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The fundamental legal relationship that a bank has with its client is based in the common law which is aligned with English law on this topic and the contract regulating this relationship is viewed as one that is unique in nature. However, one of the major obstacles to the implementation of this obligation is the fact that there are currently no licensed trade repositories in South Africa. 0000007460 00000 n 0000003933 00000 n There are several potential debt relief options, including: debt repayment structured over five years or suspended for two years; extinguishing the debt; or the court reducing interest rates. In terms of the FSRA, there are two regulating bodies, namely: the Prudential Authority; and the Financial Sector Conduct Authority (“FSCA”), both of which have a common objective of maintaining financial stability. The audit committee must be comprised of at least three directors and the audit committee must assist the board of directors in matters such as the evaluation of the adequacy and efficiency of the internal control systems, information systems and auditing processes applied within the bank.The board of directors must appoint at least three of its members of whom at least two are non-executive directors to form and serve on a risk and capital management committee.Lastly, the remuneration committee of a bank must consist of only non-executive directors and they perform functions such as exercising competent and independent judgment on compensation policies and processes.There are no particular laws that require a bank to maintain a segregation of staff or systems used for front-office trading activity from staff or systems used for middle- or back-office administration activity.A bank may outsource material business activities and functions; however, all outsourcing arrangements are subject to appropriate due diligence, approval and ongoing monitoring by a bank. 0000003491 00000 n 9 February 2018). 6

71 of 2008) and; the Postbank Limited Act, 2010 (Act No. A credit agreement as described in section 8 of the NCA refers to credit facilities, credit transactions, credit guarantees or a combination thereof. 0000004996 00000 n Currently, South Africa does not have any system of deposit insurance.FICA, the Prevention of Organised Crimes Act 121 of 1998, the Prevention and Combatting of Corrupt Activities Act 12 of 2004 and the Protection of Constitutional Democracy Against Terrorist and Related Activities Act 33 of 2004 regulate AML and counter-terrorist financing (“CTF”) in South Africa.

Banks Act, 1990 (Act No 94 of 1990) Regulations Currently selected; Directives; Circulars; Guidance Notes; Supervision; Enforcement; Resolution; South African Registered Banks and Representative Offices

38 of 2001), the Companies Act, 2008 (Act No. Together with other institutions, it … 23 . These changes notwithstanding, it is still generally accepted that South Africa continues to have a sound and stable banking environment. The NCR is responsible for regulating the credit industry and ensuring compliance with the NCA by investigating and evaluating complaints about credit providers who have allegedly contravened the NCA. 0000009318 00000 n SOWETO, SOUTH AFRICA - DECEMBER 15, 2019: CIC Julius Malema during the organisational redesign plenary presentation on day 3 of the EFF NPA. The regulations also specifically aim to regulate the conduct of OTC derivative providers, which have been defined as a person who as a regular feature of their business and transacting as principal: (a) originates, issues or sells OTC derivatives; or (b) makes a market in OTC derivatives. At present, South African banks are subject to a fragmented legal and regulatory framework which, broadly speaking, means that different functions/services provided by a bank are subject to different laws/regulations. 0000004950 00000 n The South African Reserve Bank was established by Section 9 of the Currency and Banking Act, 1920 (Act No 31 of 1920) and is governed by the South African Reserve Bank Act, 1989 (Act … Neither this Department nor the South African Reserve Bank accepts any liability for the accuracy of this consolidated Act or any claim that may arise from the use of this copy of the Act for any purpose whatsoever. 0000000016 00000 n South Africa, as follows:-Definitions 1. 0000006226 00000 n 1965); (iii)

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