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Finance Standing Committee
Financial Sector Regulation Bill [B34-15]: National Treasury response to public hearings
16 Feb 2016
The meeting began with a presentation by National Treasury on its responses to the major points raised during the public hearings on the Financial Sector Regulation Bill.
The six major areas were: role of parliament in making regulatory instruments; clause 141 binding interpretations; significant owners; directives to holding companies; the ...
Finance Standing Committee
Financial Sector Regulation “Twin Peaks” Bill [B34-2015: public hearings
10 Feb 2016
The Committee heard submissions during a public hearing on the Financial Sector Regulation Bill [B34-2015], from the Banking Association of South Africa (BASA), Association for Savings and Investment South Africa (ASISA), Centre for Applied Legal Studies (CALS) and Information Governance Consulting. BASA supported the Bill in principle, but noted several ...
Finance Standing Committee
Financial Intelligence Centre Amendment Bill [B33-2015]: deliberations
9 Feb 2016
The Committee heard briefings from the National Treasury and the Financial Intelligence Centre (FIC) on its interactions with various stakeholders and provided responses to all the submissions on the Financial Intelligence Amendment Bill [B33- 2015].
Treasury had met with industry players the previous week and that a risk based assessment ...
Finance Standing Committee
Financial Intelligence Centre Amendment Bill [B33-2015]: National Treasury response to public hearings
3 Feb 2016
The meeting began with the Committee trying to clarify its position on the clauses in the Bill which were the subject of the Constitutional Court judgement. The essence of the amendments to section 45B of the Financial Intelligence Centre Act were to remove the provision which allowed inspections without a ...
Finance Standing Committee
Financial Intelligence Centre Amendment Bill [B33-2015]: public hearing, National Treasury Response
2 Feb 2016
The meeting began with the Chairperson putting forward National Treasury’s and his view about the need to meet the constitutional deadline for section 42(b) of the Financial Intelligence Centre Act, but saying it would be better to process the Bill as a whole given that the invalidity flowing from the ...
Finance Standing Committee
Financial Sector Regulation Bill [B34-15]: public hearings; Taxation Laws Amendment Bill [B29-15]: consideration
24 Nov 2015
The Committee met with National Treasury to approve the Portfolio Committee's amendments (the A list) to the Taxation Laws Amendment Bill . The changes considered dealt with two matters: (1) To take out the retirement reform proposals in the tabled Bill, effectively going back to the law as it stood ...
Finance Standing Committee
Financial Sector Regulation Bill: briefing overview on Chapters 9, 10, 13 and 15
18 Nov 2015
The Committee met with National Treasury and the Financial Services Board to discuss Chapters 9 (Information gathering, supervisory on-site inspections and investigations), 10 (Enforcement), 13 (Administrative penalties) and 15 (Financial Services Tribunal) of the Bill. The other chapters were skipped to keep the discussion relevant to the Financial Services Board ...
Finance Standing Committee
SAA quarterly report, with Deputy Minister
17 Nov 2015
The Committee met with SAA as a follow up to its 2 September meeting with the airline. SAA had been asked to prepare a response to a number questions raised in a letter from the Committee. In addition SAA had to respond to five matters: progress on the finalisation of ...
Finance Standing Committee
Taxation Laws Amendment Bill [B29-15]; Financial Sector Regulation Bill [B34-15]: consideration
17 Nov 2015
National Treasury presented its response to the various submissions, made both during public hearings and subsequently, in relation to the Taxation Laws Amendment Bill. The National Treasury outlined the process followed with the Bill, starting from consultations in 2012, some decisions on amendments in 2013, and various meetings and individual ...
Finance Standing Committee
Financial Sector Regulation Bill [B34-2015]: briefing
13 Nov 2015
The Committee held a workshop to discuss the Twin Peaks Bill, that is, the Financial Sector Regulation Bill. National Treasury gave a broad overview of the 17 chapters of the Bill. Discussions only reached chapter three of the Bill.
In response to a query on Twin Peaks concept, Treasury said ...