Amendments of STRATE Rules Approved

Financial Sector Conduct Authority

Amendments of the STRATE Rules are in place.

The Financial Sector Conduct Authority announced the amendments in Government Gazette 41955.

They were approved in terms of the Financial Markets Act.

The amendments came into effect on the date of publication.

Meanwhile, in Notice 1029, national treasury has published the Draft Financial Sector Laws Amendment Bill for comment.

Treasury published the draft bill for comment on its website last month.

According to the notice, the proposed legislation seeks to “establish a framework for the orderly resolution of banks, systemically important non -bank financial institutions and holding companies of banks or systemically important non -bank financial institutions that are designated by the Governor of the Reserve Bank as systemically important”.

Resolution involves a resolution authority taking control of a failing institution in order to restructure or resolve the institution.

The draft bill proposes that the Reserve Bank will be the resolution authority.

Comment is invited until 7 November 2018.

In a separate matter, the South African Revenue Service has, in Gazette 41960, published an amendment to Schedule 1 of the Customs and Excise Act.

The amendment focuses on the rate of duty for beet sugar and cane sugar.

In Gazette 41958, treasury published direct conditional grant allocations approved for drought relief.

The allocations were approved in terms of the Appropriation Act.

A total of R3.4 billion in drought response funding has been allocated to the three spheres of government.

R1.98 billion of additional allocations has been allocated to a number of direct conditional grants.

Sabinet Cape Town Office