not affect any rights or liabilities accrued because of the acts of the delegate.’’. - 7 Verify source ↗
The amendment of section 6A—
AI-assisted research summary: This section amends section 6A to allow a conduct standard to be made on listed matters, including classifying representatives into different categories.
7. The amendment of section 6A— (a) by the substitution in subsection (1) for the words preceding paragraph (a) of the following words: ‘‘[The registrar, for purposes of this Act, by notice in the Gazette—] A conduct standard may be made on any of the following matters:’’; and (b) by the insertion after paragraph (a) of the following paragraph: ‘‘(aA) may classify representatives into different categories; and’’. - 8 Verify source ↗
The amendment of section 8 by the
AI-assisted research summary: Applicants for an authorisation under section 7(1) must file the application with the Authority in the required form and manner and provide information showing they meet the fit-and-proper requirements.
8. The amendment of section 8 by the substitution for subsections (1) and (1A) of the following subsections: ‘‘(1) An application for an authorisation referred to in section 7(1), including an application by an applicant not domiciled in the Republic, must be submitted to the [registrar] Authority in the form and manner determined by the [registrar] Authority by notice on the [official] Authority’s web site, and be accompanied by information to satisfy the [registrar] Authority that the appli- cant complies with the fit and proper requirements [determined for financial services providers or categories of pro- viders, determined by the registrar by notice in the Gazette, in respect of— personal character qualities of (a) honesty and integrity; competence; (b) (bA) operational ability; and financial soundness]. (c) 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 367 363 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (4) ’n Delegering ontdoen nie die Owerheid van verantwoordelikheid ten opsigte van die gedelegeerde bevoegdheid of plig nie en enigiets wat ooreenkomstig ’n delegering deur ’n gedelegeerde gedoen is, word geag deur die Owerheid gedoen te wees. (5) ’n Delegering kragtens hierdie artikel gemaak kan te eniger tyd skriftelik gewysig of ingetrek word, maar ’n wysiging of intrekking raak nie enige regte of aanspreeklikhede toegeval weens die gedelegeerde se handelinge nie.’’. - 7 Verify source ↗
Artikel 6A word gewysig—
AI-assisted research summary: The provision amends Article 6A so that a conduct standard may cover listed matters, including classifying representatives into different categories.
7. Artikel 6A word gewysig— (a) deur in subartikel (1) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘[Die registrateur, by die toepassing van hierdie Wet, by kennisgewing in die Staatskoerant—] ’n Gedragstandaard kan oor enige van die volgende aangeleenthede gemaak word:’’; en (b) deur die volgende paragraaf na paragraaf (a) in te voeg: ‘‘(aA) kan verteenwoordigers in verskillende kategorieë klassifiseer; en’’. - 8 Verify source ↗
Artikel 8 word gewysig deur
AI-assisted research summary: An application for authorisation under section 7(1) must be submitted to the Authority in the required form and manner, with information showing the applicant meets the fit and proper requirements.
8. Artikel 8 word gewysig deur subartikels (1) en (1A) deur die volgende subartikels te vervang: ‘‘(1) ’n Aansoek om ’n magtiging bedoel in artikel 7(1), met inbegrip van ’n aansoek deur ’n aansoeker wat nie in die Republiek gedomisilieer is nie, moet aan die [registrateur] Owerheid voorgelê word in die vorm en op die wyse deur die [registrateur] Owerheid by kennisgewing op die amptelike webwerf bepaal, en vergesel gaan van die inligting om die [registrateur] Owerheid tevrede te stel dat die aansoeker voldoen aan die vereistes vir geskiktheid en gepastheid [vir verskaffers van finansiële dienste of kategorieë verskaffers, deur die registrateur by kennisgewing in die Staatskoerant bepaal, ten opsigte van— (a) persoonlike karaktereienskappe van eerlikheid en integriteit; (b) bekwaamheid; (bA) bedryfsvermoë; en (c) finansiële gesondheid]. This gazette is also available free online at www.gpwonline.co.za - 368 Verify source ↗
No. 41060
AI-assisted research summary: Certain applicants must include extra information with the application to satisfy the Authority about key individuals’ fit-and-proper compliance.
368 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 364 (1A) If the applicant is a partnership, trust or corporate or unincorporated body, [the requirements in paragraphs (a) and (b) of subsection (1) do not apply to the applicant, but in such a case] the application must be accompa- nied by additional information to satisfy the [registrar] Authority that every per- son who acts as a key individual of the applicant complies with the fit and proper requirements for key individuals in the category of financial services pro- viders applied for[, in respect of— (a) personal character qualities of honesty and integrity; (b) competence; and (c) operational ability], to the extent required in order for such key individual to fulfill the responsibili- ties imposed by this Act.’’. - 9 Verify source ↗
The amendment of section 9(1)—
AI-assisted research summary: This section amends the rules so that an applicant in certain entity forms must submit extra information, and a person may fail compliance by not following other Act requirements, financial sector standards, an administrative penalty, or a regulator’s directive.
9. The amendment of section 9(1)— (a) by the substitution for paragraphs (c) and (d) of the following paragraphs: (d) ‘‘(c) has failed to comply with any other provision of this Act or any requirement under the Fi- nancial Sector Regulation Act, including a conduct standard, a prudential standard or a joint standard; [is liable for payment of] has failed to pay a levy [under section 15A of the Financial Services Board Act, 1990 (Act No. 91 of 1990), a penalty under section 41(2) and (3) or an administrative sanction under section 6D(2) of the Financial Institutions (Protec- tion of Funds) Act, 2001 (Act No. 28 of 2001), and has failed to pay the said levy, penalty or administrative sanction], an administrative penalty, or [and] any interest in respect thereof;’’; and (b) by the substitution for paragraph (f) of the following paragraph: ‘‘(f) has failed to comply with a regulator’s [any] directive [is- sued under this Act]; 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 369 365 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (1A) Indien die aansoeker ’n vennootskap, trust of regspersoon of oningelyfde liggaam is, [is die vereistes in paragrawe (a) en (b) van subartikel (1) nie op die applikant van toepassing nie, maar in so ’n geval] moet die aansoek vergesel gaan van bykomende inligting om die [registrateur] Owerheid te oortuig dat elke persoon wat as ’n sleutelpersoon van die aansoeker optree, voldoen aan die vereistes vir geskiktheid en gepastheid vir sleutelpersone in die kategorie van verskaffers van finansiële dienste waarom aansoek gedoen word [, ten opsigte van— (a) persoonlike karaktereienskappe van eerlikheid en integriteit; (b) bekwaamheid; (c) bedryfsvermoë]; tot die mate vereis vir sodanige sleutel- individu om die verantwoordelikhede deur hierdie Wet opgelê, te vervul.’’. - 9 Verify source ↗
Artikel 9(1) word gewysig—
AI-assisted research summary: The amended text refers to non-compliance with certain legal requirements, failure to pay a levy or related penalty/interest, and failure to comply with a regulator’s directive.
9. Artikel 9(1) word gewysig— (a) deur paragrawe (c) en (d) deur die volgende paragrawe te vervang: (d) ‘‘(c) versuim het om te voldoen aan enige ander bepaling van hierdie Wet of enige vereiste kragtens die ‘Financial Sector Regulation Act’, met inbegrip van ’n gedragstandaard, ’n voorsorgstandaard of ’n gesamentlike standaard; [aanspreeklik is vir betaling van] versuim het om ’n heffing, [kragtens artikel 15A van die Wet op die Raad op Finansiële Dienste, 1990 (Wet No. 97 van 1990), ’n boete kragtens artikel 41(2) en (3) of ’n administratiewe sanksie kragtens artikel 6D(2) van die Wet op Finansiële Instellings (Beskerming van Fondse), 2001 (Wet No. 28 van 2001), en versuim het om genoemde heffing, boete of administratiewe sanksie en] ’n administratiwe straf, of enige rente ten opsigte daarvan te betaal;’’; en (b) deur paragraaf (f) deur die volgende paragraaf te vervang: ‘‘(f) versuim het om aan [enige] ’n reguleerder se lasgewing [kragtens hierdie Wet uitgereik,] te voldoen; of’’. This gazette is also available free online at www.gpwonline.co.za - 370 Verify source ↗
No. 41060
AI-assisted research summary: This text is a Gazette/Act header and table entry for section 370, referring to an extent of repeal or amendment.
370 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 366 - 10 Verify source ↗
The substitution in section 13 for
AI-assisted research summary: An authorised financial services provider must keep an updated register of representatives and related key individuals, make it available to the Authority, and remove a listed person’s name within five days after notice of debarment.
10. The substitution in section 13 for subsection (3) of the following subsection: ‘‘(3) [The] An authorised financial ser- vices provider must— (a) maintain a register of representa- tives, and key individuals of [such] those representatives, which must be regularly updated and be available to the [registrar] Authority for refer- ence or inspection purposes[.]; and (b) within five days after being informed by the Authority of the debarment of a representative or key individual by the Authority, remove the name of that representative or key individual from the register referred to in para- graph (a).’’. - 11 Verify source ↗
The substitution for section 14 of the
AI-assisted research summary: An authorised financial services provider must debar certain representatives or related key individuals from rendering financial services if the stated grounds are met, and the debarment process must be lawful, reasonable, and procedurally fair.
11. The substitution for section 14 of the following section: ‘‘Debarment of representatives 14. (1) (a) An authorised financial services provider must debar a person from rendering financial services who is or was, as the case may be— (i) a representative of the financial ser- vices provider; or (ii) a key individual of such representa- tive, if the financial services provider is satis- fied on the basis of available facts and information that the person— (iii) does not meet, or no longer com- plies with, the requirements referred to in section 13(2)(a); or (iv) has contravened or failed to comply with any provision of this Act in a material manner; (b) The reasons for a debarment in terms of paragraph (a) must have oc- curred and become known to the finan- cial services provider while the person was a representative of the provider. (2) (a) Before effecting a debarment in terms of subsection (1), the provider must ensure that the debarment process is lawful, reasonable and procedurally fair. (b) If a provider is unable to locate a person in order to deliver a document or information under subsection (3), after taking all reasonable steps to do so, in- cluding dissemination through electronic means where possible, delivering the document or information to the person’s last known e-mail or physical business or residential address will be sufficient. 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 371 367 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo - 10 Verify source ↗
Subartikel (3) in artikel 13 word deur
AI-assisted research summary: A licensed financial services provider must keep an updated register of representatives and their key persons, make it available for reference or inspection, and remove a name within five days after the Authority says that person is excluded.
10. Subartikel (3) in artikel 13 word deur die volgende subartikel vervang: ‘‘(3) [Die gemagtigde] ’n Gemagtigde verskaffer van finansiële dienste moet— (a) ’n register van verteenwoordigers, en sleutelpersone van [sodanige] daardie verteenwoordigers byhou, wat gereeld bygewerk moet word en beskikbaar moet wees vir die [registrateur] Owerheid vir verwysings- of inspeksie- doeleindes[.]; en (b) binne vyf dae nadat hy of sy deur die Owerheid ingelig is van die uitsluiting van ’n verteenwoordiger of sleutelindividu deur die Owerheid, die naam van daardie verteenwoordiger of sleutelindividu verwyder uit die register in paragraaf (a) bedoel.’’. - 11 Verify source ↗
Artikel 14 word deur die volgende
AI-assisted research summary: A licensed financial services provider must exclude certain representatives, or their key individuals, from providing financial services if the provider is satisfied they no longer meet section 13(2)(a) requirements or have materially breached the Act.
11. Artikel 14 word deur die volgende artikel vervang: ‘‘Uitsluiting van verteenwoordigers 14. (1) (a) ’n Gemagtigde verskaffer van finansiële dienste moet ’n persoon wat— (i) ’n verteenwoordiger van die verskaffer van finansiële dienste; of (ii) die sleutelindividu van sodanige verteenwoordiger, is of was, na gelang van die geval, uitsluit van die lewering van finansiële dienste indien die verskaffer van finansiële dienste op grond van beskikbare feite en inligting tevrede is dat die persoon— (iii) nie voldoen aan die vereistes in artikel 13(2)(a) bedoel nie of dit nie meer nakom nie; of (iv) enige bepaling van hierdie Wet op ’n wesenlike wyse oortree het of versuim het om daaraan te voldoen; en (b) Die redes vir ’n uitsluiting ingevolge paragraaf (a) moes plaas- gevind het en tot die wete van die verskaffer van finansiële dienste gekom het terwyl die persoon ’n verteen- woordiger van die verskaffer was. (2) (a) Voordat ’n uitsluiting ingevolge subartikel (1) uitgevoer word, moet die verskaffer verseker dat die uitsluitingsproses wettig, redelik en prosedureel billik is. (b) Indien ’n verskaffer iemand nie kan opspoor om ’n dokument of inligting kragtens subartikel (3) te lewer nie, nadat alle redelike stappe gedoen is om This gazette is also available free online at www.gpwonline.co.za - 372 Verify source ↗
No. 41060
AI-assisted research summary: A financial services provider must give notice and a chance to respond before debarring a person, then notify them of the decision and related rights. After debarment, it must withdraw authority, update the register if applicable, and protect clients and unfinished business.
372 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 368 (3) A financial services provider must— (a) before debarring a person— (i) give adequate notice in writing to the person stating its inten- tion to debar the person, the grounds and reasons for the debarment, and any terms at- tached to the debarment, in- cluding, in relation to unconcluded business, any measures stipulated for the pro- tection of the interests of cli- ents; (ii) provide the person with a copy of the financial services provid- er’s written policy and proce- dure governing the debarment process; and (iii) give the person a reasonable opportunity to make a submis- sion in response; (b) consider any response provided in terms of paragraph (a)(iii), and then take a decision in terms of subsec- tion (1); and (c) immediately notify the person in writing of— (i) the financial services provider’s decision; (ii) the persons’ rights in terms of Chapter 15 of the Financial Sector Regulation Act; and (iii) any formal requirements in re- spect of proceedings for the reconsideration of the decision by the Tribunal. (4) Where the debarment has been effected as contemplated in subsection (1), the financial services provider must— (a) immediately withdraw any authority which may still exist for the person to act on behalf of the financial ser- vices provider; (b) where applicable, remove the name of the debarred person from the reg- ister referred to in section 13(3); (c) immediately take steps to ensure that the debarment does not prejudice the interest of clients of the debarred person, and that any unconcluded business of the debarred person is properly attended to; 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 373 369 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo dit te doen, met inbegrip van verspreiding deur elektroniese middele waar moontlik, sal lewering van die dokument of inligting aan die persoon se laaste bekende e-posadres of fisieke sake- of woonadres voldoende wees. (3) ’n Verskaffer van finansiële dienste moet— (a) voordat ’n persoon uitgesluit word— (i) genoegsame skriftelike kennis aan die persoon gee waarin die verskaffer se voorneme om die persoon uit te sluit, die gronde en redes vir die uitsluiting en enige voorwaardes aan die uitsluiting geheg, uiteengesit word, met inbegrip van, in verband met onafgehandelde besigheid, enige maatreëls bepaal vir die beskerming van die belange van kliënte; (ii) die persoon voorsien van ’n afskrif van die verskaffer van finansiële dienste se skriftelike beleid en prosedure wat die uitsluitingsproses beheer; en (iii) die persoon ’n redelike geleentheid gun om met ’n vertoog te reageer; (b) enige reaksie ingevolge paragraaf (a)(iii) voorsien, oorweeg, en kan daarna ’n besluit ingevolge subartikel (1) neem; en (c) die persoon onmiddellik skriftelik in kennis stel van— (i) die verskaffer van finansiële dienste se besluit; (ii) die persone se regte ingevolge Hoofstuk 15 van die ‘Financial Sector Regulation Act’; (iii) enige ander formele vereistes ten opsigte van die verrigtinge vir die heroorwegings van die besluit deur die Tribunaal. (4) Waar die uitsluiting uitgevoer is soos in subartikel (1) beoog, moet die verskaffer van finansiële dienste— (a) enige magtiging wat nog bestaan vir die persoon om namens die verskaffer van finansiële dienste te handel, onmiddellik terugtrek; (b) waar van toepassing, die naam van die uitgesluite persoon verwyder van die register in artikel 13(3) bedoel; (c) onmiddellik stappe doen om te verseker dat die uitsluiting nie die belange van kliënte van die uitgeslote persoon benadeel nie, en dat enige onafgehandelde besigheid van die uitgeslote persoon behoorlik hanteer word; This gazette is also available free online at www.gpwonline.co.za
Part
Chapter 15 of the Financial
- 374 Verify source ↗
No. 41060
AI-assisted research summary: A financial services provider must notify the Authority about a debarment within 5 days and give the grounds and reasons within 15 days. A debarred person may not provide financial services or act as a representative, unless reappointment requirements are met.
374 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 370 Act No. and year Short Title Extent of repeal or amendment (d) in the form and manner determined by the Authority, notify the Author- ity within five days of the debar- ment; and (e) provide the Authority with the grounds and reasons for the debar- ment in the format that the Authority may require within 15 days of the debarment. (5) A debarment in terms of subsec- tion (1) that is undertaken in respect of a person who no longer is a representative of the financial services provider must be commenced not longer than six months from the date that the person ceased to be a representative of the financial ser- vices provider. (6) For the purposes of debarring a person as contemplated in subsection (1), the financial services provider must have regard to information regarding the conduct of the person that is furnished by the Authority, the Ombud or any other interested person. (7) The Authority may, for the pur- poses of record keeping, require any information, including the information referred to in subsection (4)(d) and (e), to enable the Authority to maintain and continuously update a central register of all persons debarred in terms of subsec- tion (1), and that register must be pub- lished on the web site of the Authority, or by means of any other appropriate public media. (8) A debarment effected in terms of this section must be dealt with by the Authority as contemplated by this sec- tion. (9) A person debarred in terms of sub- section (1) may not render financial ser- vices or act as a representative or key individual of a representative of any fi- nancial services provider, unless the per- son has complied with the requirements referred to in section 13(1)(b)(ii) for the reappointment of a debarred person as a representative or key individual of a rep- resentative.’’. - 12 Verify source ↗
The repeal of section 14A.
AI-assisted research summary: This section repeals section 14A.
12. The repeal of section 14A. - 13 Verify source ↗
The amendment of section 20 by the
AI-assisted research summary: The Authority can require information and publish a central register of excluded persons, and excluded persons generally may not provide financial services or act in representative roles unless reappointment requirements are met.
