Regulatory Alerts2023-08-15
Instruction No. 53 on Approval Conditions for Financial Companies, Their Directors, and Statutory Modifications
The Central Bank of the Congo issued Instruction No. 53 to establish the approval conditions, required documentation, and procedural timelines for financial companies, their shareholders, directors, and sensitive function managers. The regulation mandates prior authorization for statutory modifications, mergers, capital changes, and strategic decisions, while defining strict governance structures, risk management frameworks, and reference shareholder obligations. It further standardizes the application dossier requirements, sets a 90-day decision window, and outlines specific approval criteria for domestic and foreign entities operating in the Democratic Republic of Congo.
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