Regulatory Alerts2007-01-18
South African Reserve Bank: Basel II Final Arrangements for Parallel-Run and Implementation Issues
The South African Reserve Bank mandates all banks to participate in a four-stage parallel-run process during the fourth quarter of 2007 to submit both Basel I and proposed Basel II statutory returns. The circular establishes specific submission deadlines for electronic data, with the first run due by 31 October 2007 covering solo and consolidated reports, followed by subsequent runs through 31 January 2008. Additionally, the regulator encourages internal audit oversight and anticipates external auditor verification of return quality in 2008 to ensure compliance with the finalized regulations effective 1 January 2008.
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