Financial Matters Amendment Bill hearings
Publish date: 08 February 2019
Issue Number: 57
The 2019 Financial Matters Amendment Bill will be the focus of public hearings on 12 February 2019. However, the Bill only became available last Friday – five days after the National Assembly’s Standing Committee on Finance called for written submissions, CompliNEWS contributor Pam Saxby notes. Released in draft form last August for comment, the Bill proposes amendments to the 1990 Banks Act, 2005 Auditing Profession Act, 1936 Insolvency Act, 1996 Government Employees Pension Law and the 1976 Military Pensions Act.
Once in force, among other things it will: ‘regard certain state-owned companies as public companies; determine the prerequisites for such entities and their holding companies to qualify to be registered as banks; and address ‘inconsistencies between the … Act and certain other legislation with respect to state-owned companies’. Proposed amendments to the Insolvency Act and Auditing Profession Act respectively seek to: provide for a creditor to realise his/her security in terms of a master agreement and empower the Master to deal with disputes over the preferences of trustees; and strengthen regulatory board governance as well as investigation and disciplinary processes.