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DEPOSIT INSURANCE: DRAFT REGULATIONS OUT FOR COMMENT
- 05 July 2023
- Financial Sector
- SA Legal Academy
Please note: On 6 July 2023, Legalbrief Today ‘Policy Watch’ reported that the draft regulations “provide for the creation of a Corporation for Deposit Insurance”. This is not the case. The Corporation was established as a legal entity in March 2023, when certain sections of the Financial Sector Laws Amendment Act, 2021, came into effect.
National Treasury has called for input by 15 August 2023 on draft regulations setting out the administrative and procedural requirements of a deposit insurance scheme to cover the customers of banks in resolution.
This is noting that:
- the Corporation for Deposit Insurance was established as a legal entity on 24 March 2023, in keeping with
- a commencement schedule for the Financial Sector Laws Amendment Act, 2021, setting out implementation dates for provisions in the Financial Sector Regulations Act, 2017, on bank resolution and certain aspects of deposit insurance.
According to a statement of need published with the draft regulations, they:
- are underpinned by the International Association for Deposit Insurers’ core principles for effective deposit insurance systems
- reflect input received on a series of South African Reserve Bank discussion papers published between May 2017 and May 2022
- propose a coverage limit on the amount of protection provided in respect of each qualifying depositor’s balances
- propose coverage rules on the types of depositors and products to be protected
- outline the public awareness duties of the Corporation and banks, and
- propose reporting requirements and the frequency with which banks will be required to submit these to the Corporation.
The notice calling for public comments was gazetted shortly before close of business on 4 July 2023. The draft regulations were eventually posted on the National Treasury website around midday on 5 July 2023.
- draft regulations
- statement of need
- Government Gazette notice
- Financial Sector Laws Amendment Act commencement schedule
Published by SA Legal Academy Policy Watch