Regulatory Alerts2008-05-09
South African Reserve Bank Directive 3/2008: Appointment of Directors or Executive Officers and Completion of Form BA020
The South African Reserve Bank issued Directive 3/2008 to mandate the correct completion and submission of Form BA020 for appointing directors or executive officers. The directive requires banking institutions to submit the form at least 30 days prior to the proposed appointment date, ensuring all sections are fully answered and properly sworn before a commissioner of oaths. Additionally, the document specifies that external auditors must sign acknowledgements of receipt and that declarations must be initialed by the applicant, board chairperson, and commissioner to remain valid.
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