Our website has detected that you are using an outdated browser that will prevent you
from accessing
certain features. An upgrade is recommended to improve you browsing experience.
2007-05-02: Proposed amended Regulations relating to Banks and proposed amended Exemption Notice relating to Securitisation Schemes (proposed amended legislation) released for public comment
Published Date:
2007-05-02
Last Modified Date:
2020-10-08, 08:11 PM
Category:
Media > Media Releases
On 26 June 2004, following extensive interaction with banks and various industry groups, the Basel Committee on Banking Supervision published the International Convergence of Capital Measurement and Capital Standards: A Revised Framework, commonly known as Basel II, for implementation by national supervisors of banks and banking groups. Basel II is intended to enhance financial stability and aligns the capital measurement framework with sound risk-management and governance practices. During the past few years the Bank Supervision Department of the South African Reserve Bank (SARB), in consultation with the banking industry, the audit profession and the National Treasury, has developed a proposed amended legal framework for the regulation and supervision of banks and banking groups in South Africa, based on Basel II, the International Financial Reporting Standards and the latest risk-management practices. The proposed amended legislation was released for public comment today. Once finalised, the proposed amended legislation will be submitted to the Minister of Finance for his consideration and approval. The proposed amended legislation is scheduled to be implemented in South Africa with effect from 1 January 2008. Theproposed amended legislation is available on the websites of the SARB (www.reservebank.co.za) and the National Treasury(www.treasury.gov.za). Comments can be forwarded toSARB-BaselII@resbank.co.za for the attention of Advocate M S Blackbeard by no later than 25 June 2007. Contact person:Thandi Moya+27 12 313-3027Thandi.Moya@resbank.co.za