Regulatory Compliance

Financial Services Laws General Amendment Bill tabled in Parliament

According to the South African Government News Agency (SANews) the Financial Services Laws General Amendment Bill was tabled in Parliament last week.

In short, 'the Bill, which was released for public comment in March, addresses urgent issues in eleven financial sector laws, including legislative gaps that were highlighted after the 2008 financial crisis and to align these laws with the new Companies Act, 2008, and other legislation.'

MTN compliance notice set aside by National Consumer Tribunal

The NCT has set aside the compliance notice which was issued by the National Consumer Commission against MTN in August last year. The reason for its decision goes along the same lines as the Vodacom decision which was made earlier this year. That is, that the NCC failed to 'consult' with ICASA as it is required to do in terms of s 100(2). In this case the Commission also failed to give reasons for its denial of the allegation that it did not have 'reasonable grounds' on which to believe that MTN is engaging in prohibited conduct.

Interesting articles on Protection of Personal Information Bill

PoPi's approval in the National Assembly on the 11th of September 2012 brought with it a deluge of interesting articles. Here are some of them:

Protection of Personal Information Bill passed by the National Assembly

The Protection of Personal Information Bill was passed by the National Assembly on 11 September 2012. The Bill will must now be approved by the NCOP at which point only the President's signature is required to make it law.

See this excellent article by Webber Wentzel's Dario Milo and Greg Palmer in the Business Day.

The National Consumer Commission is being investigated by the Public Protector and the DTI

According to the Business Day the NCC is being investigated for allegations of irregular procurement and irregular recruitment. According to AG's report '[t]he commission entered into a five-year lease agreement for its offices, with a 10% annual escalation, which cst R3.7 million in the year to the end of March).'

The Justice Committee has approved the Protection of Personal Information Bill

The Protection of Personal Information Bill has been approved by the Justice Committee. It will now go to a the National Assembly for what is known as a 'second reading debate'. Once approved the Bill will be tabled before the National Council of Provinces.

[Added on 7 September 2012: It looks like the 'second reading' may take place as early as 11 September 2012.]

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