Regulatory Alerts2018-01-01
Board of Directors Decision No. (4) of 2018
The Financial Regulatory Authority (FRA) Board of Directors issued Decision No. (4) of 2018 to amend Decision No. (31) of 2015 regarding microfinance activities for associations and civil society institutions. The amendment introduces Articles 29 bis and 29 bis (1), which establish the regulatory framework and compliance conditions for these entities to utilize electronic payment systems for financing disbursement and collection. It mandates prior FRA approval, strict client consent and data retention protocols, quarterly reporting, and outlines procedures for application review and potential revocation of approval for non-compliance.
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