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FINANCIAL SECTOR REGULATION AMENDMENT ACT: KEY BANK RESOLUTION SECTIONS IN FORCE SOON
- 25 March 2024
- Financial Sector
- SA Legal Academy
More sections of the Financial Sector Regulation Amendment Act, 2021, are scheduled to come into effect on 1 April 2024. According to a Government Gazette notice issued by National Treasury, they are the following sections of Chapter 12A – dealing with the resolution of designated institutions:
- 166AA to 166AD [banks in resolution and covered deposits, focusing on a) reasonable access b) limit of cover c) payments made in error or as a result of fraud, and d) the corporation’s right to act on behalf of a depositor in respect of a claim]
- 166AF and 166AG (the Corporation for Deposit Insurance’s establishment, functions and governance)
- 166AT (surplus funds)
- 166BC (the deposit insurance levy), BD (the deposit insurance fund) and BE (the investment of funds in credit), and
- 166BH (contributions to the fund, and fund liquidity)
Please click the links below for more information:
- Government Gazette notice
- amendment Act
Published by SA Legal Academy Policy Watch
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