Regulatory Alerts2016-11-29
C7/2016: Matters related to specified minority interests in shares and instruments qualifying as capital
The South African Reserve Bank issued Circular 7/2016 to amend the legal framework for calculating surplus capital related to non-controlling interests in consolidated banking groups. The directive specifies that the relevant minimum capital requirement for subsidiaries must be based on South African base minima including buffers, while excluding bank-specific individual capital add-ons. This circular replaces Circular 3 of 2015 and mandates the return of signed acknowledgement forms by chief executives and independent auditors.
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