... have shifted to a more intensive and intrusive approach to regulating the financial sector. In South African terms this approach is called draconian and "kragdadig" [hard-hitting].
The Bill aims to align nonbanking financial sector legislation with the international standards adopted by the cited international institution. As policymakers and regulators we are faced with the challenges of driving forward regulatory reforms, taking in lessons from the past and current experience.
We recognise the need to enhance the effectiveness of financial sector regulation and the ability of regulators to respond swiftly and decisively to risks to the stability of the financial system. At the same time, the regulatory framework must ensure appropriate accountability of regulators.
The Bill updates our approach to regulating the financial sector and it is an important interim step towards the envisaged implementation of the twin peaks regulatory framework. The Bill addresses debts identified by the Financial Sector Assessment Programme conducted by the IMF and the World Bank regarding South Africa's adherence to international standards for financial regulation. Inter alia, the Bill provides for enhanced supervisory powers by establishing the FSB as the lead regulator where there is concurrent jurisdiction in respect of the same entities. It further clarifies the status of FSB legislation in relation to other legislation.
The Bill proposes a consequential amendment to the definition of a medical scheme in the Medical Schemes Act to facilitate the appropriate demarcation between health insurance products and medical schemes. Contrary to some misplaced and bizarre argument, in no way does the Bill seek to tamper with the appropriateness of its own tagging or that of the Medical Schemes Act. Speaker, allow me to express sincere words of gratitude to members of the Standing Committee on Finance for their hard work in scrutinising the Bill. Their wisdom and insight have ensured that the Bill before the House keeps South Africa's nonbanking financial sector regulatory framework up with the best in the world. We thank the Minister and his National Treasury team for prompt and succinct responses to concerns and queries that emerged during the process.
I humbly submit to the House the Financial Services Laws General Amendment Bill for its support. Ke a leboga! Baie dankie! [Thank you!] [Applause.]
There was no debate.