Financial Institutions Amendment Act 54 of 1991

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54 of 1991

The Financial Institutions Amendment Act 54 of 1991 intends:

  • to amend the Insurance Act, 1943 [repealed in 1999], so as to further regulate the transfer of the business of a registered insurer to a separate company;
  • to amend the Pension Funds Act, 1956, so as
    • to provide for the establishment of a Pension Funds Advisory Committee; and
    • to accord recognition to the reasonable benefit expectations of persons in respect of whom a pension fund has liabilities;
  • to amend the Unit Trusts Control Act, 1981 [repealed in 2003], so as
    • to extend the definition of “securities”;
    • to provide for the establishment of a Unit Trusts Advisory Committee; and
    • to authorize the Registrar of Unit Trust Companies to exempt persons from the application of certain provisions of the Act;
  • to amend the Inspection of Financial Institutions Act, 1984 [repealed in 1998], so as to regulate the disclosure of certain information to the Registrar of Deposit-taking Institutions;
  • to amend the Stock Exchanges Control Act, 1985 [repealed in 2005], so as 
    • to exempt certain transactions from the definition of “bear sale”;
    • to further provide for the delegation or assignation of powers or duties of the committee of a stock exchange;
    • to further define the powers of the president of a stock exchange to suspend the listing of securities or to omit the prices of securities;
    • to further regulate the hearing of appeals;
    • to further provide for the compulsory purchase and sale of securities by a stock-broker as well as the recovery of interest on outstanding amounts in this regard;
    • to regulate the disclosure of the removal from office of an auditor; and
    • to provide for the imposition of civil fines;
  • to amend the Financial Markets Control Act, 1989 [repealed in 2005], so as
    • to further define certain expressions;
    • to further define the powers of the executive officer of a financial exchange to suspend the listing of financial instruments;
    • to provide for the separate position of goods given to or received by a clearing house or member of a financial exchange;
    • to further regulate the hearing of appeals; and
    • to provide for the imposition of civil fines;
  • to amend the Insolvency Act, 1936, so as to provide for the realization of a financial instrument held as security for a claim; and
  • to provide for incidental matters.

Commencement

30 May 1991 (Gazette 13273 of 30 May 1991)

Amendments

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