Four banking directives withdrawn as revised rules take over
Four banking directives are withdrawn under Prudential Authority (PA) Directive 5/2026, published on October 12, 2026. Their requirements are obsolete or covered by the revised regulatory framework.
July 2025 rules replace directives
Under section 6(6)(c) of the Banks Act, 1990 (Act No. 94 of 1990), the PA withdraws Directives 2/2011, 10/2015, 7/2020 and 6/2021.
Directive 2/2011 required daily market-risk value-at-risk reporting through form BA325; the metrics no longer apply, and banks stopped using that form for market-risk data on July 1, 2025.
Directive 10/2015 governed changes to Advanced Measurement Approach operational-risk systems.
The New Standardised Approach replaced that approach, the Standardised Approach, Alternative Standardised Approach and Basic Indicator Approach on July 1, 2025.
Directive 7/2020 covered derivative exposures for the leverage ratio; its provisions entered regulation 38(15)(e)(v)(B) of the amended Regulations relating to Banks on the same date.
Capital models remain under review
Directive 6/2021 covered credit-risk models for project-finance capital and reserves.
Revised rules and Directive 12/2025 phase in capital models, set parameter floors at go-live and provided monitoring through December 2025.
The PA is receiving formal compliance attestations.
Banks, controlling companies, foreign branches, eligible institutions and their auditors must note the withdrawals.
Directive signatory and CEO Fundi Tshazibana asks institutions to share it with external auditors and return an acknowledgement signed by their CEO and auditors at their earliest convenience.
Withdrawal does not erase obligations
The withdrawals remove directives whose requirements are obsolete or incorporated into current rules.
Revised capital requirements and compliance attestations remain in place.
The preceding directive was 4/2026, dated July 9, 2026.