Regulatory Alerts2024-02-28
Status of Previously Issued Circulars (C1/2024)
The Prudential Authority issued Circular 1/2024 to annually confirm the operational status of previously released circulars and directives under South Africa’s Banks Act, 1990. The document explicitly lists over seventy effective instruments, clarifying that while unconfirmed circulars are deemed withdrawn or replaced, section 6(6) directives remain legally binding until formally revoked in writing. Addressees, including banks, foreign branches, controlling companies, and auditors, must retain copies of the confirmed instruments and return a jointly signed acknowledgement of receipt to ensure regulatory compliance.
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