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CORPORATION FOR DEPOSIT INSURANCE ESTABLISHED
- 04 April 2023
- Financial Sector
- SA Legal Academy
The South African Reserve Bank (SARB) has issued a media statement confirming that the country’s ‘first deposit insurance body’ has been established as a statutory body and subsidiary of the SARB under section 166AE of the Financial Sector Laws Amendment Act, 2021.
Section 166AE forms part of a new Chapter 12A inserted into the Financial Sector Regulation Act, 2017, by the 2021 amendment Act. It is one of several sections for which commencement dates were announced on 24 March 2023 by notice in the Government Gazette.
According to the statement, the Corporation for Deposit Insurance (CODI cannot be operationalised until secondary legislation has been developed to specify ‘the cover limit for depositors’. This is noting that CODI’s primary responsibilities are to establish, maintain and administer a deposit insurance fund to protect a bank’s covered depositors and inform them of available ‘benefits and limitations’ should that bank be ‘placed into resolution’.
- media statement
- amendment Act
- commencement notice
Published by SA Legal Academy Policy Watch