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Banks Act, 1990 (Act No. 94 of 1990)

Chapter IX : General Provisions

89. Furnishing of information by Authority

[Section 89 heading substituted by section 290, item 15 in Schedule 4, of Act No. 9 of 2017]

 

(1) Notwithstanding the provisions of section 33(1) of the South African Reserve Bank Act, 1989 (Act No. 90 of 1989), the Authority may furnish information acquired by him as contemplated in that section—

[Words preceding section 89(1)(a) substituted by section 63 of Act No. 19 of 2003]

(a) to any person charged with the performance of a function under any law, provided the Authority is satisfied that possession of such information by that person is essential for the proper performance of such function by that person; or
(b) to an authority in a country other than the Republic for the purpose of enabling such authority to perform functions, corresponding to those of the Authority under this Act, in respect of a bank carrying on business in such other country:

Provided that the Authority is satisfied that the recipient of the information so provided is willing and able to keep the information confidential within the confines of the laws applicable to the recipient.

[Proviso inserted by section 30 of Act No. 20 of 2007]

[Section 89 renumbered as section 89(1) by section 46 of Act No. 22 of 2013]

 

(2) The Authority must inform the Minister and the Governor of the South African Reserve Bank of any matter that in the opinion of the Authority may pose significant risk to the banking sector, the economy, financial stability or financial markets more generally.

[Section 89(2) inserted by section 46 of Act No. 22 of 2013]