2019-09-18

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.

South Africa

South African Reserve Bank

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176 No. 42684 GOVERNMENT GAZETTE, 6 SEPTEMBER 2019

NATIONAL TREASURY

NO. 1139 06 SEPTEMBER 2019

EXCLUSION OF NEW DEVELOPMENT BANK FROM THE APPLICATION OF THE BANKS ACT, 1990

In terms of section 2(b)(vii) of the Banks Act, 1990 (Act No. 94 of 1990), I, Tito Titus Mboweni, Minister of Finance, determine that the provisions of that Act and its requirements, do not apply to the New Development Bank, in the lawful carrying on of activities related to the business of a bank.

TT MBOWENI
Minister of Finance