Regulatory Alerts2024-10-01
Circular No. 03M18 on the Approval of Administrators, Supervisory Board Members, Qualified and Reference Shareholders, and Executives in Microfinance
The Bank of the Republic of Burundi issued Circular No. 03M18 to establish standardized procedures, conditions, and documentation for the approval of administrators, supervisory board members, executives, qualified shareholders, and reference shareholders in microfinance institutions, head structures, and financial bodies. The circular further mandates the registration of management committee members in community financial groups while specifying disqualification criteria, shareholding declarations, and the immediate withdrawal of approval for false information or unmet conditions. It prescribes detailed application forms in two annexes and takes effect upon publication in the Official Bulletin of Burundi and on the central bank's website.
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