Regulatory Alerts2014-09-16
Directive 3/2014: Process in Respect of Specific Capital Issuances and Redemptions
The South African Reserve Bank’s Registrar of Banks issues Directive 3/2014 to establish detailed application procedures for banks seeking regulatory approval to issue or redeem instruments qualifying as capital. The directive mandates that applicants submit timely, complete applications accompanied by a three-year capital plan, regulatory benchmarking annexures, draft pricing supplements where applicable, and executive sign-offs. It further requires banks to submit updated disclosure templates within two weeks of instrument finalization and provides comprehensive compliance checklists for Additional Tier 1 and Tier 2 capital instruments.
Share