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Act No. 28 of 2001
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Financial Institutions (Protection of Funds) Act, 2001
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| 1. |
The amendment of section 1— |
| (a) |
by the deletion of the definitions of "administrative sanction" and "applicant"; |
| (b) |
by the insertion before the definition of "Companies Act" of the following definition: |
" 'Authority' means the Financial Sector Conduct Authority established in terms of section 56 of the Financial Sector Regulation Act;";
| (c) |
by the deletion of the definitions of "board", "determination", "directorate", "enforcement committee" and "financial institution"; |
| (d) |
by the insertion after the definition of "financial institution" of the following definition: |
" 'Financial Sector Regulation Act' means the Financial Sector Regulation Act, 2017;";
| (e) |
by the substitution for the definition of "institution" of the following definition: |
" 'institution', for the purposes of sections 5[, 6, 9] and 10, means—
| (a) |
a [financial institution] supervised entity; |
| (b) |
any person, partnership, company or trust in which, or in the business of which, a [financial institution] supervised entity or an unregistered person has or had a direct or indirect interest; |
| (c) |
any person, partnership, company or trust which has or had a direct or indirect interest in a [financial institution] supervised entity or unregistered person, or in the business of a [financial institution] supervised entity or an unregistered person; |
| (d) |
a participating employer in a pension fund organisation; |
| (e) |
any person, partnership, company or trust that controls, manages or administers the affairs or part of the affairs of a [financial institution] supervised entity or an unregistered person; or |
| (f) |
any unregistered person;"; |
| (f) |
by the substitution for the definition of "law" of the following definition: |
" 'law', for the purposes of section 5A, means—
| (b) |
the Pension Funds Act, 1956 (Act No. 24 of 1956); |
| (c) |
the Friendly Societies Act, 1956 (Act No. 25 of 1956); |
| (d) |
the Close Corporations Act, 1984 (Act No. 69 of 1984); |
| (e) |
the Trust Property Control Act, 1988 (Act No. 57 of 1988); |
| (f) |
the Banks Act, 1990 (Act No. 94 of 1990); |
| (g) |
the Mutual Banks Act, 1993 (Act No. 124 of 1993); |
| (h) |
the Long-term Insurance Act, 1998 (Act No. 52 of 1998); |
| (i) |
the Short-term Insurance Act, 1998 (Act No. 53 of 1998); |
| (j) |
the Medical Schemes Act, 1998 (Act No. 131 of 1998); |
| (k) |
the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001); |
| (l) |
the Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002); |
| (m) |
the Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002); |
| (n) |
the Co-operative Banks Act, 2007 (Act No. 40 of 2007); |
| (o) |
the Companies Act, 2008 (Act No. 71 of 2008); |
| (p) |
the Financial Markets Act, 2012 (Act No. 19 of 2012); |
| (q) |
the Credit Rating Services Act, 2012 (Act No. 24 of 2012); |
including any subordinate legislation, enactment or regulatory instrument made under these Acts;";
| (g) |
by the substitution for the definition of "registrar" of the following definition: |
" 'registrar' means—
| (a) |
the Authority [the registrar as defined in any of the Acts referred to in paragraph (a) of the definition of "financial institution" in section 1 of the Financial Services Board Act, 1990;
|
| (b) |
the executive officer defined in section 1 of the Financial Services Board Act, 1990;] or |
| [(c)](b) |
[except for the purposes of sections 6A to 6I,] the registrar of medical schemes referred to in section 1 of the Medical Schemes Act, 1998;"; |
| (h) |
by the deletion of the definition of "respondent"; and |
| (i) |
by the addition in section 1 of the following subsection, the existing section becoming subsection (1): |
| "(2)
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Unless the context otherwise indicates, words and expressions not defined in subsection (1) have the same meaning ascribed to them in terms of the Financial Sector Regulation Act.". |
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Statistics Act, 1999
