RegAlert2019-09-18
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Exclusion of New Development Bank from the Application of the Banks Act, 1990
Minister of Finance Tito Titus Mboweni has formally excluded the New Development Bank from the regulatory requirements of the Banks Act, 1990. This determination is issued pursuant to section 2(b)(vii) of the Act and applies specifically to the Bank's lawful banking-related activities. Consequently, the New Development Bank will operate outside the standard licensing and compliance framework mandated for domestic financial institutions.
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176 No. 42684 GOVERNMENT GAZETTE, 6 SEPTEMBER 2019
NATIONAL TREASURY
NO. 1139 06 SEPTEMBER 2019
EXCLUSION OF NEW DEVELOPMENT BANK FROM THE APPLICATION OF THE BANKS ACT, 1990
In terms of section 2(b)(vii) of the Banks Act, 1990 (Act No. 94 of 1990), I, Tito Titus Mboweni, Minister of Finance, determine that the provisions of that Act and its requirements, do not apply to the New Development Bank, in the lawful carrying on of activities related to the business of a bank.
TT MBOWENI
Minister of Finance
Lineage: In force
Source: South African Reserve Bank — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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