Acts versus Regulations: Understanding the Difference
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Questions and Answers

What is the main difference between Acts and Regulations?

  • Acts are legislative documents, while Regulations are judicial documents.
  • Acts provide specific procedures, while Regulations provide broad guidelines.
  • Acts focus on practical details, while Regulations cover a wide range of topics.
  • Acts establish the legal framework, while Regulations enforce Acts. (correct)
  • Who enacts Acts according to the provided text?

  • Administrative agencies
  • Member of parliament or government (correct)
  • Head of state like the President
  • Cabinet members
  • What entity gives assent for a bill to become an Act?

  • Member of parliament or government
  • Administrative agencies
  • Cabinet members
  • Head of state like the President (correct)
  • Which term is synonymous with Regulations as per the text?

    <p>Subsidiary legislation</p> Signup and view all the answers

    What do Regulations primarily focus on?

    <p>Practical details</p> Signup and view all the answers

    What is the primary function of Acts in the legal framework of the financial industry?

    <p>Provide the legal framework</p> Signup and view all the answers

    Which South African Act primarily focuses on regulating the commercial and retail banking sector?

    <p>Banks Act</p> Signup and view all the answers

    What is the main objective of the Financial Intelligence Centre Act (FICA) in South Africa?

    <p>Combat money laundering and financial crimes</p> Signup and view all the answers

    Which entity focuses on prudential regulation within the financial industry in South Africa?

    <p>Prudential Authority (PA)</p> Signup and view all the answers

    What is the primary purpose of the Code of Banking Practice in South Africa?

    <p>Promote transparency and fair relationships</p> Signup and view all the answers

    Which act in South Africa emphasizes transparency, fair trading practices, and investor protection within financial markets?

    <p>Financial Markets Act</p> Signup and view all the answers

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