Regulatory Alerts2007-05-11
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Instruction No. 003/2007-CSBF of May 11, 2007 on the Approval of Level 2 and Level 3 Microfinance Institutions
This instruction establishes the procedures and documentation requirements for the individual and collective approval of Level 2 and Level 3 microfinance institutions by the Banking and Financial Supervision Commission (CSBF). It mandates that applicants submit specific dossiers containing information on promoters, capital providers, and executives, and defines the conditions for collective approval of networks with a central body. The document sets a one-month decision period for the Commission, requires the fulfillment of suspensive conditions such as capital release and legal registration before approval becomes effective, and grants existing non-approved entities one year to apply for approval under Law No. 2005-016.
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