Regulatory Alerts2006-01-15
Proposed Amendments to the Branch Regulations
The South African Reserve Bank's Registrar of Banks issued proposed amendments to the Branch Regulations to update the regulatory framework for foreign bank branches. All banks, mutual banks, and foreign representative offices must review the draft amendments and submit written representations by 30 September 2006. The circular also requires the chief executive officer and independent auditors to jointly sign and return an enclosed acknowledgement of receipt form.
[Logo: South African Reserve Bank]
FROM THE OFFICE OF THE REGISTRAR OF BANKS
CONFIDENTIAL
2006-08-15
TO ALL BANKS, BRANCHES OF FOREIGN BANKS, MUTUAL BANKS AND
REPRESENTATIVE OFFICES OF FOREIGN INSTITUTIONS
BANKS ACT CIRCULAR 7/2006
PROPOSED AMENDMENTS TO THE REGULATIONS RELATING TO BRANCHES, AS PUBLISHED IN GOVERNMENT NOTICE NO. R 1414, IN GOVERNMENT GAZETTE NO. 21936 ON 28 DECEMBER 2000 (“BRANCH REGULATIONS”)
1. Proposed amendments
Attached hereto, please find a copy of the proposed draft amendments to the Branch Regulations, together with a copy of the position paper setting out the process followed with regard to, the research conducted in respect of, the reasons for and the impact of the proposed draft amendments.
You are hereby requested to study the proposed amendments and to submit your written representations in respect thereof to this Office by no later than 30 September 2006 for the attention of Mr Hugo Stark. Submissions may be made via e-mail at SARB-BANKSUP@resbank.co.za.
2. Acknowledgement of Receipt
Two additional copies of this circular are enclosed for the use of your institution’s independent auditors. The attached acknowledgement of receipt, duly completed and signed by both the chief executive officer of the institution and the said auditors, should be returned to this Office at the earliest convenience of the aforementioned signatories.
[Signature]
E M Kruger Registrar of Banks
The previous circular issued was Banks Act Circular 6/2006 dated 13 July 2006.
PO Box 8432 Pretoria 0001 • 370 Church Street Pretoria 0002 • South Africa • Tel +27 12 3133911 • Fax +27 12 3133758 • www.reservebank.co.za