Financial Services Laws General Amendment Act

Government Gazette REPUBLIC OF SOUTH AFRICA Vol. 519 Cape Town 30 September 2008 No. 31471 THE PRESIDENCY No. 1071 30 September 2008 It is hereby notified that the President has assented to the following Act, which is hereby published for general information:– No. 22 of 2008: Financial ServicesLaws General Amendment Act, 2008. AIDS HELPLINE: 0800-123-22 Prevention is the cure Act No. 22, 2008 FINANCIAL SERVICES LAWS GENERAL AMENDMENT ACT, 2008 2 6 A a n d 2 6 B, as inserted in the Financial Services B o a rd Act, 1990, by section 28 of (his Act. (4) T he deletion, by virtue of section 33 of this Act, of the definition of " e n f o r c e m e nt c o m m i t t e e" in section 1 of the Securities Services Act, 2 0 0 4, and the repeal of sections 94(e), 9 7 , 9 8 , 9 9, 100, 1 0 1, 102, 103, 104, 105, 106 and l l l ( l ) 0 ) a nd (3) of that Act by investigation sections 6 7, 68 and 69 of this Act, do not affect any p r o c e e d i ng of, instituted, fine to be i m p o s ed or the p a y m e nt of a c o m p e n s a t o ry a m o u nt to be required by, the e n f o r c e m e nt c o m m i t t ee referred to in that Act and w h i ch is p e n d i ng at the date of c o m i ng into operation of this Act, and any such p r o c e e d i n g, investigation, fine or p a y m e nt of a c o m p e n s a t o ry a m o u nt m ay be continued, instituted or enforced as if this Act had not been passed. (5) T he definition of " r e p r e s e n t a t i v e" in section 1(1) of the Financial A d v i s o ry and Intermediary Services Act, 2 0 0 2, as a m e n d ed by section 4 4 ( c) of this A c t. only applies with effect from a date 12 m o n t hs after the date c o n t e m p l a t ed in section 76 to persons e m p l o y ed or m a n d a t ed as representatives prior to that date. (6) T he provisions of section 8(10) of the Financial Advisory and Intermediary Services Act, 2 0 0 2, as inserted by section 47 of this Act, only applies w i th effect from a dale 12 m o n t hs after the date c o n t e m p l a t ed in section 76 to p e r s o ns appointed as directors, m e m b e r s, trustees or partners of p r o v i d e rs prior to that date. (7) An a g r e e m e nt c o n c l u d ed b e t w e en a provider and a representative as c o n t e m p l a t ed in the date the Financial A d v i s o ry and Intermediary Services Act, 2 0 0 2, before c o n t e m p l a t ed in section 76 and w h i ch qualified as a m a n d a t o ry a g r e e m e nt c o n t e m p l a t ed in section I 3 ( l ) ( b ) ( i) of the first-mentioned Act, before that date, is d e e m ed with effect from the date c o n t e m p l a t ed in section 76 to constitute a m a n d a te c o n t e m p l a t ed in section 13( I )(b)(i) of the first-mentioned Act, as replaced by section 5 0 ( a) of this Act. (8) T he provisions of section 13(2)(a) of the Financial A d v i s o ry and Intermediary Services Act, 2 0 0 2, as a m e n d ed by section 50(6) of this Act, only applies with effect from a date 12 m o n t hs after the date c o n t e m p l a t ed in section 76 to p e r s o ns w ho are with effect later date appointed as representatives or their key individuals, as c o n t e m p l a t ed in the Financial A d v i s o ry and Intermediary Services Act, 2 0 0 2. that date or any from (9) Section \7(l)(b) of the Financial A d v i s o ry and Intermediary Services A c t. 2 0 0 2, as a m e n d ed by section 5 5 ( a) of this A c t. only applies with effect from a date 18 m o n t hs afier the dale c o n t e m p l a t ed in section 76 to directors, m e m b e r s, auditors, trustees, principal officers, public officers or c o m p a ny secretaries a p p o i n t ed as c o m p l i a n ce officers prior to that date. (10) Section 56(c) of this Act c o m es into operation on a date six m o n t hs after the date c o n t e m p l a t ed in section 7 6. S h o rt title a nd c o m m e n c e m e nt 7 9. (1) T h is A ct is called the Financial Services L a ws General A m e n d m e nt Act, 2 0 0 8, and takes effect on a date d e t e r m i n ed by the Minister by notice in the Gazette. (2) Different dates m ay in terms of subsection (1) be d e t e r m i n ed for different provisions of the Act.