South Africa Act or statute

Parliament of the Republic of South Africa

Financial Services Board Amendment Act, 2000

act titleamendmentsappealsappointment powersappointmentsauthorization complianceBanking and financeboard committeesboard compositionboard governanceboard membershipboard supervisioncommencementconfidentialitycontinuity of legal proceedingscorporate namingemployee benefitsfinancial institutionsBanking and financefinancial services regulationgovernment staffinghearing opportunityinformation disclosureinspectionsleviesministerial appointmentmutual bankingname usepublic administrationregulatory consultationregulatory cooperationregulatory enforcementremunerationstatutory amendmentterms of office

Jurisdiction: South Africa
Structure: 30 provisions
Citation: Act 12 of 2000
Dates: updated 3 May 2000

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Dates: updated 3 May 2000

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Purpose and legislative effect

“This section defines “supervision” as board control over an executive officer’s functions, including prior approval, board-issued guidelines, discretion, and periodic reporting.”

This section defines “supervision” as board control over an executive officer’s functions, including prior approval, board-issued guidelines, discretion, and periodic reporting. This section substitutes section 3 of the principal Act with a section titled “Functions of board.” The board must supervise financial-services control, advise the Minister, and promote information and education programmes for users and potential users of financial products and services. The Minister appoints the board members, including alternate members, and must name the chairperson and deputy chairperson. The Minister may appoint a person who would otherwise be disqualified from being a board member, but only after consulting the recognised association or organisation for the relevant financial institution or financial service.

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Section 1 of the Financial Services Board Act, 1990 (hereinafter referred to as the 5

This section defines “supervision” as board control over an executive officer’s functions, including prior approval, board-issued guidelines, discretion, and periodic reporting.

Section 1

Section 9 of the principal Act is amended by the substitution for subsection (4) of

The executive is made up of specified officers, and the board may add other officers or employees on conditions it chooses.

Section 7

Section 21 of the principal Act is amended by the deletion of subsection (3).

This section amends section 21 of the principal Act by deleting subsection (3).

Section 14

The following section is substituted for section 28 of the principal Act:

This section substitutes section 28 of the principal Act and gives the provision the heading “Application of Act”.

Section 19

The registrar may at

The registrar may direct an inspector to inspect a person’s affairs or part of their affairs in certain cases.

Section 3A

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Source record from www.parliament.gov.za · updated 3 May 2000

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Substitution 19Amendment 4Repeal 2Short title 2

§ 1Section 1 of the Financial Services Board Act, 1990 (hereinafter referred to as the 5Substitution

This section defines “supervision” as board control over an executive officer’s functions, including prior approval, board-issued guidelines, discretion, and periodic reporting.

1. Section 1 of the Financial Services Board Act, 1990 (hereinafter referred to as the 5 principal Act), is amended by the insertion after the definition of “Minister” of the following definition: “ ‘supervision’, in relation to supervision by the board over the performance of functions by the executive officer in terms of any law, means— (a) the determination by the board that a particular function or category of functions— (i) may not be performed by the executive officer without the prior approval of the board; (ii) may be performed by the executive officer in accordance with guidelines issued by the board: or (iii) may be performed by the executive officer in his or her discretion; 10 15 and (b) the periodical reporting to the board by the executive oficer on the performance of his or her functions at such a time and in such a manner as may be determined by the board, 20 and ‘supervise’ shall have a corresponding meaning:”. 4 No. 21141 GOVERNMENT GAZEnE. 3 MAY 2000 Act No. 12, 2000 FINANCIAL SERVICES BOARD AMENDklENT ACT, 2000 Substitution of section 3 of Act 97 of 1990

Section 1Verify source

§ 2The following section is substituted for section 3 of the principal Act:Substitution

This section substitutes section 3 of the principal Act with a section titled “Functions of board.”

2. The following section is substituted for section 3 of the principal Act: “Functions of board

Section 2Verify source

§ 3The functions of the board are—Substitution

The board must supervise financial-services control, advise the Minister, and promote information and education programmes for users and potential users of financial products and services.

