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South Africa
NATIONAL LEGISLATION OVERVIEWS
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Financial Services Laws General Amendment Act, No. 45 of 2013

Long title


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.

Table of contents

SECTION TITLE

ARRANGEMENT OF SECTIONS

Part 1. Amendment of Pension Funds Act, 1956
1. Amendment of section 1 of Act 24 of 1956...
2. Amendment of section 2 of Act 24 of 1956...
3. Substitution of section 3 of Act 24 of 1956...
4. Repeal of section 3B of Act 24 of 1956
5. Amendment of section 4 of Act 24 of 1956...
6. Amendment of section 5 of Act 24 of 1956...
7. Amendment of section 6 of Act 24 of 1956
8. Amendment of section 7A of Act 24 of 1956...
9. Amendment of section 7C of Act 24 of 1956...
10. Amendment of section 7D of Act 24 of 1956...
11. Insertion of section 7F in Act 24 of 1956
12. Amendment of section 8 of Act 24 of 1956...
13. Amendment of section 9 of Act 24 of 1956...
14. Amendment of section 9A of Act 24 of 1956...
15. Insertion of section 9B in Act 24 of 1956
16. Amendment of section 12 of Act 24 of 1956...
17. Amendment of section 13A of Act 24 of 1956...
18. Amendment of section 13B of Act 24 of 1956...
19. Amendment of section 14 of Act 24 of 1956...
20. Amendment of section 14A of Act 24 of 1956...
21. Amendment of section 14B of Act 24 of 1956...
22. Amendment of section 15A of Act 24 of 1956...
23. Amendment of section 15B of Act 24 of 1956...
24. Amendment of section 15C of Act 24 of 1956...
25. Amendment of section 15D of Act 24 of 1956...
26. Amendment of section 15E of Act 24 of 1956...
27. Amendment of section 15F of Act 24 of 1956...
28. Amendment of section 15K of Act 24 of 1956...
29. Amendment of section 16 of Act 24 of 1956...
30. Repeal of section 17 of Act 24 of 1956
31. Amendment of section 18 of Act 24 of 1956...
32. Insertion of section 18A in Act 24 of 1956
33. Amendment of section 19 of Act 24 of 1956...
34. Substitution of section 24 of Act 24 of 1956
35. Substitution of section 25 of Act 24 of 1956...
36. Amendment of section 26 of Act 24 of 1956...
37. Amendment of section 28 of Act 24 of 1956...
38. Amendment of section 28A of Act 24 of 1956...
39. Amendment of section 29 of Act 24 of 1956...
40. Insertion of section 29A in Act 24 of 1956
41. Amendment of section 30 of Act 24 of 1956...
42. Substitution of section 30T of Act 24 of 1956...
43. Amendment of section 30V of Act 24 of 1956...
44. Amendment of section 31 of Act 24 of 1956...
45. Amendment of section 32 of Act 24 of 1956...
46. Substitution of section 32A of Act 24 of 1956...
47. Amendment of section 33A of Act 24 of 1956...
48. Substitution of section 34 of Act 24 of 1956...
49. Amendment of section 37 of Act 24 of 1956...
50. Amendment of section 37A of Act 24 of 1956...
51. Amendment of section 37C of Act 24 of 1956...
52. Amendment of section 37D of Act 24 of 1956...

Part 2. Amendment of South African Reserve Bank Act, 1989
53. Amendment of section 13 of Act 90 of 1989

Part 3. Amendment of Financial Services Board Act, 1990
54. Amendment of section 1 of Act 97 of 1990...
55. Amendment of section 2 of Act 97 of 1990
56. Substitution of section 3 of Act 97 of 1990...
57. Amendment of section 12 of Act 97 of 1990
58. Amendment of section 13 of Act 97 of 1990...
59. Amendment of section 16 of Act 97 of 1990...
60. Repeal of section 17 of Act 97 of 1990
61. Substitution of section 18 of Act 97 of 1990...
62. Amendment of section 20 of Act 97 of 1990...
63. Substitution of section 21 of Act 97 of 1990...
64. Substitution of section 22 of Act 97 of 1990...
65. Substitution of section 23 of Act 97 of 1990...
66. Substitution of section 28 of Act 97 of 1990...

