Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)RegulationsDeposit Insurance Regulations, 2024Chapter I: Definitions and Purpose1. Definitions |
In these regulations, any word or expression to which a meaning has been assigned in section 1(1) of the Act, must bear that meaning, unless the context indicates otherwise, and―
means an accountable institution as defined in section 1(1) of the Financial Intelligence Centre Act;
means the person who is legally entitled to, or owns, a part of or all of the funds in a formal beneficiary account even if the account is not in that person’s name;
means the board of directors of a bank;
has the meaning defined in section 1(1) of the Banks Act;
has the meaning defined in section 1(1) of the Co-operative Banks Act, 2007 (Act No. 40 of 2007);
has the meaning defined in section 1(1) of the Co-operative Banks Act, 2007 (Act No. 40 of 2007);
means a document which describes the purpose and functioning of an informal savings group, specifies who the signatories are, and set out the rules for the contribution and distribution of funds from and to members;
means the protections afforded by the Corporation in accordance with Chapter 12A of the Act;
has the meaning defined in section 1(1) the Banks Act;
means a product offered by a bank, which―
| (a) | represents monetary value and must be claimable by an issuer; |
| (b) | can be stored electronically and issued on receipt of funds; |
| (c) | is generally accepted as a means of payment by persons other than the issuer; and |
| (d) | is redeemable on demand for physical cash or a deposit into a bank account; |
includes—
| (a) | a deposit insurance levy imposed under section 9 of the Financial Sector and Deposit Insurance Levies Act, 2022 (Act No. 11 of 2022); and |
| (b) | a deposit insurance premium imposed in accordance with section 166BG of the Act; |
means a structured description of an address with a minimum of a street name, town or city, postal code and country and optional information about a building name, building number and street number;
means an account in a qualifying product where the account holder may not be the owner of the funds in the account but manages the funds on behalf of the beneficiaries to the account, subject to the following conditions:
| (a) | The account holder is an accountable institution managing funds on behalf of one or more beneficiaries by maintaining formal records of beneficiaries and their associated balances; or |
| (b) | a bank as the accountable institution maintains formal records of the beneficiaries and their associated balances in an account where the account holder is not an accountable institution but manages funds on behalf of one or more beneficiaries; |
means the minimum amount maintained by a bank in the account of the Fund in accordance with section 166BH of the Act and any adjustments to the minimum amount;
means a marking that provides information about the status of a qualifying depositor, formal beneficiary account holder, signatory, or account;
means a free-form description of an address with optional street or landmark information, but with a minimum of town or city, postal code and country;
means an account offered by a bank to an informal beneficiary account holder who is not an accountable institution and whose members elect signatories to manage the account on their behalf in accordance with the rules specified in the constitution document;
means an informal group established by individuals as members to collectively save for a purpose specified in a constitution document;
means interest earned, as at a specific date, not yet added to the account balance;
refers to a bank’s internal audit function or a person responsible for the internal controls at a bank;
means a simple account opened in the name of two or more account holders;
means any information technology system or manual process which affects, stores or processes data required by the Corporation;
has the meaning as defined in section 1(1) of the Mutual Banks Act, 1993 (Act No. 124 of 1993);
means that a bank has marked a qualifying depositor, formal beneficiary account holder, signatory, or account with one or more indicators reflecting the need for additional documentation or actions before the Corporation can reimburse a qualifying depositor;
means a bank, other than a bank in resolution, authorised by the Corporation to reimburse, on its behalf, a qualifying depositor of a bank in resolution in respect of their covered deposits;
means the balance due to a qualifying depositor or formal beneficiary account holder for an account;
means a formal beneficiary account holder’s qualifying balance or the sum of a qualifying depositor’s qualifying balances;
includes―
| (a) | an account holder of a simple account; |
| (b) | a beneficiary of a formal beneficiary account; and |
| (c) | an informal beneficiary account holder, |
that holds a qualifying product;
means a qualifying deposit, regardless of its term or currency, and does not include―
| (a) | a share; |
| (b) | holdings in commodities; |
| (c) | an electronic money product; |
| (d) | a suspense account; and |
| (e) | any product where the principal amount is not repayable at par or is repayable at par only subject to a specific condition or guarantee; |
means that a bank has marked a qualifying depositor, formal beneficiary account holder, signatory, or account with an indicator reflecting that the Corporation can reimburse a qualifying depositor;
means the transfer of the amount of covered deposits to an account in the name of a qualifying depositor or giving a qualifying depositor access to their covered deposits by other means;
means the date on which the information for the preparation of a single customer view calculation is based;
means an individual who has been appointed by the members of an informal beneficiary account holder to manage an informal beneficiary account on their behalf;
means an account where the account holder is the legal owner of the funds in the account;
means the calculation of a bank’s total qualifying deposits and total covered deposits based on the single customer view (SCV) records of its qualifying depositors and a record of each formal beneficiary account for which a bank cannot generate an SCV record for the beneficiaries;
means a consolidated view of a qualifying depositor’s accounts and associated balances in qualifying products for purposes of calculating the qualifying depositor’s qualifying deposit balance and covered deposits;
means a business that is owned and operated by a natural person that does not have legal personality separate from its owner;
means an account where funds are held temporarily until the funds are processed and allocated to a specific account holder;
means the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017);
means the date on which the Prudential Authority registers the notices of the passing of a resolution confirming any amalgamation or merger in terms of section 54(5) of the Banks Act;
means the total of all covered deposits at a bank; and
means the total of all qualifying deposit balances at a bank.