Prudential Authority Clarifies Form BA 099 Certification Requirements under Banks Act

Posted 07 October 2026 Written by Acts Online
Category Banking

Brought to you by SA Accounting Academy: In terms of section 6(4) of the Banks Act, No. 94 of 1990, read with the Regulations relating to Banks, the Prudential Authority (PA) has issued a regulatory circular regarding the interpretation and application of declaration and certification requirements for statutory return Form BA 099.

The circular provides regulatory guidance on the completion and execution of Form BA 099 across banking institutions, controlling companies, and their external auditors.

Key Certification Requirements

  • Designated signatories: Form BA 099 must be certified by the Chief Executive Officer (CEO), Chief Accounting Officer (CAO), or the executive officer designated responsible for compliance under the Financial Intelligence Centre Act, No. 38 of 2001 (FICA).
  • Acting capacity: Where a designated officer is unavailable, an appropriately authorised executive officer may sign in an acting capacity, provided that the signatory’s substantive role within the institution is expressly disclosed on the return.
  • Primary accountability: The underlying legal responsibility for certification remains strictly with the designated executive officers whenever they are available.
  • Scope of application: The directive applies to all banks, branches of foreign institutions, controlling companies, eligible institutions, and appointed independent auditors of banks or controlling companies.
  • Auditor acknowledgement: A copy of the circular must be furnished directly to the institution’s independent auditors, and a completed acknowledgement of receipt signed jointly by the CEO and the independent auditor must be submitted to the PA.

Click here to download the Prudential Authority Circular on Form BA 099.

What this means for you, your business, or your clients

  • For yourself: Executive officers, CAOs, and FICA compliance heads must ensure they hold proper board delegations and understand that regulatory liability under the Banks Act attaches to their formal certification of Form BA 099.
  • For your business: Audit firms and banking institutions must update their statutory return governance protocols, ensure formal acting appointment delegations are recorded, and jointly execute and submit the required PA acknowledgement of receipt.
  • For your clients: Banking and controlling company clients must review their executive signatory matrices to prevent submission delays or non-compliant statutory filings where substantive signatories are temporarily absent.

Originally published at https://accountingacademy.co.za/news/read/prudential-authority-application-and-interpretation-of-specified-requirements-re-declaration-and-certification-of-the-form-ba-099-in-respect-of-statutory-returns-submitted

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