Financial Services Laws Amendment Bill ready

Image courtesy stock.xchnge

A final version of the Financial Services Laws Amendment Bill was submitted to Parliament’s standing committee on finance this week, the Treasury said on Tuesday.

“The bill addresses urgent issues in 11 financial sector laws, including legislative gaps highlighted after the 2008 financial crisis and to align these laws with the new Companies Act, 2008 and other legislation.”

The bill is expected to plug gaps identified by both the International Monetary Fund and the World Bank regarding South Africa’s adherence to international standards for financial regulation.

The bill was introduced in March last year.

“A total of 33 submissions were received during the first public comment process, which ended on 2 May 2013.”

The bill was revised and referred to the committee on Monday. It will deliberate on the bill when it meets at the end of the month.


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