Part 4. Amendment of Long-term Insurance Act, 1998
67. Amendment of section 1 of Act 52 of 1998...
68. Substitution of section 2 of Act 52 of 1998...
69. Amendment of section 3 of Act 52 of 1998
70. Amendment of section 4 of Act 52 of 1998...
71. Repeal of section 6 of Act 52 of 1998
72. Amendment of section 8 of Act 52 of 1998...
73. Amendment of section 10 of Act 52 of 1998...
74. Amendment of section 12 of Act 52 of 1998
75. Amendment of section 13 of Act 52 of 1998
76. Substitution of section 14 of Act 52 of 1998
77. Amendment of section 15 of Act 52 of 1998
78. Amendment of section 19 of Act 52 of 1998...
79. Amendment of section 21 of Act 52 of 1998
80. Amendment of section 23 of Act 52 of 1998...
81. Substitution of section 24 of Act 52 of 1998...
82. Amendment of section 25 of Act 52 of 1998...
83. Amendment of section 26 of Act 52 of 1998...
84. Amendment of section 28 of Act 52 of 1998
85. Amendment of section 32 of Act 52 of 1998
86. Amendment of section 37 of Act 52 of 1998
87. Amendment of section 38 of Act 52 of 1998
88. Amendment of section 39 of Act 52 of 1998...
89. Amendment of section 40 of Act 52 of 1998
90. Substitution of heading of Part VI of Act 52 of 1998
91. Substitution of section 41 of Act 52 of 1998
92. Amendment of section 42 of Act 52 of 1998
93. Amendment of section 43 of Act 52 of 1998
94. Substitution of section 45 of Act 52 of 1998
95. Substitution of section 49 of Act 52 of 1998...
96. Repeal of section 50 of Act 52 of 1998
97. Amendment of section 51 of Act 52 of 1998
98. Amendment of section 53 of Act 52 of 1998
99. Amendment of section 60 of Act 52 of 1998
.
100. Substitution of section 62 of Act 52 of 1998
101. Amendment of section 63 of Act 52 of 1998
102. Amendment of section 66 of Act 52 of 1998...
103. Amendment of section 67 of Act 52 of 1998...
104. Amendment of section 68 of Act 52 of 1998
105. Amendment of section 71 of Act 52 of 1998...
106. Amendment of Schedule 1 to Act 52 of 1998...
107. Amendment of Schedule 3 to Act 52 of 1998...
108. Amendment of Arrangement of Sections of Act 52 of 1998...

Part 5. Amendment of Short-term Insurance Act
109. Amendment of section 1 of Act 53 of 1998...
110. Substitution of section 2 of Act 53 of 1998...
111. Amendment of section 3 of Act 53 of 1998
112. Amendment of section 4 of Act 53 of 1998...
113. Repeal of section 6 of Act 53 of 1998
114. Amendment of section 8 of Act 53 of 1998...
115. Amendment of section 10 of Act 53 of 1998...
116. Amendment of section 12 of Act 53 of 1998
117. Amendment of section 13 of Act 53 of 1998
118. Substitution of section 14 of Act 53 of 1998
119. Amendment of section 15 of Act 53 of 1998
120. Amendment of section 19 of Act 53 of 1998...
121. Amendment of section 20 of Act 53 of 1998...
122. Amendment of section 22 of Act 53 of 1998...
123. Substitution of section 23 of Act 53 of 1998...
124. Amendment of section 24 of Act 53 of 1998...
125. Amendment of section 25 of Act 53 of 1998...
126. Amendment of section 27 of Act 53 of 1998
127. Amendment of section 36 of Act 53 of 1998
128. Amendment of section 37 of Act 53 of 1998
129. Amendment of section 38 of Act 53 of 1998|
130. Substitution of heading of Part VI of Act 53 of 1998
131. Substitution of section 40 of Act 53 of 1998
132. Amendment of section 41 of Act 53 of 1998
133. Amendment of section 42 of Act 53 of 1998
134. Substitution of section 44 of Act 53 of 1998
135. Substitution of section 48 of Act 53 of 1998...
136. Repeal of section 49 of Act 53 of 1998
137. Amendment of section 54 of Act 53 of 1998
138. Substitution of section 55 of Act 53 of 1998
139. Amendment of section 64 of Act 53 of 1998...
140. Amendment of section 65 of Act 53 of 1998
141. Amendment of section 66 of Act 53 of 1998
142. Amendment of section 69 of Act 53 of 1998...
143. Amendment of Schedule 1 to Act 53 of 1998...
144. Amendment of Schedule 2 to Act 53 of 1998...
145. Amendment of Arrangement of Sections of Act 53 of 1998...

