Regulatory Alerts2008-02-12
Instruction No. IGR/2008 Defining the Conditions and Criteria for Bank Approval, Modalities for Acquisition or Extension of Shareholdings in Bank Capital, and Rules Regarding Bank Executives
The Central Bank of Mauritania issued Instruction No. IGR/2008 to establish the approval conditions, capital participation rules, and executive management regulations for banking institutions in Mauritania. The directive mandates a minimum six-billion-ouguiya capital, requires prior Monetary Policy Council authorization for bank establishment and major share acquisitions exceeding one-tenth of capital, and imposes strict integrity and competence criteria for bank executives. It further standardizes reporting obligations, branch development plans, and deposit guarantee contributions while granting the Central Bank explicit authority to withdraw approvals or oppose executive appointments.
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