| (1) |
The Minister may make Regulations to facilitate the implementation of this Act, including Regulations— |
| (a) |
that must or may be prescribed in terms of this Act; |
| (aC) |
to prescribe banking and financial accounting arrangements in respect of the management and administration of the Fund. |
| (b) |
to provide for other procedural or administrative matters that are necessary to implement the provisions of this Act. |
[Section 288(1)(aA)(aB)(aC) inserted by the Schedule: Amendment of Laws: Section 4 of the Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No. 12 of 2022), Notice No. 1512, GG47696, dated 9 December 2022 - effective 1 April 2023 per section (d), item (16) of Commencement Notice No. 3188, GG48291, dated 24 March 2023]
| (2) |
A requirement in terms of a financial sector law or the Interpretation Act (Act No. 33 of 1957), to publish Regulations in the Gazette must be read as a requirement to publish the Regulations also in the Register. |
(3)
| (a) |
The Minister may issue guidelines for the disclosure of material interests contemplated in sections 49, 72, 193 and 226 to provide guidance to persons who are required to disclose material interests in terms of those sections. |
| (b) |
Guidelines issued in terms of paragraph (a) do not divest persons who are required to disclose a material interest in terms of sections 49, 72 193 and 226 from their duty to properly apply their minds and disclose all material interests. |
| (4) |
The Minister may not make a Regulation unless the Minister— |
| (i) |
a draft of the Regulation; |
| (ii) |
a statement explaining the need for and the intended operation of the Regulation; |
| (iii) |
a statement of the expected impact of the Regulation; |
| (iv) |
a notice inviting submissions in relation to the Regulation and stating where, how and by when submissions are to be made; and |
| (b) |
has, once submissions referred to in paragraph (a)(iv) have been received and considered, submitted to Parliament, while it is in session,— |
| (i) |
the documents mentioned in paragraph (a)(i) to (iv); and |
| (ii) |
a report of the consultation process, which report must include— |
| (aa) |
a general account of the issues raised in the submissions; and |
| (bb) |
a response to the issues raised in the submissions. |
(5)
| (a) |
The period allowed for making submissions referred to in subsection (4)(a) must be at least six weeks. |
| (b) |
The period allowed for Parliamentary scrutiny referred to in subsection (4)(b) must be at least 30 days while Parliament is in session. |
| (6) |
If a Minister intends, whether or not as a result of a consultation process, to make a Regulation in a materially different form from the draft Regulation published in terms of subsection (4), the Minister must, before making the Regulation, repeat the process referred to in subsection (4). |
| (7) |
If complying with subsection (4) or (6), in the opinion of the Minister, is likely to lead to prejudice to financial customers or harm to the financial system, or defeat the object of the proposed Regulation, the Minister must, before making the Regulation— |
| (i) |
a draft of the Regulation and a statement explaining the need for and the intended operation of the Regulation; |
| (ii) |
a notice inviting submissions in relation to the Regulation and stating where, how and by when submissions are to be made; and |
| (iii) |
a statement of the reasons why the delay involved in complying with subsections (4) and (6) is considered likely to lead to prejudice to financial customers or harm to the financial system, or defeat the object of the proposed Regulation; and |
| (b) |
submit to Parliament the documents mentioned in paragraph (a). |
(8)
| (a) |
The period allowed for making submissions referred to in subsection (7)(a)(ii) must be at least seven days. |
| (b) |
The period allowed for submission to Parliament referred to in subsection (7)(b) must be at least seven days, whether Parliament is in session or not. |
| (c) |
The period referred to in paragraph (b) may run concurrently with the period referred to in paragraph (a). |
| (9) |
The Minister must, after making a Regulation pursuant to subsections (7) and (8), within 30 days of making the Regulation, submit to Parliament a report of the consultation process referred to in subsections (13) to (15). |
| (10) |
This section does not prevent the Minister from engaging in consultations in addition to those required in terms of this section. |
| (11) |
In deciding whether to make a Regulation, the Minister must take into account all submissions received by the expiry of the period referred to in subsection (5)(a) or (8)(a) and any deliberations of Parliament. |
| (12) |
A Regulation comes into effect— |
| (a) |
on the date that it is published in the Register; or |
| (b) |
if the Regulation provides that it comes into effect on a later date, on the later date. |
| (13) |
With each Regulation, the Minister must publish a consultation report. |
| (14) |
A consultation report must include— |
| (a) |
a general account of the issues raised in the submissions made during the consultation; and |
| (b) |
a response to the issues raised in the submissions. |
| (15) |
If the Minister did not comply with subsection (4) or (6) for the reason stated in subsection (7), the consultation report must be published 30 days after the instrument was made and the report must include a statement of the reasons why the delay involved in complying, or complying fully, with subsection (4) or (6) was considered likely to lead to prejudice to financial customers or harm to the financial system, or defeat the object of the Regulation. |
Witness Protection Act, 1998
