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Finance Standing Committee
Financial Sector Regulation Bill: costing & transformation; Insurance Bill: initial briefing
21 Sep 2016
The Financial Services Board briefed the Committee on the costing of the Financial Sector Regulation Bill and the consequences for stakeholders. The expected cost of regulation in 2016/17 is R1.033 billion and a somewhat ‘cheeky’ comparison would be that the combined remuneration packages of directors and senior executives in the ...
Finance Standing Committee
Financial Sector Regulation Bill [B34-2015]: deliberations on Chapters 11-13, Chapter 1 definitions; Schedules 1-4
20 Sep 2016
The Chairperson reported to the Committee about a letter he had received from Mr Maynier of the Democratic Alliance regarding the SARS senior official being investigated whereby SARS Commissioner, Tom Moyane, when appearing before this committee on 14 September, had replied that the matter was confidential.
The Committee argued ...
Finance Standing Committee
Financial Sector Regulation “Twin Peaks” Bill: chapter 17
15 Sep 2016
The Committee continued its preliminary clause by clause deliberations on the Bill, covering chapter 17. During the deliberations, a lot of discussion was held in respect of clauses 242 and 243
Clause 242 dealt with Infomration sharing arrangments. A DA Member pointed out that the provision as it was had ...
Finance Standing Committee
Financial Sector Regulation Bill: Chapter 13 Administrative Penalties & Chapter 14 Ombuds
13 Sep 2016
National Treasury and industry representatives were present for the Financial Sector Regulation Bill. The Committee went through Chapter 13 on Administrative Penalties and Chapter 14 on Ombuds and discussed the changes that had been made to the Bill. National Treasury had made many changes to Chapter 14.
Treasury said that ...
Finance Standing Committee
Draft Rates and Monetary Amounts & Taxation Laws Amendment Bill: response to submissions & REDISA; Double Taxation Agreements
7 Sep 2016
National Treasury presented a policy overview on Double Tax Agreements and the specifics on the particular treaties and protocols before the Committee.
The South African Revenue Service (SARS) presented the key articles of three Double Tax Agreements: United Arab Emirates, Singapore and Zimbabwe. The differences between articles dealing with the ...
Finance Standing Committee
Financial Sector Regulation “Twin Peaks” Bill: deliberations
6 Sep 2016
The Department of Treasury, the Reserve Bank, and the Financial Services Board deliberated with committee members on the Financial Sector Regulation Bill. Starting from Chapter nine, the deliberations centred on legal professional privilege, on-site inspections, change of ‘designated authority’ to ‘the responsible authority,’ rational exercise of discretion by the responsible ...
Finance Standing Committee
Money Bills Amendment Procedure Act review; Financial Sector Regulation 'Twin Peaks' Bill: deliberations
2 Sep 2016
The Senior Parliamentary Legal Advisor made a presentation on the forthcoming review of the Money Bills Amendment Procedure and Related Matters Act. Aspects were highlighted including the role, independence and constitution of the Parliamentary Budget Office; peremptory norms for provincial legislatures; and the timeframes around the budget process. The briefing ...
Finance Standing Committee
Financial Sector Regulation “Twin Peaks” Bill [B34-2015]: JSE submission & deliberations; Land Bank board nomination
31 Aug 2016
The Committee approved its Report on nominating candidates for appointment to the Board of the Land Bank. It noted in the Report that Parliament was also asked to act merely as a post box in the process of receiving nominations but it did not have a say in recommending who ...
Finance Standing Committee
Rates and Monetary Amounts and Amendment of Revenue Laws Bill: public hearings
30 Aug 2016
The submission by the Recycling and Economic Development Initiative of South Africa (REDISA) focused on the possible effects of the environmental levy on tyres at R2.30/kg of tyre as proposed by the National Treasury. Speakers from REDISA highlighted that the change proposed would halt a significant portion of the funds ...
Finance Standing Committee
Financial Sector Regulation “Twin Peaks” Bill [B34-2015]: deliberations
25 Aug 2016
The Committee continued it preliminary clause by clause reading of the Financial Sector Regulation Bill, major points included:
Clause 45-47
Here the Committee sought clarity on the role of the CEO regarding the keeping of minutes under clause 45. It rejected the Banking Association of South Africa’s submission on clause ...