proposed amended exemption notice relating to securitisation schemes
2 May 2007
On 26 June 2004, following extensive interaction with banks and various
industry groups, the Basel Committee on banking supervision published the
commonly known as Basel II for implementation by national supervisors of banks
and banking groups. Basel II is intended to enhance financial stability and
aligns the capital measurement framework with sound risk management and
governance practices.
During the past few years the bank supervision department of the South
African Reserve Bank (SARB), in consultation with the banking industry, the
audit profession and the National Treasury developed a proposed amended legal
framework for the regulation and supervision of banks and banking groups in
South Africa based on Basel II the International Financial Reporting Standards
and the latest risk management practices.
The proposed amended legislation was released for public comment today. Once
finalised, the proposed amended legislation will be submitted to the Minister
of Finance for his consideration and approval. The proposed amended legislation
is scheduled to be implemented in South Africa with effect from 1 January
2008.
The proposed amended legislation is available on the websites of the SARB
(http://www.reservebank.co.za) and
the National Treasury (http://www.treasury.gov.za). Comments can be
forwarded to, SARB-BaselII@resbank.co.za for the
attention of Advocate MS Blackbeard by no later than 25 June 2007.
Contact:
Thandi Moya
Tel: 012 313 3027
E-mail: Thandi.Moya@resbank.co.za
Issued by: South African Reserve Bank
2 May 2007
Source: South African Reserve Bank (http://www.reservebank.co.za)
