Regulatory Alerts2012-03-20
C3/2012: Electronic Communication with the Office of the Registrar of Banks for Basel III Implementation
The South African Reserve Bank’s Office of the Registrar of Banks mandates that all Basel III-related correspondence and public comments be directed to the dedicated address SARB-Basel3@resbank.co.za. Communications routed to individual staff members will be excluded from the official internal process and disregarded for regulatory consideration. Institutions must return a completed acknowledgement of receipt, signed by both the chief executive officer and independent auditors, to confirm compliance.
[Logo: South African Reserve Bank] South African Reserve Bank From the Office of the Registrar of Banks
C3/2012
2012-03-29
To banks, branches of foreign institutions, controlling companies, eligible institutions and auditors of banks or controlling companies
Circular 3/2012 issued in terms of section 6(4) of the Banks Act, 1990
Electronic communication with the Office of the Registrar of Banks: Basel III implementation
Executive summary
The electronic mail (e-mail) address SARB-Basel3@resbank.co.za is forthwith to be used when communicating with the Office of the Registrar of Banks (this Office) regarding any matter pertaining to Basel III implementation in South Africa.
1. Purpose
1.1 The purpose of this circular is to inform all banks, controlling companies and branches of foreign institutions that electronic communication regarding matters related to Basel III should be directed to the dedicated e-mail address SARB-Basel3@resbank.co.za.
2. Basel III implementation
2.1 In order to implement the Basel III framework in South Africa, the Regulations relating to Banks will be amended. These amendments will be open for public comment during specified periods. A single point of entry for such comments is necessary to co-ordinate, consider and, where appropriate, incorporate such comments.
2.2 This Office has created the dedicated e-mail address SARB-Basel3@resbank.co.za specifically for this purpose. Comments sent to individual staff members' e-mail addresses will not form part of this Office's internal process and will therefore not be considered.
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3. General correspondence with this Office
3.1 The processes communicated in Guidance Note 5 of 2008 and Circular 2 of 2006 remain effective.
4. Acknowledgement of receipt
4.1 Two additional copies of this circular are enclosed for the use of your institution's independent auditors. The attached acknowledgement of receipt, duly completed and signed by both the chief executive officer and the said auditors, must be returned to this Office at the earliest convenience of the aforementioned signatories.
[Signature]
René van Wyk Registrar of Banks
The previous circular issued was Banks Act Circular 2/2012, dated 8 February 2012.