Exchange Control Circular No. 15/2018

Circular Reference: Exchange Control Circular No. 15/2018

Circular Date: 11 October 2018

Circular Status: Withdrawn (see Exchange Control Circular No. 1/2019)

Amendments to the Currency and Exchanges Manuals and the guideline documents

Flowing from representations made, Authorised Dealers and Authorised Dealers in foreign exchange with limited authority are advised of the following amendments to the Authorised Dealer and ADLA Manuals:

Section A.1 of the Manuals

The definition of a related party has been added as follows:

Related party means a party to a transaction that has a direct or indirect interest in the other party and has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions or both parties are under common control. For the purpose of the Authorised Dealer Manual, this includes transactions between parties that belong to the same group of companies such as parent, subsidiary, fellow subsidiary and/or an associate company.

Section B.3(D)(ii) of the Authorised Dealer Manual

The second sentence has been deleted from the subsection.

The amended Manuals and guideline documents may be accessed on the SARB website: www.reservebank.co.za by following the links: Home > Regulation and supervision > Financial surveillance and exchange controls > Currency and exchanges documents.

Head of Department: Financial Surveillance

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