RSA CB issued communication on information related to future processes of updating outdated references to line item and column numbers in Regulations relating to banks.
Applicable to banks, controlling companies and branches of foreign institutions.
Updated References
Currently regulations contain many references to line item and column numbers in format traditionally used in the Regulations and related Banks Act (BA) returns.
E.g. banks required to report total assets in line item 54 column 4 of the form BA 100.
Format of line item and column numbering used in the Umoja System differs from the format traditionally used in the Regulations relating to banks.
Furthermore, effective Jul. 1, 2025, Regulations relating to banks will be amended to incorporate remaining components of Basel III post-crisis reforms.
Amendments to various BA returns and instructions for completion of BA returns means all relevant references to line item and column numbers throughout the Regulations relating to banks must be updated in future.
Prudential Authority will start process to convert regulations into prudential standards to include enabling provisions for issuing determinations on reporting requirements.
Process will include extensive consultations with banks and used as an opportunity to appropriately update or remove all references to line item and column numbers.
Effectiveness
Receipt of communication must be acknowledged in writing by Jul. 10, 2025.