13. The amendment of section 20 by the substitution for subsection (3) of the fol- lowing subsection: ‘‘(3) The objective of the Ombud is to consider and dispose of complaints un- der this Act, and complaints for which the Adjudicator is designated in terms of section 211 of the Financial Sector Regulation Act, in a procedurally fair, informal, economical and expeditious 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 375 371 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (d) in die vorm en op die wyse deur die Owerheid bepaal, die Owerheid binne vyf dae van die uitsluiting in kennis stel; en (e) die Owerheid binne 15 dae vanaf die uitsluiting voorsien van die gronde en redes vir die uitsluiting in die formaat wat die Owerheid kan vereis. (5) ’n Uitsluiting ingevolge subartikel (1) wat ten opsigte van ’n persoon wat nie meer ’n verteenwoordiger van ’n verskaffer van finansiële dienste is nie, moet nie langerwees nie as ses maande vanaf die datum waarop die persoon opgehou het om ’n verteenwoordiger van die verskaffer van finansiële dienste te wees. (6) Vir die uitsluiting van’n persoon soos in subartikel (1) beoog, moet die verskaffer van finansiële dienste inligting oor die gedrag van die persoon, deur die Owerheid, die Ombud of enige ander belanghebbende verskaf, in ag neem. (7) Die Owerheid kan, vir die doeleindes van rekordhouding, enige inligting, met inbegrip van inligting bedoel in subartikel (4)(d) en (e), vereis om die registrateur in staat te stel om ’n sentrale register van alle persone wat ingevolge subartikel (1) uitgesluit is, te hou en voortdurend by te werk, en daardie register moet op die webwerf van die Owerheid, of by wyse van enige ander gepaste openbare media, gepubliseer word. (8) ’n Uitsluiting ingevolge hierdie artikel uitgevoer, moet deur die Owerheid hanteer word soos in hierdie artikel beoog. (9) ’n Persoon ingevolge subartikel (1) uitgesluit, mag nie finansiële dienste lewer of as ’n verteenwoordiger of sleutelindividu van ’n verteenwoordiger van enige verskaffer van finansiële dienste optree nie, tensy die persoon voldoen het aan die vereistes in artikel 13(1)(b)(ii) bedoel vir die heraanstelling van ’n uitgesluite persoon as ’n verteenwoordiger of sleutelindividu van ’n verteenwoordiger.’’. - 12 Verify source ↗
Artikel 14A word herroep.
AI-assisted research summary: Artikel 14A is repealed.
12. Artikel 14A word herroep. - 13 Verify source ↗
Artikel 20 word gewysig deur
AI-assisted research summary: The Ombud’s purpose is to handle complaints under this Act and complaints for which the Mediator is appointed under section 211 of the Financial Sector Regulation Act.
13. Artikel 20 word gewysig deur subartikel (3) deur die volgende subartikel te vervang: ‘‘(3) Die oogmerk van die Ombud is om klagtes kragtens hierdie Wet, en klagtes waarvoor die Bemiddelaar ingevolge artikel 211 van die ‘Financial Sector Regulation Act’ aangewys is, te This gazette is also available free online at www.gpwonline.co.za - 376 Verify source ↗
No. 41060
AI-assisted research summary: The text says the matter should be handled equitably in all the circumstances, with regard to the complainant’s contract or legal relationship and the Act’s provisions.
376 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 372 manner and by reference to what is equi- table in all the circumstances, with due regard to— (a) the contractual arrangement or other legal relationship between the com- plainant and any other party to the complaint; and (b) the provisions of this Act and the Financial Sector Regulation Act.’’. - 14 Verify source ↗
The insertion after section 20 of the
AI-assisted research summary: This provision introduces a new section after section 20, titled “Ombud scheme.”
14. The insertion after section 20 of the following section: ‘‘Ombud scheme - 20A Verify source ↗
The scheme in relation to com-
AI-assisted research summary: This Part’s complaints scheme is declared to be a statutory ombud scheme for the Financial Sector Regulation Act.
20A. The scheme in relation to com- plaints implemented by this Part is de- clared to be a statutory ombud scheme for the purposes of the Financial Sector Regulation Act.’’. - 15 Verify source ↗
The substitution in section 21 for the
AI-assisted research summary: Section 21 is amended so that every reference to “Board” is replaced with “Minister”.
15. The substitution in section 21 for the expression ‘‘Board’’, wherever it occurs in the section, of the expression ‘‘Minister’’. - 16 Verify source ↗
The amendment of section 22(1) by
AI-assisted research summary: This section replaces section 22(1)(a) with a new funding rule for the Ombud.
16. The amendment of section 22(1) by the substitution for paragraph (a) of the following paragraph: ‘‘(a) funds [provided by the Board] accruing to the Ombud in terms of legislation on the basis of a budget submitted by the Ombud to the [Board] Minister and approved by the latter; and’’. - 17 Verify source ↗
The amendment of section 23 by the
AI-assisted research summary: Section 23 is amended to state that the Ombud is the accounting authority of the Office.
17. The amendment of section 23 by the substitution for subsection (1) of the fol- lowing subsection: ‘‘(1) [Despite the provisions of the Public Finance Management Act, 1999 (Act No. 1 of 1999), the board of the Financial Services Board as defined in section 1 of the Financial Services Board Act, 1990 (Act No. 97 of 1990),] The Ombud is the accounting authority of the Office.’’. - 18 Verify source ↗
The repeal of section 26.
AI-assisted research summary: This section repeals section 26.
18. The repeal of section 26. - 19 Verify source ↗
The repeal of section 32.
AI-assisted research summary: This section repeals section 32.
19. The repeal of section 32. - 20 Verify source ↗
The deletion in section 35(1) of para-
AI-assisted research summary: This section deletes paragraphs (b), (c), and (d) from section 35(1).
20. The deletion in section 35(1) of para- graphs (b), (c) and (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 377 373 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo oorweeg en af te handel op ’n prosedureel billike, informele, ekonomiese en gladde wyse en met verwysing na wat onder al die omstandighede regverdig is, met behoorlike inagneming van— (a) die kontraktuele reëling of ander regsverhouding tussen die klaer en enige ander party by die klagte; en (b) die bepalings van hierdie Wet en die ’Financial Sector Regulation Act’.’’. - 14 Verify source ↗
Die volgende artikel word na artikel
AI-assisted research summary: This section says a new article is inserted after article 20.
14. Die volgende artikel word na artikel 20 ingevoeg: ‘‘Ombudskema - 20A Verify source ↗
Die skema oor klagtes deur
AI-assisted research summary: The complaints scheme created by this Part is declared to be a statutory ombud scheme for purposes of the Financial Sector Regulation Act.
20A. Die skema oor klagtes deur hierdie Deel ingestel word verklaar ’n statutêre ombudskema by die toepassing van die ‘Financial Sector Regulation Act’, te wees.’’. - 15 Verify source ↗
Die uitdrukking ‘‘Raad’’ word, waar
AI-assisted research summary: In article 21, every use of “Raad” must be replaced with “Minister.”
15. Die uitdrukking ‘‘Raad’’ word, waar dit ook al in artikel 21 voorkom, deur die uitdrukking ‘‘Minister’’ vervang. - 16 Verify source ↗
Artikel 22(1) word gewysig deur
AI-assisted research summary: This provision amends Article 22(1) by replacing paragraph (a) with wording about funds accruing to the Ombud under legislation based on a budget submitted by the Ombud to the Minister and approved by the Minister.
16. Artikel 22(1) word gewysig deur paragraaf (a) deur die volgende paragraaf te vervang: ‘‘(a) fondse [voorsien deur die Raad] wat ingevolge wetgewing aan die Ombud toeval op die grondslag van ’n begroting voorgelê deur die Ombud aan die [Raad] Minister en deur laasgenoemde goedgekeur; en’’. - 17 Verify source ↗
Artikel 23 word gewysig deur
AI-assisted research summary: The Ombud is the accounting authority of the Office.
17. Artikel 23 word gewysig deur subartikel (1) deur die volgende subartikel te vervang: ‘‘(1) [Ondanks die bepalings van die Wet op Openbare Finansiële Bestuur, 1999 (Wet No. 1 van 1999), is die raad van die Raad op Finansiële Dienste soos in artikel 1 van die Wet op die Raad op Finansiële Dienste, 1990 (Wet No. 97 van 1990), omskryf] Die Ombud is die rekenpligtige gesag van die Kantoor.’’. - 18 Verify source ↗
Artikel 26 word herroep.
AI-assisted research summary: Article 26 is repealed.
18. Artikel 26 word herroep. - 19 Verify source ↗
Artikel 32 word herroep.
AI-assisted research summary: Article 32 is repealed.
19. Artikel 32 word herroep. - 20 Verify source ↗
Paragrawe (b), (c) en (d) in artikel
AI-assisted research summary: Paragraphs (b), (c), and (d) in section 35(1) are deleted.
20. Paragrawe (b), (c) en (d) in artikel 35(1) word geskrap. This gazette is also available free online at www.gpwonline.co.za - 378 Verify source ↗
No. 41060
AI-assisted research summary: This excerpt only shows a Gazette table entry for Section 378 about repeal or amendment; it does not include the substantive rule.
378 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 374 - 21 Verify source ↗
The substitution for section 39 of the
AI-assisted research summary: This provision substitutes section 39 with a new section titled “Right to reconsideration of decision.”
21. The substitution for section 39 of the following section: ‘‘Right to reconsideration of decision - 39 Verify source ↗
Any person aggrieved by a deci-
AI-assisted research summary: An aggrieved person may ask the Tribunal to reconsider a debarment decision made by a financial services provider under section 14.
39. Any person aggrieved by a deci- sion of a financial services provider to debar that person in terms of section 14 may apply for the reconsideration of the decision to the Tribunal.’’. - 22 Verify source ↗
The repeal of sections 41 and 44.
AI-assisted research summary: This section repeals sections 41 and 44.
22. The repeal of sections 41 and 44. - 23 Verify source ↗
The amendment of section 45—
AI-assisted research summary: Some activities and financial services are exempt from this Act if specific regulatory conditions are met, but the exemption does not apply in two listed outsourcing/agent situations.
23. The amendment of section 45— (a) by the deletion in subsection (1) of paragraph (a)(ii); and (b) by the insertion after subsection (1) of the following subsections: ‘‘(1A) The provisions of this Act do not apply to the— (a) performing of the activities re- ferred to in paragraph (b)(ii) and (iii) of the definition of ‘‘inter- mediary service’’ by a product supplier— (i) who is authorised under a particular law to conduct business as a financial insti- tution; and (ii) where the rendering of such service is regulated under such law; and (b) rendering of financial services by a manager as defined in sec- tion 1 of the Collective Invest- ment Schemes Control Act, 2002, to the extent that the ren- dering of financial services is regulated under that Act. (1B) The exemption referred to in— (a) subsection (1A)(a) does not ap- ply to a person to whom the product supplier has delegated or outsourced the activity, or any part of the activity, contemplated in paragraph (a), and where the person is not an employee of the product supplier; and (b) subsection (1A)(b) does not ap- ply to an authorised agent as defined in section 1 of the Col- lective Investment Schemes Control Act, 2002.’’. 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 379 375 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo
Part
part of the activity, contemplated
- 21 Verify source ↗
Artikel 39 word deur die volgende
AI-assisted research summary: Article 39 is replaced by a new article about the right to reconsideration of a decision.
21. Artikel 39 word deur die volgende artikel vervang: ‘‘Reg op heroorweging van beslissing - 39 Verify source ↗
Iemand wat te na gekom voel deur
AI-assisted research summary: A person aggrieved by a financial services provider’s decision to exclude them under section 14 may apply to the Tribunal for reconsideration.
39. Iemand wat te na gekom voel deur ’n beslissing van ’n verskaffer van finansiële dienste om daardie persoon ingevolge artikel 14 uit te sluit, kan by die Tribunaal aansoek doen om die heroorweging van die beslissing.’’. - 22 Verify source ↗
Artikels 41 en 44 word herroep.
AI-assisted research summary: Articles 41 and 44 are repealed.
22. Artikels 41 en 44 word herroep. - 23 Verify source ↗
Artikel 45 word gewysig—
AI-assisted research summary: The Act does not apply to certain regulated financial services and intermediary activities, but the exemption is limited and has specific carve-outs.
23. Artikel 45 word gewysig— (a) deur die volgende subartikels na subartikel (1) in te voeg: ‘‘(1A) Die bepalings van hierdie Wet is nie van toepassing nie op die— (a) verrigting van die aktiwiteite in paragraaf (b)(ii) en (iii) van die omskrywing van ‘tussengangers- diens’ bedoel deur ’n produk- verskaffer— (i) wat kragtens ’n bepaalde wet gemagtig is om besigheid as ’n finansiële instelling te doen; en (ii) waar die lewering van so ’n diens kragtens sodanige wet gereguleer word; en (b) finansiële dienste lewer deur ’n bestuurder soos omskryf in artikel 1 van die Wet op Beheer van Kollektiewe Belegging- skemas, 2002, tot die mate wat die lewering van finansiële dienste kragtens daardie Wet gereguleer word. (1B) Die vrystelling bedoel in— (a) subartikel (1A)(a) is nie van toepassing nie op ’n persoon aan wie die produkverskaffer die aktiwiteit, of enige deel van die aktiwiteit, in paragraaf (a) beoog, gedelegeer of uitbestee het en waar die persoon nie ’n werknemer van die produkverskaffer is nie; en (b) subartikel (1A)(b) is nie van toepassing nie op ’n gemagtigde agent soos omskryf in artikel 1 van die Wet op Beheer van Kollektiewe Beleggingskemas, 2002.’’. This gazette is also available free online at www.gpwonline.co.za - 380 Verify source ↗
No. 41060
AI-assisted research summary: This text is a Gazette listing for the Financial Sector Regulation Act, 2017 and shows a repeal or amendment entry for another Act.
380 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 376 Act No. 45 of 2002 Collective Investment Schemes Control Act, 2002 - 24 Verify source ↗
The amendment of the arrangement
AI-assisted research summary: This provision amends the arrangement of sections by inserting item 1A, titled “Relationship between Act and Financial Sector Regulation Act.”
24. 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 - 1B Verify source ↗
Regulatory instruments’’; and
AI-assisted research summary: This provision amends a list of items by replacing, inserting, and renaming several entries.
1B. Regulatory instruments’’; and (b) by the substitution for item 6 of the following item: ‘‘6. Delegations’’; (c) by the insertion after item 20 of the following item: ‘‘20A. Ombud scheme’’; and (d) by the substitution for item 39 of the following item: ‘‘39. Right to reconsideration of decision’’. - 1 Verify source ↗
The amendment of section 1—
AI-assisted research summary: This section amends section 1 by adding, deleting, and replacing defined terms.
1. The amendment of section 1— (a) by the insertion after the definition of ‘‘authorised agent’’ of the following definition: ‘‘ ‘Authority’ means the Financial Sector Conduct Authority estab- lished by section 56 of the Financial Sector Regulation Act;’’; (b) by the deletion of the definition of ‘‘Board’’; (c) by the insertion 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 after the definition of ‘‘exchange securities’’ of the following definition: ‘‘ ‘Financial Sector Regulation Act’ means the Financial Sector Regulation Act, 2017;’’; (e) by the insertion after the definition of ‘‘investor’’ 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 of the definitions of ‘‘official web site’’ and ‘‘prescribed’’; (g) by the insertion before the definition of ‘‘publish’’ 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;’’; 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 381 377 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo - 24 Verify source ↗
Die indeling van artikels word
AI-assisted research summary: This provision amends the arrangement of articles by inserting a new item after item 1.
24. 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’ - 1B Verify source ↗
Reguleringsinstrumente’’;
AI-assisted research summary: This provision amends a regulations instrument by replacing and inserting listed items, including an ombud scheme and a right to reconsideration of a decision.
1B. Reguleringsinstrumente’’; (b) deur item 6 deur die volgende item te vervang: ‘‘6. Delegerings’’; (c) deur die volgende item na item 20 in te voeg: ‘‘20A. Ombudskema’’; en (d) deur item 39 deur die volgende item te vervang: ‘‘39. Reg op heroorweging van beslissing’’. Wet No. 45 van 2002 Wet op Beheer van Kollektiewe Beleggingskemas, 2002 - 1 Verify source ↗
Artikel 1 word gewysig—
AI-assisted research summary: This provision amends Article 1 by deleting some definitions and inserting new ones.
1. Artikel 1 word gewysig— (a) deur die omskrywing van ‘‘amptelike webwerf’’ te skrap; (b) deur die volgende omskrywings na die omskrywing van ‘‘deelnemende belang’’ in te voeg: ‘‘ ‘Financial Sector Regulation Act’ die ’Financial Sector Regulation Act’, 2017; ‘gedragstandaard’ dit wat in artikel 1(1) van die ‘Financial Sector Regulation Act’ aan ‘conduct standard’ toegeskryf is; ‘gesamentlike standaard’ het die betekenis ingevolge artikel 1(1) van die ‘Financial Sector Regulation Act’ aan ‘joint standard’ toegeskryf;’’; (c) deur die volgende omskrywing na die omskrywing van ‘‘ouditeur’’ in te voeg: ‘‘ ‘Owerheid’ die Gedragsowerheid op die Finansiële Sektor ingestel by artikel 56 van die ‘Financial Sector Regulation Act’;’’; (d) deur die omskrywing van ‘‘Raad’’ te skrap; (e) deur die volgende omskrywing na die omskrywing van ‘‘reël’’ in te voeg: ‘‘ ‘Register’ die Inligtingsregister vir die Finansiële Sektor bedoel in artikel 256 van die ‘Financial Sector Regulation Act’;’’; (f) deur die omskrywing van ‘‘registrateur’’ te skrap; (g) deur die volgende omskrywing na die omskrywing van ‘‘hierdie Wet’’ in te voeg: ‘‘ ‘Tribunaal’ die Tribunaal vir Finansiële Dienste ingevolge artikel 219 van die ‘Financial Sector Regulation Act’ ingestel;’’; This gazette is also available free online at www.gpwonline.co.za - 382 Verify source ↗
No. 41060
AI-assisted research summary: This provision adds and adjusts definitions in section 1, including “Register” and “Tribunal,” and says undefined terms generally take their meaning from the Financial Sector Regulation Act unless context says otherwise.
382 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 378 Extent of repeal or amendment (h) by the insertion after the definition of ‘‘publish’’ of the following definition: ‘‘ ‘Register’ means the Financial Sector Information Register referred to in section 256 of the Financial Sector Regulation Act;’’; (i) by the deletion of the definition of ‘‘registrar’’; (j) by the insertion after the definition of ‘‘this Act’’ of the following definition: ‘‘ ‘Tribunal’ means the Financial Sector Tribunal established in terms of section 219 of the Financial Sector Regulation Act;’’; and (k) 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 Regu- lation Act.’’. - 2 Verify source ↗
The insertion after section 1 of the
AI-assisted research summary: This section says certain references in the Act must be read as references to the Authority or to the Register, and it also sets default meanings for “prescribed” and “determined” unless the Act says otherwise.
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 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, 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. 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 383 379 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (h) deur die omskrywing van ‘‘voorgeskryf’’ te skrap; (i) deur die volgende omskrywing voor die omskrywing van ‘‘werf’’ in te voeg: ‘‘ ‘voorsorgstandaard’ dit wat ingevolge artikel 1(1) van die ‘Financial Sector Regulation Act’ aan ‘prudential standard’ toegeskryf is;’’; en (i) deur die volgende subartikel by artikel 1 te voeg, die bestaande artikel word subartikel (1): ‘‘(2) Tensy die samehang anders aandui, het woorde en uitdrukkings wat nie in subartikel (1) omskryf word nie, die betekenis wat ingevolge die ‘Financial Sector Regulation Act’ daaraan toegeskryf is.’’. - 2 Verify source ↗
Die volgende artikels word na
AI-assisted research summary: This section says references to the registrar are read as references to the Authority, and it sets out how references to prescribed or determined matters should be interpreted.
