Regulatory Alerts2019-09-18
Exclusion of New Development Bank from the Application of the Banks Act, 1990
Minister of Finance Tito Titus Mboweni has formally excluded the New Development Bank from the regulatory requirements of the Banks Act, 1990. This determination is issued pursuant to section 2(b)(vii) of the Act and applies specifically to the Bank's lawful banking-related activities. Consequently, the New Development Bank will operate outside the standard licensing and compliance framework mandated for domestic financial institutions.
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