Regulatory Alerts1997-06-02
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INSTRUCTION N° 003/97-CSBF OF 02 JUNE 1997 ON CAPITAL MODIFICATIONS OF CREDIT INSTITUTIONS, OTHER ELEMENTS CONSIDERED FOR APPROVAL, AND CONDITIONS FOR APPOINTMENT OF MANAGEMENT AND STATUTORY AUDITORS
Instruction No. 003/97-CSBF establishes procedures for credit institutions in Madagascar regarding capital modifications, shareholder participation thresholds, and the appointment of management and statutory auditors. It requires prior authorization from the CSBF for any acquisition or extension of shareholdings exceeding 20%, or crossing 33%, 50%, or 66% thresholds, and mandates notification for acquiring one-tenth of capital. The regulation also imposes reporting obligations on institutions to disclose shareholder lists and financial data, sets requirements for the appointment of responsible managers and auditors, and defines penalties for non-compliance with these notification and approval duties.
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