Financial Sector Laws Amendment Bill: finalisation

Meeting report

The Chairperson welcomed everyone in attendance

The Committee Secretariat noted an apology from Mr N Kwankwa (UDM).

Committee Report on the Financial Sector Laws Amendment Bill
The Chairperson conducted a clause by clause review of section 5 of the report, which highlighted the Committee’s observations on the Bill.

Dr D George (DA) said the report should note that there needs to be effective oversight over the Corporation for Deposit Insurance (CoDI) and the Deposit Insurance Fund (DIF).

Ms P Abrahams (ANC) suggested replacing the verb ‘cure’ in clause 5.2 and 5.3 with 'fill’. She stated that it would be more appropriate for the report to mention the ‘filling of gaps’ instead of ‘curing gaps’.

Mr I Morolong (ANC) agreed with the suggestion.

Ms P Abrahams (ANC) asked if the abbreviation for SIFI in clause 5.4 can be written out in full.

The Chairperson proposed the adoption of the report with the amendments.

Ms M Mabiletsa (ANC) moved for the adoption of the report with the amendments.

Mr I Morolong (ANC) seconded the motion. 

Dr George stated that the DA reserves its position on the report.

Financial Sector Laws Amendment Bill

Mr Allen Wicomb, Committee Secretary, pointed out that the Committee should review the A list. The A list contains the amendments to the Bill that will be captured in the new version of the Bill, which is the tabled B Bill. The B Bill will only be updated once the Committee has adopted the amendments

The Chairperson asked if the Committee can review the proposed clause amendments instead of reviewing the entire Bill.

Adv Frank Jenkins, Senior Parliamentary Legal Advisor, Office of Constitutional and Legal Services, clarified that in order to adopt the Bill, the Committee first needs to go over it clause by clause. After deliberations, if the Committee is satisfied with the proposed amendments, then it can proceed to do a clause by clause review of the Bill. The A List contains the amendments to the provisions of Bill, which the Committee must adopt. Once the provisional amendments have been adopted, they will be included in a new version of the Bill, called the B version. The Committee must then adopt the B version of the Bill.

The Chairperson conducted a clause by clause review of the FSLAB A List.

The Committee agreed to the proposed amendments to clauses 6, 8, 32, 33, 34, 35, and 51 of the FSLAB.

The Chairperson conducted a clause by clause review of the tabled FSLAB, with the proposed revisions.

The Committee agreed to clauses 1 to 63 of the FSLAB, with the proposed revisions.

Mr Ismail Momoniat, Head: Tax & Financial Sector Policy, National Treasury, pointed out to Members that in adopting the Bill, the Committee is adopting the Bill with the changes in the A list.

The Chairperson proposed the adoption of the FSLAB.
 
Ms M Mabiletsa (ANC) moved for the adoption of the Bill.

Mr G Skosana (ANC) seconded the motion.

Dr George stated that the DA reserves its position on the Bill.

The Bill was adopted.

The meeting was adjourned.