Financial Matters Amendment Draft Bill, 2018

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

The Draft Bill seeks to amend the:
(a) Insolvency Act, to ensure government's international objectives for enabling over-the-counter (OTC) derivatives transactions with international counterparties (South Africa's compliance with its G-20 commitments);
(b) Military Pensions Act, by introducing gender neutrality and recognise the various forms of legal marriages for purposes of benefits for military staff in accordance with the section 9 of the Constitution;
(c) Banks Act, 1990 to enable qualifying state-owned companies to apply for banking licences subject to executive approval;
(d) Government Employees Pension Law, 1996 by introducing the principle of a "service reduction approach" to ensure that member pension pay-outs to former spouses upon divorce are not converted to a debt obligation as is the case under the current approach; and
(e) Auditing Profession Act, 2005 to enhance the regulatory powers of the Independent Regulatory Board for Auditors for the auditing profession.

Comments can be emailed to Mr Simon Manyama at [email protected] by no later than Friday, 14 September 2018.

Enquiries can be directed to Mr Simon Manyama on tel (012) 315 5724