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January
- Collection of Levies by the Prudential Authority
The Prudential Authority (PA) has released Prudential Communication 17 of 2024, detailing the collection of levies for the upcoming levy year. This communication includes the formulas for the levies that will be imposed and details the next steps to be implemented by the PA regarding the collection of these levies
For more details, read the full communication.
- Joint Notice 2 of 2024_Determination of regulatory reporting in terms of Joint Standard 2 of 2020
The Financial Sector Conduct Authority and Prudential Authority (the Authorities) have published Joint Notice 2 of 2024, detailing the regulatory reporting requirements in terms of Joint Standard 2 of 2020. This notice covers the regulatory reporting requirements' mechanisms, format, manner, and frequency and submission deadline.
Regulatory reporting will take effect from 1 April 2025.
- Revised market risk and credit valuation adjustment frameworks implementation roadmap
The PA released this communication outlining the implementation roadmap for the revised market risk (FRTB) and credit valuation adjustment (CVA) frameworks. This roadmap provides detailed guidance on the technical, assurance, and governance milestones leading up to the implementation date on 1 July 2025.
For more details, read the full communication.
- Prudential Authority Fees Determination
The PA published Prudential Communication 16 of 2024, detailing the fees payable to the PA for various functions and providing additional information related to the payment of these fees.
Effective Date: 1 February 2025.
- Credit spread risk in the banking book (CSRBB) field-testing submissions.
The PA will be field-testing the proposed CSRBB reporting template from January to March 2025. This is part of the preparation before finalizing the legislative framework. The testing period may be extended if necessary.
- Directive - Positive cycle-neutral countercyclical capital buffer
Banks are directed to maintain a positive cycle-neutral countercyclical capital buffer of 1 percent of risk-weighted exposures with effect from 1 January 2026.
Read more
- CODI: Fund liquidity contribution size: 1 April 2025 to 31 March 2026
The Corporation for Deposit Insurance (CODI) has set a fund liquidity contribution size of 3% of banks' total covered deposits for the period from 1 April 2025 to 31 March 2026.
Stay tuned! CODI will assess the Deposit Insurance Fund's adequacy and announce the contribution percentage for 2026-2027 in Quarter 4 of 2025.
- Draft Circular: Basel III post-crisis reforms reporting
The Prudential Authority has issued a draft Circular to clarify for banks the calibration and reporting of output floor requirements as specified in the proposed amendments to the Regulations relating to Banks. This draft Circular is part of the consultation process for implementing the Basel III post-crisis reforms and will be finalized with the proposed amendments to the Regulations relating to Banks.
- Proposed Directive- Basel III reforms - BA 340 amendments
The PA has released a proposed directive on the Basel III reforms, specifically focusing on the BA 340 amendments. This directive aims to enhance the regulatory framework for equity risk in the banking book (ERIBB) and ensure consistency in reporting across banks.
Key Highlights:
· Revised requirements for the standardised and internal ratings-based (IRB) approaches for credit risk.
· Detailed instructions for completing the BA 340 form.
· Monthly submission requirements for ERIBB exposures.
Comment Deadline: 31 January 2025
- Proposed amendments to the Regulations relating to Mutual Banks
The PA has issued a proposed directive to remove the DI returns and the related instructions from the Mutual Banks Regulations. This change is part of the ongoing efforts to streamline regulatory processes and support the Umoja System Implementation Project.
Comment Deadline: 31 January 2025
- Invitation to comment on SRM entry and verification criteria guidelines
The Council for Medical Schemes (CMS) is reviewing version 15.1 of the Scheme Risk Measurement (SRM) entry and verification criteria guidelines in preparation for version 16, which will apply to cases from 1 January 2025.
Comment Deadline: 31 January 2025
- List for 2025 Open Scheme Options
The CMS has published the status of benefit options for open schemes for the 2025 benefit year. This publication aims to provide members and potential members with the necessary information to make informed choices regarding their medical scheme options. The detailed table includes the approval status for each open medical scheme benefit option.
- Determination of Format and Manner of Regulation 28 Quarterly Non-Compliance Reports
The Financial Sector Conduct Authority (FSCA) has finalized the format and manner for quarterly reports required under paragraph 3(2) of FSCA Prudential Standard 1 of 2024 (RF), effective 10 December 2024.
- Withdrawal of Financial Services Board Pension Fund Circular – PF No. 127
The FSCA has withdrawn Circular PF No. 127, which provided for the categorization of funds that ceased to exist for surplus submissions.