3. The functions of the board are— (a) (b) (c) to supervise the [exercise of control, in terms of any law, over the 5 activities oq compliance with laws regulating financial institutions [and over] and the provision of financial services; [and] to advise the Minister on matters concerning financial institutions and financial services, either of its own accord or at the request of the Minister; and to promot~rogrammes and initiatives by financial institutions and bodies representing the financial services industry to inform and educate users and potential users of financial products and services.”. 10 Substitution of section 4 of Act 97 of 1990

Section 3Verify source

§ 3The following section is substituted for section 4 of the principal Act:Substitution

The Minister appoints the board members, including alternate members, and must name the chairperson and deputy chairperson.

3. The following section is substituted for section 4 of the principal Act: 15 “Constitution of board 4. (1) The board shall [consist o~, be governed by so many members as the [State President] Minister may deem necessary and appoint, with due regard to the interests of the users of financial services and the suppliers of financial services, including financial intermediaries, and the public 20 interest. (2) The [State President] Minister may appoint an alternate member for every member of the board. (3) The [State President] Minister shall appoint a member of the board as the [chairman] chairperson and another member as the deputy 25 [chairman] chairperson. (4) If the [chairman] chairperson is absent or is for any reason unable to act as [chairman] chairperson the deputy [chairman] chairperson shall perform the functions of the [chairman] chairperson.”. Amendment of section 5 of Act 97 of 1990, as amended by section 68 of Act 104 of 30 1993

Section 3Verify source

§ 4Section 5 of the principal Act is amended by the substitution for paragraph (b) ofSubstitution

The Minister may appoint a person who would otherwise be disqualified from being a board member, but only after consulting the recognised association or organisation for the relevant financial institution or financial service.

4. Section 5 of the principal Act is amended by the substitution for paragraph (b) of the following paragraph: “(b) if, in the opinion of the [State President] Minister, he or she is actually engaged in the business of a financial institution or actually engaged in the 35 rendering of a financial service: Provided that the [State President] Minister may, in consultation with the recognised association or organisation of the relevant financial institution or financial service in which such person is actually engaged, appoint a person who would otherwise be disqualified in terms of this paragraph from being a member of the board;”. 40 Amendment of section 6 of Act 97 of 1990

Section 4Verify source

§ 5Section 6 of the principal Act is amended by the substitution for subsection (2) ofSubstitution

The Minister may end the membership of a board member or alternate member at any time if the Minister считает there are sufficient reasons.

5. Section 6 of the principal Act is amended by the substitution for subsection (2) of the following subsection: “(2) The [State President] Minister may at any time terminate the membership of any member or alternate member of the board if in the opinion of the [State 45 President] Minister sufficient reasons exist therefore,”. 6 No. 21141 GOVERNMENT GAZE~E, 3 MAY 2000 Act No. 12,2000 FINANCIAL SERVICES BOARD AMENDMENT ACT, 2000 Amendment of section 7 of Act 97 of 1990

Section 5Verify source

§ 6Section 7 of the principal Act is amended by the substitution for subsection (1) ofSubstitution

Board members and alternate members serve for up to three years, as the Minister तयines at appointment, and may stay on for up to six months if no successor is appointed.

6. Section 7 of the principal Act is amended by the substitution for subsection (1) of the following subsection: “(1) A member or alternate member of the board shall hold office, subject to the provisions of section 6, for such period, not exceeding three years, as the [State 5 President] Minister may determine at the time of his or her appointment: Provided that— (a) the term of office of not more than 50 per cent of the members or alternate members of the board shall expire within any calendar yew, and (b) if at the expiry of the term of office of a member or alternate member of the 10 board a successor has not been appointed as provided for in this subsection, such member or dtemate member shall continue in office for a further period not exceeding six months until reappointed or until a successor is appointed, whichever occurs first.”. ‘7 Amendment of section 9 of Act 97 of 1990, as amended by section 2 of Act 41 of 1992 15

Section 6Verify source

§ 7Section 9 of the principal Act is amended by the substitution for subsection (4) ofSubstitution

The executive is made up of specified officers, and the board may add other officers or employees on conditions it chooses.

