This is the version of this Act as it was from 23 November 2001 to 31 October 2008. 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 23 November 2001 to 31 October 2008.]
Introductory provisions
1. Definitions
In this Act, unless the context indicates otherwise—“company” includes a close corporation referred to in the Close Corporations Act, 1984 (Act No. 69 of 1984);“financial institution” means—(a)any person or institution referred to in the definition of ‘financial institution’ in section 1 of the Financial Services Board Act, 1990 (Act No. 97 of 1990);1 or(b)any medical scheme contemplated in section 1 of the Medical Schemes Act, 1998 (Act No. 131 of 1998);“institution”, for the purposes of sections 5, 6, 9 and 10, means—(a)a financial institution;(b)any person, partnership, company or trust in which, or in the business of which, a financial institution or an unregistered person has or had a direct or indirect interest;(c)any person, partnership, company or trust which has or had a direct or indirect interest in a financial institution or unregistered person, or in the business of a financial institution or an unregistered person;(d)a participating employer in a pension fund organisation;(e)any person, partnership, company or trust that controls, manages or administers the affairs or part of the affairs of a financial institution or an unregistered person; or(f)any unregistered person;"nominee company" means a company, controlled by a financial institution, which—(a)is incorporated under the provisions of the Companies Act, 1973 (Act No. 61 of 1973);(b)has as its principal object to act as nominee for, or representative of, any person in the holding of any property in trust for such person or persons;(c)is precluded by its memorandum of association from incurring any liabilities other than those to the persons on whose behalf it holds assets, to the extent of their respective rights to, and interest in, such assets; and(d)has entered into an irrevocable written agreement with a financial institution which controls the company, and in terms of which such financial institution has undertaken to pay all the expenses of, and incidental to, its formation, operations and liquidation;“registrar” means—(a)the registrar as defined in any of the Acts referred to in paragraph (a) of the definition of ‘financial institution’ in section 1 of the Financial Services Board Act, 1990;(b)the executive officer defined in section 1 of the Financial Services Board Act, 1990; or(c)the registrar of medical schemes referred to in section 1 of the Medical Schemes Act, 1998;“trust property” means any corporeal or incorporeal, movable or immovable asset invested, held, kept in safe custody, controlled, administered or alienated by any person, partnership, company or trust for, or on behalf of, another person, partnership, company or trust, and such other person, partnership, company or trust is hereinafter referred to as the principal;“unregistered person” means any person, partnership, company or trust not registered, approved or otherwise authorised by the registrar under a relevant law to carry on the business of a financial institution, but who or which carries on such business or a business corresponding to a business normally carried on by a financial institution.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 director, member, partner, official, employee or agent of a financial institution or of a 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 2
Enforcement
5. Appointment of curator
6. Powers of registrar
7. Declaration of certain practices as irregular or undesirable
8. Restriction on powers of registrar
Despite any other provision of this Act, the registrar may not act under section 5, 6, or 7 in respect of a stock exchange, financial exchange, member or stock-broker referred to in paragraph (a)(v) and (vi) of the definition of ‘financial institution’ in section 1 of the Financial Services Board Act, 1990, unless the registrar—9. Records and entries in books of account admissible in evidence
In any proceedings conducted in terms of this Act, the records and books of account of an institution, a nominee company or a trust administered by such institution are admissible as prima facie evidence of the matters, transactions and accounts recorded therein, if supported by an affidavit by a person who alleges in that affidavit that person—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
28 February 2014
03 June 2013
Amended by
Financial Markets Act, 2012
Read this version
01 November 2008
23 November 2001 this version
Commenced
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