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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 from 1 June 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]
- [Amended by Financial Sector Laws Amendment Act, 2021 (Act 23 of 2021) on 1 June 2023]
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[section 4A inserted by section 160 of Act 45 of 2013 and repealed by section 290 of Act 9 of 2017]Chapter 2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by section 43 of Act 22 of 2008, amended by section 111 of Act 19 of 2012 and by section 164 of Act 45 of 2013, and repealed by section 290 of Act 9 of 2017]6B.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[section 6B inserted by section 43 of Act 22 of 2008, amended by section 165 of Act 45 of 2013, and repealed by section 290 of Act 9 of 2017]6C.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[section 6C inserted by section 43 of Act 22 of 2008, amended by section 166 of Act 45 of 2013, and repealed by section 290 of Act 9 of 2017]6D.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by section 43 of Act 22 of 2008, amended by section 111 of Act 19 of 2012 and by section 167 of Act 45 of 2013, and repealed by section 290 of Act 9 of 2017]6E.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[section 6E inserted by section 43 of Act 22 of 2008, amended by section 168 of Act 45 of 2013, and repealed by section 290 of Act 9 of 2017]6F.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]9B. Sections 5 and 6 do not apply to designated institutions in resolution
Sections 5 and 6 do not apply to an institution of which a determination, in terms of section 166J of the Financial Sector Regulation Act, 2017, is in force.[section 9B inserted by section 20 of Act 23 of 2021]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 this version
Amended by
Financial Sector Laws Amendment Act, 2021
01 April 2018
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
Cited documents 24
Act 24
1. | Criminal Procedure Act, 1977 | 3798 citations |
2. | Companies Act, 2008 | 1917 citations |
3. | Pension Funds Act, 1956 | 1543 citations |
4. | Banks Act, 1990 | 871 citations |
5. | Financial Intelligence Centre Act, 2001 | 765 citations |
6. | Medical Schemes Act, 1998 | 416 citations |
7. | Electronic Communications and Transactions Act, 2002 | 351 citations |
8. | Trust Property Control Act, 1988 | 308 citations |
9. | Financial Advisory and Intermediary Services Act, 2002 | 298 citations |
10. | Long-term Insurance Act, 1998 | 297 citations |
Documents citing this one 94
Gazette 52
Judgment 30
Act 7
1. | Income Tax Act, 1962 | 1627 citations |
2. | Pension Funds Act, 1956 | 1543 citations |
3. | Long-term Insurance Act, 1998 | 297 citations |
4. | Financial Markets Act, 2012 | 216 citations |
5. | Collective Investment Schemes Control Act, 2002 | 144 citations |
6. | Financial Sector Regulation Act, 2017 | 121 citations |
7. | Credit Rating Services Act, 2012 | 26 citations |
Provincial Notice 3
Board Notice 2
1. | Determination of Fit and Proper Requirements, 2017 | 1 citation |
2. | Guidelines on the Conduct of Curators, 2015 | 1 citation |
Subsidiary legislation
Title
|
Date
|
|
---|---|---|
Guidelines on the Conduct of Curators, 2015 | Board Notice 56 of 2015 | 6 March 2015 |