Financial Matters Amendment Act 18 of 2019 (English / Afrikaans)

The Financial Matters Amendment Act 18 of 2019 intends to amend:

• the Insolvency Act, 1936, so as to provide for a process when a creditor realizes his or her security in terms of a master agreement and for a power for the Master to deal with disputes raised by the trustee and other creditors regarding preference of that secured creditor;
• the Military Pensions Act, 1976, so as:
  • to provide for all categories of spouses and for life partners of members by amending, inserting and deleting certain definitions; and
  • by providing for both genders throughout the Act and regulating the registration of a spouse to qualify for benefits upon the death of a member;
• the Banks Act, 1990, so as:
  • to regard national state-owned companies as public companies for purposes of the application of the Banks Act;
  • to determine prerequisites for these companies and their holding companies to qualify to apply for establishment as a bank; and
  • to provide for inconsistencies between the Banks Act and certain other legislation with respect to state-owned companies; and
• the Government Employees Pension Law, 1996, so as:
  • to replace the divorce debt approach with a pensionable service reduction approach to adjust the benefit of a member of the Government Employees Pension Fund following a pension interest assigned to a former spouse of the member as result of a decree of divorce or for the dissoluti on of a customary marriage; and to provide for a transitional measure.

Commencement

23 May 2019