Regulatory Alerts2011-05-09
Matters Related to Securitisation Vehicles
The South African Reserve Bank’s Registrar of Banks has issued Directive D1/2011 requiring banks, controlling companies, and foreign branches to report quarterly on all issuer special purpose institutions involved in traditional or synthetic securitisation schemes. Reporting entities must submit detailed risk and liquidity data within thirty business days of each quarter-end, accompanied by a joint declaration from an independent SPI director or trustee and the institution’s chief financial officer. Appointed auditors must verify this historical information during annual audits, thereby strengthening the Bank Supervision Department’s oversight and mitigating liquidity risks exposed by recent financial market turbulence.
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