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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?

Subsidiary legislation (A) Signup and view all the answers

What do Regulations primarily focus on?

Practical details (A) Signup and view all the answers

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

Provide the legal framework (C) Signup and view all the answers

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

Banks Act (A) Signup and view all the answers

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

Combat money laundering and financial crimes (A) Signup and view all the answers

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

Prudential Authority (PA) (C) Signup and view all the answers

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

Promote transparency and fair relationships (D) Signup and view all the answers

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

Financial Markets Act (C) Signup and view all the answers

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