Regulatory Alerts2018-02-15
Law No. 2017-045 Governing the Activity and Supervision of Credit Information Bureaus
The Central Bank of Madagascar issued Law No. 2017-045 to establish a regulatory framework for Credit Information Bureaus (CIBs), mandating their approval, data collection from financial and public entities, and strict supervision to enhance credit access, prevent debt overhang, and protect consumer data rights. The law defines CIBs as joint-stock companies required to maintain minimum capital, implement robust security protocols, and operate under explicit client consent while ensuring reciprocity and confidentiality in credit data sharing. It grants the Central Bank comprehensive powers to grant, suspend, or withdraw approvals, conduct off-site and on-site audits, enforce sanctions, and coordinate with other supervisory bodies to ensure systemic financial stability.