Regulatory Alerts2004-12-10
Added · Updated
Decree No. 56/2004 Approving the Regulations of the Law on Credit Institutions and Financial Companies
The Council of Ministers of Mozambique approved the Regulations of the Law on Credit Institutions and Financial Companies, revoking Decrees No. 45/94 and No. 11/2001. The regulations establish procedures for authorization, registration, and sanitation measures, requiring a 5% non-withdrawable prior deposit for new institutions and mandating a three-month adjustment period for existing entities. Additionally, the decree specifies that financial leasing contracts signed before entry into force are exempt from Articles 37 to 47 unless otherwise agreed.