Regulatory Alerts1997-05-02
Category of Assets of a Bank That May Be Held in the Name of a Person Other Than the Bank Concerned
The Registrar of Banks, exercising authority under the Banks Act of 1990, formally designates specific securities as assets permissible for third-party custody under a bank's name. These eligible assets encompass securities deposited with a central securities depository or approved depository institution, provided they are registered in the name of the depository or its approved wholly owned subsidiary. The notice clarifies statutory definitions and establishes the required approval pathways from the Registrar of Financial Markets and the Registrar of Banks to ensure regulatory compliance for safe custody arrangements.
STAATSKOERANT, 2 MEI 1997 No. 17949 5 No. 633 2 May 1997 CORRECTION NOTICE The Annexure to Government Notice No. 46, which was published in Government Gazette No. 17718 of 17 January 1997, is hereby corrected as follows: Substitute item numbers 81 (a) and 81 (b) for item numbers 130 and 131 severally. No. 633 2 Mei 1997 REGSTELLINGSKENNISGEWING Die Bylae tot Goewermentskennisgewing No. 46, wat in Staatskoerant No. 17718 van 17 Januarie 1997 gepubliseer is, word hiermee soos volg reggestel: Vervang itemnommers 130 en 131 met itemnommers 81 (a) en 81 (b) onderskeidelik. No. 648 SOUTH AFRICAN RESERVE BANK SUID-AFRIKAANSE RESERWEBANK BANKS ACT, 1990 (ACT No. 94 OF 1990) 2 May 1997 CATEGORY OF ASSETS OF A BANK THAT MAY BE HELD IN THE NAME OF A PERSON OTHER THAN THE BANK CONCERNED Under section 78 (1) (d) (iii) of the Banks Act, 1990 (Act No. 94 of 1990), I, Christo Floris Wiese, Registrar of Banks, hereby designate the category of assets specified in paragraph 2 of the Schedule as a category of assets of a bank that may be held in the name of a person other than the bank concerned. C. F. WIESE Registrar of Banks SCHEDULE
- Definitions In this Schedule, "the Act'' means the Safe Deposit of Securities Act, 1992 (Act No. 85 of 1992), and any word or expression to which a meaning has been assigned in the Act shall bear that meaning so assigned thereto, unless the context otherwise indicates- "bank" means a bank as defined in section 1 (1) of the Banks Act; "Banks Act" means the Banks Act, 1990 (Act No. 94 of 1990); "Financial Markets Control Act" means the Financial Markets Control Act, 1989 (Act No. 55 of 1989); "Registrar of Banks" means the Registrar of the Deputy Registrar of Banks referred to in section 4 of the Banks Act; "Registrar of Financial Markets" means the Registrar or the Deputy Registrar of Financial Markets mentioned in section 2 of the Financial Markets Control Act; "wholly owned subsidiary" means a wholly owned subsidiary as defined in section 1 (1) of the Companies Act, 1973 (Act No. 61 of 1973).
- Category of assets Securities owned by a bank, which securities- (a) have in accordance with the provisions of the Act been deposited by a participant with, and are held by, a central securities depository and are registered (except in the case of bearer securities) in the name of that central securities depository or of a wholly owned subsidiary thereof that has been approved by the Registrar of Financial Markets; or (b) have been deposited with a depository institution or a participant for safe custody and are registered in the name of a wholly owned subsidiary of such institution or participant that has been approved in writing by the Registrar of Banks. Reproduced by Sabinet Online in terms of Government Printer’s Copyright Authority No. 10505 dated 02 February 1998