Regulatory Alerts2020-01-01
Law No. 152 of 2020
The regulatory authority issued Law No. 152 of 2020 to establish comprehensive governance, licensing, and operational frameworks for financial institutions and market participants. The law mandates strict compliance standards, defines key regulatory powers, and outlines enforcement mechanisms to ensure market stability. It requires all licensed entities to adhere to prescribed reporting, capital adequacy, and corporate governance obligations under the oversight of the designated supervisory body.
Law No. 152 of 2020 Article 1 The Central Bank / Regulatory Authority shall be governed by the provisions of this law. Article 1 The objective of this law is to regulate the establishment, operation, and supervision of financial institutions and market entities. Article 2 Definitions: The terms used in this law shall have the meanings assigned to them below, unless the context indicates otherwise: (1) "The Authority" means the regulatory body designated under this law. (2) "Licensed Entity" refers to any institution or company operating under a valid license. (3) "Regulatory Framework" encompasses all rules, regulations, and directives issued by the Authority. Law No. 147 of 2013 (4) "Compliance" denotes adherence to all applicable legal and regulatory requirements. The Authority shall have the power to issue necessary regulations and directives. Article 5 It shall issue executive regulations within one hundred twenty (120) days from the date of this law's publication. Article 6 The Authority may delegate its supervisory functions to authorized committees or designated officers. Article 7 Article 8 Article 9 Article 10 Article 11 Article 12 Law No. 152 of 2020 Article 13 Article 14 Article 15 Article 16 Article 17 Article 18 Article 19 Article 20 Article 21 Article 22 Article 23 Article 24 Article 25 Article 26 Article 27 Article 28 Article 29 Article 30 Article 31 Article 32 Article 33 Article 34 Article 35 Article 36 Article 37 Article 38 Article 39