Regulatory Alerts1996-02-22
Law No. 95-030 of February 22, 1996 on the Activity and Supervision of Credit Institutions
Issued by the Republic of Madagascar, Law No. 95-030 establishes the comprehensive regulatory framework for credit institutions operating within its territory, mandating that all such entities obtain approval from the Banking and Financial Supervision Commission and comply with defined capital, management residency, and auditing requirements. The legislation delineates institutional categories, restricts non-credit enterprises from conducting banking operations or using credit-related designations, and grants the Commission explicit authority to license, supervise, and withdraw approvals or impose disciplinary sanctions. It further codifies strict liquidation procedures, ensuring orderly asset distribution and creditor protection when an institution's approval is revoked or it enters bankruptcy.