Part 6. Amendment of Inspection of Financial Institutions Act, 1998
146. Amendment of section 1 of Act 80 of 1998...
147. Amendment of section 2 of Act 80 of 1998
148. Substitution of section 3A of Act 80 of 1998...
149. Amendment of section 4 of Act 80 of 1998
150. Amendment of section 5 of Act 80 of 1998
151. Insertion of section 6A in Act 80 of 1998
152. Substitution of section 9 of Act 80 of 1998
153. Repeal of section 10 of Act 80 of 1998
154. Amendment of section 11 of Act 80 of 1998
155. Amendment of section 12 of Act 80 of 1998

Part 7. Amendment of Financial Institutions (Protection of Funds) Act, 2001
156. Amendment of section 1 of Act 28 of 2001...
157. Amendment of section 2 of Act 28 of 2001
158. Amendment of section 3 of Act 28 of 2001
159. Amendment of section 4 of Act 28 of 2001
160. Insertion of Chapter 1A in Act 28 of 2001
161. Amendment of section 5 of Act 28 of 2001
162. Insertion of section 5A in Act 28 of 2001
163. Amendment of section 6 of Act 28 of 2001...
164. Amendment of section 6A of Act 28 of 2001...
165. Amendment of section 6B of Act 28 of 2001...
166. Amendment of section 6C of Act 28 of 2001...
167. Amendment of section 6D of Act 28 of 2001...
168. Amendment of section 6E of Act 28 of 2001...
169. Amendment of section 6F of Act 28 of 2001...
170. Amendment of section 6H of Act 28 of 2001
171. Amendment of section 7 of Act 28 of 2001...
172. Repeal of section 8 of Act 28 of 2001
173. Insertion of section 9A in Act 28 of 2001
174. Amendment of section 10 of Act 28 of 2001

Part 8. Amendment of Financial Advisory and Intermediary Services Act, 2002
175. Amendment of section 1 of Act 37 of 2002...
176. Substitution of section 2 of Act 37 of 2002
177. Amendment of section 4 of Act 37 of 2002...
178. Repeal of section 5 of Act 37 of 2002
179. Amendment of section 6 of Act 37 of 2002
180. Insertion of section 6A in Act 37 of 2002
181. Amendment of section 7 of Act 37 of 2002...
182. Amendment of section 8 of Act 37 of 2002...
183. Insertion of section 8A in Act 37 of 2002
184. Amendment of section 9 of Act 37 of 2002...
185. Amendment of section 11 of Act 37 of 2002...
186. Amendment of section 13 of Act 37 of 2002...
187. Amendment of section 14 of Act 37 of 2002...
188. Amendment of section 14A of Act 37 of 2002...
189. Amendment of section 15 of Act 37 of 2002...
190. Amendment of section 17 of Act 37 of 2002...
191. Amendment of section 19 of Act 37 of 2002...
192. Amendment of section 21 of Act 37 of 2002
193. Amendment of section 23 of Act 37 of 2002
194. Amendment of section 26 of Act 37 of 2002
195. Repeal of section 33 of Act 37 of 2002
196. Amendment of section 34 of Act 37 of 2002...
197. Amendment of section 35 of Act 37 of 2002
198. Amendment of section 36 of Act 37 of 2002...
199. Repeal of section 37 of Act 37 of 2002
200. Amendment of section 38 of Act 37 of 2002
.
201. Insertion of sections 38A, 38B and 38C in Act 37 of 2002
202. Substitution of section 40 of Act 37 of 2002
203. Amendment of section 41 of Act 37 of 2002
204. Repeal of section 42 of Act 37 of 2002
205. Amendment of section 44 of Act 37 of 2002
206. Amendment of section 45 of Act 37 of 2002
207. Amendment of Arrangement of Sections of Act 37 of 2002

