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South
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NATIONAL LEGISLATION OVERVIEWS
NATIONAL LEGISLATION OVERVIEWS
Banks Amendment Act, No. 20 of
2007
NOTE: Assented to and published in English, with alternative copy in Afrikaans
Long title
To amend the Banks Act, 1990, so as to define or further define certain expressions; to extend certain provisions to controlling companies; to clarify certain provisions in line with their practical application; to update references to legislation and institutions; to delete outdated provisions; to provide for the roles and responsibilities of a consolidating supervisor and a host supervisor; to provide for written arrangements relating to the respective roles and responsibilities of and cooperation between supervisors; to provide for the sharing of information; to provide for a supervisory review process; to provide for the mapping of external ratings; to provide for the issuance of circulars, directives and guidance notes; to provide for the publication of registrations and deregistrations of branches, controlling companies and representative offices; to provide clarity with regard to the registration of a controlling company; to provide for the calculation of the amount pertaining to the restriction of investments by controlling companies to be prescribed by regulation; to clarify provisions relating to the establishment of a subsidiary by a bank; to amend the provisions pertaining to the transfer of assets and liabilities by a bank; to make further provision regarding the minimum share capital and unimpaired reserve funds of a bank; to extend the provisions pertaining to the issue of certain financial instruments; to provide for the approval of eligible institutions; to provide for the verification of information; to increase the powers of the Registrar and duly appointed manager in respect of an inspection of the activities of unregistered persons; and to provide for penalties that may be imposed on banks by the Registrar; and to provide for matters connected therewith.
Table of contents
Legislation Text Access Point
NOTE: Assented to and published in English, with alternative copy in Afrikaans
Long title
To amend the Banks Act, 1990, so as to define or further define certain expressions; to extend certain provisions to controlling companies; to clarify certain provisions in line with their practical application; to update references to legislation and institutions; to delete outdated provisions; to provide for the roles and responsibilities of a consolidating supervisor and a host supervisor; to provide for written arrangements relating to the respective roles and responsibilities of and cooperation between supervisors; to provide for the sharing of information; to provide for a supervisory review process; to provide for the mapping of external ratings; to provide for the issuance of circulars, directives and guidance notes; to provide for the publication of registrations and deregistrations of branches, controlling companies and representative offices; to provide clarity with regard to the registration of a controlling company; to provide for the calculation of the amount pertaining to the restriction of investments by controlling companies to be prescribed by regulation; to clarify provisions relating to the establishment of a subsidiary by a bank; to amend the provisions pertaining to the transfer of assets and liabilities by a bank; to make further provision regarding the minimum share capital and unimpaired reserve funds of a bank; to extend the provisions pertaining to the issue of certain financial instruments; to provide for the approval of eligible institutions; to provide for the verification of information; to increase the powers of the Registrar and duly appointed manager in respect of an inspection of the activities of unregistered persons; and to provide for penalties that may be imposed on banks by the Registrar; and to provide for matters connected therewith.
Table of contents
| SECTION | TITLE |
| 1. | Amendment of section 1 of Act 94 of 1990... |
| 2. | Amendment
of section 4 of Act 94 of 1990... |
| 3. | Amendment
of section 6 of Act 94 of 1990... |
| 4. | Amendment
of section 7 of Act 94 of 1990... |
| 5. | Amendment
of section 9 of Act 94 of 1990... |
| 6. | Amendment
of section 12 of Act 94 of 1990... |
| 7. | Amendment
of section 18 A of Act 94 of 1990... |
| 8. | Substitution
of section 30 of Act 94 of 1990... |
| 9. | Amendment
of section 37 of Act 94 of 1990... |
| 10. | Amendment
of section 43 of Act 94 of 1990... |
| 11. | Substitution
of section 50 of Act 94 of 1990... |
| 12. | Amendment
of section 52 of Act 94 of 1990... |
| 13. | Amendment
of section 54 of Act 94 of 1990... |
| 14. | Substitution
of section 59 of Act 94 of 1990... |
| 15. | Amendment
of section 60 of Act 94 of 1990... |
| 16. | Amendment
of section 63 of Act 94 of 1990... |
| 17. | Substitution
of section 64 of Act 94 of 1990... |
| 18. | Substitution
of section 64 A of Act 94 of 1990... |
| 19. | Substitution
of section 64B of Act 94 of 1990... |
| 20. | Amendment
of section 70 of Act 94 of 1990... |
| 21. | Substitution
of section 70A of Act 94 of 1990... |
| 22. | Amendment
of section 73 of Act 94 of 1990... |
| 23. | Substitution
of section 74 of Act 94 of 1990... |
| 24. | Amendment
of section 75 of Act 94 of 1990... |
| 25. | Amendment
of section 76 of Act 94 of 1990... |
| 26. | Substitution
of section 79 of Act 94 of 1990... |
| 27. | Amendment
of section 80 of Act 94 of 1990... |
| 28. | Amendment
of section 84 of Act 94 of 1990... |
| 29. | Insertion
of sections 85A and 85B in Act 94 of 1990 |
| 30. | Amendment
of section 89 of Act 94 of 1990... |
| 31. | Amendment
of section 90 of Act 94 of 1990... |
| 32. | Amendment
of section 91 of Act 94 of 1990... |
| 33. | Insertion
of section 91A in Act 94 of 1990 |
| 34. | Short title |
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