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 gelees word as ’n verwysing na die Owerheid. (2) 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 ‘Finan- cial Sector Regulation Act’ het. (3) ’n Verwysing in hierdie wet na die Owerheid wat ’n aangeleentheid by kennisgewing in die Staatskoerant publiseer, moet gelees word as dat dit ’n verwysing insluit na die Owerheid wat die aangeleentheid by kennisgewing in die Register bepaal of publiseer. (4) Tensy uitdruklik anders in hierdie Wet bepaal, of tensy hierdie Wet vereis dat ’n aangeleentheid voorgeskryf word, moet ’n verwysing in hierdie Wet na ’n aangeleentheid wat— (a) voorgeskryf word, gelees word as ’n verwysing daarna dat die aangeleentheid in ’n voorsorg- standaard, ’n gedragstandaard of ’n gesamentlike standaard 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. This gazette is also available free online at www.gpwonline.co.za - 384 Verify source ↗
No. 41060
AI-assisted research summary: This notice says the President assented to Act No. 9 of 2017 and that it is published for general information.
384 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 CONTINUES ON PAGE 386 - PART 4 This gazette is also available free online at www.gpwonline.co.za Vol. 626 Cape Town Kaapstad 22 August 2017 No. 41060 PART 4 OF 5 THE PRESIDENCY MO-PRESIDENTE No. 853 22 August 2017 No. 853 22 August 2017 It is hereby notified that the President has as- sented to the following Act, which is hereby published for general information:— Mo go tsebiswa gore Mo-Presidente o dumetse molao o latelago, wona o tla gatiswa e le tsebi- so ya kakaretso:— Act No. 9 of 2017: Financial Sector Regula- tion Act, 2017 Nmr 9 ya 2017: Molao wa Taolo ya Lephata la Ditshelete , 2017 ISSN 1682-5843 41060 9 7 7 1 6 8 2 5 8 4 0 0 3 curethe is Prevention 0800-0123-22 HELPLINE: AIDS REPUBLIC OF SOUTH AFRICAGovernment Gazette
Part
PART 4 OF 5
- 386 Verify source ↗
No. 41060
AI-assisted research summary: This section says certain references in the Act must be read as different terms, and the Authority may also publish information or documents on its website.
386 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 380 (5) A reference in this Act to an on- site visit in terms of a provision in this Act must be read as a reference to a su- pervisory on-site inspection in terms of the Financial Sector Regulation Act. (6) A reference in this Act to an in- spection 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) (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. (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. (9) 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. Regulatory instruments - 1B Verify source ↗
For the purposes of the definition
AI-assisted research summary: This section says a matter prescribed by the Authority, where this Act specifically requires Gazette notice, counts 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.’’. - 3 Verify source ↗
The repeal of sections 7 and 14.
AI-assisted research summary: This section repeals sections 7 and 14.
3. The repeal of sections 7 and 14. - 4 Verify source ↗
The amendment of section 15—
AI-assisted research summary: The Authority may act if it considers the action is in the interests of investors in a collective investment scheme or members of the public.
4. The amendment of section 15— (a) by the substitution in subsection (1) for the words preceding paragraph (a) of the following words: ‘‘If [the registrar, after an on-site visit or inspection under section 14, considers on reasonable grounds that] it is in the interests of the investors of a collective invest- ment scheme or of members of the public [so require], the [registrar] Authority may—’’; 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 387 381 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (5) ’n Verwysing in hierdie Wet na ’n ter plaatse besoek ingevolge ’n bepaling van hierdie Wet moet gelees word as ’n verwysing na ’n toesighoudende ter plaatse inspeksie of ’n ondersoek ingevolge die ‘Financial Sector Regula- tion Act’. (6) ’n Verwysing in hierdie Wet 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) (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 daarna dat die Owerheid die inligting of dokument in die Register publiseer. (b) Die Owerheid kan ook die inligting of dokument op sy webwerf publiseer. (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’. (9) ’n Verwysing in hierdie Wet na ’n appèl teen ’n beslissing van die Owerheid moet gelees word as ’n verwysing na ’n heroorweging van die beslissing deur die Tribunaal ingevolge die ‘Financial Sector Regulation Act’. Reguleringsinstrumente - 1B Verify source ↗
By die toepassing van die
AI-assisted research summary: This section says that certain matters prescribed by the Authority count as a “regulatory instrument” if the Act specifically requires Gazette notice.
1B. By die toepassing van die omksrywing van ‘reguleringsinstrument’ (‘regulatory instrument’) in artikel 1(1) 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.’’. - 3 Verify source ↗
Artikels 7 en 14 word herroep.
AI-assisted research summary: Articles 7 and 14 are repealed.
3. Artikels 7 en 14 word herroep. - 4 Verify source ↗
Artikel 15 word gewysig—
AI-assisted research summary: This section amends Article 15 so the authority may act where it considers that doing so is in the interests of investors in a collective investment scheme or the public.
4. Artikel 15 word gewysig— (a) deur in subartikel (1) die woorde wat paragraaf (a) voorafgaan deur die volgende woorde te vervang: ‘‘Indien [die registrateur, na ’n ter plaatse besoek of inspeksie kragtens artikel 14, op redelike gronde van oordeel is dat] dit in die belange van beleggers in ’n kollektiewe beleggingskema of van lede van die publiek [dit vereis] is, kan die [registrateur] Owerheid—’’; This gazette is also available free online at www.gpwonline.co.za - 388 Verify source ↗
No. 41060
AI-assisted research summary: This section amends paragraph (j) so that if a manager does not comply with a written request, direction, or directive from the Authority, the Authority may do or cause to be done what the manager was required to do.
388 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 382 Extent of repeal or amendment (b) by the deletion in subsection (1) of the proviso to paragraph (f); and (c) by the substitution in subsection (1) for paragraph (j) of the following paragraph: ‘‘(j) if a manager fails to comply with a written request, direction or directive by the [registrar] Authority under this Act or the Financial Sector Regulation Act, do or cause to be done all that a manager was required to do in terms of the request, direction or directive of the [registrar] Authority.’’. - 5 Verify source ↗
The amendment of section 15A—
AI-assisted research summary: This section amends section 15A and expands the definition of “financial soundness requirement.”
5. The amendment of section 15A— (a) by the substitution in subsection (1) for paragraph (c) of the following para- graph: ‘‘(c) if deemed reasonably necessary in the interests of investors, at that time or at any time there- after, and notwithstanding any steps already taken by the [reg- istrar in accordance with paragraph (a) or (b) or any other provision of this Act, act in accordance with sec- tion 15] Authority.’’; and (b) by the substitution for subsection (3) of the following subsection: ‘‘(3) For the purposes of this sec- tion, ‘‘financial soundness require- ment’’ means any requirement or limitation referred to in sections 85 to 89, inclusive, sections 91 to 96, inclusive, and section 105 and in- cludes any other financial require- ments imposed under this Act or by a prudential standard, conduct stan- dard or joint standard.’’. - 6 Verify source ↗
The repeal of sections 15B, 18, 22, 23
AI-assisted research summary: This section repeals sections 15B, 18, 22, 23 and 24.
6. The repeal of sections 15B, 18, 22, 23 and 24. - 7 Verify source ↗
The substitution in sections 63 and 66
AI-assisted research summary: This section replaces “Minister” with “Authority” wherever it appears in sections 63 and 66.
7. The substitution in sections 63 and 66 for the expression ‘‘Minister’’, wherever it occurs, of the expression ‘‘Authority’’. - 8 Verify source ↗
The amendment of section 99(1) by
AI-assisted research summary: This amendment changes section 99(1) so the Authority, not the registrar, may impose written conditions, and managers must comply with written requests, instructions, or directives from the Authority under this Act or the Financial Sector Regulation Act.
8. The amendment of section 99(1) by the substitution for paragraph (b) of the following paragraph: ‘‘(b) the [registrar] Authority, granted on such conditions as [he or she] the Authority may impose in writ- ing [may determine].’’. 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 389 383 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (b) deur in subartikel (1) die voorbehoudsbepaling tot paragraaf (f) te skrap; en (c) deur in subartikel (1) paragraaf (j) deur die volgende paragraaf te vervang: ‘‘(j) indien ’n bestuurder versuim om aan ’n skriftelike versoek, instruksie of lasgewing deur die [registrateur] Owerheid kragtens hierdie Wet of die ‘Financial Sector Regulation Act’ te voldoen, alles wat ingevolge die versoek, instruksie of direktief van die [registrateur] Owerheid, van die bestuurder vereis is om te doen, of te laat doen.’’. - 5 Verify source ↗
Artikel 15A word gewysig—
AI-assisted research summary: This section amends Article 15A and expands the definition of a financial soundness requirement.
5. Artikel 15A word gewysig— (a) deur in subartikel (2) paragraaf (c) deur die volgende paragraaf te vervang: ‘‘(c) indien dit in die belang van beleggers redelik nodig geag word, op daardie tydstip of te eniger tyd daarna, en ondanks enige stappe wat die [registrateur] Owerheid reeds [ooreenkomstig paragraaf (a) of (b) of enige ander bepaling van hierdie Wet] geneem het[, ooreenkomstig artikel 15 handel].’’; en (b) deur subartikel (3) deur die volgende subartikel te vervang: ‘‘(3) By die toepassing van hierdie artikel, beteken ‘vereiste vir finansiële gesondheid’ enige vereiste of beperking in artikels 85 tot 89, inklusief, artikels 91 tot 96, inklusief, en artikel 105 en sluit enige ander finansiële vereistes in wat kragtens hierdie Wet of deur ’n voorsorgstandaard, gedragstandaard of gesamentlike standaard opgelê is.’’. - 6 Verify source ↗
Artikels 15B, 18, 22, 23 en 24 word
AI-assisted research summary: Articles 15B, 18, 22, 23 and 24 are repealed.
6. Artikels 15B, 18, 22, 23 en 24 word herroep. - 7 Verify source ↗
In artikels 63 en 66 word die
AI-assisted research summary: In articles 63 and 66, every occurrence of “Minister” is replaced with “Owerheid”.
7. In artikels 63 en 66 word die uitdrukking ‘‘Minister’’, waar dit ook al voorkom, deur die uitdrukking ‘‘Owerheid’’ vervang. - 8 Verify source ↗
Artikel 99(1) word gewysig deur
AI-assisted research summary: This provision amends Article 99(1) by replacing paragraph (b) with new wording.
8. Artikel 99(1) word gewysig deur paragraaf (b) deur die volgende paragraaf te vervang: ‘‘(b) die [registrateur] Owerheid, verleen op die voorwaardes wat [hy of sy] die Owerheid skriftelik [bepaal] oplê.’’. This gazette is also available free online at www.gpwonline.co.za - 390 Verify source ↗
No. 41060
AI-assisted research summary: This text is a Gazette table heading for repeal or amendment information.
390 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 384 - 9 Verify source ↗
The amendment of section 112—
AI-assisted research summary: A delegation does not stop the Minister, association, or Authority from exercising the relevant power.
9. The amendment of section 112— (a) by the deletion of subsection (3); and (b) by the substitution for subsection (4) of the following subsection: ‘‘(4) Any delegation under subsec- tion (1)[,] or (2) (a) [or (3)(a)] does not prohibit the exercise of the power in question by the Minister, association or [registrar] Authority, as the case may be.’’. - 10 Verify source ↗
The amendment of section 114 by
AI-assisted research summary: This provision amends section 114 by deleting subsections (3)(d), (5), and (6).
10. The amendment of section 114 by the deletion of subsections (3)(d), (5) and (6). - 11 Verify source ↗
The amendment of section 115 by
AI-assisted research summary: This provision amends section 115 by replacing paragraph (c).
11. The amendment of section 115 by the substitution for paragraph (c) of the following paragraph: ‘‘(c) fails to comply with any direc- tion, requirement, notice, rule, regulatory instrument or regulation under any pro- vision of this Act or the Financial Sector Regulation Act,’’. - 12 Verify source ↗
The amendment of the arrangement
AI-assisted research summary: This section amends the arrangement of sections by inserting new items after item 1.
12. The amendment of the arrangement of sections by the insertion after item 1 of the following items: ‘‘1A. Relationship between Act and Fi- nancial Sector Regulation Act - 1B Verify source ↗
Regulatory instruments’’.
AI-assisted research summary: Section heading: Regulatory instruments.
1B. Regulatory instruments’’. - 1 Verify source ↗
The repeal of the whole Act.
AI-assisted research summary: This section repeals the whole Act.
1. The repeal of the whole Act. - 1 Verify source ↗
The substitution in section 1 for the
AI-assisted research summary: This section replaces the definition of “ombud with jurisdiction” with a new meaning tied to disputes under a credit agreement involving a financial institution.
1. The substitution in section 1 for the definition of ‘‘ombud with jurisdiction’’ of the following definition— ‘‘ ‘ombud with jurisdiction’, in respect of any particular dispute arising out of a credit agreement in terms of which the credit provider is a ‘‘financial institu- tion’’ as defined in the [Financial Ser- vices Ombud Schemes Act, 2004 (Act No. 37 of 2004)] Financial Sector Regu- lation Act, 2017, means an [‘‘ombud’’, or the ‘‘statutory ombud’’] ‘‘ombud scheme’’, as [those terms are respec- tively] that term is defined in that Act, [who] that has jurisdiction in terms of that Act to deal with a complaint against that financial institution;’’. Act No. 37 of 2004 Financial Services Ombud Schemes Act, 2004 Act No. 34 of 2005 National Credit Act, 2005 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 391 385 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo - 9 Verify source ↗
Artikel 112 word gewysig—
AI-assisted research summary: This section amends Artikel 112 by deleting subsection (3) and replacing subsection (4).
9. Artikel 112 word gewysig— (a) deur subartikel (3) te skrap; en (b) deur subartikel (4) deur die volgende subartikel te vervang: ‘‘(4) Enige delegasie kragtens subartikel (1)[,] of (2)(a) [of (3)(a)] verhinder nie die uitoefening van die betrokke bevoegdheid deur die Minister, vereniging of [registrateur] Owerheid, na gelang van die geval, nie.’’. - 10 Verify source ↗
Artikel 114 word gewysig deur
AI-assisted research summary: This provision amends Article 114 by deleting subsections (3)(d), (5), and (6).
10. Artikel 114 word gewysig deur subartikels (3)(d), (5) en (6) te skrap. - 11 Verify source ↗
Artikel 115 word gewysig deur
AI-assisted research summary: This section amends section 115 by replacing paragraph (c) with a new wording about failing to comply with certain legal requirements.
11. Artikel 115 word gewysig deur paragraaf (c) deur die volgende paragraaf te vervang: ‘‘(c) versuim om te voldoen aan ’n lasgewing, vereiste, kennisgewing, reël, reguleringsinstrument of regulasie kragtens enige bepaling van hierdie Wet of die ‘Financial Sector Regulation Act’,’’. - 12 Verify source ↗
Die indeling van artikels word
AI-assisted research summary: This section amends the table of contents/section listing by inserting item 1A after item 1.
12. 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’ - 1B Verify source ↗
Reguleringsinstrumente’’.
AI-assisted research summary: Section heading: Regulatory instruments.
1B. Reguleringsinstrumente’’. - 1 Verify source ↗
Ukuchithwa komthetho wonke.
AI-assisted research summary: This section repeals the entire law.
1. Ukuchithwa komthetho wonke. - 1 Verify source ↗
Ukufaka endaweni esigabeni soku-1
AI-assisted research summary: This section replaces a definition for a customer-complaints authority in certain debt-agreement disputes involving a financial institution.
1. Ukufaka endaweni esigabeni soku-1 sencazelo ‘‘yesiphathimandla esibheka izikhalo zamakhasimende esinamandla’’ incazelo elandelayo— ‘‘ ‘isiphathimandla esibheka izikhalo zamakhasimende esinamandla’, maqondana nanoma yimuphi umbango ovuka ngenxa yesivumelwano sesikweletu lapho umhlinzeki wesikweletu ‘‘kuyisikhungo sezimali’’ njengalokho kuchazwe (Financial Services Ombud Schemes Act), 2004 (uMthetho No. 37 ka 2004) wokuLawulwa koMkhakha weziMali, 2017, kusho [‘‘isiphathimandla esibheka izikhalo zamakhasimende’’, noma ‘‘isiphathimandla esibheka izikhalo zamakhasimende ngokomthetho’’] ‘‘uhlelo lwe-ombud’’, njengoba [lawo magama echazwe ngokwehlukana] leli gama lichaziwe eMthethweni, esinamandla ngokuhambisana nalowo Mthetho okubhekana nesikhalo esibhekiswe esikhungweni sezimali;’’. UMthetho 37 ka 2004 UMthetho wama-34 wezi-2005 Umthetho weenkqubo zomsombululizi- khalo kwinkonzo zemali ka-2004 uMthetho weziKweletu kaZwelonke, ka-2005 This gazette is also available free online at www.gpwonline.co.za - 392 Verify source ↗
No. 41060
AI-assisted research summary: This snippet is a Gazette header for section 392 and does not state a substantive rule.
392 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 386 - 2 Verify source ↗
The amendment of section 134—
AI-assisted research summary: Different dispute-resolution routes apply depending on whether the credit provider is a financial institution.
2. The amendment of section 134— (a) by the substitution in subsection (1) for paragraphs (a) and (b) of the following paragraphs— ‘‘(a) If the credit provider con- cerned is a financial institution as defined in the [Financial Services Ombud Schemes Act, 2004 (Act No. 37 of 2004)] Financial Sector Regu- lation Act, 2017, the matter— (i) may be referred only to the ombud with jurisdiction to resolve a complaint or settle a matter involving that credit provider, as determined in accordance with [sections 13 and 14 of] that Act; and (ii) must be procedurally re- solved as if it were a com- plaint in terms of that Act; or if the credit provider is not a financial institution, as defined in the [Financial Services Ombud Schemes Act, 2004 (Act No. 37 of 2004)] Finan- cial Sector Regulation Act, 2017, the matter may be re- ferred to either— (i) a consumer court, for reso- lution in accordance with this Act and the provincial legislation establishing that consumer court; or (ii) an alternative dispute reso- lution agent, for resolution by conciliation, mediation or arbitration.’’; and (b) (b) by the substitution in subsection (4)(b) for subparagraph (i) of the following subparagraph— ‘‘(i) to the ombud with jurisdiction, for resolution in accordance with this Act and in terms of the [Financial Services Ombud Schemes Act, 2004 (Act No. 37 of 2004)] Financial Sector Regulation Act, 2017, if the credit provider concerned is a financial institution [and a participant in a recognised scheme] as defined in that Act; 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 393 387 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo - 2 Verify source ↗
Ukuchibiyela isigaba se-134—
AI-assisted research summary: This section changes where a matter involving a credit provider may be sent for resolution, depending on whether the provider is a financial institution.
