Regulatory Alerts2003-01-01
Financial Institutions (Ancillary Financial Service Providers) Licensing Requirements Regulations 2003
Issued by the Central Bank of Lesotho under the Financial Institutions Act 1999, these regulations establish comprehensive licensing criteria and supervisory frameworks for ancillary financial service providers. Applicants must demonstrate transparent ownership structures, fit and proper directors, a minimum paid-up capital of M250,000, and a robust business plan to ensure overall market viability. The framework mandates a structured application process resulting in a one-year license, requiring timely operational commencement, continuous reporting, and strict adherence to compliance standards to prevent refusal or revocation.
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