In terms of the definition an "authorised dealer" means, any transaction in respect of gold, a person authorised by the Treasury to deal in gold, and in respect of any transaction in respect of foreign exchange for the purpose of facilitating travel related transactions and a person authorised by the Treasury to deal in foreign exchange; All foreign exchange dealings transacted in South Africa are subject to Exchange Control Regulations and Rules as prescribed by the South African Reserve Bank.
The Minister of Finance has appointed certain banks to act as Authorised Dealers in foreign exchange that gives such banks the right to buy and sell foreign exchange, subject to conditions and within limits prescribed by the Financial Surveillance Department. Authorised Dealers are not the agents of Financial Surveillance Department but act on behalf of their customers. Their function is to assist the Financial Surveillance Department in administering exchange control. All applications to the Financial Surveillance Department have to be made through an Authorised Dealer. The Rulings, issued by the Financial Surveillance Department, set out the authorities granted to Authorised Dealers and the rules and procedures to be followed by the Authorised Dealers in dealing with day-to-day matters relating to exchange control.
The current set of Exchange Control Regulations promulgated on 1 December 1961 and amended from time to time, has now amended the definition of “authorised dealer” in regulation 1 of the Exchange Control Regulations, approved with immediate effect, the amendment of paragraph 3(a) of Government Notice No. R.1112, by the deletion of the list of authorised dealers from the following: Credit Agricole Corporate and Investment Bank for the purpose of exchange control regulations as at 30 August 2013.