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―

‘accountable institution’

means an accountable institution as defined in section 1(1) of the Financial Intelligence Centre Act;

‘beneficiary’

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;

‘board’

means the board of directors of a bank;

‘chief executive officer’

has the meaning defined in section 1(1) of the Banks Act;

‘co-operative bank’

has the meaning defined in section 1(1) of the Co-operative Banks Act, 2007 (Act No. 40 of 2007);

‘co-operative financial institution’

has the meaning defined in section 1(1) of the Co-operative Banks Act, 2007 (Act No. 40 of 2007);

‘constitution document’

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;

‘depositor protection’

means the protections afforded by the Corporation in accordance with Chapter 12A of the Act;

‘director’

has the meaning defined in section 1(1) the Banks Act;

‘electronic money product’

means a product offered by a bank, which―

‘financial contribution’

includes—

‘formal address’

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;

‘formal beneficiary account’

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:

‘fund liquidity contribution’

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;

‘indicator’

means a marking that provides information about the status of a qualifying depositor, formal beneficiary account holder, signatory, or account;

‘informal address’

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;

‘informal beneficiary account’

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;

‘informal beneficiary account holder’

means an informal group established by individuals as members to collectively save for a purpose specified in a constitution document;

‘interest accrued’

means interest earned, as at a specific date, not yet added to the account balance;

‘internal audit function’

refers to a bank’s internal audit function or a person responsible for the internal controls at a bank;

‘joint account’

means a simple account opened in the name of two or more account holders;

‘key systems’

means any information technology system or manual process which affects, stores or processes data required by the Corporation;

‘mutual bank’

has the meaning as defined in section 1(1) of the Mutual Banks Act, 1993 (Act No. 124 of 1993);

‘not-ready-for-payout (NRP)’

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;

‘payout agent bank’

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;

‘qualifying balance’

means the balance due to a qualifying depositor or formal beneficiary account holder for an account;

‘qualifying deposit balance’

means a formal beneficiary account holder’s qualifying balance or the sum of a qualifying depositor’s qualifying balances;

‘qualifying depositor’

includes―

that holds a qualifying product;

‘qualifying product’

means a qualifying deposit, regardless of its term or currency, and does not include―

‘ready-for-payout (RFP)’

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;

‘reimbursement’

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;

‘reporting date’

means the date on which the information for the preparation of a single customer view calculation is based;

‘signatory’

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;

‘simple account’

means an account where the account holder is the legal owner of the funds in the account;

‘single customer view (SCV) calculation’

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;

‘single customer view (SCV) record’

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;

‘sole proprietorship’

means a business that is owned and operated by a natural person that does not have legal personality separate from its owner;

‘suspense account’

means an account where funds are held temporarily until the funds are processed and allocated to a specific account holder;

“the Act”

means the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017);

‘transaction effective date’

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;

‘total covered deposits’

means the total of all covered deposits at a bank; and

‘total qualifying deposits’

means the total of all qualifying deposit balances at a bank.