In the financial services sector, the Insurance and Pensions Commission (IPEC) Bill is set to empower IPEC to prescribe a minimum level of assets and liabilities. It will also provide for the establishment of the Protection Fund for Policy holders and Pensions and Provident Fund members.
On the other hand, the Securities and Exchange Act should be amended to widen the definition of Securities to include Virtual Asset Service Providers. This will enable the Securities and Exchange Commission to regulate and supervise Virtual Assets Service Providers on a risk-based approach. This will be complemented by amendments to the Money Laundering and Proceeds of Crime Act. The envisioned Act seeks to provide for the identification and assessment of money laundering and terrorist financing risks that may arise in relation to virtual assets.
It will further ensure that appropriate sanctions are applicable to errant Virtual Assets Service Providers, their directors and senior managers. The Deposit Protection Corporation Act is also being amended to align the legislation to international best practice.
Mr. Speaker Sir, Madame President,
Allow me to highlight that Parliament will soon be requested to consider legislation relating to the implementation of the Devolution Agenda. Of special note, is the presentation of the Provincial Council’s Amendment Bill.
The requisite legislation used by the lower tiers of the State to ensure efficient implementation of the devolution agenda will also be amended. These include the Urban Councils Amendment Bill; Rural District Councils Amendment Bill; Regional Town and Country Planning Amendment; and the Traditional Leaders Amendment Bill.
Parliament is also expected to consider the Municipal Courts and Police Bill as well as the Liquor Licencing Bill intended to ensure the efficient discharge of the various mandates of local authorities.
The Second Republic is committed to ensuring that communities and all relevant arms of the State are adequately organised and capacitated to implement best practices on disaster risk management. Hence, legislation on Disaster Risk Management will strengthen our nation’s responsiveness and preparedness to tackle disasters.
Through the Labour Amendment Bill, the dispute settlement machinery will be rationalised to remove cumbersome confirmation procedures. It also seeks to align the Labour Act with ratified International Labour Organisation Conventions, including freedom of association, the right to maternity leave and equal remuneration for work of equal value.
With regards to the welfare of our Parliamentarians, the proposed amendments to the Parliamentary Pensions Act should address deficiencies identified in the present Act.
Government has initiated a process to amend the Co-operative Societies Act in view of the changes in the socio-economic environment and the need to restructure operations, efficiencies and growth of co-operatives.
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