2. Ukuchibiyela isigaba se-134— (a) ngokufaka endaweni esigabeni soku- (1) yeziqephu (a) kanye (b) izigaba ezilandelayo— ‘‘(a) uma umhlinzeki wesikweletu othintekayo kuyisikhungo sezimali njengalokho sichazwe eMthethweni (Financial Ser- vices Ombud Schemes Act), 2004 (uMthetho No. 37 ka 2004) wokuLawulwa koMkhakha weziMali, 2017, udaba— (i) lungadluliselwa kuphela (b) esiphathimandleni esibheka izikhalo zamakhasimende esinamandla okuxazulula isikhalo noma udaba olubandakanya umhlinzeki wesikweletu, njengoba kunqunyiwe ngokuhambisana [nezigaba 13 no 14 zalowo] nalowo Mthetho; futhi— (ii) kufanele luxazululwe kube sengathi luyisikhalo ngokwalowo Mthetho; noma uma umhlinzeki wesikweletu kungesona isikhungo sezimali, njengalokho sichazwe eMthethweni (Financial Services Ombud Schemes Act), 2004 (uMthetho No. 37 ka 2004) wokuLawulwa koMkhakha weziMali, 2017, udaba lungadluliselwa— (i) enkantolo yamakhasimende, ukuze luxazululwe ngokwalo Mthetho kanye nomthetho wesifundazwe osungule leyo nkantolo yamakhasimende; noma (ii) kwi-ejenti esebenzisa ezinye izindlela zokuxazulula umbango, ukuba ixazulule ngokulamula.’’; futhi (b) ngokufaka endaweni yesigatshana se- (4)(b) indimana (i) indimana esilandelayo— ‘‘(i) esiphathimandleni esibheka izikhalo zamakhasimende esinamandla, This gazette is also available free online at www.gpwonline.co.za - 394 Verify source ↗
No. 41060
AI-assisted research summary: This section appears to identify the extent of repeal or amendment in the Act.
394 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Act No. 40 of 2007 Co-operative Short Title Banks Act, 2007 388 Extent of repeal or amendment - 1 Verify source ↗
The amendment of section 1—
AI-assisted research summary: This section updates several definitions, including deleting “appeal board” and adding or replacing definitions for “Authority,” “conduct standard,” “co-operative bank,” and “co-operative financial institution.”
1. The amendment of section 1— (a) by the deletion of the definition of ‘‘appeal board’’; (b) by the insertion after the definition of ‘‘Agency’’ of the following definition: ‘‘ ‘Authority’ means the Prudential Authority established in terms of section 32 of the Financial Sector Regulation Act;’’; (c) by the insertion after the definition of ‘‘business plan’’ of the following defi- nition: ‘‘ ‘conduct standard’ has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act;’’; (d) by the substitution for the definition of ‘‘co-operative bank’’ of the following definition: ‘‘ ‘co-operative bank’ means a co- operative or a co-operative financial institution registered as a co-opera- tive bank in terms of this Act whose members— (a) are employed by a common em- ployer or who are employed within the same business dis- trict; or (b) have common membership in an association or organisation, in- cluding a religious, social, co- operative, labour or educational group; (c) reside within the same defined community or geographical area;’’; (e) by the substitution for the definition of ‘‘co-operative financial institution’’ of the following definition: ‘‘ ‘co-operative financial institu- tion’ means a co-operative that takes deposits and chooses to identify it- self by use of the name Financial Co-operative, Financial Services Co-operative, Credit Union or Sav- ings and Credit Co-operative;’’; 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 395 389 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo ukuba sixazulule udaba ngokwalo (Financial Services Ombud Schemes Act), ka 2004 (uMthetho No. 37 ka 2004)] wokuLawulwa koMkhakha weziMali, 2017, uma umhlinzeki wesikweletu othintekayo kuyisikhungo sezimali [nomuntu othintekayo kuyisikimu esaziwayo] njengalokho kuchazwe kulowo Mthetho; noma’’. UMthetho 40 ka- 2007 UMthetho weeBhanki zeNtsebenzi swano ka-2007 - 1 Verify source ↗
Kwenziwa utshintsho kwicandelo 1—
AI-assisted research summary: This section amends several definitions in section 1, including adding new definitions and replacing the definitions of cooperative bank and cooperative financial institution.
1. Kwenziwa utshintsho kwicandelo 1— (a) ngokuthi kucinywe inkcazelo yegama elithi ‘‘ibhodi yezibheno’’; (b) ngokuthi emva kwenkcazelo yegama elithi ‘‘iArhente’’ kufakelwe inkcazelo elandelayo: ‘‘ ‘iGunya’ liGunya Lobulumko elisekwe ngokwecandelo 32 leFinancial Sector Regulation Act;’’; (c) ngokuthi emva kwenkcazelo yegama elithi ‘‘isicwangciso soshishino’’ kufakelwe inkcazelo elandelayo: ‘‘ ‘elithi indlela yokuziphatha’ linentsingiselo ekwanyene elinikwe yona kwicandelo 1(1) leFinancial Sector Regulation Act;’’; (d) ngokuthi endaweni yokuchazwa kwegama elithi ‘‘ibhanki yentsebenziswano’’ kufakelwe ukuchazwa kwegama elilandelayo: ‘ibhanki yentsebenziswano’ ngumfelandawonye okanye iziko lemali elingumfelandawonye elibhaliswe njengebhanki yentsebenziswano ngokwalo Mthetho elimalungu alo— (a) aqeshwe ngumqeshi omnye okanye aqeshwe kwisithili esinye soshishino; okanye (b) Angamalungu kumbutho omnye, oquka owenkolo, owasentlalweni, owentsebenziswano, owomsebenzi okanye owemfundo; (c) Ahlala kummandla omnye;’’; (e) ngokuthi endaweni yokuchazwa kwegama elithi ‘‘iziko lemali elingumfelandawonye’’ kufakelwe ukuchazwa kwegama okulandelayo: ‘iziko lemali elingumfelanda- wonye’ ngumfelandawonye owamkela ukufakwa kwemali nokhetha ukwaziwa ngokusebenzisa igama elithi uMfelandawonye Wemali, uMfelandawonye Weenkonzo Zemali, uMbutho Wokukweleta okanye uMfelandawonye Wokulondoloza okanye Wokukweleta;’’; This gazette is also available free online at www.gpwonline.co.za - 396 Verify source ↗
No. 41060
AI-assisted research summary: This section amends definitions and adds a default rule that undefined words keep the meaning given by the Financial Sector Regulation Act, unless the context indicates otherwise.
396 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 390 Extent of repeal or amendment (f) by the insertion after the definition of ‘‘executive officer’’ of the following definition: ‘‘ ‘Financial Sector Regulation Act’ means the Financial Sector Regula- tion Act, 2017;’’; (g) by the insertion after the definition of ‘‘Fund’’ 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;’’; (h) by the deletion of the definition of ‘‘prescribed’’; (i) by the insertion after the definition of ‘‘proposed co-operative bank’’ 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;’’; (j) by the insertion after the definition of ‘‘Public Finance Management Act’’ of the following definition: ‘‘ ‘Register’ means the Financial Sector Information Register referred to in section 256 of the Financial Sector Regulation Act;’’; (k) by the deletion of the definition of ‘‘su- pervisor’’; (l) by the insertion after the definition of ‘‘this Act’’ of the following definition: ‘‘ ‘Tribunal’ means the Financial Services Tribunal established in terms of section 219 of the Financial Sector Regulation Act.’’; and (m) 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 Regu- lation Act.’’. - 2 Verify source ↗
The insertion after section 1 of the
AI-assisted research summary: The Authority’s powers and duties under this Act are additional to those under the Financial Sector Regulation Act, unless either Act says otherwise.
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. 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 397 391 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (f) ngokuthi emva kwenkcazelo yegama elithi ‘‘igosa lesigqeba’’ kufakelwe inkcazelo elandelayo: ‘‘ ‘iFinancial Sector Regulation Act’ yiFinancial Sector Regulation Act ka- 2017;’’; (g) ngokuthi emva kwenkcazelo yegama elithi ‘‘ingxowa-mali’’ kufakelwe inkcazelo elandelayo: ‘‘ ‘elithi umlinganiselo wendibani- selwano’ linentsingiselo ekwanye elinikwe yona yiFinancial Sector Regulation Act;’’; (h) ngokuthi kucinywe inkcazelo yegama elithi ‘‘ukumisela’’; (i) ngokuthi emva kwenkcazelo yegama elithi ‘‘ibhanki yentsebenziswano ecetywayo’’ kufakelwe inkcazelo elandelayo: ‘‘ ‘elithi umlinganiselo wobulumko’ linentsingiselo ekwanye elinikwe yona kwiFinancial Sector Regulation Act;’’; (j) ngokuthi emva kwenkcazelo yegama elithi ‘‘uMthetho woLawulo lweMali yoLuntu’’ kufakelwe inkcazelo elandelayo: elithi ‘‘ ‘Register’ lithetha iFinancial Sector Information Register ekuthethwe ngayo kwicandelo 256 leFinancial Sector Regulation Act;’’; kunye Protection of Personal Information Act (k) ngokuthi kucinywe inkcazelo yegama elithi ‘‘umphathi’’; (l) ngokuthi emva kwenkcazelo yegama elithi ‘‘uMthetho’’ kufakelwe inkcazelo elandelayo: ‘‘ ‘elithi Abachopheli-matyala’ lithetha Abachopheli-matyala Becandelo Lezimali elisekwe ngokwecandelo 219 leFinancial Sector Regulation Act.’’; kunye (m) nangokuthi kwicandelo 1 kongezwe icandelwana elilandelayo, lize incandelo elikhoyo libe licandelwana (1): ‘‘(2) Ngaphandle kokuba okunye okubhaliweyo kubonisa ngenye indlela, amagama angachazwanga kwicandelwana (1) anentsingiselo ekwanye anikwe yona kwiFinancial Sector Regulation Act.’’. - 2 Verify source ↗
Emva kwecandelo 1 kufakelwa
AI-assisted research summary: This section says that the relationship between this Act and the Financial Sector Regulation Act is governed by the stated rule, except where either Act says otherwise.
2. Emva kwecandelo 1 kufakelwa icandelo elilandelayo: ‘‘Ubudlelane phakathi kwalo Mthetho neFinancial Sector Regulation Act 1A. (1) Ngaphandle kwalapho utsho okwahlukileyo lo Mthetho okanye iFinancial Sector Regulation Act, This gazette is also available free online at www.gpwonline.co.za - 398 Verify source ↗
No. 41060
AI-assisted research summary: This section gives default meanings for references in the Act, including reading some Gazette notices as Register notices and some web-site publication references as Register publication.
398 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 392 (2) A reference in this Act to the Authority or the Agency determining or publishing a matter by notice in the Gazette must be read as including a reference to the Authority or the Agency 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 86, or permits a matter to be prescribed by the Agency, includ- ing in a rule in terms of section 57, 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, conduct standard or 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. (4) Matters in respect of which regula- tions relating to co-operative banks and co-operative financial institutions may be prescribed in terms of this Act may also be prescribed in prudential standards, conduct standards or joint standards in terms of the Financial Sector Regulation Act. (5) A reference to rules made by the Authority in terms of section 46 must be read as a reference to prudential stan- dards, conduct standards or joint stan- dards. (6) (a) A reference to an inspection in section 47 must be read as a reference to a supervisory on-site inspection or an investigation in terms of Chapter 9 of the Financial Sector Regulation Act. (b) A reference to an investigation by the Agency or the Minister in terms of section 73 must not be read as a refer- ence to an investigation in terms of Chapter 9 of the Financial Sector Regu- lation Act. (7) (a) A reference in this Act to the Authority or the Agency announcing or publishing information or a document on a web site must be read as a reference to the Authority or the Agency publishing the information or document in the Reg- ister. (b) The Authority or the Agency may also publish the information or document on its web site. 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 399 393 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo amagunya nemisebenzi yeGunya ngokwalo Mthetho yongezelela kumagunya nemisebenzi elinawo ngokweFinancial Sector Regulation Act. (2) Xa kulo Mthetho kuthethwa ngeGunya okanye ngeArhente eyenza isigqibo okanye epapasha udaba ngesihlokomiso kwiGazethi makuthathwe oko njengokuquka neGunya okanye iArhente eyenza isigqibo okanye epapasha udaba ngesihlokomiso esipapashwe kwiRejista. (3) Ngaphandle kokuba kutshiwo ngokucacileyo kulo Mthetho, okanye ngaphandle kokuba lo Mthetho ufuna ukuba udaba lulawulwe ngummiselo ngokwecandelo 86, okanye ngaphandle kokuba uvumela udaba lulawulwe yiArhente, kuquka ukulawulwa ngumgaqo ngokwecandelo 57, xa kulo Mthetho kuthethwa ngokulawulwa kodaba, makuthathwe— (a) njengokuthetha ukulawulwa kodaba ngendlela yobulumko; okanye (b) njengokuthetha ukulawulwa kodaba liGunya elenza isigqibo ngodaba ngokubhala lize lisibhale isigqibo kwiRejista. (4) Nemicimbi ekunokuthi kwenziwe imimiselo ngayo ngeebhanki zentsebenziswano ngokwalo Mthetho kunokuthi kwenziwe imimiselo ngayo ngendlela yobulumko ngokweFinancial Sector Regulation Act. (5) Xa kuthethwa ngemigaqo eyenziwe liGunya ngokwecandelo 46 makuthathwe ngokuthi yimigaqo eyenziwe ngokwendlela yobulumko. (6) (a) Xa kuthethwa ngokuhlola okukwicandelo 47, makuthathwe ngokuthi kuthethwa ngokuhlola okungokweSahluko 9 seFinancial Sector Regulation Act. (b) Xa kuthethwa ngophando olwenziwa yiArhente okanye nguMphathiswa ngokwecandelo 73 makungathathwa ngokuthi kuthethwa ngophando olungokweSahluko 9 seFinancial Sector Regulation Act. (7) (a) Xa kulo Mthetho kuthethwa ngeGunya okanye ngeArhente evakalisa okanye epapasha ingcombolo okanye uxwebhu kwiwebsayithi makuthathwe ngokuthi kuthethwa kubhekiselwa kwiGunya okanye kwiArhente epapasha ingcombolo okanye uxwebhu kwiRejista. (b) Nalo iGunya okanye iArhente livumelekile ukuba liyipapashe ingcombolo okanye uxwebhu kwiwebsayithi yalo. This gazette is also available free online at www.gpwonline.co.za
Part
Chapter 9 of the Financial Sector Regu-
- 400 Verify source ↗
No. 41060
AI-assisted research summary: The Authority and the Agency must publish specified registration and status changes in the Register.
400 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 394 (8) (a) A reference in this Act to a prescribed fee, other than a reference to a fee prescribed by the Agency, must be read as a reference to the relevant fee determined in terms of section 237 and Chapter 16 of the Financial Sector Regu- lation Act. (b) The Agency, when determining a fee in terms of this Act, must comply with the requirements of section 237 and Chapter 16 of the Financial Sector Regu- lation Act. (9) A reference in this Act to an ap- peal of a decision of the Authority or the Agency must be read as a reference to a reconsideration of the decision by the Tribunal in terms of the Financial Sector Regulation Act. (10) (a) The Authority must publish the following in the Register— (i) each registration of a co-operative bank in terms of section 8 and each suspension and de-registration in terms of section 11; (ii) each conversion of registration in terms of section 28; (iii) each registration of a co-operative financial institution in terms of section 40C, and each suspension, lapsing and de-registration in terms of section 40D. (b) The Agency must publish the fol- lowing in the Register— (i) each registration of a representative body in terms of section 33, and each cancellation or suspension of registration in terms of section 35; and (ii) each accreditation of a support organisation in terms of section 38, and each cancellation or suspension of accreditation in terms of section 40. Regulatory instruments
Part
Chapter 16 of the Financial Sector Regu-
- 1B Verify source ↗
For the purposes of the definition
AI-assisted research summary: This section says which items count as “regulatory instruments” for the defined purpose in the Financial Sector Regulation Act.
1B. For the purposes of the definition of ‘‘regulatory instrument’’ in sec- tion 1(1) of the Financial Sector Regula- tion Act, the following are regulatory instruments: (a) existing rules made in terms of sec- tion 46 prior to the date on which this section comes into effect; and (b) prudential, conduct or joint stan- dards made in terms of section 46 subsequent to the date on which this section comes into effect;’’. 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 401 395 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (8) (a) Xa kulo Mthetho kuthethwa ngomrhumo ofunekayo, kodwa kube kungathethwa ngomrhumo ofunwa yiArhente, makuthathwe ngokuthi kuthethwa ngomrhumo ogqitywe ngokwecandelo 237 leFinancial Sector Regulation Act. (b) Xa iArhente isenza isigqibo ngomrhumo ngokwalo Mthetho mayihlangabezane neemfuneko zecandelo 237 nezeSahluko 16 seFinancial Sector Regulation Act. (9) Xa kulo Mthetho kuthethwa ngokubhena kwisigqibo seGunya makuthathwe ngokuthi kuthethwa ngokuqwalaselwa ngokutsha kwaso ngaBachopheli-matyala ngokweFinancial Sector Regulation Act. (10) (a) IGunya malipapashe okulandelayo kwiRejista— (i) ubhaliso ngalunye ngokwecandelo 8 nokunqunyanyi-swa ngakunye nokurhoxiswa kokubhaliswa ngokwecandelo 11; (ii) nesihlandlo ngasinye sokuguqulwa kobhaliso ngokwecandelo 28; (iii) nesihlandlo ngasinye sokubhaliswa kweziko lemali elingumfela- ndawonye ngokwecandelo 40C, nesihlandlo ngasinye sokunqunyanyiswa, ukuphelelwa nokurhoxiswa kokubhaliswa ngokwecandelo 40D. (b) IArhente mayipapashe oku kulandelayo kwiRejista— (i) isihlandlo ngasinye sokubhaliswa ngokwecandelo 33, nesihlandlo ngasinye sokurhoxiswa okanye ukunqunyanyiswa kokubhaliswa ngokwecandelo 35; (ii) nesihlandlo ngasinye sokuvunywa ngokwecandelo 38, nesihlandlo ngasinye sokurhoxiswa okanye ukunqunyanyiswa kokuvunywa ngokwecandelo 40. Izixhobo zokulawula - 1B Verify source ↗
Ngenjongo yokuchaza elithi
AI-assisted research summary: This provision defines “izixhobo zokulawula” for section 1(1) of the Financial Sector Regulation Act.
1B. Ngenjongo yokuchaza elithi ‘‘izixhobo zokulawula’’ elikwicandelo 1(1) leFinancial Sector Regulation Act, oku kulandelayo kuzizixhobo zokulawula: (a) imigaqo ekhoyo ngoku eyenziwe ngokwecandelo 46 ngaphambi komhla wokuqalisa ukusebenza kweli candelo; (b) nemigaqo yobulumko, nezenzo ezenziwe ngokwecandelo 46 emva komhla eliqalise ngawo ukusebenza eli candelo;’’. This gazette is also available free online at www.gpwonline.co.za - 402 Verify source ↗
No. 41060
AI-assisted research summary: 402 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 396
402 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 396 - 3 Verify source ↗
The amendment of section 2 by the
AI-assisted research summary: This section amends section 2 to require support for sustainable co-operative banks and co-operative financial institutions, a regulatory framework, registration of certain co-operatives, supervision, and a Development Agency for Co-operative Banks.
