CENTRAL BANK OF THE COMOROS

REGULATION No. 19/2015/BCC/DSBR

RELATING TO CERTAIN ORGANIZATIONAL PROVISIONS

OF DECENTRALIZED FINANCIAL INSTITUTIONS (IFDs), IN APPLICATION OF

LAW No. 13-003/AU.

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Having regard to Law No. 80-08 of June 26, 1980, relating to currency and the role of the Central Bank of the Comoros in the control of banks and financial establishments, credit, and foreign exchange;

Having regard to Law No. 13-003/AU of June 12, 2013, regulating the activities of Financial Institutions, in its Articles 11 paragraph 2, 15, and 103;

Having regard to the OHADA uniform act relating to the law of cooperative societies dated December 15, 2010;

Having regard to the OHADA uniform act relating to the law of commercial companies and the Economic Interest Grouping dated April 17, 1997;

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Article 1:

IFDs may take all legal forms of companies established by the OHADA uniform acts relating to commercial companies and cooperative societies.

Regarding cooperative societies, only the form with a board of directors is compliant with Article 15 of the banking law.

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Article 2:

The provisions of this regulation shall enter into force as of its date of signature.

All provisions contrary to this regulation are hereby repealed.

However, IFDs have a period of one year from the date of entry into force of this regulation to achieve compliance.

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Moroni, November 30, 2015

The Governor Mzé Abdou Mohamed Chanfiou

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Place de France. BP 405 MORONI TEL: (269) 773 18 14 - (269) 773 10 02 – FAX: (269) 773 03 49 E-mail: secretariat@banque-comores.km Site: www.banque-comores.km