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NATIONAL LEGISLATION OVERVIEWS
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Financial Sector Laws Amendment Act, No. 23 of 2021

Long title


To amend-

- the Insolvency Act, 1936, to clarify that the provisions of the Financial Sector Regulation Act, 2017, apply to the liquidation or sequestration of the estate of a designated institution; to exclude dispositions made in case of resolution from the application of the Insolvency Act; to clarify and refine the application of certain provisions of the Insolvency Act;

- the South African Reserve Bank Act, 1989, to provide for the performance of resolution functions by the Reserve Bank;

- the Banks Act, 1990, to exclude banks in resolution from the application of certain provisions; to provide for set-off against any amounts paid by the Corporation for Deposit Insurance; to repeal certain provisions;

- the Mutual Banks Act, 1993, to provide for the issuing of guidance notes and directives by the Prudential Authority; to provide for an offence in the case of non-compliance with a directive; to repeal certain provisions; to exclude a mutual bank in resolution from the application of certain provisions;

- the Competition Act, 1998, to exclude transactions in relation to resolution from the application of certain provisions; and to provide for consultation with the Competition Commission in relation to certain transactions;

- the Financial Institutions (Protection of Funds) Act, 2001, to exclude designated institutions in resolution from the application of certain provisions;

- the Co-operative Banks Act, 2007, so as to repeal certain provisions; and to exclude the application of certain provisions to co-operative banks as designated institutions;

-  the Companies Act, 2008, to provide for the winding up of a company in
resolution in certain circumstances; to exclude transactions, amalgamations or mergers or arrangements in relation to resolution from the application of certain provisions; to exclude an institution in resolution from the application of a Chapter;

- the Financial Markets Act, 2012, to exclude designated institutions from the application of certain provisions; and to exclude designated institutions in resolution from the application of certain provisions;

- the Financial Sector Regulation Act, 2017, to provide for the establishment of a framework for the resolution of designated institutions to ensure that the impact or potential impact of a failure of a designated institution on financial stability is managed appropriately; to designate the Reserve Bank as the resolution authority; to establish a deposit insurance scheme, including a Corporation for Deposit Insurance and a Deposit Insurance Fund; to provide for co-ordination, co-operation, collaboration and consultation between the Corporation for Deposit Insurance and other entities in relation to financial stability and the functions of these entities; to make provision for designated institutions in connection with resolution matters; to further provide for information required to assess a levy; to effect consequential and technical amendments to certain provisions; to accordingly amend the long title and the Arrangement of Sections; and

- the Insurance Act, 2017, to exclude certain insurers from the application of a Chapter;

and to provide for matters connected therewith.

Table of contents

SECTION TITLE
1. Insertion of section 22A in Act 24 of 1936
2. Amendment of section 35A of Act 24 of 1936...
3. Amendment of section 83 of Act 24 of 1936...
4. Amendment of Arrangement of Sections of Act 24 of 1936
5. Amendment of section 10 of Act 90 of 1989...
6. Amendment of section 51 of Act 94 of 1990...
7. Amendment of section 54 of Act 94 of 1990...
8. Amendment of section 60 of Act 94 of 1990...
9. Repeal of sections 68, 69 and 69A of Act 94 of 1990
10. Amendment of section 89A of Act 94 of 1990...
11. Amendment of section 91 of Act 94 of 1990...
12. Amendment of section 4 of Act 124 of 1993...
13. Amendment of section 29 of Act 124 of 1993...
14. Repeal of sections 73, 74, 75, 76 and 77 of Act 124 of 1993
15. Insertion of section 78A of Act 124 of 1993
16. Repeal of sections 80 and 81 of Act 124 of 1993
17. Amendment of section 92 of Act 124 of 1993,,,
18. Amendment of Arrangement of Sections of Act 124 of 1993
19. Amendment of section 18 of Act 89 of 1998...
20. Insertion of section 9B in Act 28 of 2001
21. Amendment of Arrangement of Sections of Act 28 of 2001
22. Amendment of section 1 of Act 40 of 2007...
23. Repeal of sections 24, 25, 26 and 30 of Act 40 of 2007
24. Insertion of section 30A in Act 40 of 2007
25. Amendment of section 55 of Act 40 of 2007...
26. Amendment of section 80 of Act 40 of 2007
27. Amendment of section 81 of Act 71 of 2008
28. Amendment of section 112 of Act 71 of 2008...
29. Amendment of section 113 of Act 71 of 2008
30. Amendment of section 114 of Act 71 of 2008...
31. Amendment of section 128 of Act 71 of 2008...
32. Amendment of section 3 of Act 19 of 2012...
33. Amendment of section 60 of Act 19 of 2012...
34. Amendment of section 64 of Act 19 of 2012...
35. Amendment of section 1 of Act 9 of 2017
36. Amendment of section 7 of Act 9 of 2017
37. Substitution of section 9 of Act 9 of 2017
38. Amendment of section 26 of Act 9 of 2017
39. Amendment of section 27 of Act 9 of 2017
40. Substitution of section 28 of Act 9 of 2017
41. Substitution of heading to Part 6 of Chapter 2 of Act 9 of 2017
42. Insertion of sections 29A and 29B in Act 9 of 2017
43. Amendment of section 30 of Act 9 of 2017
44. ]Repeal of section 31 of Act 9 of 2017
45. Substitution of section 91 of Act 9 of 2017
46. Amendment of section 105 of Act 9 of 2017
47. Amendment of section 109 of Act 9 of 2017
48. Amendment of section 129 of Act 9 of 2017
49. Amendment of section 134 of Act 9 of 2017
50. Insertion of section 135A in Act 9 of 2017
51. Insertion of Chapter 12A in Act 9 of 2017
52. Amendment of section 241 of Act 9 of 2017
53. Amendment of section 248 of Act 9 of 2017
54. Amendment of section 250 of Act 9 of 2017
55. Substitution of section 265 of Act 9 of 2017
56. Amendment of section 267 of Act 9 of 2017
57. Substitution of section 285 of Act 9 of 2017
58. Amendment of Schedule 2 to Act 9 of 2017
59. Amendment of Schedule 3 to Act 9 of 2017
60. Amendment of long title of Act 9 of 2017
61. Amendment of Arrangement of Sections of Act 9 of 2017
62. Amendment of section 52 of Act 18 of 2017
63. Short title
.
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