I have been directed by the Fund's Board of Control to advise that the provisions of the BilI in so far as same relate to the position of practitioners in the former Republics of Bophuthatswana and Venda are Substantially in accordance with representations made by the Fund in the matter. The Fund would, however, have preferred the provisions of Section 79 of the principal Act in relation to registered trust property to have been inserted in the Bill. In the same way as it is intended that the provisions of Section 78(7) of the Act with respect to trust moneys should be of application to the practitioners in question.
As regards the proposed amendment to Section 47 of the Act so as to limit the Fund's liability for investments, the Fund is concerned that there may be a perception that the general public might be prejudiced thereby. If, therefore, the Portfolio Committee proposes holding public hearings on the Bill, the Fund would request that its representatives be given an Opportunity to appear before the Committee in order to present oral evidence as to the Fund's intentions and objectives in proposing the relevant amendment to the Act.