Financial Sector Laws Amendment Bill

Call for comments opened 05 October 2021 Share this page:

Submissions are now closed (since 18 October 2021)

NCOP Finance

The Select Committee on Finance invites stakeholders and interested parties to submit written submissions on the Financial Sector Laws Amendment Bill [B 15B- 2020]
 

Submissions must be directed to the Committee Secretary, Mr. Nkululeko Mangweni at nmangweni@parliament.gov.za by no later than 12:00 on Monday, 18 October 2021.

Those who want to make submissions at public hearings on Tuesday 16 November 2021 should specifically request this. These hearings will be conducted through Zoom.


The Financial Sector Laws Amendment Bill [B 15B- 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 at nmangweni@parliament.gov.za / tel. (021) 403-3789.

Issued by Hon. YI Carrim, MP, Chairperson: Select Committee on Finance (National Council of Provinces)

 

Track the Bill here

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