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Standing Committee on Appropriations
Minister of Finance on the 2016 Budget
25 Feb 2016
In the presence of the Minister of Finance, the Director General of National Treasury briefed the Committee on the 2016 Budget and the Minister answered questions. Taking the Committee through the presentation, the DG focused on the reasons for tough decisions and why South African needed to act pre-emptively. The ...
Finance Standing Committee
Financial Intelligence Centre Amendment Bill [B33-2015]: deliberations
23 Feb 2016
The Standing Committee on Finance met to be briefed by the National Treasury and to deliberate on the Financial Intelligence Centre (FIC) Amendment Bill.
National Treasury said that public submissions had raised concerns mainly about certain definitions, specifically ‘client’, ‘domestic prominent person’, foreign ‘prominent public official’, ‘prominent influential persons’ and ...
Finance Standing Committee
Financial Sector Regulation Bill [B34-15]: National Treasury response to public hearings
16 Feb 2016
The meeting began with a presentation by National Treasury on its responses to the major points raised during the public hearings on the Financial Sector Regulation Bill.
The six major areas were: role of parliament in making regulatory instruments; clause 141 binding interpretations; significant owners; directives to holding companies; the ...
Finance Standing Committee
Financial Sector Regulation “Twin Peaks” Bill [B34-2015: public hearings
10 Feb 2016
The Committee heard submissions during a public hearing on the Financial Sector Regulation Bill [B34-2015], from the Banking Association of South Africa (BASA), Association for Savings and Investment South Africa (ASISA), Centre for Applied Legal Studies (CALS) and Information Governance Consulting. BASA supported the Bill in principle, but noted several ...
Finance Standing Committee
Financial Intelligence Centre Amendment Bill [B33-2015]: deliberations
9 Feb 2016
The Committee heard briefings from the National Treasury and the Financial Intelligence Centre (FIC) on its interactions with various stakeholders and provided responses to all the submissions on the Financial Intelligence Amendment Bill [B33- 2015].
Treasury had met with industry players the previous week and that a risk based assessment ...
Finance Standing Committee
Financial Intelligence Centre Amendment Bill [B33-2015]: National Treasury response to public hearings
3 Feb 2016
The meeting began with the Committee trying to clarify its position on the clauses in the Bill which were the subject of the Constitutional Court judgement. The essence of the amendments to section 45B of the Financial Intelligence Centre Act were to remove the provision which allowed inspections without a ...
Finance Standing Committee
Financial Intelligence Centre Amendment Bill [B33-2015]: public hearing, National Treasury Response
2 Feb 2016
The meeting began with the Chairperson putting forward National Treasury’s and his view about the need to meet the constitutional deadline for section 42(b) of the Financial Intelligence Centre Act, but saying it would be better to process the Bill as a whole given that the invalidity flowing from the ...
Finance Standing Committee
Financial Sector Regulation Bill [B34-15]: public hearings; Taxation Laws Amendment Bill [B29B-15]: voting
25 Nov 2015
The Committee had gone through a list of Standing Committee amendments to the Taxation Laws Amendment Bill [B29B-2015] the day before (the 'A' list), and a subcommittee chaired by Mr D van Rooyen had processed another set of amendments. The Committee was now ready to vote on the Bill as ...
Finance Standing Committee
Financial Sector Regulation Bill [B34-15]: public hearings; Taxation Laws Amendment Bill [B29-15]: consideration
24 Nov 2015
The Committee met with National Treasury to approve the Portfolio Committee's amendments (the A list) to the Taxation Laws Amendment Bill . The changes considered dealt with two matters: (1) To take out the retirement reform proposals in the tabled Bill, effectively going back to the law as it stood ...
Finance Standing Committee
Financial Sector Regulation Bill: briefing overview on Chapters 9, 10, 13 and 15
18 Nov 2015
The Committee met with National Treasury and the Financial Services Board to discuss Chapters 9 (Information gathering, supervisory on-site inspections and investigations), 10 (Enforcement), 13 (Administrative penalties) and 15 (Financial Services Tribunal) of the Bill. The other chapters were skipped to keep the discussion relevant to the Financial Services Board ...