Regulatory Alerts2005-08-10
Circulaire No. 001/05-CSBF Establishing Procedures and Deadlines for Transmitting Periodic Financial Statements Under Instruction No. 002/05-CSBF of June 1, 2005.
The President of the Banking and Financial Supervision Commission (CSBF) establishes the procedures and deadlines for transmitting periodic financial statements by credit institutions, mandating electronic or computer-media submission within 15 days of the closing date. The directive requires authorized representatives to securely transmit passwords separately and ensures all data is recorded in Microsoft Excel-compatible formats without altering pre-established templates. A transitional provision applies to August, September, and October 2005 statements, requiring dual submission on both paper and electronic media.
CIRCULAIRE NO. 001/05-CSBF Establishing the Procedures and Deadlines for Transmitting Periodic Financial Statements in Application of the Provisions of Instruction No. 002/05-CSBF of June 1, 2005 Regarding the Conditions for Periodic and Annual Closing and the Publication of Accounting Documents by Credit Institutions.
The President of the Banking and Financial Supervision Commission (CSBF), Having regard to the provisions of Articles 41 and 43 of Law No. 95-030 of February 22, 1996 concerning the activity and supervision of credit institutions, In application of Instruction No. 002/05-CSBF of June 1, 2005, Establishes the procedures and deadlines for transmitting periodic financial statements, as follows:
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With effect from statements finalized at the end of August 2005, all categories of credit institutions other than microfinance institutions must: a. Transmit by electronic means the periodic financial statements provided for in Instruction No. 001/05-CSBF of June 1, 2005 to an electronic address indicated by the Central Bank and/or the General Secretariat of the CSBF, or failing that, submit them on computer media (CD-Rom, floppy disk); b. Ensure the confidentiality of transmitted data by taking standard precautions and send separately under the signature of authorized representatives the passwords for opening the files; c. Transmit monthly, quarterly, and semi-annual statements at the latest within 15 days following the closing date; d. Record all transmitted data in a format readable by "Microsoft Excel" software without modifying the pre-established files attached to this circular;
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As a transitional measure, credit institutions referred to in point No. 1 must transmit the statements finalized at the end of August, September, and October 2005 on both paper and electronic media.
Done in Antananarivo, on For the Banking and Financial Supervision Commission The President, Gaston E. RAVELOJAONA.