7. Section 9 of the principal Act is amended by the substitution for subsection (4) of the following subsection: “(4) The executive shall consist of the executive officer, the deputy executive officers, [and] the chief actuary and such other officers or employees of the board as the board may from time to time appoint to the executive, on such conditions as 20 it deems fit.”. Amendment of section 10 of Act 97 of 1990

Section 7Verify source

§ 8Section 10 of the principal Act is amended by the substitution for subsection (2) ofSubstitution

The board may decide how many people serve on a committee and may dissolve or reconstitute it.

8. Section 10 of the principal Act is amended by the substitution for subsection (2) of the following subsection: “(2) Such a committee shall consist of so many members of the board or so 25 many other persons or so many members or other persons as the board may deem necessary, and the board may at any time dissolve or reconstitute such a committee: Provided that the nomination and appointment of other persons to a committee of the board shall not cease upon the vacation of office of a member of the board who served on such a committee.”. 30 Amendment of section 13 of Act 97 of 1990, as amended by section 3 of Act 41 of 1992

Section 8Verify source

§ 9Section 13 of the principal Act is amended by the substitution for paragraph (c) ofSubstitution

This section amends paragraph (c) of section 13(1) by replacing it with a reference to officers and employees placed at the disposal of the board under the Public Service Act.

9. Section 13 of the principal Act is amended by the substitution for paragraph (c) of subsection ( 1 ) of the following paragraph: “(c) officers and employees placed at the disposal of the board under section 35 [14(3)(a)] 15(3)(a) of the Public Service Act, [1984 (Act No. 111 of 1984)] 1994 (Proclamation No. 103 of 1994).”. Amendment of section 14 of Act 97 of 1990, as amended by section 1 of Act 84 of 1992

Section 9Verify source

§ 10Section 14 of the principal Act is amended by the substitution for subsection ( 1 ) 40Repeal

The board may pay or provide employment benefits to its staff, including pay, allowances, bonuses, subsidies, and pension benefits.

10. Section 14 of the principal Act is amended by the substitution for subsection ( 1 ) 40 of the following subsection: “(1 ) The board may pay to the persons in its employ, or provide them with, such remuneration, allowances, bonuses, subsidies, pension and other employment benefits as the board may, after having obtained such professional advice as it may deem fit, consider as being competitive in the open market [for the manpower 45 concerned and may determine without being subject to any provisions of the Public Service Act, 1984 (Act No. 111 of 1984)] but with due regard to section 18(b).”. Repeal of section 15 of Act 97 of 1990

Section 10Verify source

§ 11Section 15 of the principal Act is repelled.Repeal

This section repeals section 15 of the principal Act.

11. Section 15 of the principal Act is repelled. 50 8 No. 21141 GOVERNMENT GAZE~, 3 MAY 2000 Act No. 12, 2000 FINANCIAL SERVICES BOARD AMENDMENT ACT. 2000 Amendment of section 15A of Act 97 of 1990, as inserted by section 2 of Act 84 of 1992

Section 11Verify source

§ 12Section 15A of the principal Act is amended—Substitution

The board must publish proposed levies before imposing them, consider any representations made, and may be allowed to skip those steps with the Minister’s approval if delay would harm the board’s functions.

