Regulatory Alerts2014-01-01
Board of Trustees Decision No. 1 of 2016 on Conditions, Rules, and Procedures for Regularizing Microfinance Activities of Associations and Civil Institutions Prior to Law No. 161 of 2016
The General Authority for Financial Supervision's Board of Trustees issued Decision No. 1 of 2016 to establish the conditions, rules, and procedures for regularizing the status of associations and civil institutions that conducted microfinance activities prior to the enactment of Law No. 161 of 2016. The decision mandates that eligible entities obtain a temporary license from the newly created Microfinance Activity Supervision Unit by submitting specific statutory, financial, and compliance documents within a two-week review period. It further stipulates that temporary licenses remain valid only until May 13, 2015, by which time all institutions must fully regularize their operations in compliance with the new regulatory framework.
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