This contains UNCERTIFIED COPY for information/reference. For authentic copy, please refer to certified copy only.  In case of any mistake, please bring it to our notice.


LegalB's Resources 
QUICK LINKS: ROOT DATABASE | OVERVIEW | VERSIONS TEXT ACCESS TIMELINE | SUBORDINATE TEXTS | COMMENTARY | POTENTIAL TRANSGRESSOR LISTS | TEST FOR TRANSGRESSIONS | EMAIL A REQUEST FOR UPDATES | HELP | CONTACT US | SEARCH SITE | LOG OUT |

South Africa
NATIONAL LEGISLATION OVERVIEWS
LegalB Logo
Financial Services Laws General Amendment Act, No. 22 of 2008

Long title


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 to provide for matters incidental thereto.

Table of contents

SECTION TITLE
1. Amendment of section 1 of Act 24 of 1956...
2. Substitution of section 2 of Act 24 of 1956...
3. Amendment of section 7B of Act 24 of 1956...
4. Amendment of section 8 of Act 24 of 1956...
5. Amendment of section 9 of Act 24 of 1956...
6. Amendment of section 9A of Act 24 of 1956...
7. Amendment of section 13A of Act 24 of 1956...
8. Amendment of section 13B of Act 24 of 1956...
9. Amendment of section 14 of Act 24 of 1956...
10. Amendment of section 15 of Act 24 of 1956...
11. Amendment of section 28 of Act 24 of 1956...
12. Repeal of section 30W of Act 24 of 1956...
13. Amendment of section 32A of Act 24 of 1956...
14. Amendment of section 37 of Act 24 of 1956...
15. Amendment of section 37C of Act 24 of 1956...
16. Amendment of section 37D of Act 24 of 1956...
17. Amendment of section 4 of Act 24 of 1956...
18. Amendment of section 3 of Act 25 of 1956...
19. Amendment of section 1 of Act 97 of 1990...
20. Amendment of section 3 of Act 97 of 1990...
21. Amendment of section 7 of Act 97 of 1990...
22. Substitution of section 10 of Act 97 of 1990...
23. Insertion of section 10A in Act 97 of 1990
24. Insertion of section 15 in Act 97 of 1990
25. Amendment of section 20 of Act 97 of 1990...
26. Amendment of section 22 of Act 97 of 1990...
27. Substitution of section 23 of Act 97 of 1990...
28. Substitution of section 26 of Act 97 of 1990...
29. Insertion of sections 26A and 26B in Act 97 of 1990
30. Amendment of section 27 of Act 97 of 1990
31. Amendment of section 50 of Act 52 of 1998
32. Amendment of section 49 of Act 53 of 1998
33. Amendment of section 1 of Act 78 of 1998...
34. Amendment of section 3 of Act 78 of 1998...
35. Amendment of section 4 of Act 78 of 1998...
36. Amendment of section 6 of Act 78 of 1998...
37. Amendment of section 7 of Act 78 of 1998...
38. Amendment of section 8 of Act 78 of 1998...
39. Amendment of section 10 of Act 78 of 1998...
40. Amendment of section 13 of Act 78 of 1998...
41. Amendment of section 1 of Act 28 of 2001
42. Amendment of section 6 of Act 28 of 2001
43. Insertion of sections 6A, 6B, 6C, 6D, 6E, 6F, 6G, 6H and 6I in Act 28 of 2001
44. Amendment of section 7 of Act 28 of 2001
45. Amendment of section 1 of Act 37 of 2002
46. Amendment of section 4 of Act 37 of 2002
47. Amendment of section 7 of Act 37 of 2002
48. Amendment of section 8 of Act 37 of 2002
49. Substitution of section 9 of Act 37 of 2002
50. Repeal of section 10 of Act 37 of 2002
51. Amendment of section 11 of Act 37 of 2002
52. Amendment of section 13 of Act 37 of 2002
53. Amendment of section 14 of Act 37 of 2002
54. Insertion of new section 14A in Act 37 of 2002
55. Amendment of section 15 of Act 37 of 2002
56. Amendment of section 16 of Act 37 of 2002
57. Amendment of section 17 of Act 37 of 2002
58. Amendment of section 19 of Act 37 of 2002
59. Amendment of section 33 of Act 37 of 2002
60. Amendment of section 34 of Act 37 of 2002
61. Amendment of section 36 of Act 37 of 2002
62. Repeal of section 43 of Act 37 of 2002
63.  Amendment of section 15 of Act 45 of 2002
64. Substitution of section 18 of Act 45 of 2002
65. Amendment of section 21 of Act 45 of 2002
66. Amendment of section 1 of Act 36 of 2004
67. Amendment of section 18 of Act 36 of 2004
68. Amendment of section 56 of Act 36 of 2004
69. Amendment of section 86 of Act 36 of 2004
70. Amendment of section 87 of Act 36 of 2004
71. Amendment of section 94 of Act 36 of 2004
72. Repeal of sections 97 to 106 of Act 36 of 2004
73. Amendment of section 111 of Act 36 of 2004
74. Substitution of Item 2A in Part 3 of Schedule 1 to Act 14 of 2005...
75. Substitution of section 5A in Act 14 of 2005...
76. Substitution of section 3 of Act 40 of 2007
77. Amendment of section 88 of Act 40 of 2007
78. Transitional provisions
79. Short title and commencement
 
Legislation Text Access Point

Versions
[To check whether a version has commenced, and how it was commenced, please see the Timeline for the Act, and the Annotated Text for the version.]
Access Official Gazette PDF  Request Subscription Fee Subscriber Access
As unamended Act 2008_022_000_20080930 EXT.LINK REQ.INFO LINK
As amended by Act 2013_045_000_20140116 .  N/A  REQ.INFO  LINK
As amended by ...N/A REQ.INFOLINK

* LegalB refers to a "version" of an Act or its sections in the format "YYYY_NNN_SSS_YYYYMMDD", which refers to "YEAR OF ACT_ACT NUMBER_SECTION OF ACT_DATE OF GAZETTE", and where "DATE OF GAZETTE" refers to the "YEAR_MONTH_DAY" on the face of the Gazette in which either the Act was originally published or in which the amending, lapsing or repealing instrument was published. Where any segment of the reference string contains only zeros, it means that information is not relevant, not made available, or unavailable.
* Unbolded grey text in square brackets is additional information provided by LegalB.
* "..." indicates further information not provided by LegalB for purpose of brevity
* An Asterisk indicates uncertainty regarding information, and a double asterisk indicates information must be read in the light of our relevant Commentary.

Copyright Rita V. Felgate 2020