- Government
Gazette 15168
-
STATE
PRESIDENT'S
OFFICE No.
1860.
-
13
October
1993
-
- It
is hereby
notified that
the
State
President has
assented
to the
following Act
which is
hereby
published for
general
information:-
-
- No.
141 of
1993:
Policy
Board
for Financial
Services
and
Regulation
Act,
1993
-
ACT
-
- To
provide
for the
establishment
of a
board to
advise the
Minister
of Finance
on policy
matters
with regard
to financial
services
and
financial
regulation; and
to provide
for matters
connected
therewith.
-
- (English
text
signed by
the State
President.)
(Assented
to 1
October
1993.)
-
- BE
IT ENACTED
by the
State
President
and the
Parliament
of the
Republic
of South
Africa, as
follows:-
-
- Definitions
-
- 1.
In this
Act, unless
the
context
otherwise
indicates-
-
- "board"
means
the
Policy
Board for
Financial
Services
and
Regulation
established
by
section
2;
-
- "committee"
means a
committee
mentioned
in section
6(1);
"Minister"
means
the
Minister of
Finance.
-
Establishment
of Policy
Board for
Financial
Services
and Regulation
-
- 2.
(1)
There
is hereby
established
a board
to be
known
as the
Policy
-
Board
for Financial
Services
and Regulation.
-
- (2)
The
board shall
be a
juristic
person. Object
of board
-
- 3.
The object
of the
board
shall be
to
advise
the
Minister on
policy
matters
relating to
financial
services
and
financial
regulation,
either
of its
own
accord
or at
the
request
of the
Minister.
-
- Constitution
of board
-
- 4.
(1) The
board
shall
consist
of such
number
of
members
as the
-
Minister
may
determine.
-
- (2)
Members
of the
board
shall be
appointed
by the
Minister
with
due
regard to
their
knowledge,
expertise and
experience
in connection
with
financial
and
investment
services,
financial
markets,
supervision
and regulation
of such
services and
markets
or the
management
and conduct
of businesses
related
to such
services
and markets.
-
- (3)
Appointments
under
subsection
(2) shall
be made
by the
Minister
in consultation
with
bodies
which
in his
opinion
represent
the
interests
of
-
the
services and
markets
referred to
in subsection
(2).
-
- (4)
The Minister
shall appoint
one of
the members
of the
board
as the
chairman
and
another
member
as the
deputy chairman
of the
board.
-
- (5)
The Minister
may
direct that
the
chairman
of the
board
shall
devote
the whole
of his
time
to the
affairs
of the
board.
-
- (6)
A member
of the
board shall
hold office
for
a period
of two
years,
unless-
-
- (a)
he tenders
to the
Minister
his resignation
in writing;
or
-
- (b)
the
Minister at
any
time
for any
reason
which he
may
regard
as sufficient
terminates
his
period
of office.
-
- Functions
of board
-
- 5.
Notwithstanding
anything
to the
contrary
contained
in any
law the
board shall
advise the
Minister
with
regard
to-
-
- (a)
any provision
of any
law
in
terms
of which
any
financial
institution
or financial,
investment
or related
service
is administered
or
regulated;
-
- (b)
policy
considerations
with regard
to the
adoption
or amendment
of any
law referred
to in
paragraph
(a);
-
- (c)
any matter
which
in the
opinion
of the
board
is relevant
to the
determination
of policy
relating
to financial
services
and financial
regulation;
and
-
- (d)
any
matter
referred to
the board
by the
Minister.
-
- Committees
-
- 6.
(1) The
board
may
appoint
committees
to assist
it in
the
performance
of its
functions
or to
perform
such
functions as
may
be assigned
to them
by the
board,
and may
appoint
also persons
who are
not members
of the
board
as members
of such
committees.
-
- (2)
The chairman
of the
board
shall
also
be the
chairman
of every
committee
appointed in
terms
of subsection
(1), and
the
board
shall designate
a member
of each
committee
so
appointed
as deputy
chairman
of such
committee.
-
- (3)
If the
chairman
of a
committee
referred to
in subsection
(2) is
-
absent
or for
any reason
unable
to act
as chairman,
the deputy
chairman
of the
committee
concerned
shall
act
as
chairman
in his
stead.
-
- (4)
The board
may
delegate
to any
committee
any of
its
powers, excluding
the
powers
mentioned
in this
section,
but
shall
not
thereby
be divested
of a
power so
delegated,
and may
at any
time
withdraw
such delegation.
-
- (5)
A decision
by a
committee
in the
exercise
of a
power
delegated
to it
under
subsection (4)
shall
be
subject
to the
approval
of the
board.
-
- Meetings
and
decisions
-
7.
(1)
Meetings of
the
board
or of
a committee
shall be
held at
such -
times
and
places
as the
chairman
of the
board
or committee,
as the
case
may be,
may
determine.
-
- (2)
The board
may
with the
approval
of the
Minister
make
rules relating
to the
procedure
at meetings
of the
board
and of
a committee,
and any
other
matter
which,
in the
opinion
of the
board,
may
be necessary
or expedient
-
for
the proper
performance
of the
functions
and the
exercise
of the
powers
-
of
the board
or such
a committee.
Remuneration
and allowances
-
8.
The board
may
pay
to a
member
of the
board
and to
any person
appointed
as a
member
of a
committee
under
section 6(1)-
-
- (a)
who is
not in
the full-time
employment
of the
State, the
remuneration;
and
-
- (b)
the allowances,
determined
by the
Minister
with
the
concurrence
of the
Minister
of State
Expenditure.
-
- Funds
-
- 9.
The funds
of the
board
shall consist
of money
appropriated
by
-
Parliament
in order
to enable
the board
to
perform its
functions.
Short
title
and commencement
-
10.
This Act
shall
be
called the
Policy
Board for
Financial
Services
-
and
Regulation
Act,
1993,
and
shall come
into
operation
on a
date
fixed
by the
State
President
by proclamation
in the
Gazette.
|
