Regulatory Alerts2019-10-02
Instruction No. 001-DDI/2019 Setting the Application Modalities of Law No. 2017-045 of February 15, 2018 Governing the Activity and Supervision of Credit Information Bureaus
Issued by the Governor of the Central Bank of Madagascar, this instruction establishes the detailed application rules for Law No. 2017-045 governing Credit Information Bureaus (BICs) in Madagascar. It mandates that supervised and non-supervised entities submit credit data, requires BICs to file monthly reports and certified financial statements with the central bank, and subjects all service tariffs to prior regulatory approval. Furthermore, it codifies data subject consent and access rights, standardizes complaint resolution timelines, and sets strict deadlines for system adaptation and database transfers upon a BIC's cessation of operations.
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