Regulatory Alerts2003-01-01
Proposed Amendments Designating Securitisation Schemes and Foreign Branch Banking Conditions
The South African Reserve Bank issued Banks Act Circular 12/2003 to present the third draft of proposed legislative amendments designating traditional and synthetic securitisation schemes as activities outside the statutory definition of banking business. The circular also outlines revised conditions for foreign institutions operating banking branches in South Africa and requests final written comments by 16 September 2003. Recipients must return a signed acknowledgement of receipt from both their chief executive officer and independent auditors to facilitate the proposed amendments' submission for approval to the Standing Committee for the Revision of the Banks Act.
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