Regulatory Alerts2015-02-03
Regulation 012 on the Implementation of the Effective Global Rate for Credit Operations by Credit Institutions
The Governor of the Central Bank of the Comoros issued Regulation 012/2015 to mandate the calculation and disclosure of the Effective Global Rate (TEG) for all credit operations by credit institutions. The regulation defines the TEG as the annual actuarial rate reflecting the total cost of credit, including all direct and indirect fees, commissions, and mandatory insurance premiums. It establishes strict requirements for TEG disclosure in credit offers and contracts, outlines the mathematical methodology for calculation, and imposes disciplinary sanctions for non-compliance or erroneous calculations.
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