This contains UNCERTIFIED COPY for information/reference. For authentic copy, please refer to certified copy only. In case of any mistake, please bring it to our notice.
Banks Amendment Act, No. 20 of 2007
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provisions in line with their practical application; to update references to legislation and institutions; to delete outdated provisions; to provide for the roles and responsibilities of a consolidating supervisor and a host supervisor; to provide for written arrangements relating to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
* LegalB refers to a "version" of an Act or its sections in the format "YYYY_NNN_SSS_YYYYMMDD", which refers to "YEAR OF ACT_ACT NUMBER_SECTION OF ACT_DATE OF GAZETTE", and where "DATE OF GAZETTE" refers to the "YEAR_MONTH_DAY" on the face of the Gazette in which either the Act was originally published or in which the amending, lapsing or repealing instrument was published. Where any segment of the reference string contains only zeros, it means that information is not relevant, not made available, or unavailable.
* Unbolded grey text in square brackets is additional information provided by LegalB.
* "..." indicates further information not provided by LegalB for purpose of brevity
* An Asterisk indicates uncertainty regarding information, and a double asterisk indicates information must be read in the light of our relevant Commentary.