PRUDENTIAL AUTHORITY WINS CONSTITUTIONAL CHALLENGE TO THE BANKS ACT, 1990.

South Africa
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We advised the Prudential Authority on a constitutional challenge to the South African Banks Act, 1990. The Prudential Authority is the regulatory body (established in terms of the Financial Sector Regulation Act 2017, and part of the South African Reserve Bank) responsible for the regulation of all banks. It is empowered by the Banks Act to prevent unregistered persons from conducting the business of a bank (among other things, taking deposits from the members of the general public) without a licence.

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