Part 9. Amendment of Collective Investment Schemes Control Act, 2002
208. Amendment of section 1 of Act 45 of 2002
209. Amendment of section 4 of Act 45 of 2002
210. Amendment of section 5 of Act 45 of 2002
211. Substitution of section 7 of Act 45 of 2002
212. Repeal of sections 8, 9, 10, 11, 12 and 13 of Act 45 of 2002
213. Substitution of section 14 of Act 45 of 2002
214. Amendment of section 15 of Act 45 of 2002...|
215. Insertion of sections 15A and 15B in Act 45 of 2002
216. Repeal of section 21 of Act 45 of 2002
217. Amendment of section 34 of Act 45 of 2002
218. Amendment of section 35 of Act 45 of 2002
219. Substitution of section 36 of Act 45 of 2002
220. Substitution of section 37 of Act 45 of 2002
221. Amendment of section 41 of Act 45 of 2002
222. Amendment of section 42 of Act 45 of 2002
223. Substitution of section 46 of Act 45 of 2002
224. Amendment of section 47 of Act 45 of 2002
225. Amendment of section 48 of Act 45 of 2002
226. Amendment of section 50 of Act 45 of 2002
227. Amendment of section 53 of Act 45 of 2002
228. Amendment of section 65 of Act 45 of 2002
229. Amendment of section 69 of Act 45 of 2002
230. Amendment of section 70 of Act 45 of 2002
231. Substitution of section 81 of Act 45 of 2002
232. Amendment of section 84 of Act 45 of 2002
233. Amendment of section 90 of Act 45 of 2002
234. Amendment of section 97 of Act 45 of 2002
235. Amendment of section 111 of Act 45 of 2002
236. Insertion of section 111A in Act 45 of 2002
237. Amendment of section 114 of Act 45 of 2002
238. Substitution of section 116 of Act 45 of 2002
239. Amendment of Arrangement of Sections of Act 45 of 2002

Part 10. Amendment of Co-operative Banks Act, 2007
240. Amendment of section 1 of Act 40 of 2007
241. Amendment of section 23 of Act 40 of 2007
242. Amendment of section 31 of Act 40 of 2007
243. Amendment of section 32 of Act 40 of 2007
244. Amendment of section 36 of Act 40 of 2007
245. Amendment of section 37 of Act 40 of 2007
246. Amendment of section 41 of Act 40 of 2007
247. Repeal of section 42 of Act 40 of 2007
248. Substitution of section 43 of Act 40 of 2007
249. Amendment of section 47 of Act 40 of 2007
250. Amendment of section 48 of Act 40 of 2007
251. Amendment of section 55 of Act 40 of 2007
252. Amendment of section 57 of Act 40 of 2007
253. Amendment of section 58 of Act 40 of 2007
254. Amendment of section 61 of Act 40 of 2007
255. Substitution of section 83 of Act 40 of 2007
256. Amendment of Arrangement of Sections of Act 40 of 2007

Part 11. Amendment of Financial Services Laws General Amendment Act, 2008
257. Amendment of section 78 of Act 22 of 2008

Part 12. Amendment of Financial Markets Act, 2012
258. Amendment of section 6 of Act 19 of 2012
259. Substitution of section 95 of Act 19 of 2012
260. Amendment of section 96 of Act 19 of 2012

Part 13. Amendment of Credit Rating Services Act, 2012
261. Amendment of section 1 of Act 24 of 2012
262. Substitution of section 25 of Act 24 of 2012
263. Repeal of section 29 of Act No. 24 of 2012

Part 14. Consequential and Related Amendments to Certain Laws, Exemptions, Saving and Short Title and Commencement
264. Consequential and related amendments to certain laws
265. Exemptions and saving
266. Short title and commencement
Sch. SCHEDULE. LAWS AMENDED (SECTION 257) [sic - reference - should probably be s264]

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