Regulatory Alerts2016-01-01
Deferment of Full Implementation Date for Bank of Zambia Corporate Governance Directives
The Bank of Zambia has deferred the October 29, 2016 deadline for full implementation of its Corporate Governance Directives following reported concerns and potential compliance challenges from commercial banks and financial institutions. While the revised implementation date will be communicated in a subsequent circular, all existing directives remain fully enforceable during the extension period. Financial institutions must continue adhering to the promulgated provisions while preparing for the updated compliance timeline.
[Logo: Bank of Zambia]
Bank of Zambia OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
BOZ/EXEC/DGO/banksup/bp
October 28, 2016
CB Circular No. : 07/2016
To : All Heads of Commercial Banks and Financial Institutions
DEFERMENT OF THE DATE FOR FULL IMPLEMENTATION OF THE BANK OF ZAMBIA CORPORATE GOVERNANCE DIRECTIVES
The Bank of Zambia Corporate Governance Directives were promulgated on April 29, 2016, following their publication by Government Gazette Notice No. 237 of 2016. To this effect, banks and financial institutions were expected to be in full compliance with implementing the provisions by October 29, 2016.
However, following concerns that have been raised by a number of banks and financial institutions regarding some provisions of the Directives and potential implementation challenges, the Bank of Zambia wishes to advise that the deadline for full implementation has been deferred. The new date for the full implementation will be communicated by Circular in due course. In the meantime, please be guided that the Directives remain in force.
[Signature]
Bwalya K.E. Ng’andu (Dr) DEPUTY GOVERNOR – OPERATIONS
Cc Governor Deputy Governor – Administration Senior Director – Supervisory Policy Director – Bank Supervision Director – Non Banks Financial Institutions Supervision Director – Legal Services
Bank Square, Cairo Road P.O. Box 30080, Lusaka, Zambia Tel: 260-211-226844, 228888 Fax:260-211-237070 E-mail:dgo@boz.zm.Web: http://www.boz.zm