12. Section 15A of the principal Act is amended— (a) by the insertion after subsection (1) of the following subsection: “(1 A) (a) Before imposing levies referred to in subsection (1), the board must publish the proposed levies in such manner as it considers appropriate in order to bring the proposed levies to the attention of the financial institutions in Question and the users of financial services rendered by these institutions, together with a statement that representa- tions about the proposed levies may be made to the board within a specified time. (b) Before imposing levies the board must have regard to any representations made in pursuance of the statement referred to in paragraph (a). (c) Paragraphs (a) and (b) do not apply where the board, with the approval of the Minister. is of the opinion that the delay involved in complying with those paragraphs would be prejudicial to the functions of the board-in terms of secti~n 3((z) and (c).’:; aid (b) by the substitution for paragraph (c) of subsection (4) of the following paragraph: “(c) The board [may] shall before taking a decision contemplated in paragraph (b)(i), grant the financial institution concerned the opportunity deemed fit by the board to be heard.”. 5 10 15 20 Substitution of section 18 of Act 97 of 1990, as substituted by section 5 of Act 41 of 1992 25

Section 12Verify source

§ 13The following section is substituted for section 18 of the principal Act:Substitution

This section replaces section 18 of the principal Act and is titled “Consultation with Minister.”

13. The following section is substituted for section 18 of the principal Act: “Consultation with Minister

Section 13Verify source

§ 18The board and [the executive officer, deputy executive officers andAmendment

The board and the members of the executive must consult the Minister about matters tied to their powers and duties, and about any other matter they want to raise.

18. The board and [the executive officer, deputy executive officers and chief actuary] members of the executive contemplated in section 9(4)— @ shall consult with the Minister [in] on any matter relating to the exercise of such powers and the performance of such duties under this Act or any other law as the Minister may determine from time to time; [and the board and the executive officer shall directly] and ~ q consult with the Minister in connection with any [other] matter [it or he] which any of them wishes to bring to the attention of the Minister,”. 30 35 Amendment of section 21 of Act 97 of 1990, as amended by section 69 of Act 104 of 1993

Section 18Verify source

§ 14Section 21 of the principal Act is amended by the deletion of subsection (3).Amendment

This section amends section 21 of the principal Act by deleting subsection (3).

14. Section 21 of the principal Act is amended by the deletion of subsection (3). Amendment of section 22 of Act 97 of 1990, as amended by section 7 of Act 41 of 1992 40

Section 14Verify source

§ 15Section 22 of the principal Act is amended by the substitution for subsection (2)Substitution

The executive officer may share certain information with specified financial regulators and may provide assistance, subject to board guidelines and public-interest limits.

15. Section 22 of the principal Act is amended by the substitution for subsection (2) of the following subsection: “(2) Notwithstanding the provisions of subsection(1). the executive officer mav. unless he or she is of the opi~ion that any such disclosure or rendering of assistance will not be in the public interest, but subject to ~uidelines issued by the board— @ disclose to any foreign financial or investment services regulatory or supervisory authority, or any other regulatory or supervisory authority for financial or investment services in the Republic, including the Registrar of Medical Schemes and a self-regulator! body approved by the board, information relating to a particular tinancial or other institution or financial or other service or a particular individual who is or was involved in a particular fintincial institution or tinancitil service. if the e~ecutive officer is of the opinion that [taking into consideration the public interest] such in fornla- 45 50 . . ...* 5 10 No. 21141 GOVERNMENT GAZE~, 3 MAY 2000 Act No. 12, 2000 FINANCIAL SERVICES BOARD AMENDMENT ACT, 2000 tion will be of importance to the relevant [foreign financial services] regulatory or supervisory authority, Registrar of Medical Schemes or self-regulatory body; and disclose to any foreign financial or investment services regulatory or superviso~ authority any information required in terms of any agreement, communique or memorandum of understanding concluded by the board or the executive officer with any such authority, and may render any assistance to such authoritv: I Provided that the ~oard or the executive officer may impose conditions relating to the use that may be made of any information or assistance and the preservation of 10 confidentiality in respect thereof.”. Substitution of section 23 of Act 97 of 1990

Section 15Verify source

§ 16The following section is substituted for section 23 of the principal Act:Substitution

This section substitutes a new section 23 in the principal Act, titled “Limitation of liability.”

