RegAlert

Rule · BOZ · 28 Oct 2016

Deferment of Full Implementation Date for Bank of Zambia Corporate Governance Directives

governance

The Bank of Zambia has deferred the October 29, 2016 deadline for full implementation of its Corporate Governance Directives following reported concerns and potential compliance challenges from commercial banks and financial institutions. While the revised implementation date will be communicated in a subsequent circular, all existing directives remain fully enforceable during the extension period. Financial institutions must continue adhering to the promulgated provisions while preparing for the updated compliance timeline.

ZambiaBank of Zambia

[Logo: Bank of Zambia]

Bank of Zambia
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS

BOZ/EXEC/DGO/banksup/bp

October 28, 2016

CB Circular No. : 07/2016

To : All Heads of Commercial Banks and Financial Institutions

DEFERMENT OF THE DATE FOR FULL IMPLEMENTATION OF THE BANK OF ZAMBIA CORPORATE GOVERNANCE DIRECTIVES

The Bank of Zambia Corporate Governance Directives were promulgated on April 29, 2016, following their publication by Government Gazette Notice No. 237 of 2016. To this effect, banks and financial institutions were expected to be in full compliance with implementing the provisions by October 29, 2016.

However, following concerns that have been raised by a number of banks and financial institutions regarding some provisions of the Directives and potential implementation challenges, the Bank of Zambia wishes to advise that the deadline for full implementation has been deferred. The new date for the full implementation will be communicated by Circular in due course. In the meantime, please be guided that the Directives remain in force.

[Signature]

Bwalya K.E. Ng’andu (Dr)
DEPUTY GOVERNOR – OPERATIONS

Cc Governor
Deputy Governor – Administration
Senior Director – Supervisory Policy
Director – Bank Supervision
Director – Non Banks Financial Institutions Supervision Director – Legal Services

*

Bank Square, Cairo Road P.O. Box 30080, Lusaka, Zambia Tel: 260-211-226844, 228888 Fax:260-211-237070 E-mail:dgo@boz.zm.Web: http://www.boz.zm

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Directive dated 2016-04-29Not in RegAlertDirective dated 2016-04-29 — Not in RegAlertDeferment of FullImplementation Date for Bank …2016-10-28 · this documentDeferment of Full Implementation Date for Bank of Zambia Corporate Governance Directives (2016-10-28)Mentions (1)a document that mentions itopen the list below the graph ▾Mentions (1): a document that mentions it without changing it — open the list below the graph
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  • Directive dated 2016-04-29Not in RegAlert

    “The Bank of Zambia Corporate Governance Directives were promulgated on April 29, 2016, following their publication by Government Gazette Notice No. 237 of 2016.”

Mentions (1): 1 document mentions this one without changing it
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