3. The amendment of section 2 by the substitution for paragraphs (b) and (c) of the following paragraphs: ‘‘(b) promote the development of sus- (c) tainable and responsible co-opera- tive banks and co-operative finan- cial institutions; and establish an appropriate regulatory framework and regulatory institu- tions for co-operative banks and co-operative financial institutions that protect the interests of mem- bers of co-operative banks, co-op- erative financial institutions, and the public, by providing for— (i) the registration of deposit-taking financial services co-operatives as co-operative banks or co-operative financial institutions; (ii) the [establishment of supervisors to ensure] appropriate and effective regulation and supervision of co- operative banks and co-operative financial institutions, and to protect members and the public interest; and (iii) the establishment of a Development Agency for Co-operative Banks to develop and enhance the sustainability of co-operative banks and co-operative financial institu- tions.’’. - 4 Verify source ↗
The amendment of section 3 by the
AI-assisted research summary: This section says the Act applies to co-operative banks registered under the Act, and to certain registered primary, secondary, and tertiary co-operatives that meet listed deposit and membership thresholds.
4. The amendment of section 3 by the substitution for the section of the following section: ‘‘3. [(1)] This Act applies to all co- operative banks registered under this Act and to any [— (a) primary co-operative registered under the Co-operatives Act that takes deposits and— (i) has 200 or more members; and (ii) holds deposits of members to the value of one million rand or more; and (b) secondary or tertiary co-operative registered under the Co-operatives Act, whose members consist of at least— (i) two or more co-operative banks; 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 403 397 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo - 3 Verify source ↗
Kwenziwa utshintsho kwicandelo 2
AI-assisted research summary: This section replaces subsections (b) and (c) of section 2 with new wording about cooperative banks and mutual financial institutions.
3. Kwenziwa utshintsho kwicandelo 2 ngokuthi isiqendu (b) no-(c) zithatyathelw’ indawo ziziqendu ezilandelayo: ‘‘(b) kukhuthazwe ukuphuculwa (c) kweebhanki zentsebenziswano namaziko emali ayimifelanda- wonye; kananjalo kusekwe amaziko afanelekileyo eebhanki eziyimifelandawonye namaziko emali entsebenziswano akhusela izinto eziluncedo zamalungu eebhanko zentse- benziswano, amaziko emali entsebenziswano, noluntu, ngokwenza ukuba— (i) kubhaliswe iibhanki ezamkela imali eluntwini zibe ziibhanki zentsebenziswano okanye amaziko emali ayimifelandawonye; (ii) [ukumiselwa kwabaphathi] ukulawulwa okufanelekileyo nangempumelelo kweebhanki zentsebenziswano namaziko emali entsebenziswano nokukhuselwa kwamalungu noluntu; kananjalo (iii) ukusekwa kweArhente Yophuhliso yeeBhanki Zentsebenziswano ukuphucula ukuqhubeka kweebhanki zentsebenziswano zisebenza namaziko emali entsebenziswano.’’. - 4 Verify source ↗
Kwenziwa utshintsho kwicandelo 3
AI-assisted research summary: This section replaces section 3 and says the Act applies to registered cooperative banks, certain primary cooperatives taking deposits, and certain secondary/additional cooperatives.
4. Kwenziwa utshintsho kwicandelo 3 ngokuthi elo candelo lithatyathelw’ indawo licandelo elilandelayo: ‘‘3. [(1)] Lo Mthetho usebenza kuzo zonke iibhanki zentsebenziswano ezibhaliswe phantsi kwalo Mthetho nakuzo naziphi na [— (a) umfelandawonye ophambili obhaliswe phantsi kweCo- operatives Act othatha iimali ezifakwayo— (i) onamalungu angama-200 okanye ngaphezulu; (ii) noneemali ezifakwe ngamalungu ezifikelela kwisigidi seerandi okanye ngaphezulu; kwakunye (b) nomfelandawonye wesibini okanye wokongeza obhaliswe phantsi kweCo-operatives Act, omalungu awo ubuncinane— (i) aneebhanki ezimbini nangaphezu koko ezingumfe- landawonye; This gazette is also available free online at www.gpwonline.co.za - 404 Verify source ↗
No. 41060
AI-assisted research summary: A qualifying co-operative must apply to register as a co-operative bank within two months of meeting the stated criteria, subject to section 91.
404 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 398 (ii) two or more financial services co-operatives that take depos- its; or (iii) one co-operative bank and one financial services co-op- erative that take deposits] co-operative financial institu- tion registered under this Act. [(2) A co-operative referred to in subsection (1) must, subject to section 91, within two months of meeting the criteria referred to in subsection (1) apply for registration as a co-opera- tive bank in terms of this Act.]’’. - 5 Verify source ↗
The amendment of section 4 by the
AI-assisted research summary: The Co-operatives Act applies to co-operative banks and co-operative financial institutions, except where this Act specifically excludes or amends a provision.
5. The amendment of section 4 by the substitution for subsection (1) of the fol- lowing subsection: ‘‘(1) The Co-operatives Act applies to co-operative banks and co-operative fi- nancial institutions unless the application of a provision thereof has specifically been excluded or amended in this Act.’’. - 6 Verify source ↗
The amendment of section 5 by the
AI-assisted research summary: This section changes the membership requirements for secondary and tertiary co-operative banks, and requires certain co-operatives to apply for registration as a co-operative bank within two months after meeting the requirements.
6. The amendment of section 5 by the substitution for paragraphs (c) and (d) for the following paragraphs: ‘‘(c) a secondary co-operative bank whose members consist of at least— (i) two or more co-operative banks; (ii) two or more co-operative fi- nancial institutions; or (iii) one co-operative bank and one co-operative financial institu- tion; and a tertiary co-operative bank whose members consist of two or more secondary co-operative banks.’’. (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 405 399 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (ii) anemifelandawonye yeenkonzo zemali emibini nangaphezulu eyamkela imali ebantwini; (iii) anebhanki enye yentsebenziswano nomfelandawonye omnye wenkonzo yemali owamkela imali ebantwini] iziko lemali elingumfelandawonye elibhaliwe ngokwalo Mthetho. [(2) Umfelandawonye ekuthethwe ngawo kwicandelwana (1) mawuthi, ngokulawulwa licandelo 91, zingekapheli iinyanga ezimbini uthe wahlangabezana neemfuneko ekuthethwe ngazo kwicandelwana (1) wenze isicelo sokubhaliswa njengebhanki yentsebenziswano ngokwalo Mthetho.]’’. - 5 Verify source ↗
Kwenziwa utshintsho kwicandelo 4
AI-assisted research summary: The Co-operatives Act applies to co-operative banks and co-operative financial institutions, unless a specific part is stated not to apply or is amended.
5. Kwenziwa utshintsho kwicandelo 4 ngokuthi indawo yecandelwana (1) ithathwe licandelwana elilandelayo: ‘‘(1) ICo-operatives Act isebenza kwiibhanki zentsebenziswano nakumaziko emali entsebenziswano ngaphandle kokuba icacisiwe into yokuba okutshiwo yinxalenye ethile yalo Mthetho akusebenzi okanye kwenziwe utshintsho.’’. - 6 Verify source ↗
Kwenziwa utshintsho kwicandelo 5
AI-assisted research summary: This section changes section 5 by replacing paragraphs (c) and (d) with new definitions for cooperative bank categories.
6. Kwenziwa utshintsho kwicandelo 5 ngokuthi indawo yesiqendu (c) no-(d) ithatyathwe ziziqendu ezilandelayo: ‘‘(c) ibhanki yesibini yentsebenziswano emalungu ayo ubuncinane— (i) aziibhanki ezimbini nangaphezulu zentsebenziswano; (ii) angamaziko emali entsebenziswano amabini nangaphezulu; okanye (iii) ayibhanki enye (b) yentsebenziswano neziko lemali lentsebenziswano elinye; kunye ibhanki ephezulu yentsebenziswano emalungu ayo aziibhanki ezimbini nangaphezulu zentsebenziswano zokuncedisa.’’. This gazette is also available free online at www.gpwonline.co.za - 406 Verify source ↗
No. 41060
AI-assisted research summary: This text appears to be a Gazette page/header and table heading, not a substantive rule.
406 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 400 Act No. and year Short Title Extent of repeal or amendment - 7 Verify source ↗
The insertion after section 40 in Chap-
AI-assisted research summary: A co-operative financial institution must apply for registration, submit prescribed documents, and keep meeting prescribed requirements. Once it reaches a prescribed deposit amount, it must apply to become a co-operative bank.
7. The insertion after section 40 in Chap- ter VII of the following Chapter: ‘‘CHAPTER VIIA CO-OPERATIVE FINANCIAL INSTITUTIONS Application for registration as co- operative financial institution 40A. (1)A co-operative financial insti- tution must apply to the Authority, or to the Agency if this function has been as- signed or delegated to the Agency, for registration on the application form as prescribed. (2) The co-operative financial institu- tion must submit copies of documents and any other information as prescribed, together with the application form re- ferred to in subsection (1). Requirements for registration 40B. (1) In order to qualify for regis- tration, or to continue to be registered, a co-operative financial institution must demonstrate, to the satisfaction of the Authority, or to the Agency if this func- tion has been assigned or delegated to the Agency, on an ongoing basis that— (a) it has the requisite experience, knowledge, qualifications and com- petence to give effect to its obliga- tions; (b) it has sufficient human, financial, and operational capacity to function efficiently and competently; (c) it meets any prescribed threshold requirements in respect of member- ship, membership shares and depos- its held; and (d) it meets any other applicable pre- scribed requirements. (2) (a) A co-operative financial institu- tion must, once it has reached a pre- scribed amount of members’ deposits, apply for registration as a co-operative bank in terms of this Act. (b) If the responsibility for the regis- tration of a co-operative financial institu- tion has been assigned or delegated to the Agency, the Agency must recom- mend to the Authority whether the appli- cation for registration as a co-operative bank should be approved or declined. (c) In the event that the application by a co-operative financial institution to register as a co-operative bank is de- clined— 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 407 401 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo - 7 Verify source ↗
Emva kwecandelo 40 kwiSahluko VII
AI-assisted research summary: A cooperative financial institution must apply for registration in the required form and submit the required documents and information.
7. Emva kwecandelo 40 kwiSahluko VII kufakelwa iSahluko esilandelayo: ‘‘ISAHLUKO VIIA AMAZIKO EMALI ENTSEBENZISWANO Isicelo sokubhaliswa njengeziko lemali lentsebenziswano 40A. (1) Iziko lemali lentsebenzi- swano malenze isicelo kwiGunya, okanye kwiArhente ukuba lo msebenzi wabelwe iArhente, ukuze libhalise kwifomu yesicelo ngendlela efunekayo. (2) Iziko lemali lentsebenziswano malingenise iikopi zamaxwebhu kunye nayo yonke enye ingcombolo ngendlela efunekayo, kunye nefomu yesicelo ekuthethwe ngayo kwicandelwana (1). Iimfuneko zokubhaliswa 40B. (1) Ukuze lifanelekele ukubhaliswa, okanye ukuqhubeka libhalisiwe, iziko lemali lentsebenziswano kufuneka libonise ngendlela eyanelisa iGunya okanye iArhente, ukuba lo msebenzi wabelwe iGunya okanye iArhente, libonise ukuba— (a) linawo amava afunekayo, nolwazi, nemfundo nokukwazi ukuphumeza iimbopheleleko zalo; (b) linabasebenzi abaneleyo nemali eyaneleyo ukuze lisebenze ngempumelelo; (c) linazo iimfuneko-tanci zobulungu, izabelo zobulungu neemali ezifakiweyo; (d) liyahlangabezana nazo zonke ezinye iimfuneko. (2) (a) Iziko lemali lentsebenziswano malithi, kwaoko lakuba linazo iimali ezilinani elifunekayo ezifakwe ngamalungu, lenze isicelo sokubhaliswa njengebhanki yentsebenziswano ngokwalo Mthetho. (b) Ukuba imbopheleleko yokubha- liswa kweziko lemali lentsebenziswano labelwe iArhente, iArhente mayicebise iGunya isicelo sokubhaliswa njengebhanki yentsebenziswano masamkelwe okanye sikhatywe kusini na. (c) Xa isicelo seziko lemali lentsebe- nziswano sokubhaliswa njengebhanki yentsebenziswano sikhatyiwe— (i) iGunya lisengagqiba kwelokuba iziko lemali lentsebenziswano alinakugcina iimali ezifakiweyo engaphezu kwesixa esithile; kananjalo This gazette is also available free online at www.gpwonline.co.za - 408 Verify source ↗
No. 41060
AI-assisted research summary: Co-operative financial institutions must apply for registration within 12 months, and the Agency must notify the Authority of registrations within 14 days if registration is delegated.
408 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 402 Act No. and year Short Title Extent of repeal or amendment (i) the Authority may determine that the co-operative financial institution concerned may not hold members’ deposits exceeding a specified amount; and (ii) the co-operative financial institution concerned must re-apply for regis- tration as a co-operative bank once the requirements to register as a co- operative bank have been met. (d) An amount determined by the Au- thority in terms of paragraph (c)(i)— (i) must be based on the nature and size of the co-operative financial institu- tion; and (ii) may not exceed the general maxi- mum limit for holdings of deposits by any co-operative financial institu- tion prescribed by the Authority. (e) An application by a co-operative financial institution for registration as a co-operative bank must be accompanied by a letter of recommendation from the Agency, if applicable. (3) On the date that this section comes into operation, a co-operative financial institution that qualifies to be registered in terms of this Act— (a) must apply for registration in terms of this Act within 12 months from the date on which this section comes into operation; and (b) that holds members’ deposits ex- ceeding a prescribed threshold, but which does not qualify to be regis- tered as a co-operative bank, must not hold members’ deposits exceed- ing an amount determined by the Authority, based on the nature and size of the co-operative financial institution. (4) If the registration of co-operative financial institutions has been assigned or delegated to the Agency in terms of the Act, the Agency must inform the Authority of the registration of a co- operative financial institution within 14 days of the registration. Registration of co-operative financial institution 40C. (1) The Authority may grant an application for registration on payment of the fee, prescribed by the Authority, if the Authority is satisfied that— (a) the application has been made in accordance with this Act; and (b) the co-operative financial institution complies with the requirements for registration referred to in section 40B. 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 409 403 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (ii) iziko lemali lentsebenziswano maliphinde lenze isicelo sokubhaliswa njengebhanki yentsebenziswano zakuba iimfuneko zokubhaliswa njengebhanku yentsebenziswano zifezekisiwe. (d) Isixa-mali esiqingqwe liGunya ngokwesiqendu (c)(i)— (i) masisekelwe kubunjani nakubungakanani beziko lemali lentsebenziswano; kwaye (ii) alivumelekanga ukuba ligqithe kumda obekiweyo weemali ezinokugcinwa oqingqwe liGunya. (e) Isicelo esenziwa liziko lemali lentsebenziswano sokubhaliswa njengebhanki yentsebenziswano masiphelekwe yincwadi ecebisa omakwenzeke evela kwiArhente, ukuba kuyasebenza oko kule meko. (3) Ngomhla eliqala ukusebenza ngawo eli candelo, iziko lemali lentsebenziswano elifanelekela ukubhaliswa ngokwalo Mthetho— (a) malenze isicelo sokubhaliswa ngokwalo Mthetho zingekapheli iinyanga ezili-12 ukususela kumhla eliqala ngawo ukusebenza eli candelo; kanye (b) eneemali ezifakwe ngabantu ezingaphaya komlinganiselo obekiweyo, kodwa libe lingafaneleki ukuba libhaliswe njengebhanki yentsebenziswano, malingagcini iimali ezifakwe ngabantu ezingaphaya komda oqingqwe liGunya, osekelwe kubunjani nobungakanani beziko lemali lentsebenziswano. (4) Ukuba ukubhaliswa kwamaziko emali entsebenziswano kwabelwe okanye kuphathiswe iArhente ngokwalo Mthetho, iArhente mayazise iGunya ngokubhaliswa kweziko lemali lentsebenziswano zingekapheli iintsuku ezili-14 libhalisiwe. Ukubhaliswa kweziko lemali lentsebenziswano 40C. (1) IGunya linokuthi lisivume isicelo sokubhaliswa kusakuhlawulwa umrhumo, ofunwe liGunya, ukuba iGunya lanelisekile kwinto yokuba— (a) isicelo senziwe ngokuvumelana nalo Mthetho; kwaye (b) iziko lemali lentsebenziswano liyahlangabezana neemfuneko zokubhaliswa ekuthethwe ngazo kwicandelo 40B. This gazette is also available free online at www.gpwonline.co.za - 410 Verify source ↗
No. 41060
AI-assisted research summary: On registration, the Authority must issue a registration certificate to the co-operative financial institution and publish a notice of the registration in the Register.
410 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 404 (2) The Authority must, on registra- tion, issue a certificate of registration to the co-operative financial institution and publish a notice of the registration in the Register. Suspension of registration or de-regis- tration - 40D Verify source ↗
The Authority may, subject to
AI-assisted research summary: The Authority may deregister or suspend a co-operative financial institution in listed circumstances, and must publish a notice in the Register.
40D. The Authority may, subject to subsection (4), de-register or, where ap- propriate, suspend the registration of a co-operative financial institution where the Authority is satisfied that the co-op- erative financial institution— (a) has not commenced operating as a co-operative financial institution six months after the date of its registra- tion as a co-operative financial insti- tution; (b) has ceased to operate; (c) obtained registration through fraudu- lent means; (d) no longer meets the requirements for registration referred to in section 40B; (e) is unable to meet or maintain its pru- dential requirements referred to in section 40B; (f) has failed to comply with any condi- tion imposed under this Act; (g) has failed to comply with any direc- tive issued under this Act; or (h) is de-registered or wound-up under the Co-operatives Act. (2) Where a co-operative financial institution has requested its de-registra- tion, the Authority may on submission of such a request, along with any other pre- scribed or requested information, de- register the co-operative financial institu- tion. (3) (a) Where the Authority suspends the registration of a co-operative bank under subsection (1), the Authority may do so subject to any condition that the Authority may determine. (b) The Authority may revoke any suspension under subsection (1) if the Authority is satisfied that the co-opera- tive financial institution has complied with all the conditions to which the sus- pension was made subject. (4) (a) The Authority must publish a notice of such de-registration or suspen- sion in the Register. 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 411 405 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (2) IGunya malithi, lisakuba iziko libhalisiwe, likhuphe isiqinisekiso sokubhaliswa siye kwizko lemali lentsebenziswano lize lipapashe isihlokomiso sokubhaliswa kwalo kwiRejista. Ukunqunyanyiswa kokubhaliswa okanye ukucinywa 40D. (1) Ngokulawulwa licandelwana (4), iGunya linokulicima iziko lemali lentsebenziswano ebelibhalisiwe, okanye, xa kufanelekile, likunqumamise ukubhaliswa kwalo, xa iGunya liqinisekile ukuba iziko lemali lentsebenziswano— (a) alikaqalisi ukusebenza njengeziko lemali lentsebenziswano sekuphele iinyanga ezintandathu ukususela kumhla elabhaliswa ngawo njengeziko lemali lentsebenziswano. (b) liyekile ukusebenza; (c) likufumene ukubhaliswa ngokusebenzisa ubuqhetseba; (d) alisahlangabezani neemfuneko zokubhaliswa ekuthethwe ngazo kwicandelo 40B; (e) alikwazi ukuhlangabezana okanye ukuqhubeka lihlangabezana neemfuneko zobulumko ekuthethwe ngazo kwicandelo 40B; loyisakele ukufezekisa imiqathango efunwa ngulo Mthetho; (f) (g) loyisakele ukwenza ngokomyalelo okhutshwe ngokwalo Mthetho; (h) licinyiwe ekubhalisweni kwalo okanye lathinjwa ngokweCo- operatives Act. (2) Xa iziko lemali lentsebenziswa lizicelele ngokwalo ukucinywa ekubhalisweni, iGunya linokuthi kusakungeniswa isicelo esinjalo, kunye nenye ingcombolo efunekayo okanye eceliweyo, lilicime ekubhalisweni iziko lemali lentsebenziswano. (3) (a) Xa iGunya likunqumamisa ukubhaliswa kwebhanki yentsebenzi- swano ngokwecandelwana (1), iGunya linokwenza njalo ngokomqathango onokuthi ubekwe liGunya. (b) IGunya linokukuphelisa ukunqunyanyiswa okwenziwe ngokwecandelwana (1) ukuba iGunya liqinisekile ukuba iziko lemali lentsebenziswano liyifezile yonke imiqathango. (4) (a) IGunya malipapashe kwiRejista isaziso sokucinywa okanye sokunqunyanyiswa. This gazette is also available free online at www.gpwonline.co.za - 412 Verify source ↗
No. 41060
AI-assisted research summary: The Authority may require a co-operative financial institution to repay deposits after de-registration, and it has powers to seek winding-up or judicial management orders. The Minister responsible for co-operatives may not order winding-up without written concurrence from the Authority, or the Agency in some cases.
