Regulatory Alerts1999-11-01
Added · Updated
Law No. 15/99 Regulating the Establishment and Exercise of Activities of Credit Institutions and Financial Companies
The Assembly of the Republic of Mozambique enacted Law No. 15/99 to regulate the establishment and operation of credit institutions and financial companies. The law defines specific entity types, including banks, leasing firms, and brokerage companies, and mandates that they operate as public limited companies with minimum share capital requirements. Authorization for constitution is granted by the Minister of Planning and Finance following consultation with the Bank of Mozambique, which processes applications within ninety days. The legislation also establishes strict criteria for the propriety and experience of administrative body members and outlines grounds for the revocation of operating licenses.