Regulatory Alerts2021-01-01
The Microcredit (Licence, Form of Application) Rules, 2021
The Regulatory Authority of Jamaica, with the approval of the Minister of Finance, enacted these Rules to establish the specific requirements for licensing microcredit institutions under the Microcredit Act. The Rules mandate that all applications for a licence to operate must strictly adhere to the prescribed form and include comprehensive documentation regarding ownership, governance, financial strength, and risk management procedures. Furthermore, the Regulations define criteria for incomplete applications and empower the Supervisor to request additional information or discontinue assessments if applicants fail to provide accurate and complete disclosures.
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