Exhaustive Law Amendments Published

The Financial Services Laws General Amendment Act, Act No. 45 of 2013, was published on 16 January after extensive consultation with various role players and affected parties.

The preamble to the publication states the intention of the amendments as follows:

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.

The purpose of the changes are 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. It also aims 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.

Some of the more general changes to the FAIS Act, impacting on FSPs, include:

  • The publication of administrative decisions by the Registrar and certain requirements (such as reporting requirements, forms, fees and the like) on the FSB website instead of in the Government Gazette.
  • The deletion of the provisions relating to the Advisory Committee.

Please click here to download a copy of the Financial Services Laws General Amendment Act 45 of 2013

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