Regulatory Alerts2013-10-07
Instruction No. 2013-01 on the Approval of Credit Institutions and Modifications to Elements Considered for Approval
The Acting Governor of the Central Bank of Djibouti issued Instruction No. 2013-01 to establish the criteria and procedures for granting, modifying, and withdrawing approval of credit institutions. The instruction mandates that applicants demonstrate adequate legal form, paid-up capital, managerial competence, and compliance with prudential standards, while requiring prior authorization for significant capital changes, mergers, and foreign branch establishments. Furthermore, it outlines strict timelines for regulatory decisions, mandates the declaration of operational modifications within fifteen working days, and defines the conditions under which approvals may lapse or be revoked.
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