Regulatory Alerts2018-07-27
Instruction No. 001-DDI/2018 Governing the Procedures for Granting Approval as a Credit Information Bureau (CIB)
The Central Bank of Madagascar issued Instruction No. 001-DDI/2018 to establish the precise procedures and documentation required for entities seeking approval as Credit Information Bureaus (BICs). The regulation mandates that only public limited companies may apply, requiring a minimum capital of one billion Ariary and a non-interest-bearing guarantee deposit equivalent to 5% of that capital. It further outlines the complete application workflow, including committee review, suspensive conditions, data delocalization authorization, and ongoing compliance obligations such as capitalizing a code of conduct and maintaining updated registration records.
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