This is the version of this Act as it was from 1 April 2018 to 31 May 2023. Read the latest available version.
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South Africa
Financial Institutions (Protection of Funds) Act, 2001
Act 28 of 2001
- Published in Government Gazette 22857 on 23 November 2001
- Assented to on 12 November 2001
- Commenced on 23 November 2001
- [This is the version of this document as it was from 1 April 2018 to 31 May 2023.]
- [Amended by Financial Services Laws General Amendment Act, 2008 (Act 22 of 2008) on 1 November 2008]
- [Amended by Financial Markets Act, 2012 (Act 19 of 2012) on 3 June 2013]
- [Amended by Financial Services Laws General Amendment Act, 2013 (Act 45 of 2013) on 28 February 2014]
- [Amended by Financial Sector Regulation Act, 2017 (Act 9 of 2017) on 1 April 2018]
Introductory provisions
1. Definitions
Chapter 1
Funds and trust property held by financial institutions
2. Duties of persons dealing with funds of, and with trust property controlled by, financial institutions
A financial institution or nominee company, or director, member, partner, official, employee or agent of the financial institution or nominee company, who invests, holds, keeps in safe custody, controls, administers or alienates any funds of the financial institution or any trust property—3. Declaration of interest
4. Investment of trust property
Chapter 1A
On-site visits
[Chapter 1A inserted by section 160 of Act 45 of 2013]4A. ***
[section 4A inserted by section 160 of Act 45 of 2013 and repealed by section 290 of Act 9 of 2017]Chapter 2
Enforcement
5. Appointment of curator
5A. Statutory management
6. Powers of Registrar
6A. ***
[section 6A inserted by section 43 of Act 22 of 2008, amended by section 111 of Act 19 of 2012 and by section 164 of Act 45 of 2013, and repealed by section 290 of Act 9 of 2017]6B. ***
[section 6B inserted by section 43 of Act 22 of 2008, amended by section 165 of Act 45 of 2013, and repealed by section 290 of Act 9 of 2017]6C. ***
[section 6C inserted by section 43 of Act 22 of 2008, amended by section 166 of Act 45 of 2013, and repealed by section 290 of Act 9 of 2017]6D. ***
[section 6D inserted by section 43 of Act 22 of 2008, amended by section 111 of Act 19 of 2012 and by section 167 of Act 45 of 2013, and repealed by section 290 of Act 9 of 2017]6E. ***
[section 6E inserted by section 43 of Act 22 of 2008, amended by section 168 of Act 45 of 2013, and repealed by section 290 of Act 9 of 2017]6F. ***
[section 6F inserted by section 43 of Act 22 of 2008, amended by section 169 of Act 45 of 2013, and repealed by section 290 of Act 9 of 2017]6G. ***
[section 6G inserted by section 43 of Act 22 of 2008, and repealed by section 290 of Act 9 of 2017]6H. ***
[section 6H inserted by section 43 of Act 22 of 2008, substituted by section 111 of Act 19 of 2012, amended by section 170 of Act 45 of 2013, and repealed by section 290 of Act 9 of 2017]6I. ***
[section 6I inserted by section 43 of Act 22 of 2008 and repealed by section 290 of Act 9 of 2017]7. ***
[section 7 amended by section 44 of Act 22 of 2008 and by section 171 of Act 45 of 2013, and repealed by section 290 of Act 9 of 2017]8. ***
[section 8 deleted by section 111 of Act 19 of 2012 and repealed by section 172 of Act 45 of 2013]9. ***
[section 9 repealed by section 290 of Act 9 of 2017]9A. ***
[section 9A inserted by section 173 of Act 45 of 2013 and repealed by section 290 of Act 9 of 2017]10. Offences
11. Repeal of laws
The laws mentioned in the Schedule are hereby repealed to the extent set out in the third column of the Schedule, subject to the provisions of section 13.12. Status of footnote
13. Transitional provision
Anything done or deemed to have been done under any provision of a law repealed by section 11 and which could be done under a provision of this Act, is deemed to have been done under the last-mentioned provision.14. Short title
