The Banking and Financial Institutions (Development Finance) (Amendment) Regulations, 2023

This section says the Regulations may be cited by their short title and must be read together with the 2021 principal Regulations.

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Jurisdiction: Tanzania
Instrument: Regulation
Citation: The Banking and Financial Institutions (Development Finance) (Amendment) Regulations, 2023
Version: Undated source snapshot
Language: en
Official source: View official record ↗

amendment linkage application fees asset classification Banking and finance Company lawcredit risk financial institutions loan loss provisioning regulatory amendment regulatory amendments regulatory citation

Statute overview

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This section says the Regulations may be cited by their short title and must be read together with the 2021 principal Regulations. This provision adds definitions for “executive director” and “non-executive director” in the principal Regulations. This section changes regulation 4(3), replacing paragraph (b) with a requirement to show proof of payment of a non-refundable application fee of ten million Tanzanian shillings, and deletes regulation 7. This provision amends the principal Regulations by deleting regulation 7. A development financial institution must, every quarter, write off accommodations and other risk assets that have stayed in the loss category for four consecutive quarters.

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Provisions of The Banking and Financial Institutions (Development Finance) (Amendment) Regulations, 2023

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1
These Regulations may be cited as the Banking and
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AI-assisted research summary: This section says the Regulations may be cited by their short title and must be read together with the 2021 principal Regulations.

1. These Regulations may be cited as the Banking and Financial Institutions (Development Finance) (Amendment) Regulations, 2023 and shall be read as one with the Banking and Financial Institutions (Development Finance) Regulations, 2021 herein after referred to as the “principal Regulations”.
2
The principal Regulations are amended in regulation
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AI-assisted research summary: This provision adds definitions for “executive director” and “non-executive director” in the principal Regulations.

2. The principal Regulations are amended in regulation 3 by adding in their appropriate alphabetical order the following definitions: “executive director” means a person who is involved in the day today management of a bank or financial institution and sits on the board of directors; “non-executive director” means a person who does not hold any executive or management position in a bank or financial institution. Amendment of regulation 4
3
The principal Regulations are amended in regulation
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AI-assisted research summary: This section changes regulation 4(3), replacing paragraph (b) with a requirement to show proof of payment of a non-refundable application fee of ten million Tanzanian shillings, and deletes regulation 7.

3. The principal Regulations are amended in regulation 4(3) by deleting paragraph (b) and substituting for it the following: “(b) proof of payment of a non-refundable application fee of ten million Tanzanian shillings. ” Deletion of regulation 7
4
The principal Regulations are amended by
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AI-assisted research summary: This provision amends the principal Regulations by deleting regulation 7.

4. The principal Regulations are amended by deleting regulation 7. 1 Banking and Financial Institutions (Development Finance) ( A me n d m e n t ) GN NO. 455 (contd.) Amendment of regulation 49
5
The principal Regulations are amended in regulation
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AI-assisted research summary: A development financial institution must, every quarter, write off accommodations and other risk assets that have stayed in the loss category for four consecutive quarters.

5. The principal Regulations are amended in regulation the immediately after subregulation (3) 49 by adding following: “(4) A development financial review, institution shall, quarterly credit off charge accommodations and other risk assets that have remained in the loss category for four consecutive quarters”. all Amendment of regulation 68
6
The principal Regulations are amended in regulation
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AI-assisted research summary: The suspension stays in force until the non-compliance that caused it has been rectified.

6. The principal Regulations are amended in regulation 68, by- (a) designating the content of that regulation as subregulation (1); and (b) adding immediately after subregulation (1) as designated the following: “(2) The suspension referred to under subregulation (1) shall continue to be in force until where the development finance institution, director, officer or, as the case may be, employee has rectified the non- compliance which led to the suspension.” Amendment of First Schedule
7
The principal Regulations are amended in the First
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AI-assisted research summary: This section changes the First Schedule wording so the application-fee statement now refers to proof of payment of Tanzanian shillings ten million instead of a cheque for three million.

7. The principal Regulations are amended in the First Schedule by deleting the words “Enclosed is a cheque of three million Tanzanian shillings being payment of our application fee” and substituting for them the words “Enclosed is a copy of proof of payment of Tanzanian shillings ten million being payment for application fee”. Amendment of Fourth Schedule

Part

Schedule by deleting the words “Enclosed is a cheque of three

8
The principal Regulations are amended in the
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AI-assisted research summary: This section amends the Fourth Schedule of the principal Regulations by deleting, renaming, and renumbering specified items.

8. The principal Regulations are amended in the Fourth Schedule by- (a) deleting subparagraph (b) of paragraph (1); (b) renaming and subparagraph subparagraph (b) and (c) respectively; (c) (d) as (c) deleting paragraph 3; and (d) renumbering paragraph 4 as paragraph 3. Dar es salaam, 6th July, 2023 EMMANUEL M. TUTUBA Governor 2 Banking and Financial Institutions (Development Finance) ( A me n d m e n t ) GN NO. 455 (contd.) 3

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The Banking and Financial Institutions (Development Finance) (Amendment) Regulations, 2023

About this statute

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Provisions of The Banking and Financial Institutions (Development Finance) (Amendment) Regulations, 2023

Schedule by deleting the words “Enclosed is a cheque of three

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