SCHEDULE 4
AMENDMENTS AND REPEALS (continued)
(Section 290)
Act No. and year
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Short Title
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Extent of repeal or amendment
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Act No. 24 of 2012
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Credit Rating Services Act, 2012
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| 1. | The amendment of section 1— |
| (a) | by the insertion in subsection (1) after the definition of "associate" of the following definition: |
" 'Authority' means the Financial Sector Conduct Authority established in terms of section 56 of the Financial Sector Regulation Act;";
| (b) | by the insertion in subsection (1) after the definition of "Companies Act" of the following definition: |
" 'conduct standard' has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act;";
| (c) | by the deletion in subsection (1) of the definition of "deputy registrar"; |
| (d) | by the insertion in subsection (1) after the definition of "external credit rating agency" of the following definition: |
" 'Financial Sector Regulation Act' means the Financial Sector Regulation Act, 2017;";
| (e) | by the deletion in subsection (1) of the definitions of "Financial Services Board Act", "FSB official web site" and "prescribe"; |
| (f) | by the insertion in subsection (1) after the definition of "rating category" of the following definition: |
" 'Register' means the Financial Sector Information Register referred to in section 256 of the Financial Sector Regulation Act;";
| (g) | by the deletion in subsection (1) of the definition of "registrar"; |
| (h) | by the insertion in subsection (1) after the definition of "this Act" of the following definition: |
" 'Tribunal' means the Financial Services Tribunal established in terms of section 219 of the Financial Sector Regulation Act;"; and
(i) by the addition of the following subsection:
| "(7) | Unless the context otherwise indicates, words and expressions not defined in subsection (1) have the same meaning ascribed to them in terms of the Financial Sector Regulation Act.". |
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| 2. | The insertion after section 1 of the following sections: |
"Relationship between Act and Financial Sector Regulation Act
1A.
| (1) | A reference in this Act to the registrar must be read as a reference to the Authority. |
| (2) | Except as otherwise provided by this Act or the Financial Sector Regulation Act, the powers and duties of the Authority in terms of this Act are in addition to the powers and duties that it has in terms of the Financial Sector Regulation Act. |
| (3) | A reference in this Act to the Authority determining or publishing a matter by notice in the Gazette must be read as including a reference to the Authority determining or publishing the matter by notice published in the Register. |
| (4) | Unless expressly provided otherwise in this Act, or this Act requires a matter to be prescribed, a reference in this Act to a matter being— |
| (a) | prescribed must be read as a reference to the matter being prescribed in a conduct standard; or |
| (b) | determined must be read as a reference to the Authority determining the matter in writing and registering the determination in the Register. |
| (5) | A reference in this Act to an onsite visit in terms of a provision of this Act must be read as a reference to a supervisory on-site inspection in terms of the Financial Sector Regulation Act. |
| (6) | A reference in this Act to an inspection in terms of a provision of this Act must be read as a reference to an investigation in terms of the Financial Sector Regulation Act. |
(7)
| (a) | A reference in this Act to the Authority announcing or publishing information or a document on a web site must be read as a reference to the Authority publishing the information or document in the Register. |
| (b) | The Authority may also publish the information or document on its web site. |
| (8) | A reference in this Act to a prescribed fee must be read as a reference to the relevant fee determined in terms of section 237 and Chapter 16 of the Financial Sector Regulation Act. |
| (9) | A reference in this Act to a review of a decision of the Authority must be read as a reference to a reconsideration of the decision by the Tribunal in terms of the Financial Sector Regulation Act. |
Regulatory instruments
| 1B. | For the purposes of the definition of "regulatory instrument" in section 1(1) of the Financial Sector Regulation Act, any matter prescribed by the Authority in respect of which notice in the Gazette is specifically required by this Act is a regulatory instrument.". |
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| 3. | The amendment of section 5(1) by the substitution for paragraph (e) of the following paragraph: |
| "(e) | the application fee prescribed [by the registrar]; and". |
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| 4. | The repeal of sections 21 and 22. |
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| 5. | The deletion in section 23(1) of paragraphs (c), (e) and (h). |
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| 6. | The amendment of section 24— |
| (a) | by the substitution in subsection (1) for the words preceding paragraph (a) of the following words: |
"A conduct standard for or in respect of credit rating agencies may be made on any of the following matters:"; and
| (b) | by the substitution in subsection (2) for the words preceding paragraph (a) of the following words: |
"The [rules] conduct standards contemplated in subsection (1) may—".
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| 7. | The deletion in section 24 of subsections (3) and (4). |
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| 8. | The repeal of sections 25, 26, 27, 28, 30, 31 and 33. |
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| 9. | The deletion in section 34 of subsection (2). |
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| 10. | Amendment of the arrangement of sections by the insertion after item 1 of the following items: |
"1A. Relationship between Act and Financial Sector Regulation Act
1B. Regulatory instruments".
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