BANKS ACT: PRUDENTIAL AUTHORITY REVISES REGULATORY REFORM IMPLEMENTATION DATES

BANKS ACT: PRUDENTIAL AUTHORITY REVISES REGULATORY REFORM IMPLEMENTATION DATES

• 18 July 2023
• Financial Sector
• SA Legal Academy

The Prudential Authority has issued a guidance note adjusting the anticipated implementation dates of outstanding Basel Committee on Banking Supervision regulatory reforms in South Africa. It replaces Guidance Notes 4 and 8 respectively published in May and June 2022.

All implementation dates previously set at 1 January 2024 have been postponed to 1 July 2025, except:

• disclosure requirements in respect of interest rate risk in the banking book, and
• output floor reforms.

This is nevertheless noting that amendments to Bank Act regulations come into effect only after ‘a sufficiently robust consultation process’ on what is envisaged.

• Guidance Note 3/23
• replaced Guidance Note 4/22
• replaced Guidance Note 8/22

Published by SA Legal Academy Policy Watch

0 COMMENTS

LEAVE A COMMENT