Banks Act Guidance Note 1/2008 dated 7 May 2008 established the process whereby banks (including branches of foreign institutions), controlling companies and auditors of banks or controlling companies are informed of the status of previously issued guidance notes. To ensure that banks (including branches of foreign institutions), controlling companies, and auditors of banks or controlling companies are fully aware of which previously issued guidance notes remain in effect, the first guidance note of a particular year will serve as a notification to all institutions, indicating which previously issued guidance notes remain effective for the ensuing year.