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FINANCIAL SECTOR REGULATION & PUBLIC PROCUREMENT: GENERAL FINANCE LAWS AMENDMENT BILL HEADS TO PARLIAMENT
- 15 August 2026
- Parliament
- SA Legal Academy
In anticipation of introducing a General Finance Laws Amendment Bill in Parliament, National Treasury has gazetted its procedurally required pre-tabling explanatory summary.
This is noting that the Bill was released in draft form in December 2025 for public comment – as SA Legal Academy has already reported.
Approved during Cabinet’s 29 July 2026 meeting, according to a media statement issued at the time, among other things the Bill proposes amendments to section 68 of the yet-to-be operationalised 2024 Public Procurement Act (legislative review). This is with the intention of ‘support(ing) ongoing reforms’ aimed at:
- ‘strengthening South Africa’s financial and procurement regulatory frameworks’
- ‘enhancing oversight’, and
- ‘promoting greater regulatory certainty’.
In that regard, the draft Bill sought to allow the Minister:
- 12 months after the Act’s commencement to review its implementation and possible need for amendments, and
- a further three months to report to Parliament.
As things now stand, the Act requires the Minister to conduct a review within the 24 months following its July 2024 publication – a deadline that expired with the Act still in limbo.
According to its explanatory summary, the Bill also seeks to insert a Chapter in the 2017 Financial Sector Regulation Act to provide for:
- the designation of replacement benchmarks
- ‘the effect of replacement benchmarks on legacy contracts’
- ‘the limitation of liability arising from the selection or utilisation of a replacement benchmark or a designated adjustment spread’, and
- ‘a consultation process for designation or determinations made by the (South African) Reserve Bank in relation to benchmark replacement’.
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