The National Council of Provinces has passed key amendment bills – now one step away from becoming law.
The National Council of Provinces has passed both the South African Postbank Limited Amendment Bill and the Financial Matters Amendment Bill.
Parliament said that the South African Postbank Limited Amendment Bill aims to make changes to the South African Postbank SOC Act by addressing risks currently associated with the current structure of the Postbank, where the South African Post Office is the sole owner and shareholder. President Cyril Ramaphosa said that licensing the Postbank would allow for a state bank to be created. Speaking during his State of the Nation Address earlier this year , Ramaphosa said that a state bank in the country would provide financial services to SMME as well as youth and women-owned businesses.
The second bill passed by the NCOP is the Financial Matters Amendment Bill which includes multiple amendments to various pension-related, monetary and auditing provisions. Existing laws that will be changed other this new bill include:Military Pensions ActAuditing Profession ActParliament said that changes in the bill address issues in the Military Pensioners Act, aiming to rectify past discrimination against life partners of military pensioners.
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