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Article (44) Protection of Licensed Financial Institutions

Fed Law 14/2018 Issued on 1/10/2018

1) The Central Bank shall take all measures it deems appropriate to maintain conduct of operations of Licensed Financial Institutions, within the frameworks and limits set by the Board of Directors.

For this purpose, the Central Bank shall:

  1. A) Request to hold a meeting of the general assembly of the licensed financial institution to discuss any issue the Central Bank deems important.
  2. B) Request to include any item that the Central Bank deems necessary into the agenda of the general assembly meeting of the licensed financial institution.
  3. C) Stopping the implementation of any decision issued by the general assembly of the licensed financial institution in the event that it violates the laws or regulations in force.

2) The Central Bank, according to its own discretion, in cases of necessity during which the deposit-taking licensed financial institution is exposed to liquidity pressures or is subject to crisis management procedures, may provide loans to that establishment, in order to contribute to strengthening and protecting the stability of the financial system and protecting the monetary system in the state.

This article has been amended by Decretal Federal Law No. (09) of 2021. You are viewing the latest version. To view the previous version, click the version box below.
Version 1(effective from 31/10/2018 to 26/07/2021)

 

The Central Bank shall take all necessary measures to ensure proper and effective conduct of operations of deposit-taking Licensed Financial Institutions, within the frameworks and limits set by the Board of Directors.