Amendment bill seeks to give SOEs the power to establish banks
The bill also seeks to amend the Insolvency Act, Military Pensions Act, the Government Employees Pension Law, the Auditing Profession Act and the Banks Act
This week, or sometime next week finance minister Tito Mboweni will table the Financial Matters Amendment Bill in parliament. The minister published a notice on Wednesday saying that the bill will be introduced to the National Assembly this month. The provisional date for the first public hearing into the bill is February 12 so it is still a long way before it is passed into law and the final draft might look very different after the public hearings. In its current state, however, the bill seeks to amend the following regulations: the Insolvency Act, Military Pensions Act, the Government Employees Pension Law, the Auditing Profession Act and the Banks Act. The most striking amendment to the Banks Act, is the proposal for provisions that will allow state-owned companies and their holding companies to qualify to establish a bank. Currently, state-owned enterprises (SOEs) are classified as private companies while the Banks Act only allows for public companies to establish a bank. The b...
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