Moreover, in order for BOJ-NET to contribute to greater efficiency and enhanced safety of Japan’s payment systems as a whole, we must cooperate with the steering bodies of private payment systems.
The process followed in implementing Basel II was characterised by its broad consultative approach; several quantitative impact studies and field tests; amendments to the regulatory and supervisory frameworks; and regular interaction with all South African banking institutions. The amended Banks Act, 1990 and Regulations relating to Banks, as well as the revised supervisory process were implemented at the same time.