Regulation


Article 4(6) of the Banking Act specifies that the competent authority may make, amend or revoke Banking Rules as may be required for carrying into effect any of the provisions of the Act and any regulations made thereunder. Since the CRR covers most of the provisions which were found in Banking Rules, a number of such Rules have either been repealed in their entirety, or amended to remove those provisions covered by the CRR which no longer need transposition. Amendments to Banking Rules have also taken place to transpose provisions found in the CRDIV.