Home  »  Articles   »   Banks Act Regulations Amended

Banks Act Regulations Amended

January 7, 2021

National Treasury

Banks Act Regulations have been amended.

National treasury published the amendments in Government Gazette 44003.

Regulations 1 to 67 are amended by the removal of all references to “Registrar” and “Office for Banks” to be replaced with “Authority”.

Regulation 7 of the Regulations is also amended by the “substitution of the table that lists the forms prescribed in respect of financial, risk-based and other related returns to be submitted to the Authority with indication of institution by which, intervals at which and period within which returns shall be submitted, with the table set out in Annexure A to this notice”.

Amendments are also introduced to Regulation 26 including a new paragraph on specified minimum requirements.

Regulation 67 gets new definitions on “initial margin” and “variation margin”.

The amended regulations came into effect on 1 January 2021.

Meanwhile, the South African Revenue Service published two notices on amendments to Schedule 1 of the Customs and Excise Act:

• Gazette 44005 – Amendment to Part 1 of Schedule No. 1, to implement the changes to the rates of customs duties in terms of the economic partnership agreement between the European Union and the Southern African Development Community EPA states – in effect from 1 January 2021;
• Gazette 44011 – Correction Notice – By the substitution of the article description where it appears in Notice 1222 of Gazette 43901 on 13 November 2020 – in effect from 18 December 2020 up to and including 31 May 2021.

In Gazette 44023, treasury published an exemption notice in terms of Section 92 of the Public Finance Management Act.

Treasury is exempted from the provisions of Section 8(1) of the act regarding consolidated financial statements for listed institutions for the 2020/21, 2021/22, 2022/23, 2023/24 and 2024/25 financial years.

Provincial treasuries are also exempt from provisions of Section 19(1) of the act.