Regulatory Alerts2007-01-28
Banks Act Circular 1/2007: Annual Withdrawal and Retention of Circulars
The South African Reserve Bank’s Office of the Registrar of Banks issues this annual directive to clarify which administrative circulars remain in force under the Banks Act 1990. It withdraws all circulars issued during the preceding calendar year while permanently retaining those logically applicable and reissuing essential directives in abbreviated form. Financial institutions, foreign bank branches, mutual banks, and their independent auditors must retain the listed effective circulars covering capital adequacy, electronic reporting, Basel II implementation, and FICA compliance, and return a duly signed acknowledgement of receipt.
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