Regulatory Alerts2023-04-01
Added · Updated
Regulatory Decision No. 01-2023/BCC/DSBR on the Implementation of the Effective Global Rate (TEG) for Credit Operations
The Governor of the Central Bank of the Comoros issued Regulatory Decision No. 01-2023/BCC/DSBR to establish the rules for calculating and disclosing the Effective Global Rate (TEG) for all credit operations by credit institutions. The regulation mandates the use of a specific actuarial formula or tool provided by the Central Bank, requires detailed pre-contractual disclosure of the TEG to borrowers, and imposes quarterly electronic reporting of individual TEGs. Non-compliance with calculation, disclosure, or reporting obligations subjects institutions to disciplinary sanctions under the Banking Law or financial penalties.
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