16. The following section is substituted for section 23 of the principal Act: “Limitation of liability

Section 16Verify source

§ 23The Minister, the board, a member or dtemate member of the boardSubstitution

The Minister, the board, board members, the board of appeal, and board staff are not liable for loss or damage caused by bona fide, non-grossly-negligent acts or omissions done under this Act or any other law.

23. The Minister, the board, a member or dtemate member of the board or the board of appeal or any officer or employee in the employment of the board shall not be liable [in respect of any bona fide exercise of a discretion in the performance of any function by him] for any loss sustained by, or damage caused to, any person as a result of anything done or omitted by any such functionary, body or person in the bona$de, but not grossly negligent, exercise of any power or the carrying out of any duty or the. performance of any function under or in terms of this Act or any other law.”. 15 20 Substitution of section 24 of Act 97 of 1990

Section 23Verify source

§ 17The following section is substituted for section 24 of the principal Act:Substitution

This section substitutes a new section 24 dealing with restrictions on using a name or description that implies a connection with a board.

17. The following section is substituted for section 24 of the principal Act: 25 “Restriction on use of name or description implying connection with board

Section 17Verify source

§ 24No person shall apply to any company, body, firm, business orAmendment

A person must not use a name or description that suggests a connection with the board unless authorized by the board and compliant with the board’s conditions.

24. No person shall apply to any company, body, firm, business or undertaking a name or description signifying or implying some connection between such company, body, firm, business or undertaking and the board unless the person— (a) has been authorised by the board to do so; and (b) complies with the conditions determined by the board.”. 30 Amendment of section 26 of Act 97 of 1990, as amended by section 8 of Act 41 of 1992 35

Section 24Verify source

§ 18Section 26 of the principal Act is amended—Substitution

This section updates the appeal board’s composition, hearing process, powers, and costs rules.

18. Section 26 of the principal Act is amended— (a) by the substitution for subsection (1) of the following subsection: “(1 ) There is hereby established a board of appeal, which shall consist of three persons with an alternate for each of them (hereafter referred to as ‘the members of the board of appeal’), appointed by the Minister, of whom— (a) one shall be a person appointed on account of his or her wide experience and expert knowledge of law, who shall be the [chairman] chairperson; one shall be [one of the membem of the board] a person appointed on account of his or her wide experience and expert knowledge of financial institutions and financial services; and one shall be a person registered as an accountant and auditor under [section 23 OH the Public Accountants’ and Auditors’ Act, [1951 (Act No. 51 of 1951)] 1991 (Act No. 80 of 199 1), and who in the opinion of the Minister has wide experience of, and expert knowledge of the latest developments in, the accountants’ and auditors’ profess ion.’.; (b) (c) 40 45 50 ]~ No. 21141 GOVERNMENT GAZE~E, 3 MAY 2000 Act No. 12,2000 FINANCIAL SERVICES BOARD AMENDJVENT ACT, 2000 (b) by the substitution for subsection (1A) of the following subsection: “(1A) The executive officer shall designate [an officer of the board] YPerson to act as secretary of the board of appeal.”; (c) by th~insertion after subsection (1A) of the following subsection: “(1 B).(a) When the board of appeal deems it necessary for the hearing 5 of a particular appeal that the board of appeal should be assisted by an assessor having expert knowledge of a particular matter, the board of appeal may co-opt any such person to participate in the appeal as an assessor of the board of appeal. (b) Such assessor may not participate in any decision of the board of 10 appeal.”; (d) by the insertion after subsection (2) of the following subsection: “(2A) The noting of an appeal in terms of subsection (2) does not suspend the operation or execution of the decision pending the decision of the board of appeal, unless the board of appeal, on the application of 15 a party, directs otherwise.”; (e) by the substitution for paragraph (b) of subsection (3) of the following paragraph: “(b) in the case of the member referred to in subsection ( 1 )(b), [one of the other members of the board] a person temporarily appointed 20 [by the Minister] subject to the provisions of that subsection; and”; (f) by the substitution for subsection (6) of the following subsection: “ (6) An appeal shall be heard on the date and at the place and time fixed by the board of appeal, which shall in writing notify [the appellant as well as the executive officer] the parties to the app eal thereof.”; (g) by the substitution for subsection (9) of the following subsection: “(9) [The appellant as well as the executive officer] Any party to an appeal shall be entitled to be represented at an appeal by a legal [practitioner] representative.”; (h) by the substitution for subsection (10) of the following subsection: “(10) The board of appeal may after hearing the appeal— (a) confirm, set aside or vary the relevant decision against which the appeal was brought; (b) order that the decision of the board of appeal be given effect to; or (c) refer any matter back for consideration or reconsideration by the executive officer in accordance with such directions as the board of appeal may lay down.”; (i) by the substitution for subsection (12) of the following subsection: 25 30 35 “(12) The decision of the board of appeal shall be put in writing, and a copy thereof shall be furnished to [the appellant as well as to the 40 executive officer] every party to the appeal.;’; and (j) by the substitution for subsection (14) of the following subsection: “(14) (a) The board of appeal may make such order as to costs, including an order regarding the refunding of any fees paid in terms of subsection (2), as it may deem suitable and fair. (b) An order as to costs shall have legal force and may be enforced as if it were issued in civil proceedings in a division of the High Court of South Africa within whose area of jurisdiction the board of appeal held its sitting.”. Substitution of section 28 of Act 97 of 1990

