Regulatory Alerts2016-01-01
Financial Services (Corporate Governance Requirements for Savings and Credit Cooperative Societies) Directive 2016
Issued by the Registrar of Financial Institutions in Malawi under the Financial Services Act, this Directive establishes mandatory corporate governance standards for all licensed Savings and Credit Cooperative Societies. It mandates specific board compositions, requires management to meet minimum academic and experience qualifications, and establishes independent internal and external audit functions overseen by a supervisory committee. The regulation further enforces strict fit-and-proper tests for all nominees, mandates comprehensive ethical codes and risk management frameworks, and authorizes the Registrar to impose substantial monetary and administrative penalties for non-compliance.
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