The National Assembly on Wednesday night adopted the Financial Matters Amendment Bill, an omnibus bill amending several pieces of legislation, after the governing ANC managed to ensure a quorum of voting MPs. This followed the failure of the assembly to adopt the bill on Tuesday night because it was one vote short of a quorum of 201 MPs. Most members of the DA, which opposes one of the bill’s provisions to allow for the establishment of state-owned banks, were intentionally absent from the National Assembly when the vote was taken in order to break the quorum. They did the same on Wednesday night. The bill includes amendments to the Insolvency Act to provide security for counterparties in over-the-counter derivative transactions in the event of liquidation and ensure that SA complies with internationally accepted requirements. The adoption of the measure was urged by Reserve Bank governor Lesetja Kganyago and the Banking Association SA. The bill also includes amendments to the Banks...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now