Regulatory Alerts2009-04-14
COBAC Regulation R-2009/02 on Credit Institution Categories, Legal Forms, and Authorized Activities
The Central African Monetary Commission (COBAC) issued Regulation R-2009/02 to standardize the classification, legal structure, and permissible activities of credit institutions across Central African states. The regulation defines banking operations, establishes thresholds for public funds and employee contributions, and mandates that credit institutions operate as public limited companies with a board of directors unless they are foreign branches. It categorizes approved entities into universal banks, specialized banks, financial institutions, and finance companies, each with distinct operational scopes, while repealing conflicting national provisions and taking effect on June 1, 2009.
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