Decision No. D/2022/0109/CAM of 19 October 2022 on the Limitation of Executive Terms in Financial Institutions

REPUBLIC OF GUINEA

APPROVALS COMMITTEE

DECISION NO. D/2022/0109/CAM of 19 October 2022 ON THE LIMITATION OF THE TERMS OF OFFICE OF FINANCIAL INSTITUTION EXECUTIVES

THE GOVERNOR

Having regard to Law No. L/2014/016/AN of 02 July 2014 establishing the Central Bank of the Republic of Guinea;

Having regard to Law No. L/2017/AN of 08 June 2017, repealing Law No. L/2016/AN of 09 November 2016, itself amending Law No. L/2014/016/AN of 02 July 2014 establishing the Central Bank of the Republic of Guinea;

Having regard to Law No. L/2013/060/CNT of 12 August 2013 on Banking Regulation in the Republic of Guinea, particularly Article 19;

Having regard to Ordinary Law No. L/2017/031/AN on Inclusive Financial Institutions, particularly Articles 23 and 163;

Having regard to Law No. L/2016/034/AN establishing the Insurance Code of the Republic of Guinea, particularly Articles 382, 385, 386 and following;

Having regard to Decree No. D/2021/0145/PRG/CNRD of 25 November 2021 on the appointment of the Governor of the Central Bank of the Republic of Guinea (BCRG);

Having regard to the summary note from the Secretariats dated 10 October on the Limitation of the Term of Office of Financial Institution Executives in the Republic of Guinea;

Having regard to the Minutes of the 64th Joint Meeting of the Approvals Committee for Credit Institutions in the "Bank" or "Financial Institution" category, the Approvals Committee for Inclusive Financial Institutions, and the Approvals Committee for the Insurance category.

DECIDE :

TITLE I: OBJECT AND SCOPE

Article 1: Object

This Decision aims to set the limit on the term of office for Executives of Financial Institutions in the Republic of Guinea, in application respectively of Article 19 of Law No. L/2013/060/CNT of 12 August 2013 on Banking Regulation, Articles 23 and 163 of Ordinary Law No. L/2017/031/AN on Inclusive Financial Institutions, and Articles 382, 385, 386 and following of the Insurance Code of the Republic of Guinea.

Article 2: Scope of Application

The provisions of this Decision apply to all natural persons serving as Executives in Financial Institutions in the Republic of Guinea. These include notably:

• General Managers or Deputy General Managers of Financial Institutions;
• Deputy General Managers or Assistant General Managers of Financial Institutions.

TITLE II: TERM OF OFFICE OF EXECUTIVES

Article 3: The term of office for the natural persons mentioned above, serving as Executives in Financial Institutions, is set at two (02) years and is renewable.

However, these provisions do not apply to terms in office that do not exceed two (2) years from the effective date of this Decision.

Article 4: The renewal of an approval is subject to the compliance by Financial Institution Executives with all applicable legal or regulatory provisions.

Article 5: Financial Institutions are required to submit the renewal application file to the Central Bank no later than four (4) months before the expiration of the term.

Article 6: The provisions of this Decision are without prejudice to the Approvals Committee's ability to withdraw or restrict an Executive's approval at any time, when deemed necessary.

Article 7: This Decision, which takes effect from its signature date, shall be published wherever necessary.

[Signature]
Dr. Karamo KABA
Chairman of the Approvals Committee