Regulatory Alerts2025-04-07
Mutual Banks Act Circular 1/2025: Status of Previously Issued Circulars
The Prudential Authority issued Mutual Banks Act Circular 1/2025 to annually confirm the regulatory status of previously issued circulars and directives for mutual banks and their auditors. All prior circulars are automatically deemed withdrawn or replaced unless explicitly listed as effective in this annual confirmation, whereas directives issued under section 4(6) of the Mutual Banks Act remain valid until formally revoked in writing. Addressees must retain copies of the confirmed effective instruments, including Circular 1/2014 and Directives 1/2022 through 1/2024, and return a jointly signed acknowledgement of receipt to the Authority.
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