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. 45 of 2002
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Collective Investment Schemes Control Act, 2002
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| 1. | The amendment of section 1— |
| (a) | by the insertion after the definition of "authorised agent" of the following definition: |
" 'Authority' means the Financial Sector Conduct Authority established by section 56 of the Financial Sector Regulation Act;";
| (b) | by the deletion of the definition of "Board"; |
| (c) | by the insertion 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 after the definition of "exchange securities" of the following definition: |
" 'Financial Sector Regulation Act' means the Financial Sector Regulation Act, 2017;";
| (e) | by the insertion after the definition of "investor" of the following definition: |
" 'joint standard' has the same meaning ascribed to it in terms of section 1(1) of the Financial Sector Regulation Act;";
| (f) | by the deletion of the definitions of "official web site" and "prescribed"; |
| (g) | by the insertion before the definition of "publish" 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;";
| (h) | by the insertion after the definition of "publish" of the following definition: |
" 'Register' means the Financial Sector Information Register referred to in section 256 of the Financial Sector Regulation Act;";
| (i) | by the deletion of the definition of "registrar"; |
| (j) | by the insertion after the definition of "this Act" of the following definition: |
" 'Tribunal' means the Financial Sector Tribunal established in terms of section 219 of the Financial Sector Regulation Act;"; and
| (k) | by the addition in section 1 of the following subsection, the existing section becoming subsection (1): |
| "(2) | 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.". |
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, 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, a conduct standard or a joint 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 on-site visit in terms of a provision in 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 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. |
| (9) | 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. |
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 repeal of sections 7 and 14. |
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| 4. | The amendment of section 15— |
| (a) | by the substitution in subsection (1) for the words preceding paragraph (a) of the following words: |
"If [the registrar, after an on-site visit or inspection under section 14, considers on reasonable grounds that] it is in the interests of the investors of a collective investment scheme or of members of the public [so require], the [registrar] Authority may—";
| (b) | by the deletion in subsection (1) of the proviso to paragraph (f); and |
| (c) | by the substitution in subsection (1) for paragraph (j) of the following paragraph: |
| "(j) | if a manager fails to comply with a written request, direction or directive by the [registrar] Authority under this Act or the Financial Sector Regulation Act, do or cause to be done all that a manager was required to do in terms of the request, direction or directive of the [registrar] Authority.". |
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| 5. | The amendment of section 15A— |
| (a) | by the substitution in subsection (1) for paragraph (c) of the following paragraph: |
| "(c) | if deemed reasonably necessary in the interests of investors, at that time or at any time thereafter, and notwithstanding any steps already taken by the [registrar in accordance with paragraph (a) or (b) or any other provision of this Act, act in accordance with section 15] Authority."; and |
| (b) | by the substitution for subsection (3) of the following subsection: |
| "(3) | For the purposes of this section, "financial soundness requirement" means any requirement or limitation referred to in sections 85 to 89, inclusive, sections 91 to 96, inclusive, and section 105 and includes any other financial requirements imposed under this Act or by a prudential standard, conduct standard or joint standard.". |
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| 6. | The repeal of sections 15B, 18, 22, 23 and 24. |
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| 7. | The substitution in sections 63 and 66 for the expression "Minister", wherever it occurs, of the expression "Authority". |
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| 8. | The amendment of section 99(1) by the substitution for paragraph (b) of the following paragraph: |
| "(b) | the [registrar] Authority, granted on such conditions as [he or she] the Authority may impose in writing [may determine].". |
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| 9. | The amendment of section 112— |
| (a) | by the deletion of subsection (3); and |
| (b) | by the substitution for subsection (4) of the following subsection: |
| "(4) | Any delegation under subsection (1)[,] or (2) (a) [or (3)(a)] does not prohibit the exercise of the power in question by the Minister, association or [registrar] Authority, as the case may be.". |
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| 10. | The amendment of section 114 by the deletion of subsections (3)(d), (5) and (6). |
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| 11. | The amendment of section 115 by the substitution for paragraph (c) of the following paragraph: |
| "(c) | fails to comply with any direction, requirement, notice, rule, regulatory instrument or regulation under any provision of this Act or the Financial Sector Regulation Act,". |
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| 12. | The 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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