To provide for the regulation and supervision of the business of public companies taking deposits from the public; and to provide for matters connected therewith.

Latest Developments:

Financial Sector Laws Amendment Act 23 of 2021 has updated and made Amendments to:

Banks Act 1990

Competition Act 1998

Co-operative Banks Act 2007

Companies Act 2008

Financial Institutions (Protection of Funds) Act 2001

Financial Markets Act 2012

Financial Sector Regulation Act 2017

Insolvency Act 1936

Insurance Act 2017

Mutual Banks Act 1993

South African Reserve Bank Act 1989

as per Notice No. 789, of GG45825, dated 28 January 2022

Financial Sector and Deposit Insurance Levies (Administration) and Deposit Insurance Premiums Act, 2022 (Act No 12 of 2022), Schedule: Amendment of Laws: Section 4 has updated and made Amendments to:

Pension Funds Act 1956

Banks Act 1990

Mutual Banks Act 1993

Financial Advisory and Intermediary Services Act 2002; and

Financial Sector Regulation Act 2017,

as per Notice No. 1512, of GG47696, dated 9 December 2022

The Banks Act, 1990 (Act No. 94 of 1990), has been updated with Consent granted in terms of Section 34 of the Banks Act for a foreign institution to establish a representative office within the Republic of South Africa: Capital International Bank Limited, as per General Notice 1918 of GG48960, dated 14 July 2023.

The Banks Act, 1990 (Act No. 94 of 1990), has been updated with Consent Granted in terms of Section 34 of the Banks Act for a Foreign Institution to establish a Representative Office within the Republic of South Africa: Union Bancaire Privée, UBP-SA, as per Notice No. 1644 of GG48162, dated 3 March 2023.

The Banks Act, 1990 (Act No. 94 of 1990), has been updated with Amendments to Regulations under Notice R.1029 of 12 December 2012: Regulations Relating to Banks, as per Notice No. 2900 of GG47789, dated 23 December 2022.

The Banks Act, 1990 (Act No. 94 of 1990), has been updated with Amendments to Regulations relating to Banks under Notice R.1029 of 2012, as per Notice No. 943 of GG46159, dated 31 March 2022.

The Banks Act, 1990 (Act No. 94 of 1990), has been updated by the Designation by the Prudential Authority of activities of Ithala SOC Limited, as per Notice No. 779 of GG45816, dated 28 January 2022.

The Banks Act, 1990 (Act No. 94 of 1990) has been amended by the publication of Amendment of Regulations published in the Government Notice No. R1029 of 12 December 2012 : Regulations relating to Banks, as per Notice No. 1427 of Government Gazette 44048, dated 31 December 2020.

The Banks Act, 1990 (Act No. 94 of 1990) has been amended by the publication of Amendment of Regulations published in the Government Notice No. R1029 of 12 December 2012 : Regulations relating to Banks, as per Notice No. 724 of Government Gazette 44003, dated 18 December 2020.

The Banks Act, 1990 (Act No. 94 of 1990) has been amended as per Schedule 4 of the Financial Sector Regulation Act, 2017. Gazette Number 41549 - Notice 169 dated 29 March 2018.

The Banks Act, 1990 (Act No. 94 of 1990) has been amended by Banks Amendment Act, 2015 (Act No. 3 of 2015), Government Gazette 38942, Notice No. 561, dated 29 June 2015.

The Banks Act, 1990 (Act No. 94 of 1990) has been amended by Amendment of Regulations, Notice No. R. 309, Government Gazette 38682, dated 10 April 2015.

The Banks Act, 1990 (Act No. 94 of 1990) has been amended by Amendment of Regulations, Notice No. R. 261, Government Gazette 38616, dated 27 March 2015.

The Banks Act, 1990 (Act No. 94 of 1990) has been amended by Regulations Relating to Banks, Notice No. R. 1029, Government Gazette 35950, dated 12 December 2012.

The Banks Act, 1990 (Act No. 94 of 1990) has been amended by Government Gazette 34838, dated 15 December 2011 – Notice R. 1033; Regulations relating to Banks.

The Act has been updated by :

Notice No. R. 1846 in Government Gazette No. 25881 dated 22 December 2003;

Notice No. 2 in Government Gazette No. 30628 dated 1 January 2008; and

Notice No. 379 in Government Gazette No. 32067 dated 3 April 2009.

The Taxation Laws Amendment Act No. 17 of 2009 and the Taxation Laws Second Amendment Act No. 18 of 2009 (as found in Government Gazette No. 32610 and 32611 (September 2009) have amended this Act.

The following additions have been made to the Banks Act :-

Regulations relating to Representative Offices (Notice No. R. 1370) printed in Government Gazette No. 22939 dated 13 December 2001;

Designation of Institution (Ithala Limited) being Notice No. R. 57 printed in Government Gazette No. 28414 dated 27 January 2006;

Designation of Activity (Common Bond) being Notice No. 1176 printed in Government Gazette No. 29412 dated 1 December 2006;

Designation of Institution (Financial Service Co-operative) being Notice No. 671 printed in Government Gazette No. 30103 dated 27 July 2007;

Banks Amendment Act, 2007 (Act No. 20 of 2007) printed in Government Gazette No. 30474 dated 15 November 2007.

The Banks Act, 1990 (Act No. 94 of 1990) has been amended by the addition of a Designation regarding Securitisation Schemes in Notice No. R. 681 in Government Gazette No. 26415 dated 4 June 2004;

The Banks Act, 1990 (Act No. 94 of 1990) has been amended by the addition of a Designation regarding Financial Service Co-operative in Notice No. R. 1846 in Government Gazette No. 25881 dated 22 December 2003;

The following bulleted points have been Gazetted but have not yet been included in the Banks Act on Acts Online:

Minimum capital and reserve funds to be maintained by banks – GG 22737 dated 5 October 2001,

Amendment to the Banks Regulations – GG 22737 dated 5 October 2001,

The Banks Amendment Act, 2003 (19 of 2003) has been applied to the Act as gazetted in GG 25294 dated 5 August 2003.

The South African Reserve Bank has added the "Designation of an Institution of which the activities do not fall within the meaning of ‘The Business of a Bank’ (‘The National Housing Finance Corporation Limited’)" to the Act. This was gazetted on 28 December 2000 in GG 21942 as Notice R1423 of 2000.

The Regulations for Conditions for the conducting of a business of a bank by a foreign institution by means of a branch in the Republic have been added to the Act as gazetted on 28-12-00 in GG 21936 as Notice R1414 of 2000.

The South African Reserve Bank has added the "Designation of an Institution of which the activities do not fall within the meaning of ‘The Business of a Bank’ (‘Financial Services Co-operative’)" to the Act. This was gazetted on 28 December 2000 in GG 21941 as Notice R1422 of 2000.

The updated Regulations Relating to Banks have been added as gazetted on 8-11-00 in GG 21726 as Notice R1112 of 2000.

Various amendments have been made by the Banks Amendment Act, 2000, as published in Gazette 21663 and dated 18 October 2000.