Regulatory Alerts2011-11-23
D5/2011: Exemption from certain minimum disclosure requirements pertaining to branches of foreign institutions
The Registrar of Banks at the South African Reserve Bank issued Directive 5/2011 to grant exemptions from specific public disclosure requirements for branches of foreign institutions operating in South Africa. This directive specifies that such branches are exempt from the detailed disclosure obligations outlined in regulations 43(2)(a) and 43(2)(c) of the Regulations relating to Banks. The measure allows these entities to comply with alternative disclosure standards applicable to their controlling companies or parent institutions rather than adhering to the standard requirements imposed on local banks.
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