Malawi Government Gazette supplement dated 2018-04-27 number 10A

269
The Malawi Gazette Supplement, dated 27th April, 2018, containing
Regulations, Rules, etc. (No. lOA)
GOVERNMENT NOTICE No. 19
FINANCIAL SERVICES ACT
(CAP 44: OS)
FINANCIAL SERVICES (CAPITAL ADEQUACY FOR BANKS)
DIRECTIVE, 2018
ARRANGEMENT OF PARAGRAPHS
PARAGRAPH
PART I-PRELIMINARY
1. Citation
2. Interpretation

PART II-OBJECTIVES
3. Objectives

PART ill-CAPITAL REQUIREMENTS
4. Board responsibilities
'- - 5.
6.
Capital adequacy requirements
Compliance on a solo and consolidated basis
7. Restrictions
8. Record keeping
9. Submission of Capital Adequacy Schedule

PART IV-ENFORCEMENT
10. Administrative penalties
11. Monetary penalties
12. Revocation
IN EXERCISE of the powers conferred by section 34 (2) (c) of the Financial Services
Act, I, DR. DALITSO KABAMBE, Registrar of Financial Institutions, make the following
Directive--

PART I-PRELIMINARY

1. This Directive may be cited as Financial Services (Capital Adequacy Citation
for Banks) Directive, 2018.
2. In this Directive, unless the context otherwise requires- Interpretation

"bank" has the meaning ascribed to that term in the Banking Act; Cap. 44:01

"banking business" has the meaning ascribed to that term in the
Banking Act; Cap. 44:01

"bank holding company" means a body corporate that owns or
controls at least two financial institutions one of which is a bank, whether