Thank you, House Chair. This Bill seeks to replace the Securities Services Act and it is of a very technical nature. This is also a direct consequence of the global financial crisis which demanded a review of effectiveness of the regulatory approach and framework that has so far been provided from all countries.
Against this background, a review was undertaken and culminated in this legislation. South Africa was saved by timeous and proper legislation in the financial sector. One can never be too complimentary towards the Treasury's proactive support, which saved us from disasters similar to those which occurred in Europe and the United States. Increasing and maintaining the confidence in the South African financial markets remains a key role to be played by the Treasury.
By introducing this Bill, the South African financial sector is steaming ahead on the right path. This Bill is all about the protection of regulated persons and clients. The problem arises when such persons are doing business in the financial sector but are not regulated. Hon Minister, the inability of the Financial Services Board to effectively deal with an unregulated industry is a problem and cannot be ignored any more. How many Ponzi schemes do we want in South Africa before we shall see proper legislation to give all the powers to the FSB to stop these schemes in their tracks?
The Treasury cannot ignore this any longer. South Africa deserves a far more vigilant, effective and fast-moving Financial Services Board to crack down on illegal activities that are undermining the financial sector and the confidence of the public. Cope shall support the legislation. [Applause.]