Decision No. 016/2019 - CSBF Granting a Currency Exchange Office License in the Name of "Activa Change" to Activa SARL

CENTRAL BANK OF MADAGASCAR
BANKING AND FINANCIAL SUPERVISION COMMISSION

DECISION NO. 016/2019-CSBF

GRANTING A CURRENCY EXCHANGE OFFICE LICENSE
IN THE NAME OF « ACTIVA CHANGE » TO THE COMPANY « ACTIVA SARL »

The President of the Banking and Financial Supervision Commission (CSBF);

Having regard to Law No. 95-030 of 22 February 1996 on the activity and supervision of credit institutions, as amended by Law No. 2017-044 of 25 January 2018;

Having regard to Law No. 2016-004 of 29 July 2016, supplemented by Law No. 2016-057 of 2 February 2017, establishing the Statutes of the Central Bank of Madagascar;

Having regard to Decree No. 2019-2069 of 6 November 2019 appointing the Governor of the Central Bank of Madagascar;

Having regard to Order No. 2973/95 of 13 June 1995 on the opening of currency exchange offices, as amended by Order No. 5951/96 of 16 November 1996;

Having regard to the application for a currency exchange office license in the name of « ACTIVA CHANGE » submitted by the managing director on 12 February 2019, as well as the supplementary information provided on 16 May and 23 August 2019;

Considering that the company « ACTIVA SARL » complies with the applicable legal and regulatory provisions, the license may be granted;

Pursuant to the provisions of Article 8 of the CSBF Internal Regulations, which empowers its President to take decisions regarding approval;

DECIDES

ARTICLE 1
Pursuant to Article 4 (new) of Order No. 5951/96 of 16 November 1996, the currency exchange office license in the name of « ACTIVA CHANGE » is granted to the company « ACTIVA SARL », whose registered office is located at lot II 220 Mahalavolona Andoharanofotsy.

In this capacity, the company « ACTIVA SARL » is authorized to routinely carry out the operations stipulated in Article 2 of Order No. 2973/95 of 13 June 1995, including:

• the purchase and sale of foreign currencies in cash or traveler's checks,
• the collection of foreign currency checks drawn on bank accounts and bank checks.

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ARTICLE 2
This license is issued subject to the fulfillment of the following suspensive conditions:

• the posting of the guarantee bond with the Central Bank of Madagascar;
• the submission of updated administrative documents for « ACTIVA SARL » (Articles of Association, extract from the commercial register, statistical and tax cards), reflecting the currency exchange office activity;
• the opening of bank accounts in Ariary and foreign currencies in the name of « ACTIVA CHANGE », with the provision of account details;
• the implementation of the project in accordance with the license application file.

The company « ACTIVA SARL » is required to fulfill the conditions to which the license is subject within a period of three (3) months from the notification of this decision.

The fulfillment of these conditions will be subject to an on-site verification prior to the actual opening of the currency exchange office.

If the implementation of the project is not justified by the end of the prescribed period and if no extension request is submitted before the expiration of this period, the decision shall become null and void.

ARTICLE 3
This license shall take effect from the date of the notification letter to be sent to the applicant to acknowledge the fulfillment of the conditions stipulated in Article 2 above.

A copy of this license must be displayed and made available to the public at all locations where the currency exchange office operates.

Done in Antananarivo, on 31 DEC 2019

For the Banking and Financial Supervision Commission, The President,

GOVERNOR
HENRI EDMOND RABARIJOHN