Prudential Authority proposes new bank data returns
The South African Reserve Bank's Prudential Authority has proposed a new Directive for banks to submit financial and risk-based returns from 1 July 2026. This proposed Directive replaces Directive 6 of 2025 and is open for public comments until 20 May 2026.
New framework for bank data reporting
The proposed Directive, issued by the Prudential Authority (PA) in terms of section 6(6) of the Banks Act, 1990, mandates banks to submit specified financial, risk-based, and other related returns.
This new framework will take effect from 1 July 2026, replacing the existing Directive 6 of 2025.
Banks, controlling companies, and branches of foreign institutions are required to comply with the requirements detailed in the provided online link, alongside annexures 2 to 5 of this proposed Directive and the Regulations.
Furthermore, each submission must include a duly completed, signed, and certified form BA 099 for domestic entities or BA 099A for foreign operations, as specified in regulation 4 of the Regulations.
The aim is to enhance the quality and granularity of macroeconomic statistics, benefiting the calculation of money supply and credit extension statistics.
A journey through regulatory updates
This proposed Directive is the latest step in a series of regulatory updates initiated in January 2025, when the Minister of Finance removed all Banks Act (BA) returns and their completion instructions from the Regulations.
Subsequently, the PA issued Directive 1 of 2025, directing banks to submit specified returns.
On 1 July 2025, South Africa implemented amended Regulations incorporating remaining Basel III post-crisis reforms.
To support the Umoja System Implementation Project, which provides a digital interface for regulated institutions, Directive 6 of 2025 was then issued.
This new proposed Directive builds upon these foundations, further revising the BA9* series of returns to meet growing national and international demands for higher quality and more granular macroeconomic statistics.
Clarity in a shifting landscape
This proposed Directive offers much-needed clarity for financial institutions navigating evolving regulatory reporting requirements.
It represents a continuous effort by the Prudential Authority to streamline data submission processes and align with international standards like Basel III. While requiring adaptation, the move promises enhanced data quality crucial for macroeconomic statistics and policymaking, ultimately benefiting the country's financial stability.