To ensure that co-operative banks and co-operative financial institutions (CFIs) are in no doubt as to which previously issued guidance notes remain effective, 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. Addressees should note that directives issued in terms of section 48(1) of the Co-operative Banks Act, 2007 (Act No. 40 of 2007) (Co-operative Banks Act) may be cancelled or revoked by the PA in terms of section 48(6) of the Co-operative Banks Act.