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South African Reserve Bank

Information requirements for External Credit Assessment Institutions and Export Credit Agencies  

The Banks Act, 1990 (as amended). is aimed at providing the legal basis for the implementation of Basel II in South Africa. Section 1(1) of the Bill provides for, inter alia, the following definition:

““eligible institution" means an external credit assessment institution or an export credit agency that meets the minimum requirements as prescribed and which institution or agency has been approved in writing by the Registrar."

To assist External Credit Assessment Institutions (ECAIs) or Export Credit Agencies (ECAs) in the preparation of applications for approval by the Registrar of Banks (the “Registrar”), reference has to be made to the 
information requirements for such an application for recognition purposes.

Institutions may wish to use this information as a guide in drafting their applications in this regard.  Regulation 51(2) of the Regulations relating to Banks (the Regulations) contains minimum requirements that ECAIs and ECAs have to comply with before approval to act as an eligible institution will be granted by the Registrar.
Banks Act Circular 2/2011 lists the eligible institution as approved by the Registrar in terms of section 85A of the Banks Act, 1990 (as amended).

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