THE BANKING AND FINANCIAL INSTITUTIONS (LICENSING) (AMENDMENT) REGULATIONS, 2023

1. These Regulations may be cited as the Banking and Financial (Amendment) Regulations, 2023 and shall be read as one with the Banking and Financial Institutions (Licensing) Regulations, 2014 hereinafter referred to as the “principal Regulations”. (Licensing) Institutions Deletion and substitution of regulation 40

2. The principal Regulations are amended by deleting regulation 40 and substituting for it the following: “Establishment of foreign branch or subsidiary

40.-(1) A bank or financial institution shall not establish a foreign branch or subsidiary without obtaining prior approval of the Bank. (2) In considering the application for approval under subregulation (1), the Bank shall satisfy itself whether the bank or financial institution- (a) meets minimum capital and liquidity requirements on a solo and consolidated basis; satisfactory (b) has a performance record; (c) is able to inject additional capital as and when required; and 1 Banking and Financial Institutions (Licensing) (Amendment) Regulations GN. NO.13 (Contd.) (d) has the ability to manage the or from branch arising risks established subsidiary.” Dar es Salaam, FLORENS D.A.M. LUOGA, 9th January, 2023 Governor 2