Regulatory Alerts1999-11-23
Circular No. 002/99-CSBF Establishing Implementation Modalities for Article 52 of Law No. 95.030 on Penalty Payments
The Banking and Financial Supervision Commission (CSBF) establishes the implementation rules for Article 52 of Law No. 95.030, mandating a daily penalty payment of two million (2,000,000) francs for credit institutions that fail to comply with regulatory prescriptions, information requests, inspections, or statutory deadlines. The Central Bank's relevant department initiates proceedings by notifying the CSBF of the infringement type, delay duration, and applicable regulations, after which the CSBF issues a final collegial decision as an administrative court. This penalty decision is formally notified to the non-compliant institution with a payment order and remains subject to an annulment appeal before the Supreme Court's Administrative Chamber without suspending its enforceability.