Section 18Verify source

§ 19The following section is substituted for section 28 of the principal Act:Substitution

This section substitutes section 28 of the principal Act and gives the provision the heading “Application of Act”.

19. The following section is substituted for section 28 of the principal Act: “Application of Act

Section 19Verify source

§ 28The provisions of this Act shall not affect the operation of any bankCommencement

This provision preserves the operation of certain banks and mutual banks and keeps several pre-commencement acts, proceedings, and agreements from being disturbed by the Act.

28. The provisions of this Act shall not affect the operation of any bank or mutual [building society or building society] bank registered in terms of the Banks Act, [1965 (Act No. 23 of 1965)] 1990 (Act No. 94 of 1990), Qr the Mutual [Building Societies Act, 1965 (Act No. 24 of 196j), or the Building Societies Act, 1986 (Act No. 82 of 1986)] Banks Act, 1993 (Act No. 124 of 1993), respectively, in respect of any bank or [building society] 45 50 55 14 NO. 21141 GOVERNMENT GAZE~E, 3 MAY 2000 Act No. 12,2000 FINANCIAL SERVICES BOARD AMENDMENT ACT, 2000 mutual bank business carried on by such a bank or [building society] mutual bank in accordance with the provisions of the said Acts.”. Savings and transitional provisions 20. (1) The repeal of section 15 of the principal Act by section 11 shall not affect— (a) the previous operation of section 15 or anything done under, in terms of or by 5 virtue of section 15; or (b) any right, privilege, obligation or liability acquired, accrued or incurred under, in terms of or by virtue of section 15. (2) The provisions of this Act shall not affect anything done or omitted under, in terms of or by virtue of any provision of the principal Act, before the date of commencement 10 of this Act, which could have been done or omitted under, in terms of or by virtue of a provision of the principal Act as amended by this Act: Provided that anything specifically done by the Financial Services Board under sections 3(a) and 13(3) of the principal Act prior to the date of commencement of sections 1 and 2 of this Act, shall continue to have legal force unless the executive officer of that Board after the date of 15 commencement of this Act decides otherwise, and shall in any such case, be deemed to have been done by that executive officer. (3) The provisions of this Act shall not affect— (a) (b) any legal proceedings in which the said Financial Services Board is involved, and which are pending in any court of law immediately prior to the date of 20 commencement of this Act, which proceedings shall proceed in all respects until final disposal thereof, as if this Act had not been passed; and any international agreement, memorandum of understanding or communiqu~ concluded before the date of commencement of this Act by the said Financial Services Board, provided that any functions or duties entrusted or imposed on, 25 or rights granted to, that Board under , in terms of or by virtue of any such agreement, memorandum or communique shall upon the date of commence- ment of this Act devolve on the executive officer of that Board. Amendment of laws

Section 28Verify source

§ 21The laws mentioned in the Schedule are amended to the extent indicated in the 30Substitution

This section amends the laws listed in the Schedule as shown in the Schedule’s third column, and it substitutes the long title of Act 97 of 1990.

