Hon House Chairperson, the Financial Matters Amendment Bill proposes amendments to the Insolvency Act of 1976, the Military Pensions Act of 1976, the Banks Act of 1990 and the Government Employees Pension Law of 1996. I will deal with each one individually. The Insolvency Act is to be amended for a process to be followed when a creditor realises his or her security and also to provide for a power for the Master of the High Court to deal with disputes regarding preferences by trustees.
When we look at the amendments to the Military Pensions Act, section 9(1) of the Constitution of South Africa 1996 provides that everyone is equal before the law and has a right to equal protection and benefit of the law. In terms of section 9(3) of the Constitution of South Africa 1996, the state may not unfairly discriminate directly or indirectly against anyone or one or more grounds including race, gender, sex, pregnancy, marital status, ethnic or socio-origin, colour, sexual orientation, age, disability, religion, conscience, belief, culture, language and birth.
Under the Companies Act of 2008, state-owned companies are no longer classified as public companies. Currently the Banks Act of 1990 only allows for the public companies to establish a bank. As a result, state-owned companies meeting the prudentially and other requirements of the Banks Act are unable to apply for authorisation to establish the bank.
The Amendments to the Government Employees Pension Law is regulating the Government Employment Pension Fund. Non-member spouses were denied the enjoyment of their share of the pension benefit immediately upon divorce or on dissolution of a customary marriage. Instead they had to wait until their former spouses become entitled to their own benefit whereas the Pension Funds Act of 1996 entitles non-member spouses to immediate enjoyment of their pension interest in other forms governed by the Pension Funds Act upon divorce or dissolution of a customary marriage.
On 13 March 2019 the NCOP referred the Financial Matters Amendment Bill [B1B-2019] to the Select Committee on Finance for consideration and report. The committee called for public submissions on the Bill. On 19 March, the committee received a briefing on the Financial Matters Amendment Bill from the Treasury. Public hearings were held on 26 March 2019 and the committee received written and oral submissions from
Cosatu and written submission from Mr Mali and George Buthelezi from KwaZulu-Natal.
Cosatu made several submissions on the Bill which are captured in our report that is on the desks in front of the members. Hon Chairperson, the committee will continuously engage with the Treasury to ensure effective monitoring after implementation of the Financial Matters Amendment Bill. This is an approach that should facilitate and envisage phase approach and to ensure government's commitment to transformation of the financial sector. I take members back to the Financial Sector Regulation Bill that became an Act.
Having considered the Financial Matters Amendment Bill referred to and classified by the Joint Tagging Mechanism, JTM, as the section 75 Bill, a report that it has agreed to the Bill without amendments. The DA supported the Bill except for the Banks Act part of the Bill. I hereby table this report for consideration. Thank you, Chair. Debate concluded.
Declarations of vote: