Deputy Speaker, when this 280-page Bill landed on our desks earlier this year, I knew it was going to be a technical one. After it was advertised for comment, it was formally sent to the committee comprising 116 pages of proposed amendments to 11 different laws. One really got a feeling in the committee of the extent of the legislation that financial institutions and their fraternity must comply with.
According to Prof Robert Vivian of Wits, and I quote:
Even if persons working in the industry wanted to grasp the import of this mass of legislation, they would simply not be able to do so.
The period for public comment was extended twice. Many of the amendments flow from the policy paper, "A safer financial sector to serve South Africa better" and we can expect to see more in a shift towards the twin peaks model of financial regulations.
The primary objective of the Bill is to ensure that our financial services industry will be better, and also to address any further potential risk to our system. We have to be able to move fast in this environment, and therefore have slightly more regulatory powers. The Financial Services Board has been criticised in the past as being too slow. There are no excuses now.
More than 250 amendments were added by the committee. I want to thank the Treasury and all officials who assisted the committee. The DA had the chance to file a minority report - and we have not seen that report. [Applause.]