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FINANCIAL SECTOR: DEPOSIT INSURANCE REGULATIONS GAZETTED
- 22 March 2024
- Financial Sector
- SA Legal Academy
National Treasury has gazetted deposit insurance regulations and related monthly data submission requirements, both of which are scheduled to come into effect on 1 April 2024.
Released in draft form in February 2024 for stakeholder input, the new regulations focus on procedural and administrative matters necessary to effectively operate the Corporation for Deposit Insurance and its fund. This is noting that the corporation was formally established in April 2023 as a statutory body and subsidiary of the South African Reserve Bank under section 166AE of the Financial Sector Laws Amendment Act, 2021.
The corporation’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.
- regulations
- monthly data submission requirements
Published by SA Legal Academy Policy Watch
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