This Act is called the Financial Institutions (Protection of Funds) Act, 2001.History of this document
01 June 2023
01 April 2018 this version
Amended by
Financial Sector Regulation Act, 2017
28 February 2014
03 June 2013
Amended by
Financial Markets Act, 2012
Read this version
01 November 2008
23 November 2001
12 November 2001
Assented to
Subsidiary legislation
Title | Numbered title |
---|---|
Guidelines on the Conduct of Curators, 2015 | Board Notice 56 of 2015 |
Cited documents 24
Legislation 24
- Banks Act, 1990
- Co-operative Banks Act, 2007
- Collective Investment Schemes Control Act, 2002
- Companies Act, 2008
- Credit Rating Services Act, 2012
- Criminal Procedure Act, 1977
- Electronic Communications and Transactions Act, 2002
- Financial Advisory and Intermediary Services Act, 2002
- Financial Institutions Amendment Act, 1988
- Financial Institutions Amendment Act, 1992
- Financial Institutions Second Amendment Act, 1993
- Financial Intelligence Centre Act, 2001
- Financial Markets Act, 2012
- Financial Services Board Act, 1990
- Insurance Act, 1943
- Long-term Insurance Act, 1998
- Medical Schemes Act, 1998
- Mutual Banks Act, 1993
- Pension Funds Act, 1956
- Safe Deposit of Securities Act, 1992
- Securities Services Act, 2004
- Short-term Insurance Act, 1998
- South African Reserve Bank Act, 1989
- Trust Property Control Act, 1988
Documents citing this one 79
Gazette 52
- KwaZulu-Natal Provincial Gazette dated 2018-05-17 number 1953
- KwaZulu-Natal Provincial Gazette dated 2018-11-29 number 2024
- KwaZulu-Natal Provincial Gazette dated 2019-02-21 number 2048
- South Africa Government Gazette Legal Notices A dated 2002-10-04 number 23878
- South Africa Government Gazette Legal Notices A dated 2004-05-07 number 26307
- South Africa Government Gazette Legal Notices A dated 2004-08-13 number 26651
- South Africa Government Gazette Legal Notices A dated 2005-03-24 number 27398
- South Africa Government Gazette Legal Notices A dated 2005-06-24 number 27687
- South Africa Government Gazette Legal Notices A dated 2005-09-02 number 27970 part C
- South Africa Government Gazette Legal Notices A dated 2005-11-04 number 28171
- South Africa Government Gazette Legal Notices A dated 2012-08-31 number 35627
- South Africa Government Gazette Legal Notices A dated 2012-09-14 number 35669
- South Africa Government Gazette Legal Notices A dated 2012-09-28 number 35708
- South Africa Government Gazette Legal Notices A dated 2012-11-02 number 35833
- South Africa Government Gazette Legal Notices A dated 2012-11-02 number 35833 part 1
- South Africa Government Gazette Legal Notices A dated 2013-08-02 number 36709 part 1
- South Africa Government Gazette Legal Notices A dated 2014-09-26 number 38017
- South Africa Government Gazette Legal Notices A dated 2018-01-19 number 41384 part 1
- South Africa Government Gazette Legal Notices A dated 2018-02-23 number 41454 part 1
- South Africa Government Gazette Legal Notices A dated 2018-03-02 number 41470 part 1
- South Africa Government Gazette Legal Notices A dated 2018-11-16 number 42039 part 1
- South Africa Government Gazette Regulation Gazette dated 2011-12-23 number 34877
- South Africa Government Gazette Regulation Gazette dated 2012-04-25 number 35277
- South Africa Government Gazette Regulation Gazette dated 2020-06-23 number 43466
- South Africa Government Gazette dated 2002-06-28 number 23253
- South Africa Government Gazette dated 2002-12-13 number 24167
- South Africa Government Gazette dated 2002-12-13 number 24182
- South Africa Government Gazette dated 2003-03-03 number 24665
- South Africa Government Gazette dated 2003-03-03 number 24667
- South Africa Government Gazette dated 2003-03-05 number 24676
