Have your say on the South African Reserve Bank Amendment Bill

The South African Reserve Bank Amendment Bill [B10-2010]

Submissions and Hearings

 The Standing Committee on Finance invites shareholders and interested parties to submit written submissions on the South African Reserve Bank Amendment Bill [B10-2010].

The Bill seeks to amend the South African Reserve Bank Act, 1989 (Act 90 of 1989) in order to achieve the following objectives:

• To amend the South African Reserve Bank Act, 1989, as to provide for the amendment of certain definitions, and the insertion of new definitions and the deletion of a definition;
• to provide for the establishment of a Panel for the election of directors to the Board and the functions of the Panel; 
• to reinforce the requirements regarding the limitation on shareholding in the South African Reserve Bank and to prevent the abuse of those provisions; 
• to provide for the nomina,tion of Directors by a broader base of the South African public and to broaden representation on the Board of the South African Reserve Bank; 
• to define clear criteria regarding when persons are disqualified from serving on the Board; 
• to provide for the confirmation of Board nominees against "fit and proper" and fiduciary criteria; 
• to clarify the powers and functions of the Board; and
• to provide for the possibility of the Govemor and Deputy Governors being re-appointed to serve terms of office of less than five years.

Public hearings will be conducted at Parliament from 2 to 4 June 2010.

Submissions and your indication to make oral presentation must be received by no later than
12:00 on Friday, 28 May 2010.

Submissions must be directed to the Committee Secretary, Mr Bradley Viljoen (Standing Committee on Finance), 3rd Floor, 90 Plein Street, Cape Town 8001 at bviljoen@parliament.gov.za or tel no. 021 403-3759 or fax: 021 403-3942.
Source: Notification in the Sunday Times, see below.