Files
| Attachment | Size |
|---|---|
| a22-08ocr.pdf | 1.66 MB |
22 of 2008
The Financial Services Laws General Amendment Act 22 of 2008 aims:
- to amend the-
- Pension Funds Act, 1956, so as:
- to define and further define certain expressions;
- to provide for the registration and regulation of beneficiary funds;
- to empower the registrar to exempt certain funds from certain provisions of the Act;
- to further regulate the appointment and removal of a fund's principal officer, auditor and valuator;
- to effect improvements regarding the restrictions on the payment of fees or commissions on transfers;
- to effect improvements regarding the retrospective application of payment of benefits in terms of a divorce order;
- to extend the powers of the registrar to prescribe certain matters; and
- to provide for consequential amendments;
- Friendly Societies Act, 1956, to provide for the registration of a friendly society established or continued in terms of a collective agreement concluded in a council in terms of the Labour Relations Act;
- Financial Services Board Act, 1990:
- to define and further define certain expressions;
- to update references to legislation and institutions;
- to extend the functions of the board;
- to amend the provision for the filling of vacancies on the board;
- to provide anew for the establishment of committees of the board;
- to provide for the establishment of an enforcement committee;
- to provide for the appointment of an acting executive officer;
- to extend and regulate the power of delegation by the Minister and the board;
- to extend the grounds for disclosure of information obtained in the course of performing functions;
- to extend the ambit of provisions relating to limitation of liability;
- to repeal provisions relating to the board of appeal, and to provide for a new board of appeal; and
- to increase fines for contraventions of certain sections;
- National Payment System Act, 1998:
- to extend the application of the Act to certain organs of state;
- to facilitate the participation of institutions other than banks registered under the Banks Act, 1990, in the clearing of payment instructions; and
- to extend the grounds for disclosure of information obtained in the course of performing functions;
- Financial Institutions (Protection of Funds) Act, 2001, to provide for a procedure in terms of which administrative sanctions may be imposed by the enforcement committee for contraventions of, or failures to comply with, certain laws enforced by the Financial Services Board;
- Financial Advisory and Intermediary Services Act, 2002:
- to define and further define certain expressions;
- to empower the registrar of financial services providers to conduct on-site visits and inspections of the businesses of providers and representatives, and the disclosure of details of on-site visits and inspections;
- to extend the duties of providers and representatives regarding carrying on business with unauthorised persons rendering financial services: to make new provision regarding fit and proper requirements in respect of all directors, members, trustees and partners of providers;
- to combine and extend the powers and duties of the registrar regarding the grounds for suspension and withdrawal of licences, and the disclosure of details of suspensions and withdrawals;
- to effect changes and improvements regarding the qualifications of representatives and their key individuals, the maintenance of a central register of representatives, and the debarment of representatives;
- to empower the registrar to debar certain persons rendering financial services;
- to extend the power of the registrar to draft codes of conduct;
- to empower the registrar to control or prohibit incentives;
- to improve provisions relating to compliance officers;
- to improve the submission to the registrar of financial statements;
- to improve the institution of civil remedies by the registrar; and
- to specify new offences;
- Co-operative Banks Act, 2007:
- to clarify the application of the Act; and
- to effect certain technical amendments to the Act;
- Long-term Insurance Act, 1998, the Short-term Insurance Act, 1998, the Collective Investment Schemes Control Act, 2002, and the Securities Services Act, 2004; so as:
- to provide for consequential amendments;
- to provide for certain transitional provisions; and
- Pension Funds Act, 1956, so as:
- to provide for matters incidental thereto.
Commencement
- 1 November 2008, except Sections 19(a), (b), (c), 28 and 29 (Gazette 31561 of 31 October 2008)
- 28 February 2009, Sections 19(a), (b), (c), 28 and 29 (Gazette 31561 of 31 October 2008)
- 1 May 2009, Sections 47 and 58(b) as it relates to Section 19(2)(b)(iii) of the Financial Advisory and Intermediary Services Act 37 of 2002 (Gazette 31561 of 31 October 2008)
- 1 January 2009, Section 67 (Gazette 31561 of 31 October 2008)
