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. 124 of 1993
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Mutual Banks Act, 1994
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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 Prudential Authority established in terms of section 32 of the Financial Sector Regulation Act;";
| (b) | by the deletion in subsection (1) of the definition of "board of appeal"; |
| (c) | by the insertion in subsection (1) after the definition of "company" 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;";
| (d) | by the insertion in subsection (1) after the definition of "executive officer" of the following definition: |
" 'Financial Sector Regulation Act' means the Financial Sector Regulation Act, 2017;";
| (e) | by the deletion in subsection (1) of the definition of "prescribed"; |
| (f) | by the insertion in subsection (1) after the definition of person" of the following definition: |
" 'prudential standard' has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act;";
| (g) | by the insertion in subsection (1) after the definition of "public" of the following definition: |
" 'Register' means the Financial Sector Information Register referred to in section 256 of the Financial Sector Regulation Act;";
| (h) | by the deletion in subsection (1) of the definition of "Registrar"; |
| (i) | by the insertion in subsection (1) after the definition of "subsidiary" of the following definition: |
" 'Tribunal' means the Financial Services Tribunal established in terms of section 219 of the Financial Sector Regulation Act;"; and
| (j) | by the addition of the following subsection: |
| "(3) | 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 section: |
"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 by regulation in terms of section 91, a reference in this Act to a matter being— |
| (a) | prescribed must be read as a reference to the matter being prescribed in a prudential standard or 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) | Matters in respect of which regulations relating to banks may be prescribed in terms of this Act may also be made in prudential standards or conduct standards. |
| (b) | Regulations prescribed in terms of this Act that are in force immediately before the commencement of this subsection continue to be in force, but may be repealed by the Minister to allow for prudential or conduct standards to be made in terms of the Financial Sector Regulation Act, in respect of the subject matter of those regulations. |
| (c) | Paragraph (b) does not limit the powers of the Minister in terms of this Act to prescribe regulations. |
(6)
| (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. |
| (7) | A reference in this Act to a determined or 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. |
| (8) | A reference in this Act to an appeal 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. |
(9)
| (a) | If any requirement in the Financial Sector Regulation Act is inconsistent with any provision of this Act, the requirement in the Financial Sector Regulation Act prevails. |
| (b) | If any requirement in a regulatory instrument made in terms of the Financial Sector Regulation Act is inconsistent with any provision of a regulatory instrument made in terms of this Act, the requirement in the regulatory instrument made in terms of the Financial Sector Regulation Act prevails.". |
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| 3. | The repeal of section 2. |
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| 4. | The substitution in section 3 for subsection (2) of the following subsection: |
| "(2) | Any delegation under subsection (1)(a) shall not prevent the exercise of the relevant power by the [Registrar personally] Authority.". |
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| 5. | The deletion in section 4 of subsections (1) and (2). |
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| 6. | The repeal of sections 6, 7 and 8. |
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| 7. | The amendment of section 21— |
| (a) | by the substitution for subsection (1) of the following subsection: |
| "(1) | The Registrar may, subject to the provisions of section 22, in the case of a mutual bank registered as such, [with the consent of the Minister and] by notice in writing to the institution concerned cancel, or suspend on such conditions as the Registrar may deem fit, such registration if the institution has not conducted any business as a mutual bank during the period of six months commencing on the date on which the institution was registered as a mutual bank."; |
| (b) | by the substitution in subsection (2) for the words preceding paragraph (a) of the following words: |
"The Registrar may, subject to the provisions of section 22, in the case of a mutual bank registered as such, [with the consent of the Minister and] by notice in writing to the institution concerned cancel, or suspend on such conditions as the Registrar may deem fit, such registration if—"; and
| (c) | by the substitution for subsection (3) of the following subsection: |
| "(3) | The Registrar may, subject to the provisions of section 22, in the case of a mutual bank registered as such, [with the consent of the Minister and] by notice in writing to the institution concerned cancel such registration if the institution has ceased to conduct business as a mutual bank or is no longer in operation.". |
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| 8. | The deletion in section 91 of subsection (1)(e) and (g). |
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| 9. | The deletion in section 92 of subsections (6) and (7). |
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| 10. | The amendment of the arrangement of sections by the insertion after item 1 of the following item: |
"1A. Relationship between Act and Financial Sector Regulation Act".
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