CENTRAL BANK OF THE COMOROS

REGULATION No. 004 /2015/BCC/DSBR

RELATING TO THE MINIMUM SOCIAL CAPITAL OF FINANCIAL INSTITUTIONS IN APPLICATION OF LAW 13-003/AU.

Having regard to Law 80-08 of June 26, 1980, relating to currency and the role of the Central Bank of the Comoros in the control of banks and financial establishments, credit, and foreign exchange;

Having regard to Law No. 13-003/AU of June 12, 2013, regulating the activities of Financial Institutions in its articles 12, 47, 48, and 103;

Having regard to Law 12-008/AU of June 28, 2012, on the fight against money laundering and the financing of terrorism;

Having regard to Law 12-011/AU of June 28, 2012, on the regulation and organization of leasing;

THE GOVERNOR OF THE CENTRAL BANK OF THE COMOROS

Sets the rules relating to the constitution of the minimum social capital of financial institutions defined by Law 13-003/AU.

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Article 1:

The amount of the minimum social capital provided for in Article 47 is fixed as follows:

For a credit institution:

• A bank: One billion Comorian francs (1,000,000,000 KMF)
• A Decentralized Financial Institution (DFI): a) For DFIs unions: Five hundred million Comorian francs (500,000,000 KMF). b) For a DFI affiliated to a network: Fifty million Comorian francs (50,000,000 KMF) c) For a DFI not affiliated to a network: Two hundred million Comorian francs (200,000,000 KMF)
• A Financial Company: Three hundred million Comorian francs (300,000,000 KMF)
• A Specialized Financial Institution: Three hundred million Comorian francs (300,000,000 KMF)

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For a financial intermediary:

• Payment establishment, manual money changer, or other intermediary in banking operations or related operations: Twenty-five million Comorian francs (25,000,000 KMF)
• For an electronic money establishment, the Central Bank will fix by regulation the amount of the minimum social capital applicable.

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Article 2:

The minimum social capital of financial institutions must be fully paid up on the date of their approval in accordance with Article 12 of Law 13-003/AU.

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Article 3:

Any financial institution must be able to justify at any time that its core own funds are at least equal to the minimum social capital defined in Article 1 of this regulation.

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Article 4:

The provisions of Article 1 of this regulation do not concern credit institutions approved at the time of its entry into force, whose Core Own Funds are at least equal to the amount of minimum capitals fixed for each category of establishment.

For DFI networks and their affiliated caisses approved at the time of the entry into force of this regulation, the Central Bank will fix by circular the amount of the minimum social capital applicable.

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Article 5:

Financial institutions approved that do not respect the provisions of this regulation on the date of its entry into force must present to the Central Bank of the Comoros a conformity plan no later than June 30, 2015.

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Article 5:

This regulation enters into force as of its date of signature.

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Moroni, January 28, 2015

Mzé Abdou Mohamed Chanfiou

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