21. The laws mentioned in the Schedule are amended to the extent indicated in the 30 third column thereof. Substitution of long title of Act 97 of 1990

Section 21Verify source

§ 22The following long title is hereby substituted for the long title of the principal Act:Short title

This section replaces the principal Act’s long title with one that provides for a board to supervise compliance with laws regulating financial institutions and the provision of financial services.

22. The following long title is hereby substituted for the long title of the principal Act: “TO provide for the establishment of a board to [exercise supervision over the business ofl supervise compliance with laws regulating financial institutions and 35 the provision of financial services; and for matters connected therewith.”. Short title and commencement

Section 22Verify source

§ 23This Act is called the Financial Services Board Amendment Act, 2000, and comesShort title

This Act is named the Financial Services Board Amendment Act, 2000, and starts when the President fixes a commencement date by proclamation in the Gazette.

23. This Act is called the Financial Services Board Amendment Act, 2000, and comes into operation on a date fixed by the President by proclamation in the Gazefre. 16 No. 21141 GOVERNMENT GAZE~E, 3 MAY 2000 Act No. 12, 2000 FINANCIAL SERVICES BOARD AMENDMENT ACT, 2000 SCHEDULE LAWS AMENDED (Section 21) No. and year of law Act No. 32 of 1996 Act No. 80 of 1998 Short title Supervision of Financial Institutions Rationalisation Act. 1996 Inspection of Financial Institutions Act, 1998 Extent of amendment

Section 23Verify source

§ 1The amendment of section 2 byAmendment

This provision deletes subsection (6) of section 2 and adds a new paragraph to the definition of “financial institution” for section 3A-related implementation.

1. The amendment of section 2 by [he deletion of subsection (6). 1. me amendment of section I by [he addition to the definition of “financial institution” of the fol- lowing paragraph: ‘.(c) for the purposes of imPle. mentation of any agree- ment, communique or memorandum of under- standing referred to in sec- tion 3A, any person referred to in that section;”

Section 1Verify source

§ 2The insertion of the fo]lowingProvision

This section introduces a new section after section 3 titled “Inspections for purposes of agreements, communiques and memoranda of understanding.”

2. The insertion of the fo]lowing section after section 3: “Inspections for purposes of agreements, communiques and memoranda of understanding

Section 2Verify source

§ 3AThe registrar may atProvision

The registrar may direct an inspector to inspect a person’s affairs or part of their affairs in certain cases.

3A. The registrar may at any time instruct an inspector to carry out an inspection in accordance with the provi- sions of sections 4 and 5, pur- suant to and for the purposes of implementation of any agreement, comoruniq[i~ or memorandum of understand- ing contemplated in section ~~(~)(b) of the Financial Ser. vices Board Act, 1990 (Act No, 97 of 1990). of the affairs or part of the affairs of ~ny person referred to in. or iden- tified by the requestln~ all- thority acting in terms of, any such agreement. comm[miqui or memorandum, and who is present or resident in the Re- =“

Section 3AVerify source

Legislative relationships

9 referenced instruments

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

A–F

5 instruments

a new section 23 in the principal Act
Section 16
Banks Act
Section 28
Financial Institutions Rationalisation Act
Section 23
Financial Ser. vices Board Act, 1990
Section 3A
Financial Services Board Act, 1990
Section 1

G–M

1 instrument

long title of Act
Section 21

N–S

3 instruments

principal Act
Sections 2, 11, 14, 19
Public Service Act
Section 9
Public Service Act, 1984
Section 10

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