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New Development Bank Excluded From Banks Act

September 9, 2019

National Treasury

9 September 2019

The provisions of the Banks Act do not apply to New Development Bank (NDB).

National treasury confirmed this in Government Gazette 42684.

The act provides for the regulation and supervision of the business of public companies taking deposits from the public.

The NDB, formerly known as the BRICS Development Bank, is a multilateral development bank set up by Brazil, Russia, India, China and South Africa.

The notice confirms that the provisions of the act and its requirements do not apply to the NDB “in the lawful carrying on of activities related to the business of a bank”.

Meanwhile, in Notice 1138, treasury has called for nominations of suitable candidates to serve on the Board of the Ombud Council.

The Council was set up by Chapter 14 of the Financial Sector Regulation Act as a “juristic entity to assist in ensuring that financial customers have access to, and are able to use affordable, effective, independent and fair alternative dispute resolution processes for complaints about financial institutions in relation to financial products, financial services and services provided by market infrastructures”.

The Board is tasked with ensuring the efficiency and effectiveness of the management and administration of the Ombud Council.

Nominations are invited until 18 September 2019.

In three Board Notices, the Independent Regulatory Board for Auditors has called for comment on proposed amendments and for nominations to three committees:

• Board Notice 158 – Proposed amendments to the code of professional conduct for registered auditors relating to registered candidate auditors – comment by 31 October 2019;
• Board Notice 159 – Call for nominations for Committee for Auditor Ethics, investigations Committee and Inspections Committee – nominations invited by 30 September 2019;
• Board Notice 160 – Proposed changes to promote role and mindset expectations of professional accountants – comment by 17 October 2019.