Regulatory Alerts1992-12-22
COBAC Regulation R-93/14 Amending Article 3 of the 1992 Credit Institution Hearing Procedure
The Central African Banking Commission (COBAC) amends Article 3 of its December 22, 1992 Regulation R-92/01 to modify the summoning and hearing procedure for credit institution executives. The revision replaces the discretionary right to be assisted by a professional association representative and any chosen defender with a specific requirement that summoned persons request assistance from a member of their Professional Association during the hearing. The amended provision retains the right to consult the relevant case file held by the General Secretariat and enters into force upon notification to authorized credit institutions, their Professional Associations, and the relevant Ministers.
COBAC REGULATION R-93/14 AMENDING THE PROVISIONS OF ARTICLE 3 OF COBAC REGULATION R-92/01 OF DECEMBER 22, 1992 ON THE PROCEDURE FOR SUMMONING AND HEARING EXECUTIVES OF CREDIT INSTITUTIONS
The Central African Banking Commission, meeting on May 27, 1993, Having regard to the Convention of October 16, 1990 establishing the Central African Banking Commission; Having regard to the Annex to the Convention of October 16, 1990, particularly Article 13 thereof; Having regard to COBAC Regulation R-92/01 of December 22, 1992 on the procedure for summoning and hearing executives of credit institutions; HAS DECIDED:
Article 1 The provisions of Article 3 of the aforementioned COBAC Regulation R-92/01 of December 22, 1992 are amended as follows:
INSTEAD OF: « Summoned persons have the right to be assisted by a representative of their Professional Association as well as by any defender of their choice during their hearing before the Commission. To this end, they also have the possibility to consult the file concerning them held by the General Secretariat »;
READ: « Summoned persons may request the assistance of a representative, member of their Professional Association, during their hearing before the Commission. To this end, they also have the possibility to consult the file concerning them held by the General Secretariat ».
Article 2 This decision shall enter into force upon notification to all credit institutions authorized in the States of Central Africa, to their Professional Associations and to the Ministers responsible for Finance and Credit by the General Secretariat of the Banking Commission.
Done at Yaoundé, on July 26, 1993 For the Banking Commission, The President, Jean-Félix MAMALEPOT