Financial Services Laws General Amendment Act

Link to law: http://www.gov.za/documents/financial-services-laws-general-amendment-act
Published: 2008-09-30

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Financial Services Laws General Amendment Act [22 of 2008]


Government Gazette
REPUBLIC OF SOUTH AFRICA

Vol. 519 Cape Town 30 September 2008 No. 31471
THE PRESIDENCY No. 1071 30 September 2008
It is hereby notified that the President has assented to the following Act, which is hereby published for general information:–
No. 22 of 2008: Financial ServicesLaws General Amendment Act, 2008.














































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































Act No. 22, 2008 FINANCIAL SERVICES LAWS GENERAL AMENDMENT ACT, 2008
2 6 A a n d 2 6 B , as inserted in the Financial Services Board Act , 1990, by section 28 of (his Act.
(4) The delet ion, by virtue of section 33 of this Act, of the definition of "enforcement c o m m i t t e e " in section 1 of the Securi t ies Services Act , 2004 , and the repeal of sect ions 94(e), 9 7 , 9 8 , 9 9 , 100, 101, 102, 103, 104, 105, 106 and l l l ( l ) 0 ) a n d (3) of that Act by sect ions 67 , 68 and 69 of this Act, do not affect any proceeding of, investigation instituted, fine to be imposed or the payment of a compensa tory amount to be required by, the enforcement commit tee referred to in that Act and which is pending at the date of coming into operat ion of this Act, and any such proceeding, investigation, fine or payment of a compensa tory amount may be cont inued, instituted or enforced as if this Act had not been passed.
(5) The definition of " r ep resen ta t ive" in section 1(1) of the Financial Advisory and Intermediary Services Act , 2002 , as amended by section 44(c) of this Act . only applies with effect from a date 12 months after the date contemplated in section 76 to persons employed or manda ted as representat ives prior to that date.
(6) The provis ions of section 8(10) of the Financial Advisory and Intermediary Services Act , 2002 , as inserted by section 47 of this Act, only applies wi th effect from a dale 12 months after the date contempla ted in section 76 to persons appointed as directors, member s , trustees or partners of providers prior to that date.
(7) An agreement concluded between a provider and a representat ive as contemplated in the Financial Advisory and Intermediary Services Act , 2002 , before the date contemplated in section 76 and which qualified as a mandatory agreement contempla ted in section I3 ( l ) (b ) ( i ) of the first-mentioned Act , before that date, is d e e m e d with effect from the date contempla ted in section 76 to consti tute a manda te contempla ted in section 13( I )(b)(i) of the first-mentioned Act, as replaced by section 50 (a ) of this Act.
(8) The provis ions of section 13(2)(a) of the Financial Advisory and Intermediary Services Act, 2002 , as amended by section 50(6) of this Act , only applies with effect from a date 12 months after the date contempla ted in section 76 to persons w h o are with effect from that date or any later date appointed as representat ives or their key individuals , as contempla ted in the Financial Advisory and Intermediary Services Act , 2002 .
(9) Section \7(l)(b) of the Financial Advisory and Intermediary Services Act . 2002 , as amended by section 55(a) of this Act . only applies with effect from a date 18 months afier the dale contemplated in section 76 to directors, member s , audi tors , trustees, principal officers, public officers or company secretaries appointed as compl iance officers prior to that date.
(10) Section 56(c) of this Act comes into operat ion on a date six months after the date contempla ted in section 76.
Short title and c o m m e n c e m e n t
79. (1) This Act is called the Financial Services Laws General A m e n d m e n t Act , 2008 , and takes effect on a date determined by the Minis ter by notice in the Gazette.
(2) Different dates may in terms of subsect ion (1) be de termined for different provis ions of the Act .