Financial Sector Laws Amendment Bill

The Standing Committee on Finance invites stakeholders and interested parties to submit written submissions on the Financial Sector Laws Amendment Bill [B15 - 2020].

Comments must be submitted to the Committee Secretaries, Mr Allan Wicomb and Ms Teboho Sepanya (Standing Committee on Finance) at [email protected] or [email protected] by no later than 12:00 on Monday 17 May 2021

Those who want to make submissions at public hearings on Tuesday 18 May 2021 should specifically request this. These hearings will be conducted through Zoom.

The Financial Sector Laws Amendment Bill [B15 - 2020] aims to amend:

• 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 those 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 Insolvency Act, 1936, the South African Reserve Bank Act, 1989, the Banks Act, 1990, the Mutual Banks Act, 1993, the Competition Act, 1998, the Financial Institutions (Protection of Funds) Act, 2001, the Companies Act, 2008, the Financial Markets Act, 2012, the Insurance Act, 2017, to align those pieces of legislation with the resolution framework that will be established through the amendments to the Financial Sector Regulation Act, 2017, and enable the enable the envisaged operation of the framework; and
• to provide for matters connected therewith.

Enquiries can be made with Mr Wicomb at 083 412 1475 or Ms Sepanya at 071 363 2349

Issued by Hon. MJ Maswanganyi, MP, Chairperson: Standing Committee on Finance (National Assembly)

How to write a submission