Regulatory Alerts2018-11-09
TCFI-01 Transitional Arrangements for Co-operative Financial Institutions
The Prudential Authority issued Prudential Standard TCFI-01 to establish transitional regulatory requirements for co-operative financial institutions until comprehensive prudential and governance frameworks are finalized. The standard mandates that existing institutions apply for registration by 1 August 2019, implement quarterly financial reporting, maintain minimum capital and liquidity thresholds, and ensure board members and management meet fit-and-proper criteria. It assigns ultimate compliance responsibility to institutional boards, outlines specific governance and operational benchmarks, and authorizes the Authority to conduct inspections and enforce non-compliance measures.
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