The Currency and Exchanges Manual for Authorised Dealers contains the permissions and conditions that apply to transactions in foreign exchange that may be undertaken by Authorised Dealers and/or on behalf of their clients in terms of Exchange Control Regulation 2(2), details of related administrative responsibilities as well as the Financial Surveillance Department’s reporting requirements. The manual must be read in conjunction with the Exchange Control Regulations. Authorised Dealers may transact without referring to the Financial Surveillance Department, provided such transactions are permitted in terms of this manual.
The FinSurv Reporting System aims to ensure accurate and comprehensive reporting of all transactions data by Authorised Dealers and ADLAs in order to:
FinSurv has embarked on a renewal programme branded as 1FinSurv to re-engineer the FinSurv business processes as well as replace a number of key information technology solutions currently being utilised within FinSurv.
FinSurv Reporting System extranet site
The website can be accessed here.
The Business and Technical Specifications and the Operations Manual must be read in conjunction with section J of the Currency and Exchanges Manual for Authorised Dealers or section C.1 of the Currency and Exchanges Manual for Authorised Dealers in foreign exchange with limited authority. The Reporting System Certification and Inspection Guideline provides reporting entities with a guideline of the certification and inspection procedure for their reporting system and reconciliation module.
Section A.1 – Definitions
Section A.2 – Diagrams
Section A.3 – Introduction and objectives
Section B.1 – Reporting rules
Section C.1 – Integrated form and categories
Section C.2 – International headquarter companies
Section D.1 – Technical specifications
Section D.2 - Import Verification System
Section E.1 – Validations rules
Section E.2 – Error codes
Section A.1 – Introduction
Section A.2 – Definitions
Section B.1 – Integrated form and reporting system fields
Section B.2 – Reporting without non-resident counter parties and bulking payments
Section B.3 – Categories
Section B.4 – International headquarter and South African holding companies
Section B.5 – Import Verification System
Section B.6 – Export control numbers
Section B.7 – Reporting of direct reporting entities, Authorised Dealer and ADLA transactions
Section B.8 – Reporting of non-reportable and interbank transactions
All transactions are categorised in terms of the requirements of the International Monetary Fund.
From 2011, the paper-based monitoring system of exports (Form F178) was replaced with a more efficient electronic system. Consequently, exporters are exempted from the provisions of Exchange Control Regulation 6(10)(a) and Authorised Dealers will no longer be required to confirm the receipt of export proceeds, unless directed to do so by the Financial Surveillance Department.
The Loan Reporting System was developed to provide a reliable source of information on South Africa’s debt profile. The system aims to ensure accurate and comprehensive reporting of loan-related data by Authorised Dealers for compilation of foreign debt statistics and repayment profiles to support monetary policy decisions. In addition, Authorised Dealers use the system as an administrative tool to monitor the status of individual loans relating to drawdowns, and capital and interest payments.
The South African Revenue Service (SARS) Customs Division issues only electronic documents. To align with the division, the SARB introduced the Import Verification System in 2011. The system enables Authorised Dealers to authenticate electronic or printed versions of customs import declaration forms received from their customers. Data is required to update the system to authenticate the forms.
The SARS Customs Division submits data daily to the SARB relating to all import transactions. This data is submitted through an interactive web service or a website and is stored on the system database. The system can be accessed here.
Authorised Dealers must complete and submit a Macro-prudential Foreign Exposure Limit Return to the Financial Surveillance Department by the twentieth working day of each month.
The overarching principles applied in the development of the Macro-prudential Foreign Exposure Limit Return can be viewed here.
Qualifying Authorised Dealers are required, as part of their financial year-end audit, to obtain an audit report from their external auditors assessing the last submitted return at year-end. The report must be submitted within six months of the financial year-end. An example can be viewed here.
Templates for auditor’s reports and representation letters
The templates for various auditor’s reports and representation letters required in terms of section B.3 of the Currency and Exchanges Manual for Authorised Dealers can be found below.
Auditor's report – B.3(B)(iii)(b)(aa)(1)
Limited assurance auditor's report – B.3(B)(iii)(b)(bb)(1)
Representation letter – B.3(B)(iii)(b)(cc)(1)
Interim representation letter in respect of trusts – B.3(B)(iii)(c)(dd)(1)