CO-OPERATIVE BANKS: INPUT SOUGHT ON DRAFT DIRECTIVE

CO-OPERATIVE BANKS: INPUT SOUGHT ON DRAFT DIRECTIVE

• 12 June 2023
• Financial Sector
• SA Legal Academy

The Prudential Authority has called for input by 10 July 2023 on a draft directive with implications for the current or proposed directors, managing directors and executive officers of co-operative financial institutions.

This is noting a requirement in the Co-operative Banks Act, 2007, requiring every co-operative financial institution to ‘demonstrate, on an ongoing basis,’ that it has the financial and operational capacity – as well personnel with the necessary experience, knowledge, qualifications and competence – to function efficiently and competently in meeting the bank’s obligations.

• draft directive

Published by SA Legal Academy Policy Watch

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