Financial Matters Amendment Draft Bill

Call for comments opened 17 February 2022 Share this page:

Submissions are now closed (since 15 March 2022)

Finance Standing Committee

The National Treasury has published the draft Financial Matters Amendment Bill 2022, and is asking you to comment.

The Bill proposes the following amendments to the mentioned Acts:
▪ the Associated Institutions Pension Fund Act, 1963 and the Temporary Employees Pension Fund Act, 1979, to amend the definition of “Minister”;
▪  the Military Pension Act, 1976, to provide for the benefits for life partners of members retrospectively;
▪  the Government Employees Pension Law, 1996, to amalgamate the Associated Institutions Pension Fund (AIPF) into the Government Employees Pension Fund and thereby among others enable the application of the clean-break principle to spouses of members upon divorce;
▪  the Financial and Fiscal Commission Act, 1997, to omit the provision for the Chief Executive Officer of the Financial and Fiscal Commission to be its Secretary;
▪  the Land and Agricultural Development Bank Act, 2002, to replace the provision for judicial management with business rescue in terms of the Companies Act, 2008;
▪  the Auditing Profession Act, 2005, to enable the enforcement committee upon admissions of guilt to refer instances of serious improper conduct to the disciplinary committee for sanctioning; and
▪  the Auditing Profession Amendment Act, 2021, so as to provide that acts of improper conduct not dealt with before the effective date of that Amendment Act be dealt with in terms of the Auditing Profession Act, 2005, after its amendment by that Amendment Act, with the exception of sanctions.

Comments can be emailed to CommentDraftLegisaltion@treasury.gov.za by no later than Tuesday, 15 March 2022.

By making a submission, the commentor agrees that the name of the commentator and the submission may be made public by the National Treasury and the submission will be disclosed if requested in terms of the Promotion of Access to Information Act, 2000.