Files
| Attachment | Size |
|---|---|
| a20-07ocr.pdf | 1.23 MB |
20 of 2007
The Banks Amendment Act 20 of 2007 intends:
- to amend the Banks Act, 1990, so as:
- to define or further define certain expressions;
- to extend certain provisions to controlling companies;
- to clarify certain provisions in line with their practical application;
- to update references to legislation and institutions;
- to delete outdated provisions;
- to provide for the roles and responsibilities of a consolidating supervisor and a host supervisor;
- to provide for written arrangements relating to the respective roles and responsibilities of and co-operation between supervisors;
- to provide for the sharing of information; to provide for a supervisory review process;
- to provide for the mapping of external ratings;
- to provide for the issuance of circulars, directives and guidance notes;
- to provide for the publication of registrations and deregistrations of branches, controlling companies and representative offices;
- to provide clarity with regard to the registration of a controlling company;
- to provide for the calculation of the amount pertaining to the restriction of investments by controlling companies to be prescribed by regulation;
- to clarify provisions relating to the establishment of a subsidiary by a bank;
- to amend the provisions pertaining to the transfer of assets and liabilities by a bank;
- to make further provision regarding the minimum share capital and unimpaired reserve funds of a bank;
- to extend the provisions pertaining to the issue of certain financial instruments;
- to provide for the approval of eligible institutions;
- to provide for the verification of information;
- to increase the powers of the Registrar and duly appointed manager in respect of an inspection of the activities of unregistered persons; and
- to provide for penalties that may be imposed on banks by the Registrar; and
- to provide for matters connected therewith.
Commencement
1 January 2008
