Regulatory Alerts2023-07-26
MB C2-2023 - Matters Related to the Fitness and Propriety Assessment
The Prudential Authority issued Circular 2/2023 to clarify fitness and propriety assessment requirements for directors and executive officers of South African mutual banks. The directive mandates that all employees overseeing risk management functions must submit Form DI 020 prior to appointment, requires institutions to report compliance failures within thirty days, and stipulates updated declarations for role changes and acting appointments within specified deadlines. Mutual banks must also ensure ongoing adherence to the form’s disclosure obligations and return a signed acknowledgment of receipt to the regulator.
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