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Banks Amendment Act (No. 36 of 2000)

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To amend the Banks Act, 1990, so as to define or further define certain expressions; to provide for the designation of more than one Deputy Registrar of Banks; to regulate the conducting of a due diligence audit of the financial condition of a bank; to substitute a process of review for a process of appeal against decisions of the Registrar of Banks; to make further provision regarding the use of a name by a bank or by a foreign institution that conducts the business of a bank by means of a branch in the Republic; to prohibit the appointment of an employee of a bank as
chairperson of the audit committee of that bank or the appointment of the chairperson of the board of directors of a bank as a member of the audit committee of that bank; to do away with the process of judicial management of a bank that is in financial difficulties and, instead, to regulate the process of curatorship of such a bank more comprehensively; to increase, and to further regulate the making of regulations with regard to, the minimum capital and unimpaired reserve funds required to be maintained by a bank, including a bank of which the business includes or consists solely of trading in financial instruments; to charge the controlling company in a banking group with the responsibility to ensure the maintenance of a certain aggregate of the respective amounts of minimum capital and reserve funds required to be maintained by the respective entities constituting such banking group; to extend the Registrar of Banks’ discretion to exempt a bank from the prohibition on the pledging or encumbering of its liquid assets; to introduce further safeguards in respect of large exposures constituting credit risks to banks and to apply such safeguards also to controlling companies, local branches of foreign banking institutions and foreign branches of local banks; and to create and prescribe penalties for certain further offences; and to provide for incidental matters.

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