Regulatory Alerts2023-02-23
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Mutual Banks Act Circular 1/2023: Status of Previously Issued Circulars
The Prudential Authority issued Mutual Banks Act Circular 1/2023 to annually confirm the operational status of previously published circulars and directives under the Mutual Banks Act 124 of 1993. The document explicitly lists effective instruments, including Circular 1/2014 and Directives 1 through 3 of 2022, while stipulating that all unlisted prior circulars are deemed withdrawn or replaced. Mutual banks and their auditors must retain copies of the confirmed instruments and return a jointly signed acknowledgement of receipt to the Authority.
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