Regulatory Alerts2023-01-01
Banking and Financial Institutions (Corporate Governance) (Amendment) Regulations 2023
The Bank of Tanzania, through Governor Emmanuel M. Tutuba, issued Government Notice No. 454 to amend the Banking and Financial Institutions (Corporate Governance) Regulations of 2021. The amendment modifies the definitions of executive and non-executive directors by removing subsidiary or affiliate references and substituting "director" with "person", respectively. It further mandates that regulatory suspensions remain in effect until the affected bank, financial institution, director, officer, or employee fully rectifies the underlying non-compliance.
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