From Project-Syndicate By JOSÉ ANTONIO OCAMPO and KEVIN P. GALLAGHER October 6, 2014 NEW YORK – As...
Financial Institutions (Credit Reference Bureaus) Regulations No. 59
(enacted in 2005)
Financial Institutions (Credit Reference Bureaus) Regulations No. 59 of 2005, issued by the Bank of Uganda, apply to institutions regulated under the Financial Institutions Act of 2004 and the Micro Finance Deposit-Taking Institutions Act of 2003.
These regulations consist of the following:
- Part I Preliminary: defines language within this act, the purpose, and rationale;
- Part II Licensing: includes information on applying for a license, licensing criteria, minimum capital requirements, grant of license, refusal to grant a license, license fee, and expiration of a license;
- Part III Operation of Credit Reference Bureau: addresses the collection of information, the dissemination of credit information, fees, restrictions, rights of holders, governance and management, and other information related to the operation of the credit reference bureau; and
- Part IV Dissolution and Liquidation: explains the process of liquidation and dissolution as well as the power and role of the central bank.