Regulatory Alerts2004-05-25
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Banks Act Circular 8/2004: Applications in terms of Section 52(1)(c) of the Banks Act, 1990
The Registrar of Banks issued Circular 8/2004 to clarify that Section 52(1)(c) of the Banks Act requires prior approval only for direct interests acquired by banks in foreign undertakings. This interpretation excludes indirect interests from the prior approval requirement, aligning supervisory processes with Basel Core Principles and enhancing regulatory efficiency. Banks must notify the Registrar within 14 days of acquiring such indirect interests and continue to seek Exchange Control Department approval for all foreign acquisitions.
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