412 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 406 (b) The de-registration of a co-opera- tive financial institution takes effect on the date specified in the notice referred to in paragraph (a). (c) Where a co-operative financial institution has applied for reconsidera- tion of the decision of the Authority re- ferred to in subsection (1), the Authority must not publish the notice referred to in paragraph (a) until the application for reconsideration of the decision has been finalised. Repayment of deposits on de-registra- tion or lapsing of registration 40E. (1) The Authority may, on the de-registration of a co-operative financial institution, direct the co-operative finan- cial institution to repay any deposits, including interest thereon, held by that co-operative financial institution as at the date of de-registration within the period specified in the directive. (2) A directive referred to in subsec- tion (1) may— (a) apply to all deposits generally; or (b) differentiate between different types, kinds and amounts of deposits. (3) A co-operative financial institution that fails to comply with a directive un- der subsection (1) is deemed not to be able to pay its debts. Winding-up or judicial management of co-operative financial institution 40F. (1) Despite the provisions of sec- tions 72(1), 73(1) and 77(2) of the Co- operatives Act— (a) the Authority may— (i) apply to a court that a co-opera- tive financial institution be wound-up; (ii) recommend to the Minister re- sponsible for co-operatives that a co-operative financial institu- tion be wound-up; and (iii) apply to a court for a judicial management order; and (b) the Minister responsible for co-op- eratives may not order that a co- operative financial institution be wound-up without the written con- currence of the Authority, or the Agency, if functions of the Authority have been assigned or delegated to the Agency as contemplated in 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 413 407 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (b) Ukucinywa ekubhalisweni kweziko lemali lentsebenziswano kuqala ukusebenza ngomhla oxelwe kwisaziso ekuthethwe ngaso kwisiqendu (a). (c) Xa iziko lemali lentsebenziswano lenze isicelo sokuqwalaselwa ngokutsha kwesigqibo seGunya ekuthethwe ngalo kwicandelwana (1), iGunya malingasipapashi isaziso ekuthethwe ngaso kwisiqendu (a) de kube kugqityiwe ukuqwalaselwa ngokutsha kwesigqibo. Ukubuyiswa kweemali ebezifakiwe lisakucinywa iziko okanye kusakuphela ukubhaliswa kwalo 40E. (1) Xa iziko lemali lentsebenziswano licinywa ekubhalweni, iGunya linokuthi liyalele elo ziko lemali ukuba libuyise iimali ezafakwayo kulo, kuquka nenzala yazo, mali ezo ezisekwiziko ekupheleni komhla wokucinywa kwalo ekubhalisweni lingekapheli ixesha elixelwe kumyalelo. (2) Umyalelo ekuthethwe ngawo kwicandelwana (1) unokuthi— (a) usebenze kuzo zonke iimali ezifakiweyo; okanye (b) usebenze kuphela kwiintlobo ezithile nakwiimali ezithile ezifakiweyo. (3) Iziko lemali lentsebenziswano elingakwenziyo okufunwa ngumyolelo ngokwecandelwana (1) lithathwa ngokuthi liyoyisakala ukuhlawula amatyala alo. Ukuthinjwa kweziko lemali lentsebenziswano 40F. (1) Kungakhathaliseki ukuba lithini icandelo 72(1), 73(1) nele-77(2) leCo-operatives Act— (a) iGunya linokuthi— (i) lenz’ isicelo enkundleni sokuba iziko lemali lentsebenziswano lithinjwe; (ii) licebise uMphathiswa ophathiswe imifelandawonye ukuba iziko lemali lentsebenziswano lithinjwe; kananjalo (iii) lenz’ isicelo enkundleni somyolelo wokuba iziko liphathwe ngabalawuli abamiselwe yinkundla; kananjalo (b) uMphathiswa ophathiswe imifelandawonye akavumelekanga ukuba ayalele ukuba iziko lemali lentsebenziswano lithinjwe This gazette is also available free online at www.gpwonline.co.za - 414 Verify source ↗
No. 41060
AI-assisted research summary: Certain winding-up applications must be served on the Authority, and the Master of the High Court may appoint only Authority-recommended liquidators unless the person is not fit and proper.
414 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 408 (2) Any application to a court for the winding-up, including the voluntary winding-up, of a co-operative financial institution must be served on the Author- ity. (3) Despite any other law, the Master of the High Court may only appoint a person recommended by the Authority as a provisional liquidator or liquidator of a co-operative financial institution, unless the Master is of the opinion that the rec- ommended person is not fit and proper to be appointed as a provisional liquidator or liquidator of the co-operative financial institution concerned. (4) A liquidator of a co-operative fi- nancial institution that is voluntarily wound-up must submit to the Authority any documents that the co-operative fi- nancial institution being wound-up would have been obliged to submit in terms of this Act.’’. - 8 Verify source ↗
The repeal of sections 41 and 43.
AI-assisted research summary: This section repeals sections 41 and 43.
8. The repeal of sections 41 and 43. - 9 Verify source ↗
The amendment of section 44—
AI-assisted research summary: The Authority may, in writing, delegate or assign its powers and duties under the Act to certain bodies or people, and some licensing references must be read as referring to the Agency when that licensing power has been delegated.
9. The amendment of section 44— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) The [supervisor] Authority may, in writing, delegate or assign any of the powers entrusted to [him or her] the Authority in terms of this Act and assign any of the duties im- posed on [him or her] the Authority in terms of this Act to [a deputy supervisor,] any person employed by the Authority or the South Afri- can Reserve Bank, to the Financial Sector Conduct Authority, or, with the concurrence of the Minister, to the Agency [a deputy supervisor or any other person].’’; and (b) by the insertion after subsection (3) of the following subsection: ‘‘(4) (a) To the extent that a power or function relating to the licensing of co-operative financial institutions has been delegated to the Agency, references in Chapter VIIA to ‘‘the Authority’’ must be read as a reference to ‘‘the Agency’’. 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 415 409 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo ngaphandle kwemvume ebhaliweyo yeGunya, okanye iArhente, ukuba imisebenzi yeGunya yabelwe okanye iphathiswe iArhente njengoko kuxelwe kulo Mthetho. (2) Isicelo esibhekiswa enkundleni sokuthinjwa, kuquka nokuthinjwa ngokuzithandela kweziko lemali lentsebenziswano malaziswe iGunya ngaso. (3) Kungakhathaliseki ukuba uthini na omnye umthetho, uMgcini-Mafa WeNkundla Ephakamileyo unokumisela kuphela umntu onconywe liGunya njengonothimba wexeshana okanye unothimba weziko lemali lentsebe- nziswano, ngaphandle kokuba uMgcini- Mafa unoluvo lokuba umntu onconyi- weyo akafanelekanga ukuba amiselwe njengonothimba wexeshana okanye njengonothimba weziko lemali lentsebe- nziswano. (4) Unothimba weziko lemali lentsebenziswano elifunela ngokwalo ukuthinjwa makanike iGunya nawaphi na amaxwebhu ebeliya kunyanzeleka ukuba liwakhuphe elo ziko ngokwalo Mthetho.’’. - 8 Verify source ↗
Kutshitshiswa icandelo 41 nelama-43.
AI-assisted research summary: This section repeals sections 41 and 43.
8. Kutshitshiswa icandelo 41 nelama-43. - 9 Verify source ↗
Kwenziwa utshintsho kwicandelo
AI-assisted research summary: The Authority may, in writing, delegate or assign delegated powers under the Act to certain appointed persons or, with the Minister’s agreement, to the Agency.
9. Kwenziwa utshintsho kwicandelo 44— (a) ngokuthi indawo yecandelwana (1) ithatyathwe licandelwana elilandelayo: ‘‘(1) [Umphathi] IGunya linokuthi, ngokubhala, liphathise okanye labele amagunya eliwaphathisiweyo liwabele iGunya ngokwalo Mthetho [usekela- mphathi,] nawuphi na umntu oqeshwe liGunya okanye yiSouth African Reserve Bank, kwiFinancial Sector Counduct Authority, okanye, ngokuvumelana noMphathiswa, kwiArhente [usekela-mphathi okanye omnye umntu].’’; nangokuthi (b) emva kwecandelwana (3) kufakwe icandelwana elilandelayo: ‘‘(4) (a) Xa igunya okanye umsebenzi wokukhutshelwa ilayisensi kweziko lemali lentsebenziswano uphathiswe iArhente, xa kwisahluko VIIA kuthethwa nge-‘‘Gunya’’ oko makuthathwe njengokubhekisela kwi-‘‘Arhente’’. This gazette is also available free online at www.gpwonline.co.za - 416 Verify source ↗
No. 41060
AI-assisted research summary: This section says what “prescribed” means in Chapter VIIA and lets the Agency make rules for delegated or assigned licensing functions for co-operative financial institutions.
416 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 410 Act No. and year Short Title Extent of repeal or amendment (b) A reference in Chapter VIIA to ‘‘prescribed’’ means ‘‘prescribed in prudential, conduct or joint stan- dards’’. (c) To the extent that a power or function relating to the licensing of co-operative financial institutions has been assigned or delegated to the Agency— (i) the Agency may make rules in relation to the performance of that power or function; and (ii) ‘‘prescribed’’ must be read as referring to ‘‘rules made by the Agency’’.’’. - 10 Verify source ↗
The substitution for section 45 of the
AI-assisted research summary: The Authority must protect the public and set submission rules; it may extend deadlines, share information, and issue guidelines.
10. The substitution for section 45 of the following section: ‘‘45. The [supervisor] Authority, in addition to other functions conferred on the [supervisor] Authority by or in terms of any other provision of this Act— (a) must take steps [he or she] that the Authority considers necessary to protect the public in their dealings with co-operative banks and co-op- erative financial institutions; (b) may, on the written request of a co- operative bank, co-operative finan- cial institution, representative body, support organisation or auditor, ex- tend any period within which any documentation, information or report must be submitted to [him or her] the Authority; (c) must determine the form, manner and period, if a period is not speci- fied in this Act, within which any documentation, information or report that a co-operative bank, co-opera- tive financial institution, [a] repre- sentative body, support organisation or auditor is required to submit to the [supervisor] Authority under this Act must be submitted; (d) may, despite the provisions of any law, furnish information acquired by [him or her] the Authority under this Act to any person charged with the performance of a function under any law; (e) may issue guidelines to co-operative banks, co-operative financial institu- tions, members, supporting institu- tions and auditors on the application and interpretation of this Act and provide them with information on market practices or market or indus- try developments within or outside the Republic; 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 417 411 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (b) Xa kwiSahluko VIIA kukho igama elithi ‘‘emiselweyo’’ kuthethwa ‘‘emiselweyo kwizenzo zokuziphatha zobulumko okanye ngokwemilinganiselo yendibaniselwano’’. (c) Xa igunya okanye umsebenzi wokukhutshelwa ilayisensi kwamaziko emali entsebenziselwano wabelwe okanye uphathiswe iArhente— (i) iArhente inokuthi iqulunqe imigaqo engokwenza loo msebenzi ukusetyenziswa kwegunya; kwaye (ii) elithi ‘‘emiselweyo’’ malithathwe njengelibhekisela ‘‘kwimigaqo equlunqwe yiArhente’’.’’ - 10 Verify source ↗
Indawo yecandelo 45 ithatyathwa
AI-assisted research summary: This section gives the Authority powers and duties under section 45, including protecting the public, setting submission requirements, extending time for submissions, sharing required information, and issuing guidelines.
10. Indawo yecandelo 45 ithatyathwa licandelo elilandelayo: ‘‘45. [Umphathi] IGunya, ukongezelela kweminye imisebenzi enikwe [umphathi] iGunya ngokwalo Mthetho— (a) malithabathe amanyathelo eliwabona lona liliGunya efanelekile ukukhusela uluntu ekusebenzelaneni neebhanki zentsebenziselwano namaziko emali entsebenziselwano; (b) unokuthi, ngesicelo esibhaliweyo sebhanki yentsebenziswano, amaziko emqu entsebenziswano iqumrhu elingummeli, axhase umbutho okanye umphicothi-zincwadi, olule ithuba lokungeniswa koxwebhu oluthile okanye ingcombolo ethile ingeniswa kwiGunya; (c) makenz’ isigqibo ngohlobo, ngendlela, ngobude bexesha, ukuba ubude bexesha abuxelwanga kuMthetho, ekufuneka lingapheli ibhanki yentsebenziswano, iziko lemali lentsebenziswano, iqumrhu elingummeli, umbutho wenkxaso okanye umphicothi-zincwadi, ekufuneka angenise ngalo [kumphathi] kwiGunya ngokwalo Mthetho; (d) unokuthi, kungakhathaliseki ukuba uthini omnye umthetho, anikele ngengcombolo efunekayo kwiGunya ngokwalo Mthetho eyinika umntu ophathiswe umsebenzi ngokwalo Mthetho; (e) unokukhupha izikhokelo eziya kwiibhanki zentsebenziswano, kumaziko emali entsebenziswano, kumalungu, kumaziko enkxaso nakubaphicothi-zincwadi malunga nokusetyenziswa nokuchazwa This gazette is also available free online at www.gpwonline.co.za - 418 Verify source ↗
No. 41060
AI-assisted research summary: The Authority may publish information materials about co-operative banks and co-operative financial institutions, and may take necessary measures to carry out its functions, duties, and the Act.
418 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 412 (f) may publish a journal or any other publication, and issue newsletters and circulars containing information relating to co-operative banks and co-operative financial institutions; and (g) may take any measures [he or she] that the Authority considers neces- sary for the proper performance and exercise of [his or her] the Authori- ty’s functions or duties or for the implementation of this Act.’’. - 11 Verify source ↗
The substitution for section 46 of the
AI-assisted research summary: The supervisor may make prudential, conduct, or joint standards for co-operative banks and co-operative financial institutions.
11. The substitution for section 46 of the following section: ‘‘Power to make [rules] standards 46. (1) [The supervisor may pre- scribe rules with regard to—] A pru- dential, conduct or joint standard for or in respect of co-operative financial insti- tutions and co-operative banks may be made on any of the following matters: (a) [any] Any matter that is required or permitted to be prescribed in terms of this Act; and (b) any other matter for the better imple- mentation of this Act or a function or power provided for in this Act. (2) [Rules] Standards referred to in subsection (1) may— (a) apply to co-operative banks or co- operative financial institutions gener- ally; or (b) be limited in application to a particu- lar co-operative bank or co-operative financial institution or kind of co- operative bank or co-operative finan- cial institution, which may be de- fined in relation to either a type or budgetary size of co-operative bank or co-operative financial institution or to any other matter. [(3) (a) Before the supervisor pre- scribes any rule under this section, he or she must— (i) publish a draft of the proposed rule in the Gazette together with a notice calling for public comment in writing within a period stated in the notice, which period may not be less than 30 days from the date of publication of the notice; 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 419 413 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo kwentsingiselo yalo Mthetho aze abanike ingcombolo ngeendlela ezisebenza ngayo iimarike ngaphakathi okanye ngaphandle kwemida yeRiphablikhi; (f) unokuthi apapashe ulindixesha okanye enye incwadi eziqulethe ingcombolo engeebhanki zentsebenziswano namaziko emali entsebenziswano; kwaye (g) unokuthabatha nawaphi na amanyathelo iGunya eliwabona efanelekile ukuze yenziwe kakuhle imisebenzi okanye asetyenziswe kakuhle amagunya eGunya ukuze usebenziseke lo Mthetho.’’. - 11 Verify source ↗
Indawo yecandelo 46 ithatyathwa
AI-assisted research summary: The manager may make regulations or measures on listed matters, and must publish a draft in the Gazette for public written comment before doing so.
11. Indawo yecandelo 46 ithatyathwa licandelo elilandelayo: ‘‘Igunya lokuqulunqa [imigaqo] imilinganiselo 46. (1) [Umphathi unokuqulunqa imigaqo ngokubhekiselele-] Isenzo sobulumko okanye umlinganiselo wendibaniselwano weziko lemali lentsebenziswano sinokwenziwa ngawo nawuphi na kule micimbi ilandelyo: (a) [nayiphi na] Nawuphi na umcimbi ekufuneka okanye ekuvumelekileyo ukuba kwenziwe imimiselo ngawo; kwakunye (b) nawuphi na umcimbi wokusetye- nziswa bhetele kwalo Mthetho okanye umsebenzi okanye igunya eliqulethwe kulo Mthetho. (2) [Imigaqo] Imilinganiselo ekuthethwe ngayo kwicandelwana (1) inokuthi— (a) isebenze kwiibhanki zentsebenzi- swano okanye kumaziko emali entsebenziswano gabalala; okanye (b) ekusebenzeni kwayo ipheleliselwe kwibhanki ethile yentsebenziswano okanye iziko lemali lentsebenziswano, elingachazwa ngohlobo lwalo okanye ngobungakanani bebhanki yentsebenziswano okanye iziko lemali lentsebenziswano okanye ngokubhekiselele nakweyiphi na into. [(3) (a) Ngaphambi kokuba umphathi aqulunqe nawuphi na umthetho ngokweli candelo— (i) makapapashe umgaqo ocetywayo oseluvavanyo awupapashe kwiGazethi kunye nesihlokomiso esicela ukuba uluntu luvakalise izimvo ngokubhala lingekapheli This gazette is also available free online at www.gpwonline.co.za - 420 Verify source ↗
No. 41060
AI-assisted research summary: The supervisor must secure the Minister’s written approval before prescribing a rule, unless immediate publication is needed.
