Regulatory Alerts2015-01-01
Board of Trustees Decision No. (1) of 2015 Regarding Licensing Conditions and Requirements for Civil Society Associations and Institutions to Conduct Microfinance Activities Under Law No. (141) of 2014
The Financial Regulatory Authority's Board of Trustees issued Decision No. (1) of 2015 to establish licensing conditions and requirements for civil society associations and institutions to conduct microfinance activities under Law No. (141) of 2014. The decision mandates that applicants hold a ministry license, include financing activities in their bylaws, and appoint registered auditors from the 2016 fiscal year onward. It further outlines specific procedural requirements for temporary license holders to regularize their status by May 31, 2016, and categorizes institutions into three tiers with distinct governance, audit, and risk management obligations.
Share