Regulatory Alerts2020-03-18
Guidance Note 1/2020: Model Constitution for Co-operative Financial Institutions
The Prudential Authority issued Guidance Note 1/2020 to standardize the registration process for prospective and registered co-operative financial institutions and banks under the Co-operative Banks Act, 2007. The guidance requires applicants to design their governing documents using the provided model constitution, which aligns with Prudential Standard TCFI-01 and details statutory requirements for governance, membership, liability, and financial operations. Adopting this framework enables entities to efficiently fulfill registration criteria and secure Prudential Authority approval.
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