Gold Membership
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Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)RegulationsDeposit Insurance Regulations, 2024Chapter VIII: Miscellaneous38. Failure or inability to comply |
| (1) | A bank that fails or is unable to comply with a provision of these regulations must report its failure or inability to comply in writing to the Corporation, stating the reasons for the failure or inability to comply. |
| (2) | The Corporation may, if in the circumstances the Corporation deems it fit to do so, condone the said failure or inability and, subject to such conditions as may be specified in writing, afford the bank concerned an opportunity to comply with the relevant provision within a specified period. |
| (3) | In performing its functions in terms of these regulations, the Corporation may in writing, exempt for a specified period which may be renewed, a bank or category of banks or all banks, from one or more requirements specified in these regulations, subject to conditions determined by the Corporation. |
| (4) | The Corporation may refer any failure or inability to comply with the provisions of these regulations to the Prudential Authority to take action against a bank referred to in subregulation (1) in accordance with the applicable financial sector law. |
