Regulatory Alerts2008-11-14
Added · Updated
Instruction N°001/08-CSBF on Financial Transparency of Microfinance Institutions
Instruction N°001/08-CSBF establishes financial transparency rules for Microfinance Institutions (MFIs) in Madagascar, mandating the submission of accounting statements, prudential indicators, and statistical data to the CSBF General Secretariat. It requires MFIs to transmit annual accounts and auditor reports one month before the Ordinary General Meeting, which must convene by March 31, and mandates the publication of approved accounts in the Official Journal and a legal newspaper within 30 days. Non-compliance triggers sanctions under laws n° 95-030 and n° 2005-016, with initial declarations covering 2008 periodic statements and retrospective data for 2005–2007 due by the end of the first quarter of 2009.
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