Gas Regulator Levies Act, 2002
R 385
Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)RegulationsDeposit Insurance Regulations, 2024Chapter VII: Reporting35. Reporting of formal beneficiary account when SCV reporting is not possible |
| (1) | If a bank cannot generate SCV records for the beneficiaries of a formal beneficiary account in accordance with regulation 34(1), the bank must include a separate record for each formal beneficiary account with their balances in the preparation of its total qualifying deposits and total covered deposits calculations, except in the circumstances referred to in regulation 34(5). |
| (2) | In these regulations, any requirement relating to the preparation of SCV calculations and the submission of the SCV calculations to the Corporation, must include a requirement for the preparation and submission of the separate records for each formal beneficiary account for which a bank cannot generate an SCV record for the beneficiaries. |
| (3) | If a bank cannot identify all the beneficiaries of a formal beneficiary account with their balances in the account, it must include the formal beneficiary account’s balance as the account’s qualifying balance and covered deposits. |
| (4) | For the purposes of subregulation (3), a bank must include the details specified by the Corporation for each formal beneficiary account when generating its SCV calculations and submit them to the Corporation in the manner and form prescribed by the Corporation. |
