On Apr. 12, RSA CB consulted on proposed directive for banks.
RSA CB issued notice to banks on proposed directive in terms of section 6(6), Banks act 94 of 1990, on proposed amendments to the regulations relating to banks.
Summary
Since inception of Banks act, respective Banks act returns (BA returns) and related directives for completion of BA returns have formed an integral part of the Regulations relating to banks, issued in terms of section 90, Banks act.
To facilitate and support ongoing work related to Umoja System Implementation Project, Prudential Authority decided, among others, to remove the BA returns and the related directives for the completion of the BA returns from the Regulations.
Including submission of various regulatory returns going forward, various BA returns.
In future all BA returns and the related directives for the completion of the respective BA returns will be issued separately, in the form of Directives or Determinations.
Effectiveness
Banks and other interested persons invited to submit comments on proposed directive and proposed implementation of Oct. 1, 2024, by no later than May 24, 2024.
Sep. 11, 2024 Directive Published
On Sep. 11, 2024, RSA CB issued D4/2024Directive proposed amendments to regulations deletion of BA returns, with Annexure 1 proposed government notice.
These include revised proposed implementation date of Jan. 1, 2025, for proposed deletion from regulations of BA returns, and instructions for completion of the returns.
