Financial Sector Laws Amendment Bill: Finalisation & Committee Report

Meeting report

Consideration of the Committee Report on Financial Sector Laws Amendment Bill

The Chairperson said that the Committee should consider and process the report. The report was very, very good. It was one of the best reports that the Committee had received. It was a good report and he hoped the Committee would agree. It was a technical Bill and dealt with a very wide range of issues.

The Chairperson took the Committee through the report page by page.

Motion of Desirability on Financial Sector Laws Amendment Bill

The Chairperson took the Committee through the Financial Sector Laws Amendment Bill.

The Chairperson said that since the previous day the members had a chance to go through the Bill. Yesterday the Committee was not prepared to take positions and he apologised for that. Informally, the Committee could not find anything. Had any of the members picked up anything? If yes, in what clause?

Mr D Ryder (DA, Gauteng) responded that the report was good and summarised the discussions reasonably well. It was a complex Bill. The DA was in broad agreement with the principles behind the Bill. Most of the clauses, if not all, were welcomed. He did not think there would be significant disagreement or discussions today. The members were just caught slightly off guard at the last meeting. The Committee had an extra two days now and had a look at the report. From a process point of view, the DA was happy at this stage.

Mr S Du Toit (FF+, North West) said it was a comprehensive report but that the FF+ reserved its position.

The Chairperson said that the Committee had already been through the Bill informally. All the Committee would do now was go through the Bill page by page instead of going through all of the clauses. There was relative consensus on the Bill in the sense that the Committee did not have any difficulties with what was there or how the report convened it. The members might have policy differences with the decisions taken.

The Chairperson went through the Bill page by page. The Chairperson asked for a mover and seconder for the Bill for the motion of desirability.

Ms D Mahlangu (ANC, Mpumalanga) moved for the adoption of the motion of desirability.   

Mr E Njadu (ANC, Western Cape) seconded the adoption of the motion of desirability.

The Financial Sector Laws Amendment Bill was adopted.

Adoption of the Committee Report on the Financial Sector Laws Amendment Bill

The Chairperson asked for a mover and seconder for the Committee Report on the Financial Sector Laws Amendment Bill. 

Ms Mahlangu moved for the adoption of the report.

Ms Z Ncitha (ANC, Eastern Cape) seconded the adoption of the report.

Mr M Moletsane (EFF, Free State) said that the EFF reserved its position on the Bill and the report.

Mr Du Toit said that the FF+ reserved its position on the Bill.

The Chairperson said that the opposition parties should form parties called reserve one, reserve two and reserve three so that the electorate knew they never took a position.

Mr Ryder said that the DA reserved its position on the Bill and the report.

The Chairperson said that there were three reservists and the rest were in agreement.

The meeting was adjourned.