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    SARB Publishes Directive on Specific Capital Issuances and Redemptions

    November 23, 2017

    SARB published the directive D6/2017 specifying additional requirements for submission of applications regarding certain capital issuances and redemptions. The directive aims to clarify information required from banks at the time of submitting such applications, for approval by the Office of the Registrar of Banks. D6/2017 replaces Directive 3/2014 dated September 16, 2014.

    D6/2017 applies to all banks, controlling companies, branches of foreign institutions, and auditors of banks or controlling companies. The directive specifies the information or attachments to be included in the applications. It specifies that applications should be submitted "timeously," ahead of the proposed issuances, to enable the review of the nature, extent, and structure of the capital of the applicant bank and all other applicable documentation. In case the application is complete and the Office has been advised of the applicant bank’s capital plan, the application will be considered within six weeks from the date of submission. The directive also stipulates that, within two weeks of finalization of the issuance, redemption, or maturity of capital instruments, banks shall submit the updated main features disclosure template in the Excel format.


    Related Link: D6/2017 (PDF)

    Keywords: Middle East and Africa, South Africa, Banking, Capital Issuances and Redemptions, SARB

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