Regulatory Alerts1994-12-14
Added · Updated
Designation of Securities and Financial Instruments Trading as Non-Banking Activity
The Deputy Registrar of Banks, with the Minister of Finance's approval, designates specific securities trading activities as falling outside the statutory definition of the business of a bank under the Banks Act, 1990. The designation explicitly permits stock-brokers, financial instrument principals, and traders to obtain funds through loan stock sale-and-repurchase agreements conducted in the ordinary course of their securities businesses. This exemption takes effect on 1 January 1995, thereby clarifying that such repurchase transactions do not constitute unauthorized banking operations.
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