420 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 414 (ii) secure the written approval of the Minister. (b) If the supervisor alters a draft rule because of any comment, he or she need not publish the alteration before prescribing the rule. (4) The supervisor may, if circum- stances necessitate the immediate pub- lication of a rule, publish that rule without the approval as contemplated in subsection (3)(a)(ii).]’’. - 12 Verify source ↗
The substitution for section 47 of the
AI-assisted research summary: The Authority may inspect a co-operative bank or co-operative financial institution in specified circumstances, and may then take measures or make recommendations.
12. The substitution for section 47 of the following section: ‘‘Inspections 47. (1) [(a)] The [supervisor] Author- ity may at any time of [his or her] the Authority’s own accord, on application by at least 10 per cent of the members of or at the request of the judicial manager of a co-operative bank or a co-operative financial institution, inspect the business of a co-operative bank or a co-operative financial institution if the [supervisor] Authority has reason to believe that the co-operative bank or co-operative finan- cial institution is not conducting its af- fairs in accordance with the provisions of this Act or is contravening a provision of this Act. [(b) The supervisor has for the pur- poses of subsection (2) the powers and duties conferred or imposed upon a registrar by the Inspection of Finan- cial Institutions Act, 1998 (Act No. 80 of 1998), and any reference in that Act to ‘‘registrar’’ must be construed as a reference to ‘‘supervisor’’ and any reference to ‘‘financial institution’’ must be construed as a reference to ‘‘co-operative bank’’, provided that no warrant is required for search and seizure activities aimed at establishing regulatory compliance.] (2) The [supervisor] Authority may take any measures and make any recom- mendation [he or she] that the Authority considers appropriate following an in- spection in terms of subsection (1), in- cluding a recommendation to— 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 421 415 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo ixesha elixelwe kwisihlokomiso, xesha elo elingenakuba ngaphantsi kweentsuku ezingama-30 ukususela kumhla wokupapashwa kwesihlokomiso; kwaye (ii) makafumane imvume ebhaliweyo yoMphathiswa. (b) Ukuba umphathi uyawutshi- ntsha umgaqo oseluvavanyo ngenxa yoluvo oluvakalisiweyo, akukho mfuneko yokuba alupapashe olo tshintsho ngaphambi kokuba awuqulunqe umgaqo. (4) Ukuba iimeko zifunisa ukuba upapashwe ngoko nangoko umgaqo, umphathi unokuwupapasha loo mgaqo ngaphandle kwemvume exelwe kwicandelwana (3)(a)(ii).]’’. - 12 Verify source ↗
Indawo yecandelo 47 ithatyathwa
AI-assisted research summary: The Authority may inspect a cooperative bank or cooperative financial institution if certain conditions are met, and may then take steps and make proposals it considers appropriate.
12. Indawo yecandelo 47 ithatyathwa licandelo elilandelayo: ‘‘Ukuhlolwa 47. (1) [(a)] [Umphathi] iGunya linokuthi nangaliphi na ixesha, xa kwenziwe isicelo ubuncinane lishumi ekhulwini lamalungu okanye xa kucele umphathi ogwebayo webhanki yentsebenziswano okanye weziko lemali lentsebenziswano, ahlole ishishini lebhanki yentsebenziswano okanye leziko lemali lentsebenziswano ukuba [umphathi] iGunya linesizathu sokukholelwa ukuba ibhanki yentsebenziswano okanye iziko lemali lentsebenziswano aliqhubi ngokwalo Mthetho okanye laphula okutshiwo ngulo Mthetho. [(b) Ngenjongo yokusebenza kwecandelwana (2) umphahi unamagunya nemisebenzi athiwe jize kumgcini-zifayile yi-Inspection of Financial Institutions Act 80 ka-1998, kwaye nanini na xa kuloo Mthetho kuthethwa ngo-‘‘mgcini-zifayile’’ makuthathwe oko njengokubhekisela ku-‘‘mphathi’’ kwaye nanini na xa kuthethwa nge-‘‘ziko lemali’’ makuthathwe oko njengokuthetha ‘‘ibhanki yentsebenziswano’’, kodwa ke akufuneki sigunyazisi yokugqogqa nokuthatha ngenjongo yokufeza okufunwa yimimiselo.] (2) [Umphathi] IGunya linokutha- batha nawaphi na amanyathelo lize lenze naziphi na iziphakamiso elizibona zifanelekile emva kokuhlola ngokwecandelwana (1), kuquka isiphakamiso esiya— This gazette is also available free online at www.gpwonline.co.za - 422 Verify source ↗
No. 41060
AI-assisted research summary: This text identifies the co-operative bank or co-operative financial institution, and the relevant prosecuting authority if an inspection was done under a warrant.
422 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 416 (a) the co-operative bank or the co- operative financial institution; and (b) the relevant prosecuting authority if the inspection was done on the authority of a warrant.’’. - 13 Verify source ↗
The amendment of section 48—
AI-assisted research summary: The Authority may issue directives to co-operative banks or co-operative financial institutions.
13. The amendment of section 48— (a) by the substitution in subsection (1) for the words preceding paragraph (a) of the following words: ‘‘The [supervisor] Authority may, in order to ensure the implementation and administration of this Act or to protect members and the public in general, issue a directive to a co- operative bank or a co-operative financial institution—’’; and (b) by the substitution in subsection (2) for paragraphs (a) and (b) of the following paragraphs: (b) ‘‘(a) apply to co-operative banks or co-operative financial institu- tions generally; or be limited in its application to a particular co-operative bank or co-operative financial insti- tution, or kind of co-operative bank or co-operative financial institution, which may be de- fined either in relation to a type or budgetary size of co-opera- tive bank or co-operative fi- nancial institution or to any other matter.’’. - 14 Verify source ↗
The amendment of section 49—
AI-assisted research summary: The Authority may impose an administrative penalty on a co-operative bank or co-operative financial institution for failing to comply with this Act.
14. The amendment of section 49— (a) by the substitution for subsection (1) of the following subsection: ‘‘(1) The [supervisor] Authority may, despite and in addition to tak- ing any step [he or she] that the Au- thority may take under this Act, im- pose an administrative penalty on [the] a co-operative bank or co-op- erative financial institution for any failure to comply with a provision of this Act.’’; and (b) by the substitution for subsection (4) of the following subsection: 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 423 417 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (a) kwibhanki yentsebenziswano okanye kwiziko lemali lentsebenziswano; (b) nakwigunya lotshutshiso elifanelekileyo ukuba ukuhlola kwenziwa ngesigunyazisi.’’. - 13 Verify source ↗
Kwenziwa utshintsho kwicandelo
AI-assisted research summary: The Authority may issue an order to a cooperative bank or cooperative financial institution to help enforce the Act or protect members and the public.
13. Kwenziwa utshintsho kwicandelo 48— (a) ngokuthi amazwi awandulela isiqendu (a) kwicandelwana (1) athatyathelw’ indawo ngamazwi alandelayo: ‘‘[Umphathi] IGunya linokuthi, ukuze liqinisekise ukusetyenziswa kwalo Mthetho okanye liqinisekise ukukhuselwa kwamalungu noluntu ngokubanzi, linokuthi likhuphele ibhanki yentsebenziswano okanye iziko lemali lentsebenziswano umyalelo—’’; nangokuthi (b) isiqendu (a) no-(b) kwicandelwana (2) zithatyathelw’ indawo ziziqendu ezilandelayo: ‘‘(a) isebenza kwiibhanki (b) zentsebenziswano okanye kumaziko emali entsebenziswano ngokubanzi; okanye ekusetyenzisweni kwawo upheleliselwe kwibhanki ethile yentsebenziswano okanye kwiziko lemali lentsebenziswano elithile, okanye kuhlobo oluthile lwebhanki yentsebenziswano okanye kwiziko lemali lentsebenziswano lohlobo oluthile, enokuthi ichazwe ngokohlobo lwayo okanye ngokobungakanani bebhanki yentsebenziswano okanye ngokobungakanani beziko lemali lentsebenziswano. - 14 Verify source ↗
Kwenziwa utshintsho kwicandelo
AI-assisted research summary: The Authority may fine a cooperative bank or cooperative financial institution if it fails to comply with the Act.
14. Kwenziwa utshintsho kwicandelo 49— (a) ngokuthi indawo yecandelwana (1) ithathwe licandelwanda elilandelayo: ‘‘(1) [Umphathi] IGunya linokuthi, ukongezelela phezu kwenyathelo elithatyathiweyo elinokuthatyathwa liGunya ngokwalo Mthetho, likhuphe isohlwayo lisohwaya ibhanki yentsebenziswano okanye iziko lemali lentsebenziswano ngenxa yokungakwenzi okufunwa nguloMthetho.’’; nangokuthi (b) ngokuthi icandelwana (4) lithatyathelw’ indawo licandelwana elilandelayo: This gazette is also available free online at www.gpwonline.co.za - 424 Verify source ↗
No. 41060
AI-assisted research summary: If a co-operative bank or co-operative financial institution does not pay an administrative penalty in time, the Authority may recover the amount through civil action in a competent court.
424 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 418 ‘‘(4) If a co-operative bank or co- operative financial institution fails to pay an administrative penalty within the specified period the [supervisor] Au- thority may by way of civil action in a competent court recover the amount of the administrative penalty from the co- operative bank.’’. - 15 Verify source ↗
The substitution for section 50 of the
AI-assisted research summary: The Authority may require certain cooperative-sector bodies to submit specified information or a report on written notice, and any required report must be prepared at their expense.
15. The substitution for section 50 of the following section: ‘‘Information and reports 50.[(1)] (a) The [supervisor] Author- ity may on written notice require a co- operative bank, a co-operative financial institution, a representative body or a support organisation [of a co-operative bank] to submit to [him or her] the Au- thority— (i) the information specified in the no- tice; or (ii) a report by an auditor or by any other person with appropriate pro- fessional skill, designated by the [supervisor] Authority, on any mat- ter specified in the notice. (b) A report required under [subsec- tion (1)] paragraph (a) must be prepared at the expense of the co-operative bank, representative body or support organisation.’’. - 16 Verify source ↗
The amendment of section 55 by the
AI-assisted research summary: This section amends section 55 to add a new paragraph about powers and functions for co-operative financial institutions.
16. The amendment of section 55 by the insertion after paragraph (l) of the follow- ing paragraph: ‘‘(lA) exercise powers and perform functions in relation to co-opera- tive financial institutions, includ- ing regulatory and supervisory functions, as specified in terms of this Act, or which the Authority may, with the concurrence of the Minister, delegate or assign to the Agency;’’. - 17 Verify source ↗
The amendment of section 57—
AI-assisted research summary: This section amends section 57 and lets the Authority recover unpaid penalties from a bank or cooperative financial institution by suing in court if payment is not made on time.
17. The amendment of section 57— (a) by the substitution in subsection (1) for paragraph (aA) of the following para- graph: ‘‘(aA) the matters referred to in sec- tion 55(1)(f) to (h) and para- graph (aB) of this subsection, in consultation with the [su- pervisor] Authority;’’; 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 425 419 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo ‘‘(4) Ukuba ibhanki yentsebenzi- swano okanye iziko lemali lentsebenzi- swano liyoyisakala ukuhlawula isohlwayo ngexesha eliqingqiweyo [umphathi] iGunya linokuthi liyifune loo mali ngokumangala enkundleni.’’. - 15 Verify source ↗
Icandelo 50 lithatyathelw’ indawo
AI-assisted research summary: The Authority may require certain cooperative banking bodies to submit specified information or a report by written notice, and the report must be paid for by the required entity.
15. Icandelo 50 lithatyathelw’ indawo licandelo elilandelayo: ‘‘Inkcazelo neengxelo 50. [(1)] (a) [Umphathi] IGunya linokuthi ngokwenza isaziso esibhaliweyo lifune ukuba ibhanki yentsebenziswano, iziko lemali lentsebenziswano, iqumrhu elingummeli okanye umbutho wenkxaso [webhanki yentsebenziswano] lingenise kulo iGunya— (i) inkcazelo exelwe kwisaziso; okanye (ii) ingxelo eyenziwe ngumphicothi- zincwadi okanye ngomnye umntu owufundeleyo umsebenzi wakhe, ochongwe [ngumphathi] liGunya, ngawo nawuphi na umcimbi oxelwe kwisaziso. (b) Ingxelo efunekayo [ngokwe- candelwana (1)] ngokwesiqendu (a) mayiqulunqwe ngendleko yebhanki yentsebenziswano, yequmrhu elingummeli okanye yombutho wenkxaso.’’. - 16 Verify source ↗
Kwenziwa utshintsho kwicandelo 55
AI-assisted research summary: The Authority may, with the Minister’s approval, delegate or assign functions to the Agency.
16. Kwenziwa utshintsho kwicandelo 55 ngokuthi emva kwesiqendu (l) kufakelwe isiqendu esilandelayo: ‘‘(2A) lisebenzise amagunya lenze nemisebenzi yamaziko emali entsebenziswano, kuquka imisebenzi yolawulo neyokuphatha, njengoko ixelwe ngokwalo Mthetho, okanye leyo iGunya elinokuthi, ngemvume yoMphathiswa, liyiphathise okanye liyabele iArhente;’’. - 17 Verify source ↗
Kwenziwa utshintsho kwicandelo
AI-assisted research summary: This section amends section 57 by replacing paragraph (aA) in subsection (1) with a new text about matters in section 55(1)(f) to (h) and paragraph (aB), to be done after consultation with the manager and the Authority.
17. Kwenziwa utshintsho kwicandelo 57— (a) ngokuthi kwicandelwana (1) isiqendu (aA) sithatyathelw’ indawo sisiqendu esilandelayo: ‘‘(aA) imicimbi ekuthethwe ngayo kwicandelo 55(1)(f) ukuya ku-(h) nakwisiqendu (aB) seli candelwana, ngokubonisana [nomphathi] neGunya;’’; This gazette is also available free online at www.gpwonline.co.za - 426 Verify source ↗
No. 41060
AI-assisted research summary: Rules under subsection (1) may apply generally or to a specific co-operative bank, representative body, support organisation, or co-operative financial institution; rules under subsection (1)(aB) may only apply to co-operative financial institutions.
426 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 420 Extent of repeal or amendment (b) by the insertion after paragraph (aA) of the following paragraph: ‘‘(aB) co-operative financial institu- tions, in order to perform the Agency’s functions in rela- tion to co-operative financial institutions, including regula- tory and supervisory func- tions, as specified in terms of this Act, or which the Author- ity may, with the concurrence of the Minister, delegate or assign to the Agency;’’; (c) by the substitution in subsection (2) of the following subsection: ‘‘(2) Rules referred to in subsec- tion (1) may— (a) apply to co-operative banks, representative bodies [or], sup- port organisations or co-opera- tive financial institutions gener- ally; [or] (b) be limited in application to a particular co-operative bank, representative body [or], sup- port organisation or co-operative financial institution, or kind of co-operative bank or co-opera- tive financial institution, which may be defined either in relation to a type or budgetary size of co-operative bank or co-opera- tive financial institution, or to any other matter; and (c) only apply to co-operative finan- cial institutions, in the case of rules referred to in subsection (1)(aB).’’. - 18 Verify source ↗
The repeal of sections 75 and 76.
AI-assisted research summary: This section repeals sections 75 and 76.
18. The repeal of sections 75 and 76. - 19 Verify source ↗
The substitution for section 77 of the
AI-assisted research summary: This section says it is an offence for a person who is not registered as a co-operative bank or co-operative financial institution to do the conduct described in section 77(1), and it also sets how related regulations may apply.
19. The substitution for section 77 of the following section: ‘‘Unlawful use of word ‘co-operative bank’, ‘co-operative financial institu- tion’ or unlawful conduct of [banking] business of co-operative bank or coop- erative financial institution. 77. (1) It is an offence for any person who is not registered as a co-operative bank or a co-operative financial institu- tion under this Act to— 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 427 421 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (b) ngokuthi emva kwesiqendu (aA) kufakelwe isiqendu esilandelayo: ‘‘(aB) amaziko emali entsebenziswano, ukuze enze imisebenzi yeArhente emayela namaziko emali entsebenziswano, kuquka imisebenzi yolawulo nokuphatha, njengoko ixelwe kulo Mthetho, okanye leyo elinokuthi iGunya, ngokuvu- melana noMphathiswa, liyiphathise okanye liyabele iArhente;’’; (c) ngokuthi icandelwana (2) lithatyathelw’ indawo licandelwana elilandelayo: ‘‘(2) Imigaqo ekuthethwe ngayo kwicandelwana (1) inokuthi— (a) isebenze kwiibhanki zentsebenziswano, kumaqumrhu angabameli [okanye], kwimibutho yenkxaso okanye kumaziko emali entsebenziswano ngokubanzi; [okanye] (b) ekusetyenizsweni kwayo ipheleliselwe kwibhanki ethile yentsebenziswano, kwiqumrhu elingummeli [okanye], kumbutho wenkxaso okanye kwiziko lemali lentsebenzi- swano, elinokuchazwa ngohlobo lwalo okanye ngobukhulu bebhanki yentsebenziswano okanye beziko lemali lentsebenziswano, okanye enye into; kwaye (c) isebenza kuphela kumaziko emali entsebenziswano, xa kuyimigaqo ekuthethwe ngayo kwicandelwana (1)(aB).’’. - 18 Verify source ↗
Kutshitshiswa icandelo 75 nelama-
AI-assisted research summary: Sections 75 and 76 are repealed.
18. Kutshitshiswa icandelo 75 nelama- 76. - 19 Verify source ↗
Icandelo 77 lithatyathelw’ indawo
AI-assisted research summary: This section replaces section 77 and says it is an offence for an unregistered person to use the terms ‘co-operative bank’ or ‘co-operative financial institution’, or to carry on business unlawfully as such an institution.
19. Icandelo 77 lithatyathelw’ indawo licandelo elilandelayo: ‘‘Ukusetyenziswa ngokungekho mthethweni kwegama elithi ‘ibhanki yentsebenziswano,’ ‘‘iziko lemali lentsebenziswano’’ okanye ukwenza okungekho mthethweni kwamashishini [aziibhanki] ebhanki yentsebenziswano okanye eziko lemali lentsebenziswano. 77. (1) Kusisenzo esikukona ukuba umntu ongabhaliswanga njengebhanki yentsebenziswano okanye njengeziko This gazette is also available free online at www.gpwonline.co.za - 428 Verify source ↗
No. 41060
AI-assisted research summary: It is an offence to hold out as a co-operative bank or co-operative financial institution, to conduct such business without registration, or for registered co-operative banks and financial institutions to provide services beyond what they are authorised to provide.
