Regulatory Alerts2016-05-18
Amended Regulations Relating to Banks: Parallel-Run Process
The South African Reserve Bank mandates a parallel-run submission process for banks, controlling companies, and foreign operations to file both current and amended statutory BA-forms 300, 610, and 700 ahead of their 1 July 2016 implementation date. Reporting entities must electronically submit these forms for May and June 2016 reporting periods according to specified deadlines while maintaining original submission schedules and securing internal audit sign-off to verify accuracy. Final technical specifications and validation rules for the amended returns will be communicated separately to ensure seamless regulatory compliance.
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