Section 69A of the Banks Act, 1990 ("the Banks Act"), grants the Registrar of Banks the power, whilst a bank is under curatorship, to appoint a commissioner to investigate the business, trade, dealings, affairs or assets and liabilities of such a bank or of its associates. On Friday 13 July 2001, the Registrar of Banks appointed, with immediate effect, Advocate John Myburgh as a commissioner in terms of section 69A of the Banks Act to conduct an investigation into the affairs of Regal Treasury Private Bank Limited ("Regal"). This is the first time that this section of the Banks Act has been utilised and its purpose is to enable an independent investigation of the affairs of a bank under curatorship.John Myburgh SC, is a member of the Johannesburg Bar. He was admitted to practise in 1972; took silk in 1986; was appointed as a High Court judge in 1991; became Judge President of the Labour Appeal Court in 1996 and resigned as a judge in January 1999. The appointment is considered appropriate given the following:There were unusual events leading to the placing of Regal under curatorship and, consequently, intense public interest has been expressed in various media reports.The curator’s investigations have confirmed that Regal entered into a number of material, unusual and highly technical transactions, which could impact on its financial position. These events and transactions merit further independent investigation, the pursuance of which lies outside the powers granted to a curator as prescribed in terms of section 69 of the Banks Act.The appointed commissioner shall report, inter alia, whether or not, in his opinion, any business of Regal was conducted recklessly or negligently, or with the intent to defraud depositors or other creditors or any other person, or for any other fraudulent purpose and, if so, whether or not any person identified by the commissioner was a party to the business being conducted in such a manner.The commissioner has the right to examine under oath, inter alia, any person who is or was a director, auditor, attorney, employee, debtor, creditor or shareholder of the bank or any of its associates, or any other person whom the commissioner deems capable of furnishing relevant information. Any such person examined has the right to have his/her legal adviser present during the examination. In conducting the investigation, the commissioner shall also have the corresponding powers and duties contained in the Inspection of Financial Institutions Act, 1998.The commissioner is required to complete the relevant investigation within a period of five months from the date of his appointment and to submit his resultant report within 30 days thereof. Upon completion of the investigation, the commissioner shall forward his report to the Registrar of Banks, the Minister of Finance and, if deemed necessary, the Director of Public Prosecutions.Section 69A prescribes that both the examination, and all or part of the resultant report, shall be private and confidential unless the Registrar of Banks, after consulting with the Minister of Finance, directs otherwise.The Registrar of Banks believes that this appointment is both in the public interest and in the interests of the promotion of a sound, stable and efficient banking system. After evaluation of the commissioner’s report, the Registrar of Banks shall decide on any further appropriate actions deemed necessary.Any enquiries in this regard should be directed to Ms Ntombi Mbatha of the South African Reserve Bank’s Communication Unit, on telephone number (012) 313-4269.  Registrar of Banks ​