Regulatory Alerts2011-03-07
Status of Previously Issued Circulars (C1/2011)
The South African Reserve Bank’s Registrar of Banks issued Circular 1/2011 to annually confirm the ongoing effectiveness of previously published circulars and directives for banks, controlling companies, foreign branches, eligible institutions, and their auditors. The document establishes that unlisted circulars are automatically withdrawn unless explicitly retained in the annual listing, whereas directives issued under section 6(6) of the Banks Act remain legally binding until formally cancelled in writing. Institutions and auditors must retain copies of the enumerated effective circulars covering topics such as default definitions, Basel Committee reports, capital floors, and auditor rotation, and are required to return duly completed acknowledgement forms to the Office.