Regulatory Alerts2011-10-16
Financial Services Reporting Requirements for Savings and Credit Cooperative Societies Directive
Issued by the Registrar of Financial Institutions under the Financial Services Act, 2013, this Directive mandates Savings and Credit Cooperative Societies to submit timely monthly, quarterly, and annual financial reports. The reporting framework requires board and management certification, adherence to International Financial Reporting Standards for annual filings, and specific monthly call returns alongside quarterly asset classification and deposit statements. Non-compliant institutions face escalating monetary penalties and administrative sanctions, with a mandatory twelve-month transitional period for full adherence to the prescribed reporting standards.
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