Regulatory Alerts2018-01-01
Circular Letter No. 002 2018 BCC DSBR on the Submission of Periodic Financial Statements
The Central Bank of the Comoros issued Circular Letter No. 002 2018 to mandate that credit institutions submit periodic financial statements via electronic transmission or digital media rather than paper formats. This requirement applies to declarations finalized from September 2018 onwards, with corrected versions containing audited figures required by May 31. The circular entered into force on October 3, 2018, replacing previous paper-based submission obligations.
BANQUE CENTRALE DES COMORES CIRCULAR LETTER NO. 002 2018/BCC/DSBR SETTING THE PROCEDURES FOR THE SUBMISSION OF PERIODIC FINANCIAL STATEMENTS OF CREDIT INSTITUTIONS
Having regard to Law 80-08 of June 26, 1980, relating to currency and the role of the Central Bank of the Comoros in the control of banks and financial institutions, credit, and foreign exchange;
Having regard to Law No. 13-003/AL of June 12, 2013, regulating the activities of Financial Institutions, particularly Articles 12, 47, 48, and 103;
Having regard to Regulations No. 002, 003, 004, 005, 006, 007, 009, 010, 011, 012/BCC/DSBR;
Having regard to Circular Letter No. 001/2017/BCC/DSBR regarding the deadline for the submission of income statements by credit institutions;
The GOVERNOR OF THE CENTRAL BANK OF THE COMOROS
Sets the procedures for the transmission of periodic financial statements by credit institutions.
Article 1:
From the reporting statements finalized at the end of September 2018, subject credit institutions are required to declare their reporting statements via electronic transmission to the Banking Supervision and Regulation Directorate.
The periodic financial statements provided for by current regulations, and notably in the aforementioned regulations, must be transmitted to the banking supervision email address: supervision.bancaire@banque-comores.km, or failing that, submitted on computer media (CD-ROM or USB key).
Without prejudice to the formal obligations provided for in the aforementioned regulations, the electronic transmission of reporting statements will replace paper format declarations as of this date.
Paper format declarations may continue to be used on an exceptional basis with the express authorization of the Banking Supervision and Regulation Directorate.
Place de France, BP 405 MORONI TEL: (269) 773 18 14 - (269) 773 10 02 - FAX: (269) 773 03 49 E-mail: secretariat@banque-comores.km Site: www.banque-comores.km
Article 2:
Credit institutions are required to resend, where applicable, a corrected version of their financial statements with the figures audited by their respective Statutory Auditors, and notably their income statement finalized on December 31.
The corrected version of the financial statements must reach the Central Bank within the same deadlines as the Statutory Auditors' report, namely no later than May 31.
This corrected version of the financial statements will be submitted to the Central Bank, according to the procedures described in Article 1 of this circular and according to the accepted declaration formats.
Article 3:
The provisions of this circular letter enter into force as of its date of signature.
Moroni, October 3, 2018
1
The Governor, Dr. Younoussa
Place de France, BP 405 MORONI TEL: (269) 773 18 14 - (269) 773 10 02 - FAX: (269) 773 03 49 E-mail: secretariat@banque-comores.km Site: www.banque-comores.km