South Africa

New South African securitisation guidelines herald active securitisation market for South Africa

Consolidation and expansion of existing legislation

On 13 December 2001, the South African Reserve Bank (“SARB”) published in the Government Gazette (Vol. 438, No. 22948) new regulations governing securitisation in South Africa (the “Regulations” ). The Regulations were developed and agreed (a) after a detailed review by SARB of different international regimes, including the draft capital adequacy proposals of the Bank of International Settlement (“BIS”) in June 1999; (b) after discussions with local market participants; and (c) in an attempt to galvanise the liquidity of the South African corporate debt market.