Regulatory Alerts2010-01-06
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Bank of Zambia Circular 01/2010 Calendar for Submission of Prudential Returns
The Bank of Zambia issued Circular 01/2010 to establish the specific due dates for the 2010 submission of monthly and quarterly prudential returns, financial statements, and service charges by commercial banks and non-bank financial institutions. The directive mandates that prudential returns be filed via the Risk Analysis Automation System while imposing daily penalties of K500,000 for delayed or incorrect prudential filings and K1,500,000 for financial statement violations. Additionally, the circular specifies semi-annual charge reporting for non-bank institutions and extends these submission deadlines and penalties to returns related to United Nations Security Council Resolution 1822.
BANK OF ZAMBIA
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
January 06, 2010
CB Circular No: 01/2010
To : All Commercial Banks All Non-Bank Financial Institutions
CALENDAR FOR SUBMISSION OF PRUDENTIAL RETURNS, FINANCIAL STATEMENTS AND CHARGES FOR FINANCIAL AND OTHER GENERAL SERVICES
Further to Circulars No. 1/98 and 4/00 dated 21 January 1998 and 15 May 2000 respectively, please be informed that the due dates for submission of Prudential Returns, Financial Statements and the Return for Financial and Other General Services Charges for 2010 are as follows: -
MONTHLY PRUDENTIAL RETURNS
| Month | Due Date |
|---|---|
| January | 8 February 2010 |
| February | 9 March 2010 |
| March | 12 April 2010 |
| April | 10 May 2010 |
| May | 8 June 2010 |
| June | 12 July 2010 |
| July | 10 August 2010 |
| August | 8 September 2010 |
| September | 8 October 2010 |
| October | 8 November 2010 |
| November | 8 December 2010 |
| December | 10 January 2011 |
CB Circular No: 01/2010 - 2 - January 06, 2010
QUARTERLY PRUDENTIAL RETURNS, FINANCIAL STATEMENTS AND THE RETURN FOR FINANCIAL AND GENERAL SERVICE CHARGES
| Quarter | Due Date |
|---|---|
| 1st Quarter | 12 April 2010 |
| 2nd Quarter | 12 July 2010 |
| 3rd Quarter | 8 October 2010 |
| 4th Quarter | 10 January 2011 |
The Prudential Returns should be submitted through the Risk Analysis Automation System (RAAS) of the Bank Supervision Application, while a soft copy of the Bank Charges return should be submitted to banksupervision@boz.zm. A penalty of K500,000.00 per return per day will be charged for any delayed submissions or incorrect Prudential and Charges Returns.
In the case of Quarterly Financial Statements, a penalty of K1,500,000.00 per return per day will be charged in any of the following circumstances: failure to submit the quarterly financial statements, failure to obtain Bank of Zambia approval prior to publication, the publication of financial statements using incorrect formats and the publication of incorrect information.
Please take note that non-bank financial institutions will continue to submit returns of financial and other general service charges on semi-annual basis, i.e., for charges existing as at 30th June and 31 December each year, as prescribed in NB Circular No.03/2008.
Further, kindly take note that the dates and penalties in respect of the submission of Prudential Returns in this circular (monthly or quarterly as the case may be) also apply to the submission of returns in respect of the United Nations Security Council Resolution 1822 (2008) on Al-Qaida, Usama Bin Laden and the Taliban.
P. P. Denny H Kalyalya (Dr) DEPUTY GOVERNOR – OPERATIONS
Bank Square, Cairo Road, P.O. Box 30080, Lusaka, Zambia. Tel: +260-211-226844 Fax: +260-211-237070 E-mail: dkalyaly@boz.zm. Web: http://www.boz.zm
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