BANKS ACT REPORTING REQUIREMENTS: INPUT SOUGHT ON DRAFT DIRECTIVE

BANKS ACT REPORTING REQUIREMENTS: INPUT SOUGHT ON DRAFT DIRECTIVE

• 01 April 2023
• Financial Sector
• SA Legal Academy

The Prudential Authority has called for comments by 12 April 2023 on a draft directive dealing with reporting requirements under the Banks Act, 1990. Once finalised, it will replace a directive issued in March 2021.

In terms of the proposed new directive, the reports concerned would need to provide ‘detailed references’ to regulatory returns requiring auditing, review or conclusion ‘under a limited assurance framework’ in part fulfilment of the auditor’s related reporting obligations. This would be in line with the changes to the Banks Act regulations made in response to Basel Committee on Banking Supervision post-crisis reforms.

• draft directive
• proposed reporting matrix
• March 2021 directive (to be replaced) 

Published by SA Legal Academy Policy Watch

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