Regulatory Alerts2012-01-01
Financial Institutions Act 2012
Issued by the Parliament of Lesotho, this Act replaces the 1991 legislation to authorize and regulate banking and non-banking financial institutions, agents, and ancillary service providers. It requires licensed entities to maintain minimum capital and liquid assets, submit regular financial reports, and adhere to strict director qualifications and conflict-of-interest rules. The Commissioner is granted comprehensive supervisory and enforcement powers, including the authority to conduct examinations, seize insolvent institutions, impose penalties for offences, and issue binding directions.
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