Draft Financial Matters Amendment Bill

Call for comments opened 22 February 2019 Share this page:

Submissions are now closed (since 04 March 2019)

Finance Standing Committee

The Standing Committee on Finance has confirmed at the public hearings on the Financial Matters Amendment Bill on 12 February, our Committee accepts public submissions on Bills until close to the day that we vote on Bills, and sometimes, depending on circumstances, even on the day we vote on a Bill. As confirmed at the 12 February hearings, National Treasury will reply to the submissions at the 12 February hearing on 6 March and stakeholders will be given an opportunity to respond to National Treasury at this meeting. It would be preferable for those stakeholders who have already made submissions and any stakeholders who have yet to do so to make these submissions by 4 March 2019.

The Draft Financial Matters Amendment Bill proposes to amend:
(a) the Insolvency Act, 1936, so as to provide for a process when a creditor realizes his or her security in terms of a master agreement and for a power for the Master to deal with disputes of the preference by trustees;
(b) the Military Pensions Act, 1976, so as to provide for all categories of spouses and for life partners of members by amending, inserting and deleting certain definitions; and by providing for both genders throughout the Act and regulating the registration of a spouse to qualify for benefits upon the death of a member;
(c) the Banks Act, 1990, so as to regard certain state -owned companies as public companies for purposes of the application of the Banks Act; to determine prerequisites for these companies and their holding companies to qualify to apply for establishment as a bank; and to provide for inconsistencies between the Banks Act and certain other legislation with respect to state -owned companies;
(d) the Government Employees Pension Law, 1996, so as to insert and delete certain definitions; to replace the divorce debt approach with a pensionable service reduction approach to adjust the benefit of a member of the Government Employee Pension Fund following a pension interest assigned to a former spouse of the member as result of a decree of divorce or a dissolution of a customary marriage; and to provide for a transitional measure; and
(e) the Auditing Profession Act, 2005, so as to strengthen the governance of the regulatory board; to strengthen the investigating and disciplinary processes; to provide for the power to enter and search premises; to subpoena persons with information required for an investigation or disciplinary process; and to provide for the sharing of information amongst the regulators of the auditing profession.

Public hearings will be conducted at Parliament on Tuesday, 12 February 2019.

Submissions and your indication to make oral presentation must be received by no later than 12:00 on Friday, 8 February 2019.

Submissions can be emailed to Ms Teboho Sepanya at tsepanya@parliament.gov.za and Mr Allen Wicomb at awicomb@parliament.gov.za by no later than Monday, 4 March 2019.

Enquiries can be directed to Ms Teboho Sepanya on tel (021) 403 3738 or Mr Allen Wicomb on tel (021) 403 3759

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