Chairperson, much of what we have to say has been covered. Let me once again thank the hon Mufamadi and the Standing Committee on Finance for the excellent piece of work that they have done in a very complex set of areas. We said the government envisions to introduce the "twin-peaks model", which separates prudential regulation from market conduct regulation. We will have more comprehensive legislation on the "twin-peaks model" in 2013, once the more recent discussion paper has been shared with everyone.
As many of the hon members have pointed out, we are doing another piece of work, which is, firstly, consistent with global developments. Secondly, as the hon Ross and the hon Mufamadi have pointed out, we have made the wise choice of putting together a new Bill instead of having a multiplicity of amendments. We thank them for their support.
As hon Koornhof has pointed out, this is indeed part of the proactive approach that the Treasury has been utilising to make sure that South Africa remains on the front foot.
The hon Koornhof has made an important point about increasing the capacity of the Financial Services Board, FSB, which is an institution that has a multiplicity of very important responsibilities in relation to the financial markets. There is work in progress whereby we will try - be it Ponzi schemes or others - to ensure that we have enough of an enforcement capability. However, I think we all know that the financial sector is a very innovative and creative sector. There is no way in which anybody can anticipate all of the developments that take place in this sector. Nonetheless, we must do our best to move on.
I want to disappoint the hon Ambrosini. I am not going to accuse him of ignorance, as we understand some of his reservations. When he is available, we would certainly like to have our officials interact with him so that he can get to know more, as he had said. We understand that you have many responsibilities. However, I believe that there were six or eight committee meetings in which this legislation was discussed, and we understand that you were not able to attend all of them. So, let me make some special arrangements for you.
Hon Swart, again, thank you for your very constructive and helpful approach. Many of the issues that you have mentioned, such as insider trading, are certainly issues that have now been taken care of.
In many of the areas, I think what is important for us to realise as hon members, as I have said, is that the financial markets are very adroit, very agile, and very innovative. No sooner will we have put this legislation in place, than six months later we will discover new things, which will require, once again, either legislative or some other steps to be taken in order to adapt to the new environment.
One example is the regulation of over-the-counter derivatives, for instance. In this case again, the Group of 20, the G20, and the Financial Stability Board, the FSB, have done some excellent work at a global level. However, monitoring every derivative is a difficult task. Part of the objective, in this legislation and globally, is to make the trade in derivatives as transparent as possible, and so to describe them, rather than referring to them as over-the-counter, and to have some clearing houses for derivatives trades themselves.
Finally, the hon Tshabalala has again picked up the theme of derivatives and their complexity, and the importance of controlling and combating unethical behaviour.
We hope that, like the previous Bill, this Bill would also provide certainty and a clear framework within which to work. This is only the beginning of a longer journey that we are going to undertake.
I am sure that there are other pieces of work, such as the work that is being done on the self-regulating organisation element, which we will come back to Parliament on. Once again, thanks to all of the hon members for their support. [Applause.]
Debate concluded.
Question put: That the Bill be read a second time.
House Chair, I would like to request that the decision on the Order that is before us be postponed to the next sitting of the House, which is next week Tuesday.
Madam House Chair, I would like to know what the reason for that request would be.
In terms of section 76 of the Rules, when a debate on a question has been concluded in this House, as has been the case in this regard, the Presiding Officer may postpone the decision on the question; and on that basis, I am postponing the decision. [Applause.]
Madam Chair, are you saying that instead of providing a reason for it, you are just going to quote a Rule?
Yes.
Is it possible that the reason could be that there is no quorum in this House? Is that the reason?
Mrs Kalyan, that may or may not be the reason. Shall we then carry on with the business of the day, please? The secretary will read the Fourth Order of the Day.