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Finance Standing Committee
African Bank and the Myburgh Report: SARB briefing
24 May 2016
The Deputy Governor of the South African Reserve Bank presented the Myburgh Report on the African Bank. He provided an explanation of events leading up to the curatorship of African Bank, the contents of the Myburgh Report and how the curatorship was progressing.
Some of the reasons for the collapse ...
Finance Standing Committee
SARS Commissioner & National Treasury on 2016 results
17 May 2016
The Director General of National Treasury took the Committee through its 2015/16 performance, and also responded to the Committee’s 2015 Budgetary Review and Recommendations Report (BRRR). The pre-audited outcome was R28.690 billion or 98.9% of the final budget with R314 million unspent. An area of significant variation between budget and ...
Finance Standing Committee
Chief Procurement Officer's progress and new projects report
11 May 2016
The Chief Procurement Officer presented a progress and new projects report on Office of the Chief Procurement Officer (OPCO). He explained that the OCPO has taken several measures to create electronic portals for procurement and supply chain management (SCM). Among these are the Central Suppliers Database, the eTender portal, the gCommerce ...
Finance Standing Committee
Public Investment Corporation responses to Standing Committee
10 May 2016
The Committee was due to hear briefings not only from the Public Investment Corporation (PIC), but also from the Government Employees Pension Fund and the Government Pension Administration Agency. However, due to time constraints and a number of pointed questions put to the PIC, that some Members felt were politically ...
Standing Committee on Appropriations
Appropriation Bill [B3-2016]: briefing by National Treasury
6 May 2016
National Treasury appeared to be unsure from where the budget for the acquisition of the VIP presidential jet would be coming. This was the view of the Committee when it engaged National Treasury on the 2016 Appropriation Bill. Treasury said that the VIP jet was not budgeted for in the ...
Finance Standing Committee
Financial Sector Regulation Bill [B34-2015]: public hearings
3 May 2016
The meeting began with a submission from the Voluntary Ombud Schemes collectively. They indicated that they welcomed the Bill, but felt that several sections from the draft bill introduced in 2014 ought to be reintroduced, particularly those dealing with the suspension of recognition of an Ombud scheme, rules made by ...
Finance Standing Committee
Financial Intelligence Centre Amendment Bill [B33-2015]: adoption; Committee Report on Treasury Budget; Oakbay Investments
26 Apr 2016
The Committee approved the Financial Intelligence Centre Amendment Bill after an amendment change to section 40 changing "may" to "must" although subject to conditions. It also approved the Committee Report on the Treasury Budget.
In light of the potential loss of jobs due to the closure of the bank accounts ...
Finance Standing Committee
Financial Intelligence Centre Amendment Bill [B33-2015]: deliberations
20 Apr 2016
Document: Financial Intelligence Centre Amendment Bill 2016 as Amended by standing Committee on Finance (awaited)
National Treasury provided a wrap-up on the Financial Intelligence Centre Amendment Bill, stating that financial crime remains on the global and local agenda with international standards on combating financial crime evolving and the SA regulatory ...
Finance Standing Committee
Rates & Monetary Amounts and Amendment of Revenue Laws Draft Bill: National Treasury briefing
19 Apr 2016
The Standing Committee on Finance met with representatives of the National Treasury and the South African Revenue Service (SARS) to be briefed on the draft Rates and Monetary Amounts and Amendment of Revenue Laws Bill.
National Treasury introduced the briefing by stating that the budget was being followed by four ...
Finance Standing Committee
Financial Services Board on its 2016 Strategic & Annual Performance Plan & Quarterly Reports
13 Apr 2016
The Committee met with delegates from the Financial Services Board (FSB) to discuss its strategic and annual performance plans, and performance report for 2016.
The FSB said its performance had been satisfactory over the period, with almost all targets being met or exceeded. The strategy document had been influenced largely ...