Regulatory Alerts2003-01-01
Proposed Amended Legislation: Designation of Securitisation Schemes Not Falling Within the Meaning of The Business of a Bank
The South African Reserve Bank issued Banks Act Circular 5/2003 proposing amendments to the securitisation notice to distinguish between and regulate traditional and synthetic securitisation schemes. This regulatory update follows the 2002 introduction of credit-derivative instrument regulations and aims to foster a strong corporate-debt market in South Africa by aligning local practices with international standards. The Bank invites public comments on the proposed amendments by 30 April 2003, with the full text available on its website.
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