Regulatory Alerts2019-01-01
The Banking Act 2019
Enacted by the Sierra Leonean Parliament and administered by the Central Bank, this legislation establishes a comprehensive regulatory framework for licensing, supervising, and resolving banks and financial holding companies. The Act mandates strict capital adequacy, liquidity maintenance, corporate governance standards, and exposure limits while granting the Central Bank broad investigative powers to impose sanctions and enforce prompt corrective actions. It introduces robust resolution and receivership mechanisms, including official administration, bail-in powers, and deposit protection, to safeguard depositor interests and maintain systemic financial stability during institutional failures.
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