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Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)

Notices

Commencement of Financial Sector Regulation Act, 2017

Notice No. 169 of 2018

 

Notice No. 169

29 March 2018

GG 41549

 

National Treasury

 

In terms of section 305 of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017) - herein called ("the Act"), I, Nhlanhla Nene, Minister of Finance—

 

(a) determine the provisions of the Act specified in the following table take effect on 1 October 2020:

Section 1

Chapter 7 (sections 97 to 110)

Section 288

Section 301(4)

Section 304

Schedule 1

[Paragraph (a) substituted by Notice No. 1130, GG42677, dated 30 August 2019]

 

(b) determine that the provisions of the Act specified in the following table take effect on 1 November 2020:

Sections 2 to 10

Chapter 2 (sections 11 to 31)

Chapter 3 (sections 32 to 55)

Chapter 4 (sections 56 to 75)

Sections 76 to 82

Sections 87 to 89

Sections 91 to 96

Section 111(1)(a) and (2) to (7)

Sections 112 to 128

Chapter 9 (sections 129 to 140)

Chapter 10 (sections 141 to 156)

Chapter 13 (sections 167 to 173)

Chapter 15 (sections 218 to 236)

Sections 250 to 255

Sections 265 to 268

Sections 271 to 282

Sections 284 to 286

Section 289

Section 291 to 300

Section 301(1), (3) and (5)

Section 303

Schedule 2

[Paragraph (b) substituted by section (b) of Notice No. 612, GG43371, dated 29 May 2020]

 

(c) determine that section 283 takes effect on 1 April 2018 in respect of the Prudential Authority and the Financial Sector Conduct Authority, and on 1 October 2018 in respect of the Ombud Council;

 

(d) determine that the provisions of the Act specified in the following table take effect on 1 September 2019:

Section 90

Section 270

Section 301(2), (6) and (7)

[Paragraph (d) substituted by section (b) of Notice No. 142, GG42314, dated 18 March 2019]

 

(e) determine that Chapter 11 (sections 157 to 159) takes effect on 1 January 2019;

 

(f) determine that Chapter 12 (sections 160 to 166) takes effect on 1 March 2019;

 

(g) determine that Chapter 16 (sections 237 to 249) and section 302 take effect on a date to be determined;

[Paragraph (g) substituted by Notice No. 942, GG46158, dated 31 March 2022]

 

(h) determine that section 290 takes effect to the extent and on the dates set out in the following table:

Legislation

Item in Schedule 4 to the Act

Effective date

Insolvency Act, 1936 (Act No. 24 of 1936)

Items 1 and 2

Date of publication of this notice in the Gazette

Pension Funds Act, 1956 (Act No. 24 of 1956)

Items 1, 2 (in respect of section 1A(1) to (4)(a),(5) and (7)), 4, 5(b), 6(b), 7 to 9, 16 and 19 and Section 1B

18 March 2019

Items 10 to 12

1 April 2019

Items 2 (in respect of section 1A(6)), 13 to 15 and 17

a date to be determined

Friendly Societies Act, 1956 (Act No. 26 of 1956)

Items 1, 2 (in respect of sections 1A(1) to (3) and (5) and 1B), 3 to 6 and 9

1 April 2018

Item 2 (in respect of section 1A(4)) and 7 (in respect of section 47(1)(bA))

a date to be determined

South African Reserve Bank Act, 1990 (Act No. 89 of 1990)

Items 1 to 4

1 April 2018

Banks Act, 1990 (Act No. 94 of 1990)

Items 1 (other than paragraph (b)), 2 (other than in respect of section 1A(7)), 3 to 6, 7 (in respect of sections 8 and 10), 8, 9, 10(b), 11, 12 (in respect of section 90(1)(e)) and 13 to 16

1 April 2018

Items 2 (in respect of section 1A(7)) and 12 (in respect of section 90(1)(g))

a date to be determined

Financial Services Board, 1990 (Act No. 97 of 1990)

Sections 1 (other than in respect of the repeal of the definitions of "appeal board", "financial institution" and "trust property"), 10(3), 10A, 14, 15, 18 to 26, 26A and 27 to 30

