Regulatory Alerts2024-01-01
Regulation No. 001-2024/BCC/DRRB on the Conditions and Procedures for the Preparation of Recovery Plans by Financial Institutions
The Central Bank of the Comoros issued Regulation No. 001-2024/BCC/DRRB to establish the conditions and procedures for financial institutions to prepare and submit recovery plans. The regulation mandates that credit institutions with a total balance sheet exceeding 10% of the sector's total must develop these plans, which must exclude state financial support assumptions, and submit them biennially by June 30. The Central Bank retains the authority to evaluate these plans, request modifications, and require updates when significant changes occur, with the first submission deadline set for June 30, 2025.
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