Regulation 017 on the Approval of Responsible Executives of Financial Institutions

REGULATION No. 17/2015/BCC/DSBR

RELATING TO THE APPROVAL OF RESPONSIBLE EXECUTIVES OF FINANCIAL INSTITUTIONS, IN APPLICATION OF LAW 13-003/AU.

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

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

Having regard to Law No. 13-003/AU of June 12, 2013, regulating the activities of Financial Institutions, in its Articles 21, 22, and 103;

THE GOVERNOR OF THE CENTRAL BANK OF THE COMOROS

Sets the conditions for the approval of responsible executives of financial institutions defined in Article 21 of Law 13-003/AU.

Article 1:

Pursuant to Article 21 of Law 13-003/AU, every credit institution must designate at least two responsible executives.

Decentralized Financial Institutions (DFIs) whose total balance sheet exceeds one billion Comorian francs as of December 31 of the previous year are subject to the obligation to designate two responsible executives.

For DFIs whose total balance sheet is below one billion Comorian francs and which are affiliated with an Union, the concerned Union of DFIs is required to communicate the curriculum vitae and the minutes of the designation of the managers to the Central Bank.

Article 2:

The application for the approval of a responsible executive must be submitted by an authorized representative of the deliberative body, as defined in Regulation No. 011/2015/BCC/DSBR relating to the internal control system.

Regarding DFIs and Unions of DFIs, the application for approval must be submitted by the Union of DFIs on behalf of the affiliated DFI.

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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 Site : www.banque-comores.km

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This application must be submitted using the form attached to this regulation and received at least three months prior to the desired date for the executive to assume their duties.

Article 3:

The first responsible executive must head the executive body, as defined in Regulation No. 011/2015/BCC/DSBR relating to the internal control system.

The second responsible executive must have the capacity to assume the responsibilities of the executive body.

Article 4:

The Central Bank may request, as part of the processing of the approval application, any additional information it deems necessary.

The approval is valid exclusively for the financial institution that made the application.

Article 5:

Each financial institution is required to notify the Central Bank without delay of any changes occurring during the year in the composition of the executive body and the deliberative body.

Article 6:

The approval is revocable at any time by the Central Bank as soon as the executive is personally convicted in accordance with the provisions of Article 22 of Law 13-003/AU.

Article 7:

This regulation repeals and replaces Instruction No. 001/2011/COB relating to the updating of information concerning executives and directors of financial establishments.

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

Moroni, November 30, 2015

Mzé Abdou Mohamed Chanfiou

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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 Site : www.banque-comores.km ---