Regulatory Alerts2023-09-07
Added · Updated
Instruction No. 55 on Market Discipline for Credit Institutions and Financial Companies
The Central Bank of Congo mandates credit institutions and financial companies to publish a 'Pillar III Report' containing quantitative financial data and qualitative risk management, governance, and strategy disclosures to promote market discipline. The regulation specifies that annual reports must be published by April 30 of the following year and semi-annual reports within three months of the reporting date, with specific tables required for different entity types such as banks, microfinance cooperatives, and electronic money establishments. Supervisory authorities may require corrections for omissions or inaccuracies, and non-compliance subjects entities to legal sanctions.
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