Thesis (MTech (Public Management))--Cape Peninsula University of Technology, 2017. / In 1999 the South African Parliament passed the Public Finance Management Act No.1 of 1999 (PFMA). The intention was to ensure effective and better public finance management practice. The Act requires that government departments should establish measures to prevent irregular expenditure. However, there has been persistent irregular expenditure reports every year, which is an indication of non – compliance. The aim of this research is to investigate the impact of irregular expenditure in the South African public finance management domain, using the national Department of Public Works as a case study.

A sound financial system is the cornerstone of any country‘s economy. As South Africa has always been deemed to have a sound legal framework pertaining to the financial market, it has never faced the situation where it had to extensively review its entire legal framework. However, the recent global economic meltdown left policy makers, internationally, questioning the soundness of their financial systems and South Africa has been no exception. This dissertation provides an overview of the legal framework pertaining to selected segments of the financial market. This legal framework is then tested against certain selected issues highlighted by the global economic meltdown in order to establish whether it was and still is sufficiently robust to effectively negotiate these challenges. In order to deal with the selected segments of the legal framework pertaining to the financial market as comprehensively as possible, the selected segments for the purposes of this dissertation include the capital market, the money market and the derivative market. This dissertation also evaluates the impact of other recent domestic developments pertaining to securities settlement in South Africa. These developments include the recently promulgated Companies Act 71 of 2008 and the currently drafted Participant Failure Manual. This dissertation suggests that the Companies Act 71 of 2008 will have a significant impact on securities settlement. It is recommended that companies, holders of uncertificated securities and holders of beneficial interests in uncertificated securities familiarise themselves with their revised rights and obligations in order to, amongst other things, ensure compliance with this new legislative framework. This dissertation reveals that, even though our financial system has been found to be fundamentally sound and thus far have dealt with the global economic meltdown quite well, legislative reform to conform to international best practice is imperative. It is recommended that policy makers should strive to ensure that the South African legal framework pertaining to the financial market is sufficiently aligned with the principles, methodologies and recommendations as provided for by the international institutions providing best practice. The highlighted areas of legislative reform include the legal frameworks pertaining to credit rating agencies, investor due diligence, ix crisis management tools, compensation structures, accounting and valuations standards, issuer transparency, market transparency and risk management. This dissertation highlights that a significant amount of legislative amendments and endorsements by the relevant regulators and the Master of the Court are required for the successful integration of the Participant Failure Manual into the legal framework pertaining to the financial market. If, when and how the notion of Participant Failure will be accepted and regulated by the relevant regulators, without creating a conflict of interest, remains a question to be answered.

The purpose of this research was to determine whether or not the South African public procurement regime, within the framework set out in section 217(1) of the Constitution 1996, complies with the internationally accepted objectives or principles of public procurement, as contained in the UNCITRAL Model Law on the Procurement of Goods, Construction and Services (1994) and the World Trade Organisation‟s Plurilateral Government Procurement Agreement, and how these objectives are balanced with the need for the government‟s socio-economic policies. The main features of the public procurement reforms after South Africa became a constitutional state are the provision of constitutional principles applicable to public procurement; the creation of a single national legislative framework in terms of the Public Finance Management Act 1 of 1999 and the Local Government: Municipal Finance Management Act 56 of 2003, applicable to organs of state in the national, provincial and local spheres of government; and the creation of a supply chain management function that is fully integrated with the financial management processes in government, in which decisions on public procurement are decentralised to the procuring entities. The following broad principles applicable to public procurement, which are common to the Model Law and the GPA, were identified: (a) Economy; (b) Competitiveness; (c) Effectiveness; (d) Transparency; (e) The combating of abuse; (f) The avoidance of risk; (g) Accountability; (h) Fairness and equitability; and (i) Integrity. / Private Law / LL.D.

The purpose of this research was to determine whether or not the South African public procurement regime, within the framework set out in section 217(1) of the Constitution 1996, complies with the internationally accepted objectives or principles of public procurement, as contained in the UNCITRAL Model Law on the Procurement of Goods, Construction and Services (1994) and the World Trade Organisation‟s Plurilateral Government Procurement Agreement, and how these objectives are balanced with the need for the government‟s socio-economic policies. The main features of the public procurement reforms after South Africa became a constitutional state are the provision of constitutional principles applicable to public procurement; the creation of a single national legislative framework in terms of the Public Finance Management Act 1 of 1999 and the Local Government: Municipal Finance Management Act 56 of 2003, applicable to organs of state in the national, provincial and local spheres of government; and the creation of a supply chain management function that is fully integrated with the financial management processes in government, in which decisions on public procurement are decentralised to the procuring entities. The following broad principles applicable to public procurement, which are common to the Model Law and the GPA, were identified: (a) Economy; (b) Competitiveness; (c) Effectiveness; (d) Transparency; (e) The combating of abuse; (f) The avoidance of risk; (g) Accountability; (h) Fairness and equitability; and (i) Integrity. / Private Law / LL.D.