Circular No. 15/2018 on the Approval of Managers and Directors of Credit Institutions Issued Pursuant to Law No. 1/17 of August 22, 2017 Governing Banking Activities

BANQUE DE LA REPUBLIQUE
DU BURUNDI

THE GOVERNOR

CIRCULAR NO. 15/2018 ON THE APPROVAL OF MANAGERS AND DIRECTORS OF CREDIT INSTITUTIONS ISSUED PURSUANT TO LAW NO. 1/17 OF AUGUST 22, 2017 GOVERNING BANKING ACTIVITIES

Having regard to Law No. 1/34 of December 2, 2008 establishing the Statutes of the Banque de la République du Burundi, particularly Articles 7 (paragraphs 4 and 6) and 8; Having regard to Law No. 1/17 of August 22, 2017 governing banking activities, particularly Articles 3, 15, 17, 28, 29, 30, 31, 32 and 47, 49 and 50; Having reviewed Circular No. 15/09 on the approval of Managers and Directors of banks and financial institutions; The Banque de la République du Burundi, hereinafter referred to as the “Central Bank”, enacts:

Article 1: Purpose

This circular aims to specify the procedure, documents and conditions required for the approval of Managers and Directors of credit institutions.

Article 2: Definitions

For the purposes of this circular, the following terms are defined as follows:

Director, any person who, approved by the Central Bank, is a member of the Board of Directors of a credit institution;

Manager, any person who, approved by the Central Bank, is responsible for the daily management of the [establishment]