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Financial Services Laws General Amendment Act, No. 22 of 2008
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.
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