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2023-01-01

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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Banking and Financial Institutions (Corporate Governance) (Amendment) GOVERNMENT NOTICE NO . 454 published on 14/07/2023 THE BANKING AND FINANCIAL INSTITUTIONS ACT, (CAP. 342) REGULATIONS (Made under section 71) THE BANKING AND FINANCIAL INSTITUTIONS (CORPORATE GOVERNANCE) (AMENDMENT) REGULATIONS, 2023 Citation GN. No. 767 of 2021

  1. These Regulations may be cited as the Banking and Financial Institutions (Corporate Governance) (Amendment) Regulations, 2023 and shall be read as one with the Banking and Financial Institutions (Corporate Governance) Regulations 2021 hereinafter referred to as the “principal Regulations”. Amendment of regulation 2
  2. The principal Regulations are amended in regulation 2, by - (a) deleting the words “or any its subsidiaries or affiliates” appearing in the definition of the term “executive director”; and (b) deleting the word “director” appearing in the definition of the term “non-executive director” and substituting for it the word “person”. Amendment of regulation 53
  3. The principal Regulations are amended in regulation 53 by adding immediately after subregulation (2) the following- “(3) The suspension referred to under subregulation (1) shall continue to be in force until where the bank, financial institution, director, officer or employee has rectified the non- compliance which led to the suspension.”. Dar es salaam, EMMANUEL M. TUTUBA 6th July, 2023 Governor
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