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South Africa
NATIONAL LEGISLATION OVERVIEWS
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Banks Amendment Act, No. 20 of 2007

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provisions in line with their practical application; to update references to legislation and institutions; to delete outdated provisions; to provide for the roles and responsibilities of a consolidating supervisor and a host supervisor; to provide for written arrangements relating to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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