428 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 422 Act No. and year Short Title Extent of repeal or amendment (a) in connection with any business con- ducted by him, her or it— (i) use or refer to himself, herself or itself by any name, descrip- tion or symbol indicating, or calculated to lead persons to infer, that such person is a co- operative bank or a co-operative financial institution registered as such under this Act; or (ii) in any manner purport to be a co-operative bank or a co-opera- tive financial institution regis- tered as such under this Act; or (b) use in respect of any business a name or description that includes the expression ‘‘co-operative bank’’, ‘‘co-op bank’’, ‘‘co-operative finan- cial institution’’ or any derivative thereof. (2) It is an offence for any person to conduct the business of any co-operative bank or co-operative financial institution unless such person is registered as a co- operative bank or a co-operative finan- cial institution in terms of this Act. (3) (a) It is an offence for a co-opera- tive bank to provide, participate in or undertake banking services other than the services authorised in respect of the type of co-operative bank it is registered as in terms of this Act. (b) It is an offence for a co-operative financial institution to provide, partici- pate in or undertake services other than the services that it is authorised to pro- vide as a registered co-operative finan- cial institution in terms of this Act.’’. - 20 Verify source ↗
The substitution for section 78 of the
AI-assisted research summary: This provision introduces a substituted section 78 titled “Untrue information in connection with applications.”
20. The substitution for section 78 of the following section: ‘‘Untrue information in connection with applications - 78 Verify source ↗
It is an offence for any person in
AI-assisted research summary: It is an offence to give information that you know is untrue or misleading when applying to register as a co-operative bank or co-operative financial institution.
78. It is an offence for any person in connection with an application for regis- tration as a co-operative bank or a co- operative financial institution to provide any information that to the knowledge of such person is untrue or misleading in any material respect.’’. - 21 Verify source ↗
The substitution for section 79 of the
AI-assisted research summary: The section makes it an offence for certain company officers and related persons to present a business as a cooperative bank or registered cooperative financial institution, or to use those words in a business name or description. It also treats unauthorized banking or financial services by cooperative banks and cooperative financial institutions as offences.
21. The substitution for section 79 of the following section: ‘‘Criminal liability of director, manag- ing director, executive officer and other persons 79. (1) It is an offence for any direc- tor, managing director or executive 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 429 423 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo lemali lentsebenziswano ngokwalo Mthetho ukuba— (a) athi mayela neshishini eliqhutywa nguye— (i) athethe ngaye siqu okanye athethe ngebhanki leyo ngegama okanye ngendlela eyenzelwe ukuba yenze abantu bacinge ukuba iyibhanki yentsebe- nziswano okanye iliziko lemali lentsebenziswano elibhalisiweyo ngokwalo Mthetho; okanye (ii) nangayiphi na indlela azenze ibhanki yentsebenziswano okanye iziko lemali lentsebe- nziswano elibhalisiweyo ngokwaloMthetho; okanye (b) asebenzise kwishishini igama okanye inkcazelo equka intetho ‘‘ibhanki yentsebenziswano’’ ‘‘iziko lemali lentsebenziswano’’ ngokwalo Mthetho. (2) (a) Kusisenzo esikukona ukuba ibhanki yentsebenziswano inike iinkonzo zebhanki ezingezizo ezo zigunyazelwe uhlobo lwebhanki yentsebenziswano ebhaliselwe ukuba ibe yiyo ngokwalo Mthetho. (b) Kusisenzo esikukona ukuba iziko lemali lentsebenziswano linike iinkonzo ezingezizo ezo ligunyazelwe ukuba linike zona ngokwalo Mthetho.’’. - 20 Verify source ↗
Icandelo 78 lithatyathelw’ indawo
AI-assisted research summary: Section 78 is replaced by a following section.
20. Icandelo 78 lithatyathelw’ indawo licandelo elilandelayo: ‘‘Ingcombolo engeyonyani malunga nezicelo - 78 Verify source ↗
Kusisenzo esikukona ukuba umntu
AI-assisted research summary: A person applying to register as a cooperative bank or cooperative financial institution must not give information they know is false or misleading.
78. Kusisenzo esikukona ukuba umntu athi xa esenza isicelo sokubhaliswa njengebhanki yentsebenziswano okanye iziko lemali lentsebenziswano anike ingcombolo ayaziyo ukuba ayiyonyani okanye iyinkohliso.’’. - 21 Verify source ↗
Icandelo 79 lithatyathelw’ indawo
AI-assisted research summary: This section says certain bank officials can commit an offence if they become involved in the conduct described in section 79(1).
21. Icandelo 79 lithatyathelw’ indawo licandelo elilandelayo: ‘‘Ukuba netyala lolwaphulo-mthetho komlawuli, komlawuli ophetheyo, kwegosa eliphezulu eliququzelelayo nabanye abantu 79. (1) Kusisenzo esikukona ukuba umlawuli, umlawuli ophetheyo okanye igosa eliphezulu eliququzelelayo lebhanki yentsebenziswano okanye leziko lemali lentsebenziswano lithi ngokungqalileyo okanye ngokunga- ngqalanga libandakanyeke okanye This gazette is also available free online at www.gpwonline.co.za - 430 Verify source ↗
No. 41060
AI-assisted research summary: It is an offence for certain people connected to a co-operative bank or co-operative financial institution to take part in its management when the business is being run recklessly and with fraudulent intent.
430 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 424 officer of a co-operative bank or a co- operative financial institution to, directly or indirectly, be involved in or take part in the management of a co-operative bank or a co-operative financial institu- tion while the business of the co-opera- tive bank or co-operative financial insti- tution is carried on recklessly, with intent to defraud creditors of the co-op- erative bank or co-operative financial institution, or creditors of any other per- son, or for any fraudulent purpose. (2) It is an offence for any person other than a director, managing director or executive officer to knowingly, di- rectly or indirectly, benefit from, be in- volved in or take part in the management of a co-operative bank or a co-operative financial institution while the business of the co-operative bank or co-operative financial institution is carried on reck- lessly, with intent to defraud creditors of the co-operative bank or co-operative financial institution, or creditors of any other person, or for any fraudulent pur- pose.’’. - 22 Verify source ↗
The substitution for section 82 of the
AI-assisted research summary: Administrative decisions by the Authority or Agency must comply with the Promotion of Administrative Justice Act when they affect someone’s rights, unless another fair procedure is provided elsewhere in the Act or under the Financial Sector Regulation Act.
22. The substitution for section 82 of the following section: ‘‘Fair administrative action 82. [Any] Where a decision or other step of an administrative nature taken by the [supervisor,] Authority or the Agency [or appeal board that] affects the rights of another person, the [super- visor,] Authority or the Agency [or ap- peal board] must comply with the Pro- motion of Administrative Justice Act, 2000 (Act No. 3 of 2000), unless another fair administrative procedure has been provided for in this Act or in terms of the Financial Sector Regulation Act.’’. - 23 Verify source ↗
The substitution for section 85 of the
AI-assisted research summary: Section 23 replaces section 85 with a new section headed “Indemnity.”
23. The substitution for section 85 of the following section: ‘‘Indemnity - 85 Verify source ↗
Neither the [supervisor,] Author-
AI-assisted research summary: Certain listed officials and agency members are protected from liability for good-faith acts or omissions done under this Act, except where the conduct was grossly negligent.
85. Neither the [supervisor,] Author- ity or the Agency [or appeal board], or any board member or employee or man- aging director thereof, nor a committee of the Agency or any member thereof incurs any liability in respect of any act or omission performed in good faith un- der or by virtue of a provision in this Act, unless that performance was grossly negligent.’’. 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 431 425 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo lithabath’ inxaxheba ekuphathweni kwebhanki yentsebenziswano okanye kweziko lemali lentsebenziswano ngoxa ishishini lebhanki yentsebenziswano okanye leziko lemali lentsebenziswano liqhutywa ngokungenankathalo, ngenjongo yokuqhatha abo libatyalayo. (2) Kusisenzo esikukona ukuba umntu ongenguye umlawuli, umnlawuli ophetheyo okanye igosa eliphezulu eliququzelelayo lithi lisazi, ngokungqa- lileyo okanye ngokungangqalanga, lizuze, libandakanyeke okanye lithabath’ inxaxheba ekuphathweni kwebhanki yentsebenziswano okanye kweziko lemali lentsebenziswano ngoxa ishishini lebhanki yentsebenziswano okanye leziko lemali lentsebenziswano liqhutywa ngokungenankathalo, ngenjongo yokuqhatha abo libatyalayo.’’. - 22 Verify source ↗
Icandelo 82 lithatyathelw’ indawo
AI-assisted research summary: The Authority or the Agency must follow the Promotion of Administrative Justice Act when making decisions, unless another fair decision-making process applies under this Act or the Financial Sector Regulation Act.
22. Icandelo 82 lithatyathelw’ indawo licandelo elilandelayo: ‘‘Ukwenziwa kwezigqibo ngobulunguisa 82. [Nasiphi na] Xa isigqibo okanye elinye inyathelo elifunisa ukwenziwa kwesigqibo elithatyathwa [ngumphathi,] liGunya okanye yiArhente [okanye ibhodi yezibheno] malivisisane nePromotion of Administra- tive Justice Act 3 ka-2000, ngaphandle kokuba kukho enye inkqubo yokwenziwa kwezigqibo enobulungisa ekuthiwe makulandelwe yona kulo Mthetho okanye ngokweFinancial Sector Regulation Act.’’. - 23 Verify source ↗
Icandelo 85 lithatyathelw’ indawo
AI-assisted research summary: Certain authority, board, staff, and related committee members are not liable for acts or omissions done without bad intent or because of the Act, unless the conduct is gross negligence.
23. Icandelo 85 lithatyathelw’ indawo licandelo elilandelayo: ‘‘Ukungabi nabutyala 85. [Umphathi] IGunya okanye iArhente [okanye ibhodi yezibheno], okanye ilungu lebhodi okanye umqeshwa okanye umlawuli ophetheyo walo, okanye ikomiti yeArhente okanye ilungu layo, akabekeki tyala ngokwenza okanye ngokusilela ukwenza xa oko bekungenganjongo imbi okanye xa oko bekungenxa yoko kutshiwo ngulo Mthetho, ngaphandle kokuba okwenzekileyo kube kukungakhathali okukhwankqisayo.’’. This gazette is also available free online at www.gpwonline.co.za - 432 Verify source ↗
No. 41060
AI-assisted research summary: 432 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 426
432 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 426 - 24 Verify source ↗
The substitution for section 87 of the
AI-assisted research summary: This section substitutes a new section 87 headed “Powers of Minister.”
24. The substitution for section 87 of the following section: ‘‘Powers of Minister - 87 Verify source ↗
The Minister may delegate any of
AI-assisted research summary: The Minister may delegate most powers under the Act to the Director-General or another National Treasury official, but not the power to make regulations or appoint Agency/appeal board members.
87. The Minister may delegate any of [his or her] the Minister’s powers in terms of this Act, excluding the power to make regulations and the power to ap- point the members of the Agency [or appeal board], to the Director-General or any other official of the National Trea- sury.’’. - 25 Verify source ↗
The substitution for the long title of
AI-assisted research summary: This section replaces the Act’s long title with a new statement of its purposes, focused on banking access, co-operative banks, regulation, supervision, and related matters.
25. The substitution for the long title of the Act for the following: ‘‘To promote and advance the social and economic welfare of all South Af- ricans by enhancing access to banking services under sustainable conditions; to promote the development of sus- tainable and responsible co-operative banks and co-operative financial insti- tutions; to establish an appropriate regulatory framework and regulatory institutions for co-operative banks and co-operative financial institutions that protect members of co-operative banks and co-operative financial insti- tutions; to provide for the registration of deposit-taking financial services co-operatives as co-operative banks and co-operative financial institutions; to provide for the regulation and su- pervision of co-operative banks and co-operative financial institutions; and to provide for the establishment [of co-operative banks supervisors and] a development agency for co-operative banks; and to provide for matters con- nected therewith’’. - 26 Verify source ↗
The substitution for the expression
AI-assisted research summary: Replace every occurrence of “supervisor” with “Authority”.
26. The substitution for the expression ‘‘supervisor’’, wherever it occurs, of the expression ‘‘Authority’’. - 27 Verify source ↗
The amendment of the arrangement
AI-assisted research summary: This section amends the arrangement of sections by inserting a new item after item 1.
27. 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 - 1B Verify source ↗
Regulatory instruments’’;
AI-assisted research summary: This text appears to be an amendment to item 18 and 19, changing the heading to “Functions of Auditor in relation to Authority.”
1B. Regulatory instruments’’; (b) by the substitution for items 18 and 19 of the following items: ‘‘18. Functions of Auditor in rela- tion to Authority - 19 Verify source ↗
Submission of documents to
AI-assisted research summary: This section is titled “Submission of documents to Authority.”
19. Submission of documents to Authority’’; 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 433 427 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo - 24 Verify source ↗
Icandelo 87 lithatyathelw’ indawo
AI-assisted research summary: This provision says section 87 is replaced by a new section.
24. Icandelo 87 lithatyathelw’ indawo licandelo elilandelayo: ‘‘Amagunya oMphathiswa - 87 Verify source ↗
UMphathiswa unokuwaphathisa
AI-assisted research summary: The Minister may delegate powers under this Act to the Director-General or another official in the National Department, but not the power to make regulations or appoint Agency or appeals board members.
87. UMphathiswa unokuwaphathisa amagunya akhe ngokwalo Mthetho, ngaphandle kwegunya lokwenza imimiselo negunya lokumisela amalungu eArhente [okanye ebhodi yezibheno], awaphathise uMlawuli-Jikelele okanye elinye igosa elisebenza kwiNxili Yelizwe.’’. - 25 Verify source ↗
Amazwi achaza injongo yoMthetho
AI-assisted research summary: This provision replaces the law’s purpose statement with a new purpose focused on improving the economic welfare of people in South Africa through better banking services, cooperation among banks and financial institutions, effective regulation of cooperative banks and cooperative financial institutions, protection of their members, registration of deposit-taking cooperatives as such institutions, and provision for banking development agencies and related matters.
25. Amazwi achaza injongo yoMthetho athatyathelw’ indawo ngamazwi alandelayo: ‘‘Injongo kukuphucula intlalontle yabo bonke abantu baseMzantsi- Afrika kwicala loqoqosho ngokuba- fumanisa iinkonzo zeebhanki phantsi kweemeko ezintle; kukukhuthaza ukusebenzisana kweebhanki namaziko emali entsebenziswano; kukwenza ukuba zilawulwe ngokufanelekileyo iibhanki zentsebenziswano namaziko emali entsebenziswano kuze kukhuseleke amalungu eebhanki zentsebenziswano namaziko emali entsebenziswano; kukwenzela ukuba ibhaliswe imifelandawonye eyamkela iimali ebantwini njengeebhanki zentsebenziswano namaziko emali entsebenziswano; nokwenzela ukuba kubekho [abaphathi beebhanki zentse- benziswano] nearhente yophuhliso yeebhanki zentsebenziswano; nokulungiselela izinto eziyelele apho’’. - 26 Verify source ↗
Naphi na kukho igama elithi
AI-assisted research summary: When the word “umphathi” appears, it is read as “iGunya”.
26. Naphi na kukho igama elithi ‘‘umphathi’’ indawo yalo ithatyathwa lelithi ‘‘iGunya’’. - 27 Verify source ↗
Kwenziwa utshintsho kulandele-
AI-assisted research summary: This section amends the arrangement of sections by inserting new section 1A after section 1.
27. Kwenziwa utshintsho kulandele- lwano lwamacandelo ngokuthi— (a) emva ko-1 kufakelwa oku kulandelayo: ‘‘1A. Ubudlelane phakathi kwalo Mthetho neFinancial Sector Regulation Act - 1B Verify source ↗
Izixhobo zolawulo’’;
AI-assisted research summary: This text shows an amendment heading and introduces a new section about the auditor’s functions in relation to the Authority.
1B. Izixhobo zolawulo’’; (b) endaweni ka-18 no-19 kufakelwe oku kulandelayo: ‘‘18. Imisebenzi yoMphicothi- zincwadi ngokuhlobene neGunya - 19 Verify source ↗
Ukungeniswa kwamaxwebhu
AI-assisted research summary: This section is titled “Submission of documents to the Authority.”
19. Ukungeniswa kwamaxwebhu kwiGunya’’; This gazette is also available free online at www.gpwonline.co.za - 434 Verify source ↗
No. 41060
AI-assisted research summary: This provision appears to be an amendment entry inserting a new heading and items in Chapter VIIA on co-operative financial institutions.
434 No. 41060 GOVERNMENT GAZETTE, 22 AUGUST 2017 Act No. 9 of 2017 Financial Sector Regulation Act, 2017 Act No. and year Short Title 428 Extent of repeal or amendment (c) the insertion after item 40 of the fol- lowing heading and items: ‘‘CHAPTER VIIA CO-OPERATIVE FINANCIAL INSTITUTIONS - 40A Verify source ↗
Application for registration as
AI-assisted research summary: This provision is about applying for registration as a co-operative financial institution.
40A. Application for registration as co-operative financial institu- tion - 40B Verify source ↗
Requirements for registration
AI-assisted research summary: This section is about requirements for registration.
40B. Requirements for registration - 40C Verify source ↗
Registration of co-operative
AI-assisted research summary: This section is about the registration of a co-operative financial institution.
40C. Registration of co-operative financial institution - 40D Verify source ↗
Suspension of registration or
AI-assisted research summary: 40D. Suspension of registration or de-registration
40D. Suspension of registration or de-registration - 40E Verify source ↗
Repayment of deposits on de-
AI-assisted research summary: Section 40E is titled “Repayment of deposits on de-registration or lapsing of registration.”
40E. Repayment of deposits on de- registration or lapsing of regis- tration - 40F Verify source ↗
Winding-up or judicial man-
AI-assisted research summary: This text amends references to winding-up or judicial management of a co-operative financial institution and to unlawful use of certain co-operative banking terms.
40F. Winding-up or judicial man- agement of co-operative finan- cial institution’’; and (d) the substitution for item 77 of the fol- lowing item: ‘‘77. Unlawful use of words ‘‘co- operative bank’’, ‘‘co-operative fi- nancial institution’’ or unlawful con- duct of business of co-operative bank or co-operative financial insti- tution’’. Act No. 19 of 2012 Financial Mar- kets Act, 2012 - 1 Verify source ↗
The amendment of section 1—
AI-assisted research summary: This section amends section 1 by deleting two definitions and adding definitions for “Authority” and “central counterparty.”
1. The amendment of section 1— (a) by the deletion in subsection (1) of the definition of ‘‘appeal board’’; (b) by the insertion in subsection (1) after the definition of ‘‘authorised user’’ 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 definition of ‘‘board’’; (d) by the insertion in subsection (1) after the definition of ‘‘bank’’ of the follow- ing definition: ‘‘ ‘central counterparty’ means a clearing house that— (a) interposes itself between counterparties to transactions in securities, becoming the buyer to every seller and the seller to every buyer and thereby ensur- ing the performance of open contracts; 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 435 429 Nomoro ya Molao le ngwaga Setlhogo se se khutshwane Bogolo jwa phimolo kgotsa tlhabololo (c) emva ko-40 kufakelwe umxholo olandelayo namacandelo alandelayo: ‘‘ISAHLUKO VIIA AMAZIKO EMALI ENTSEBENZISWANO - 40A Verify source ↗
Ukwenza isicelo sokubhaliswa
AI-assisted research summary: This provision is about applying for registration as a cooperative financial institution.
40A. Ukwenza isicelo sokubhaliswa njengeziko lemali lentsebenziswano
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