| (1) | Notwithstanding the provisions of section 70(2), (2A) and (2B), a controlling company shall manage its affairs in such a way that— |
[Section 70(1)(a) substituted by section 39(a) of Act No. 22 of 2013]
| (b) | the capital and reserve funds of any regulated entity included in the banking group and structured under such controlling company do not at any time amount to less than the required amount of capital and reserve funds determined in respect of the relevant regulated entity included in such banking group in accordance with the rules and regulations of the relevant regulator responsible for the supervision of the relevant regulated entity. |
| (2) | Notwithstanding the provisions of subsection (1), in the calculation of the aggregate amount of capital that a controlling company is required to maintain, the sum of a controlling company's— |
| (a) | common equity tier 1 capital and common equity tier 1 unimpaired reserve funds shall be— |
[Words preceding section 70A(2)(a)(i) substituted by section 39(b) of Act No. 22 of 2013]
| (i) | taken into account to an amount as may be prescribed; and |
| (ii) | calculated by deducting from the amount thereof such amounts as may be prescribed; |
| (b) | additional tier 1 capital and additional tier 1 unimpaired reserve funds shall be— |
[Words preceding section 70A(2)(b)(i) substituted by section 39(c) of Act No. 22 of 2013]
| (i) | taken into account to an amount as may be prescribed; and |
| (ii) | calculated by deducting from the amount thereof such amounts as may be prescribed: |
[Proviso to section 70A(2)(b)(ii) deleted by section 39(d) of Act No. 22 of 2013]
| (c) | tier 2 capital and tier 2 unimpaired reserve funds shall be— |
[Words preceding section 70A(2)(c)(i) substituted by section 39(e) of Act No. 22 of 2013]
| (i) | taken into account to an amount as may be prescribed; and |
| (ii) | calculated by deducting from the amount thereof such amounts as may be prescribed: |
[Proviso to section 70A(2)(c)(ii) deleted by section 39(f) of Act No. 22 of 2013]
[Section 70A substituted by section 21 of Act No. 20 of 2007]
