Regulatory Alerts2016-11-03
Central Bank of Seychelles (Credit Information System) (Amendment) Regulations 2014
The Central Bank of Seychelles, in consultation with the Minister of Finance, Trade and Investment, issued these 2014 regulations to amend the Credit Information System Regulations of 2012. The amendments require participating institutions to update negative credit information when facilities become non-performing or are paid, extend reporting periods from one or two months to five years, and shift data submission frequencies from monthly to yearly. Additionally, the regulations standardize key terminology by replacing references to applicants and guarantors with customers and requestors across multiple regulatory clauses.
{27th ,October 2014] Supplement to Official Gazette S.l. 91 of 2014 CENTRAL BANK OF SEYCHELLES ACT, 2004 (Act 12 of 2004) Central B:a'nkof Seychelles {Credit Information . System) (Amendment) Regulations, 2014 In the exercise of the powers conferred by sections 32A and 50oftheCentra:l Bank ·ofSeycheHes Act 2004, the Central Book .of Seychelles in consultation w :]fh the Minister of Flnanc:e, Trade and Investment hereby makes the following Regulations - 1.. These regu~ations ,may he ,cited ·as the Central Bank of SeycheHes (Credit Information System) (Amendment) R~gt1lations, 2014. 2.. The Central Bank ,ofSeycheHes ,(Credit Information Sy~em) Regulations, 2012 is amende cl as follows- (a) by repealing in regulation 6, sabregulation (2) and substituting therefor the following subregulation - "(2) A participating i1[statution shall update the CIS of any negative information- ( a) when the credit facility becomes a non-perfonningcredit; and (b) when outstanding amount is paid, partly or fully."; (b) in regulation 8( 1)- (i) by repealing in paragraph (a) the words "one month", and substituting therefor the words ~'five years"; 1755 Citation Amendment of S.L 10 of2012
1756 Supplement toOjJicial Gazette [27th October 2014] (iz) by repealing in paragraph (b) the words "two years" , and substituting therefor the words "five years"; (c) by repealing in regulation 10(2) the words "Applicants or guarantors" and substituting therefor the words "a customer of a participating institution"· , ( d) by repealing in regulations 10(3) and (4) the words "applicant or guarantor" and substituting therefor the word "requestor"; (e) in regulation 12 (3)- (i) by repealing the word "monthly", and substituting therefor the word "yearly"; (ii) by repealing the word "month" and substituting therefor the word "year". MADE this 22nd day of October, 2014. CAROLINE ABEL GOVERNOR CENTRAL BANK OF SEYCHELLES .