1 April 2018

Sections 1 (in respect of the repeal of the definitions of "financial institution" and "trust property" and 15A and 16

a date to be determined

Financial Supervision of the Road Accident Fund Act, 1993 (Act No. 8 of 1993)

Item 1

1 April 2018

Mutual Banks Act, 1993 (Act No. 124 of 1993)

Items 1 (other than paragraph (b)), 2 (other than in  respect of section 1A(7)), 3 to 5, 6 (in respect of sections 6 and 8), 7, 8 (in respect of section 91(1)(g)) and 9 to10

1 April 2018

Items 2 (in respect of section 1A(7)) and 8 (in respect of section 91(1)(e))

a date to be determined

Policy Board for Financial Services and Regulation Act, 1993 (Act No. 141 of 1993)

The repeal of the whole Act

Date of publication of this Notice in the Gazette

Long-term Insurance Act, 1998 (Act No. 52 of 1998)

Items 1(a) to (e) and (g) to (k), 2 (in respect of sections 1A(1) to 6 and 1B, 3 to 13, 15 and 16

1 April 2018

Item 2 (in respect of section 1A(7))

a date to be determined

Short-term Insurance Act, 1998 (Act No. 53 of 1998)

Items 1(a) to (f) and (h) to (I); 2 (in respect of sections 1A(1) to (7) and 1(B) , 3 to 12 and 14 to 16

1 April 2018

Item 2 (in respect of section 1A(8))

a date to be determined

Inspection of Financial Institutions Act, 1998 (Act No. 80 of 1998)

The repeal of the whole Act

1 April 2018

Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001)

Items 1(a) to (d), (f) and (g) to (i), 2, 3 and 4 (in respect of sections 6(4) and (5), 6A to 6I, 7, 9 and 9A)

1 April 2018

Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)

Items 1 and 2

7 May 2018

Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)

Items 1(b) to (f), (h), (i), (k), (I), (n), (o), (p), (q) and (s), 2 (in respect of sections 1A(1) to (3), (5) to (7), (9) and 1B), 3, 5, 6, 7(b), 8, 9(a) (in respect of section 9(1)(c), 9(b), 10 to 12, 14, 15 in respect of section 21(1), (3) and (4)), 19, 20 (in respect of section 35(1)(d)), 21, 23 (in respect of section 45(1)(a)(ii), (1A)(b), (1B)(b)) and 24

1 April 2018

Items 1(m) and 13

1 April 2019

Items 2 (in respect of section 1A(8)), 4, 15 (in respect of section 21(2)), 16, 17 and 22 (in respect of section 41(1)(a))

a date to be determined

Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002)

Items 1, 2 (in respect of sections 1A(1) to (3), (5) to (7), (9) and 1B), 3, 4, 5, 6 (in respect of sections 15B, 23 and 24), 7 to 9, 10 (in respect of section 114(5)), 11 and 12

1 April 2018

Items 2 (in respect of sections 1A(8)) and 10 (in respect of section 114(3)(d) and (6))

a date to be determined

Financial Services Ombud Schemes Act, 2004 (Act No. 37 of 2004)

The repeal of the whole Act

31 May 2021

National Credit Act, 2005 (Act No. 34 of 2005)

Items 1 and 2

1 October 2018

Co-operative Banks Act, 2007 (Act No. 40 of 2007)

Items 1 (other than paragraph (a)), 2 (other than in  respect of section 1A(8)), 3 to 6, 8, 9(a), 10 to 17 and 19 to 27 and section 44(4)

1 April 2018

Item 7 (Chapter VIIA (sections 40A to 40F)

1 October 2018

Item 2 (in respect of section 1A(8))

a date to be determined

Credit Rating Services Act, 2012 (Act No. 24 of 2012)

Items 1, 2 (in respect of sections 1A(1) to (7) and (9) and 1B), 4, 5, 6, 7, 8 (in respect of sections 25, 26, 28(3) to (6), 30, 31 and 33) and 10

1 April 2018

Items 2 (in respect of section 1A(8)), 3 and 8 (in respect of section 28(1) and (2))

a date to be determined

[Paragraph (h) substituted by Notice No. 942, GG46158, dated 31 March 2022]

 

 

Nhlanhla Nene, MP

Minister of Finance