Regulatory Alerts2018-02-15
Added · Updated
Instruction No. 001-DDI/2019 Setting the Application Modalities of Law No. 2017-045 of February 15, 2018 Governing the Activity and Supervision of Credit Information Bureaus
This instruction establishes the application rules for Law No. 2017-045 regarding Credit Information Bureaus (BICs) in Madagascar, defining data suppliers, supervision procedures, and data transfer obligations. It mandates monthly reporting to the Central Bank of Madagascar (BFM) within 10 days, requires BICs to obtain prior homologation for tariff grids, and sets strict timelines for data transfers upon cessation of activities. The document also outlines data subject rights, including consent requirements, complaint handling within 20 working days, and adaptation deadlines for credit institutions to integrate with BIC systems.
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