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| South Africa NATIONAL LEGISLATION OVERVIEWS  |
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Financial Services Laws General
Amendment Act, No. 45 of 2013
NOTE: Assented to and published in English, with alternative copy in Afrikaans except iro title/text/engrossments in the following sections: s240 to s256 (Xhosa/Xhosa/Xhosa), s258 to s260 (Zulu/Zulu/Zulu), s261 to s263 , and Sch (Tsonga/Tsonga/Tsonga)
NOTE: Assented to and published in English, with alternative copy in Afrikaans except iro title/text/engrossments in the following sections: s240 to s256 (Xhosa/Xhosa/Xhosa), s258 to s260 (Zulu/Zulu/Zulu), s261 to s263 , and Sch (Tsonga/Tsonga/Tsonga)
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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