Regulation 016 on the Approval of Financial Institutions

CENTRAL BANK OF THE COMOROS

REGULATION No. 16/2015/BCC/DSBR

RELATING TO THE APPROVAL OF FINANCIAL INSTITUTIONS, IN APPLICATION OF LAW No. 13-003/AU. ------------------------------------------------------------------------------------------------------------------

Having regard to the statutes of the Central Bank of the Comoros;

Having regard to Law No. 13-003/AU of June 12, 2013, regulating the activities of Financial Institutions, specifically Articles 18 to 20 and 103;

Having regard to Law No. 12-011/AU of June 28, 2012, regulating and organizing leasing;

Having regard to Law No. 12-008/AU of June 28, 2012, combating money laundering and the financing of terrorism;

Having regard to Law No. 80-08 of June 26, 1980, relating to currency and the role of the Central Bank of the Comores in the control of banks and financial establishments, credit, and foreign exchange;

Having regard to Decree No. 15-026/PR on payment systems, means, and incidents;

Having regard to Decree No. 87-005/PR regulating financial relations between the Comoros and abroad;

THE GOVERNOR OF THE CENTRAL BANK OF THE COMOROS

Sets the conditions for the approval of financial institutions defined in Law No. 13-003/AU.

Article 1:

The application for approval must be addressed to the Central Bank of the Comoros by a duly authorized representative of the applying company.

The application for approval must be prepared in accordance with the annex to this Regulation.

Place de France. BP 405 MORONI
TEL: (269) 773 18 14 - (269) 773 10 02 – FAX: (269) 773 03 49 E-mail: secretariat@banque-comores.km Website: www.banque-comores.km

Article 2:

Upon submission of an application for approval, file and procedural fees must be paid by the applying company.

These fees are modulated according to the type of approval sought from the Central Bank:

• Five hundred thousand francs for the opening of a credit institution, an investment company, or an electronic money institution;
• Two hundred fifty thousand francs for other financial institutions.

A receipt of the file submission is issued upon receipt of the application for approval, against payment of the sum fixed in the preceding paragraph.

The date of the receipt starts the clock for the processing period of the application.

Article 3:

The Central Bank may request any additional information or supporting documents it deems necessary from the applying company. If necessary, such a request is made in writing and accompanied by a response deadline explicitly indicated.

At the end of the aforementioned deadline, in the absence of obtaining the expected elements, the Central Bank may consider, after formally putting the applying company on notice, that the application for approval is left without follow-up.

Article 4:

In addition to Article 19 of Law No. 13-003/AU of June 12, 2013, the Central Bank has a maximum deadline of three years to make a final decision on an application for approval.

The absence of a response does not constitute implicit issuance of the approval.

Article 5:

Any approved institution is obligated to mention, on all its official documents intended for third parties, its registration in the register of financial institutions under its category, its share capital, its registered office, and its official denomination.

Article 6:

The provisions of this Regulation enter into force as of its date of signature.

Moroni, November 30, 2015

Mzé Abdou Mohamed Chanfiou

Place de France. BP 405 MORONI
TEL: (269) 773 18 14 - (269) 773 10 02 – FAX: (269) 773 03 49 E-mail: secretariat@banque-comores.km Website: www.banque-comores.km