Financial Services Laws General Amendment Act 45 of 2013

The Financial Services Laws General Amendment Act 45 of 2013 aims:

• to amend and update:
  • the Pension Funds Act, 1956,
  • the South African Reserve Bank Act, 1989,
  • the Financial Services Board Act, 1990,
  • the Long- term Insurance Act, 1998,
  • the Short-term Insurance Act, 1998,
  • the Inspection of Financial Institutions Act, 1998,
  • the Financial Institutions (Protection of Funds) Act, 2001,
  • the Financial Advisory and Intermediary Services Act, 2002,
  • the Collective Investment Schemes Control Act, 2002,
  • the Co-operative Banks Act, 2007, and
  • the Financial Services Laws General Amendment Act, 2008,
  • in order to close regulatory gaps, to effect improvements to certain provisions, to provide for increased supervisory capabilities, to rationalise and align the supervisory functions afforded to the Registrar; and
  • to align the aforementioned Acts with the Companies Act, 2008;
• to amend
  • the National Payment System Act, 1998,
  • the Medical Schemes Act, 1998, and
  • the Co-operatives Act, 2005,
  • to the extent that those laws impact on the stability of the financial services sector and impede on a holistic regulatory approach and effective supervision; and
• to provide for matters connected therewith.  

Amends

• Financial Markets Act 19 of 2012
• Credit Rating Services Act 24 of 2012

Commencement

• 28 February 2014 unless otherwise indicated (Government Gazette 37351, Government Notice 120)
  • Sections 5(a) and 186(d) on 30 May 2014  
  • Section 31 on 29 August 2014 
  • Sections 61 to be proclaimed
• Section 264 on 1 April 2017 (Government Gazette 40749, Government Notice 298)
• Sections 95, 109(e), (k) and (l), 114(d) and 135 on 1 January 2018 (Government Gazette 41334, Government Notice 1438)
• Section 1(1) on 7 December 2001