Regulatory Alerts2022-02-28
Mutual Banks Act Circular 1/2022: Status of Previously Issued Circulars
The Prudential Authority issues this annual directive to clarify which previously published Mutual Banks Act circulars remain legally effective for mutual banks and their auditors. All prior circulars are automatically deemed withdrawn unless explicitly listed as retained, with Mutual Banks Act Circular 1/2014 currently confirmed as the sole active directive. Institutions and their auditors must retain copies of the confirmed circulars and return a jointly signed acknowledgement of receipt to the Authority.
P O Box 427 Pretoria 0001 South Africa 370 Helen Joseph Street Pretoria 0002 +27 12 313 3911 / 0861 12 7272 www.resbank.co.za 1 Ref.: 15/8/2/1 MBC1/2022 To: All mutual banks and auditors of mutual banks Mutual Banks Act Circular 1/2022 issued in terms of section 4(4) of the Mutual Banks Act 124 of 1993: Status of previously issued circulars Executive Summary In order to ensure that mutual banks and auditors of a mutual bank are in no doubt as to which previously issued Mutual Banks Act circulars remain effective, the Prudential Authority (PA) will annually confirm their status.
- Introduction 1.1 All previously issued Mutual Banks Act circulars are deemed to be withdrawn/terminated/replaced except if such a circular is to remain effective and is then accordingly confirmed in Mutual Banks Act Circular 1 of that year. The circulars that remain effective will retain their original numbers and dates.
- Effective Mutual Banks Act circulars issued in terms of the Mutual Banks Act 124 of 1993 The circulars listed below remain effective. Accordingly, mutual banks and auditors of a mutual bank are hereby requested to retain a copy of these circulars. Circular Brief details 2.1 Mutual Banks Act Circular 1/2014 Interpretation of specified provisions of the Act
- Acknowledgement of Receipt 3.1 Kindly ensure that a copy of this Mutual Banks Act circular is made available to your institution’s auditors. The attached acknowledgement of receipt, duly completed and signed by both the chief executive officer of the institution and the said auditor s, should be returned to the PA at the earliest convenience of the aforementioned signatories. Kuben Naidoo Deputy Governor and CEO: Prudential Authority Date: The previous circular issued was Mutual Banks Act Circular 1/2014, dated 28 October 2014. 2022-02-25