Regulatory Alerts2012-11-21
Financial Institutions (Application of Act) Regulations 2010
The Central Bank of Seychelles, in consultation with the Minister of Finance, has issued regulations extending specified provisions of the Financial Institutions Act, 2004 to the Development Bank of Seychelles and the Housing Finance Company Limited. Effective from 1 February 2010, these entities are now required to comply with the enumerated sections covering licensing, governance, capital requirements, and operational standards. This statutory extension formally integrates both institutions into the existing regulatory framework to ensure consistent oversight and market stability.
[1st March 2010] Supplement to Official Gazette 51 S.I. 22 of2010 FINANCIAL INSTITUTIONS ACT, 2004 (Act 14 of 2004) Financial Institutions (Application of Act) Regulations, 2010 . In exercise of the powers conferred by section 71 of the Financial Institutwns Act, 2004, as amended by Act 11 of 2009, the Central Bank of Seychelles, in consultation with the Minister of Finance, makes the following Regulations1. These Regulations may be cited as the Financial 'citation Institutions(ApplicationofAct)Regulations,2010. 2. The provisionsof the financial InstitutionsAct, 2004, specified in Schedulehereto shall apply to the Development Bank of Seychelles and the Housing Finance Company Limitedwitheffectfrom1stFebruary,2010. SCHEDULE Provisions of Financial Institutions Act, 2004 applyingfto the Development Bank of Seychelles and the Housing Finance Company LimitedSections 27 to 32 inclusive Sections 34 to 37 inclusive Section 38(1) and (2)inclusive Sections 39t041(1) inclusive Sections 42 to 47 inclusive Section 49 Sections 51 to 56 inclusive Section 63(1)(f) to (j) inclusive Application of Act to certain bodies
52 - .Supplement to. Official Gazette [1st March 2010] Sectioh 63(2)(b) Section 63 (2)(d) , Section 63(2)( e) Section 63(3)( a) to (c) inclusive MADE this 1,9thday ofFebruary, 2010. PIERRE LAPORTE GOVERNOR CENTRAL BANK OF SEYCHELLES ~