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Article (21) Transitional Provisions

C 112/2018 Effective from 24/4/2018
  1. 21.1 This Regulation shall apply to all Finance Companies licensed after the issuance of this Regulation. With regard to existing Financing Companies, they will have to adjust their provisions in accordance with the Articles of this Regulation during a period not exceeding three years of its publication date.
     
  2. 21.2 Finance Companies availing of the three-year transition period according to Article 21.1 of this Regulation are required to renew their License on an annual basis. The Central Bank may amend the requirement of this Article for Finance Companies that are deemed by the Central Bank to be substantially in compliance with this Regulation and where the Central Bank has no major regulatory concerns about the Finance Company.
     
  3. 21.3 Existing Finance Companies will also be required to provide the Central Bank with a detailed adjustment plan to comply with the Articles of this Regulation within six months of the issuance of this Regulation.