Regulatory Alerts1992-01-24
Designation of an institution to which certain provisions of the Deposit-taking Institutions Act, 1990, shall not apply (Post Office Savings Bank)
The South African Minister of Finance designated the Post Office Savings Bank as an institution exempt from specific compliance requirements of the Deposit-taking Institutions Act, 1990, governing the establishment and operation of deposit-taking businesses. Concurrently, the Registrar of Deposit-taking Institutions excluded the trade in securities and financial instruments from the statutory definition of a deposit-taking institution's business for a twelve-month period commencing 1 February 1992. This exclusion specifically covers funds obtained by stockbrokers and financial instrument principals or traders through asset sale agreements with future repurchase obligations, provided the transactions occur within their regulated securities and financial markets operations.