Regulatory Alerts2004-07-21
Added · Updated
Law No. 9/2004 Amending Law No. 15/99 on Credit Institutions and Financial Companies
The Assembly of the Republic amended Articles 1, 2, 3, 4, 5, 6, 7, 10, 11, 12, 13, 14, 15, 17, 18, 19, 20, 21, 23, 24, 32, 40, 41, 49, 51, 52, 55, 59, 65, 66, 68, 73, 77, 78, 79, 81, 83, 84, 106, 107, 108, 110, 116, 117, 118, 119, and 120 of Law No. 15/99. The amendments introduce definitions for entities such as electronic money institutions, microbanks, and exchange houses, and establish a 10% threshold for qualified participations. The Bank of Mozambique is authorized to grant constitutions for microbanks with exemptions from certain capital requirements based on their size and scope.