Regulatory Alerts2024-09-01
Circular No. 15/2018 on the Approval of Managers and Directors of Credit Institutions Issued Pursuant to Law No. 1/17 of August 22, 2017 Governing Banking Activities
The Banque de la République du Burundi issued Circular No. 15/2018 to specify the procedure, required documents, and eligibility conditions for approving managers and directors of credit institutions. The regulation defines a director as an approved board member and a manager as an executive responsible for daily operations, operating under Law No. 1/17 of August 2017. Credit institutions must obtain prior Central Bank approval for all appointed executives to ensure compliance with statutory fitness and governance requirements.
BANQUE DE LA REPUBLIQUE
DU BURUNDI
THE GOVERNOR
CIRCULAR NO. 15/2018 ON THE APPROVAL OF MANAGERS AND DIRECTORS OF CREDIT INSTITUTIONS ISSUED PURSUANT TO LAW NO. 1/17 OF AUGUST 22, 2017 GOVERNING BANKING ACTIVITIES
Having regard to Law No. 1/34 of December 2, 2008 establishing the Statutes of the Banque de la République du Burundi, particularly Articles 7 (paragraphs 4 and 6) and 8;
Having regard to Law No. 1/17 of August 22, 2017 governing banking activities, particularly Articles 3, 15, 17, 28, 29, 30, 31, 32 and 47, 49 and 50;
Having reviewed Circular No. 15/09 on the approval of Managers and Directors of banks and financial institutions;
The Banque de la République du Burundi, hereinafter referred to as the “Central Bank”, enacts:
Article 1: Purpose
This circular aims to specify the procedure, documents and conditions required for the approval of Managers and Directors of credit institutions.
Article 2: Definitions
For the purposes of this circular, the following terms are defined as follows:
Director, any person who, approved by the Central Bank, is a member of the Board of Directors of a credit institution;
Manager, any person who, approved by the Central Bank, is responsible for the daily management of the [establishment]