Regulatory Alerts2015-01-01
Notice No. 1/2015, March 5 – Approval of the Waiver Model for Restricted Authorization Credit Institutions under Article 6(4)(a) of the LAIF
The Bank of Cabo Verde issued Notice No. 1/2015 to formally approve the standardized Waiver Model required for credit institutions opting for restricted authorization under Article 6(4)(a) of the Law on Financial Activities and Institutions. This model mandates that such institutions or their promoters explicitly waive access to central bank liquidity facilities, interbank borrowing in escudos and foreign currencies, lender-of-last-resort comfort, financial system guarantee coverage, and the right to handle various monetary assets. The waiver must be definitive, irreversible, and notarized at the time of authorization to validate their status as restricted-authorization credit institutions.
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