- South Africa Government Gazette dated 2004-08-18 number 26684
- South Africa Government Gazette dated 2005-01-24 number 27190
- South Africa Government Gazette dated 2005-05-20 number 27544
- South Africa Government Gazette dated 2007-08-29 number 30240
- South Africa Government Gazette dated 2007-09-07 number 30255
- South Africa Government Gazette dated 2008-06-02 number 31114
- South Africa Government Gazette dated 2009-06-18 number 32328
- South Africa Government Gazette dated 2011-08-12 number 34510
- South Africa Government Gazette dated 2012-12-20 number 36036
- South Africa Government Gazette dated 2014-01-16 number 37237
- South Africa Government Gazette dated 2015-03-06 number 38550
- South Africa Government Gazette dated 2015-05-29 number 38832
- South Africa Government Gazette dated 2015-08-14 number 39095
- South Africa Government Gazette dated 2017-08-22 number 41060 part 1
- South Africa Government Gazette dated 2017-12-05 number 41299
- South Africa Government Gazette dated 2017-12-15 number 41321 part 1
- South Africa Government Gazette dated 2018-01-18 number 41388 part 1
- South Africa Government Gazette dated 2018-03-29 number 41549
- South Africa Government Gazette dated 2018-10-05 number 41955 part 1
- South Africa Government Gazette dated 2018-10-09 number 41967
- South Africa Government Gazette dated 2022-01-28 number 45825
- Western Cape Provincial Gazette dated 2010-10-22 number 6802
Judgment 16
- Absa Bank Ltd v South African Commercial Catering and Allied Workers Union National Provident Fund (679/2010) [2011] ZASCA 150 (27 September 2011)
- Born Free Investments 247 (Pty) Ltd v Kriel N.O. (1183/17) [2019] ZASCA 21 (26 March 2019)
- Breetzke and Others NNO v Alexander NO and Others (232/2019) [2020] ZASCA 97 (2 September 2020)
- Commissioner for the South African Revenue Service v Logikal Consulting (Pty) Ltd and Others (96768/16) [2018] ZAGPPHC 611 (29 March 2018)
- Fourie v Directorate of Market Abuse and Another (A 354/17) [2018] ZAGPPHC 601 (29 March 2018)
- Fourie v The Directorate of Market Abuse and Another (A 354/17) [2018] ZAGPPHC 183 (29 March 2018)
- Genesis Medical Scheme v Registrar of Medical Schemes and Another [2017] ZACC 16 (6 June 2017)
- Living Hands (Pty) Limited NO and Others v Old Mutual Unit Trust Managers Ltd (42728/10) [2022] ZAGPJHC 456 (12 July 2022)
- Montanari v Montanari (1086/2018) [2020] ZASCA 48 (5 May 2020)
- Mostert NO v Registrar of Pension Funds and Others (986 of 2016) [2017] ZASCA 108 (15 September 2017)
- Oaker and Others v Kriel ; Rockland Group Holdings (Pty) Ltd v Kriel NNO and Others (118/2021; 185/2022) [2023] ZASCA 68 (17 May 2023)
- Pather and Another v Financial Services Board and Others (866 of 2016) [2017] ZASCA 125 (28 September 2017)
- Registrar of Medical Schemes v Health Squared Medical Scheme (2022/015979) [2022] ZAGPJHC 662 (20 September 2022)
- S v Brown (681/2013) [2014] ZASCA 217 (1 December 2014)
- South African Police Service Medical Scheme v Registrar of Council for Medical Schemes and Others (24261/2020) [2022] ZAGPPHC 1001 (2 November 2022)
- Timasani (Pty) Ltd (in business rescue) and Another v Afrimat Iron Ore (Pty) Ltd (91/2020) [2021] ZASCA 43 (13 April 2021)
Legislation 11
- Collective Investment Schemes Control Act, 2002
- Credit Rating Services Act, 2012
- Determination of Fit and Proper Requirements, 2017
- Financial Markets Act, 2012
- Financial Sector Regulation Act, 2017
- Guidelines on the Conduct of Curators, 2015
- Income Tax Act, 1962
- Pension Funds Act, 1956
- Regulations Relating to the Kwazulu-Natal Joint Municipal Pension Fund (Retirement), 2019
- Regulations Relating to the Kwazulu-Natal Joint Municipal Pension Fund (Superannuation), 2019
- Regulations Relating to the Kwazulu-Natal Joint Municipal Provident Fund, 2019