Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)RegulationsDeposit Insurance Regulations, 2024Chapter V: Governance and Oversight Requirements20. Monthly declarations |
| (1) | Except in cases referred to in subregulation (2), a bank must submit Compliance declaration A2 to the Corporation within three working days of submitting its total qualifying deposits and total covered deposits to the Corporation in accordance with regulation 28, confirming that the bank— |
| (a) | prepared and submitted the information in accordance with the requirements set out in these regulations; |
| (b) | maintained effective compliance and internal controls over the information reported in terms of the requirements set out in these regulations; |
| (c) | complies with the minimum requirements set out in these regulations; and |
| (d) | provided information to the Corporation that is true and correct. |
| (2) | If a bank does not comply with the minimum requirements set out in these regulations, the bank must submit Compliance declaration A3 to the Corporation within three working days of submitting its total qualifying deposits and total covered deposits to the Corporation in accordance with regulation 28, which declaration must highlight specific areas of non-compliance, together with— |
| (a) | the reasons for the non-compliance; and |
| (b) | a remedial plan with actions that the bank will take to address its non-compliance and associated timelines. |
| (3) | If a bank previously reported areas of non-compliance to the Corporation in Compliance declaration A3, a bank must submit an update to the Corporation on the progress made with its plan to address those areas of non-compliance together with Compliance declaration A3 for the current month. |
| (4) | A bank’s chief executive officer and chief financial officer, or equivalent, must sign Compliance declaration A2 and Compliance declaration A3, respectively. |
| (5) | The submission of the declarations mentioned in subregulations (1) and (2) may not preclude the Corporation from requiring amendments to the remedial plan or requiring the immediate remediation of the reported non-compliance. |