Regulatory Alerts2021-05-04
Instruction No. 001/2021-CSBF Amending Instruction No. 003/2017-CSBF of 29 September 2017 on the Global Account of Electronic Money Institutions
The Banking and Financial Supervision Commission (CSBF) of Madagascar issued Instruction No. 001/2021-CSBF to amend the regulatory framework for the global accounts of electronic money institutions. The amendment inserts a new paragraph 7.3 into Article 7, explicitly limiting authorized credit institutions conducting electronic money activities to a maximum of five global accounts. This directive enters into force immediately upon publication on the Central Bank of Madagascar’s website, while all other provisions of the original 2017 instruction remain unchanged.
CENTRAL BANK OF MADAGASCAR
BANKING AND FINANCIAL SUPERVISION COMMISSION
INSTRUCTION NO. 001/2021-CSBF AMENDING INSTRUCTION NO. 003/2017-CSBF OF 29 SEPTEMBER 2017 ON THE GLOBAL ACCOUNT OF ELECTRONIC MONEY INSTITUTIONS
The Banking and Financial Supervision Commission (CSBF),
Having regard to Law No. 2020-011 of 1 September 2020 on banking law,
Having regard to Law No. 2016-056 of 2 February 2017 on electronic money and electronic money institutions,
Having regard to Law No. 2016-004 of 29 July 2016, supplemented by Law No. 2016-057 of 2 February 2017, establishing the Statutes of the Central Bank of Madagascar,
Considering the provisions of Instruction No. 003/2017-CSBF of 29 September 2017 on the global account of electronic money institutions,
DECIDES
Article 1 - Purpose
This instruction aims to amend the provisions of Article 7 of Instruction No. 003/2017-CSBF of 29 September 2017 on the global account of electronic money institutions.
Article 2 - Amendments
Paragraph 7.3 of Article 7 of Instruction No. 003/2017-CSBF of 29 September 2017 on the global account of electronic money institutions is amended as follows :
« Article 7 – Opening of the global account (...) 7.3. (new) A credit institution authorized to conduct electronic money activities may not hold more than five (5) accounts opened as a global account. »
The other provisions of this instruction remain unchanged.
Article 3 - Entry into force
This instruction enters into force upon its publication on the website of the Central Bank of Madagascar.
Done in Antananarivo, on 27 April 2021
For the Banking and Financial Supervision Commission The President,
(Signature)
Henri Edmond RABARIJOHN Governor of the Central Bank of Madagascar