Regulatory Alerts2020-06-30
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Explanatory Note on the Regulation on the Procedure and Conditions for Granting Permission for Banking Activities
The Regulation aligns licensing procedures with the laws on the Central Bank and banking activities, consolidating previous normative acts into a single document. It establishes transparent criteria and evaluation mechanisms for bank founders, board members, and key employees, while introducing a simplified initial permission process for foreign banks and international financial institutions investing in the national system. The Regulation covers the entire lifecycle of banking entities, including establishment, licensing, structural changes, and liquidation, and enters into force on October 1, 2020.
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