Regulatory Alerts2003-01-01
Banks Act Circular 2/2003: Ministerial Panel for Review of the Draft Accounting Professions Bill
The Deputy Registrar of Banks issued Circular 2/2003 to inform regulated institutions that the Minister of Finance established a Ministerial Panel to review the Draft Accounting Professions’ Bill and enhance financial market integrity. The circular mandates banks to actively engage in the public consultation by utilizing internal structures and soliciting input from external auditors on the panel's terms of reference. All submissions must be delivered by 21 February 2003, accompanied by a signed acknowledgement of receipt from both the institution's chief executive officer and independent auditors.
2002-01-31 TO ALL BANKS, BRANCHES OF FOREIGN BANKS AND MUTUAL BANKS BANKS ACT CIRCULAR 2/2003 MINISTERIAL PANEL FOR THE REVIEW OF THE DRAFT ACCOUNTING PROFESSIONS’ BILL
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INTRODUCTION This Office wishes to advise that the Minister of Finance has established a Ministerial Panel (“the Panel”) on 5 December 2002 to review the Draft Accounting Professions’ Bill (“the Bill”). The stated objective of the Panel is the promotion of the integrity of financial markets through the regulation of the accounting professions.
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INVITATION FOR PUBLIC COMMENT Furthermore, the Panel has invited public comment on its terms of reference. In this regard, the media release (that is, the invitation for public comment), members of the Panel, the terms of reference of the Panel and the Bill itself are available on the National Treasury’s Website at: http://www.treasury.gov.za Given the nature and extent of the objectives of the Bill, and the close relationship thereof with the business and functions of a modern bank, this Office wishes to urge all banks to participate in the process of debate. All banks are encouraged both to utilise internal structures and to invite comment from their external auditors on this matter. In this regard, this Office is aware that Banking Council South Africa is also taking initiatives to participate in the process of debate.
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FINAL DATE FOR SUBMISSIONS The final date for submissions is 21 February 2003. Contact addresses are contained in the invitation for public comment.
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ACKNOWLEDGEMENT OF RECEIPT Two additional copies of this circular are enclosed for the use of your institution’s independent auditors. The attached acknowledgement of receipt, duly completed and signed by both the chief executive officer of the institution and the said auditors, should be returned to this Office at the earliest convenience of the aforementioned signatories. E M Kruger Deputy Registrar of Banks ENCL. The previous circular issued was Banks Act Circular 1/2003 dated 8 January 2003.