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Amendments to ASB Regulations in the Pipeline

August 26, 2019

National Treasury

26 August 2019

Amendments to the Accounting Standards Board Regulations are on the cards.

National treasury published the call for comment on the proposed regulations in Government Gazette 42657.

A new sub-regulation 3 to regulation 4 is proposed stipulating that “A member, including an ex officio member appointed in terms of regulation 9A, of the Board, or a committee of the Board, who is an official of an organ of state, as defined in section 239 of the Constitution of the Republic of South Africa, 1996, may not be remunerated”.

A new section on ex officio members is to be inserted into regulation 9.

Some of the proposals include that an ex officio member of the Board may participate in a meeting of the Board or a committee of the Board but may not vote; an ex officio member of the Board is not part of the number of members to determine a quorum for a meeting of the Board or a committee of the Board, as envisaged in regulation 11(1) and steps to follow when an ex officio member contravenes or fails to comply with regulation 6(1) which sets out the conduct of Board members.

Comment is invited within 30 days of the date of publication.

Meanwhile, in Notice 439, treasury announced the withdrawal of Notice 428 published on 16 August 2019.

The notice had called for comment on a proposed amendment to Development Bank of Southern Africa Act regulations. However, no timeframe for comment was provided.

In the latest notice, comment on the draft amendment on extension of term of office is invited until 20 September 2019.

In Notice 437, treasury has set the rate of interest on government loans at 10% with effect from 1 September 2019.

In a separate matter, the Financial Sector Conduct Authority called for comment on proposed amendments to the Listing Requirements of Equity Express Securities Exchange.

The draft amendments, published in Notice 155, were drawn up in terms of the Financial Markets Act.

Objections are invited within 14 days of the date of publication.

In Gazette 42658, the South African Revenue Service published an amendment to Schedule 4 of the Customs and Excise Act.

It deals with the rebate of the full anti-dumping duty on frozen chicken pieces imported from the United States.

The amendment applies with retrospective effect from 1 April 2019.

In a statement, treasury announced that the Budget Council, at a recent meeting, indicated that any implementation of the envisaged national health insurance should be carried out in a phased manner due to the substantial impact on intergovernmental fiscal relations and provinces should remain engaged on the matter.

The Budget Council facilitates interaction between treasury and the provincial finance MECs on fiscal, budgetary and financial matters that affect provinces; legislation or policy which affects provincial finances; and any matters that affect financial management or the monitoring of finances of provinces.