CHAPTER 387 - BANKING AND FINANCIAL SERVICES ACT: SUBSIDIARY LEGISLATION
INDEX TO SUBSIDIARY LEGISLATION
Banking and Financial Services (Designation of Urban and Rural Areas) Order
Banking and Financial Services (Cost of Borrowing) Regulations
Banking and Financial Services (Payment of Fees) Regulations
Banking and Financial Services (Return of Unclaimed Funds) Regulations
Banking and Financial Services (Reserve Account) Regulations
Banking and Financial Services (Disclosure of Deposit Charges and Interest) Regulations
Banking and Financial Services (Capital Adequacy) Regulations
Banking and Financial Services (Fixed Assets Investment) Regulations
Banking and Financial Services (Insider Lending) Regulations
Banking and Financial Services (Large Loan Exposures) Regulations
Banking and Financial Services (Foreign Exchange Risk Management and Exposure) Regulations
Banking and Financial Services (Exemption) Regulations
Banking and Financial Services (Money Circulation Pyramid Schemes) Regulations
Banking and Financial Services (Bureau de Change) Regulations
Banking and Financial Services (Micro-finance) Regulations
Banking and Financial Services (Restriction on Kwacha Lending to Non-Resident) Regulations
Banking and Financial Services (Bank Holiday) (Declaration) Order
Banking and Financial Services Act (Commencement) Order
Banking and Financial Services (Classification and Provisioning of Loans) (Revocation) Order
BANKING AND FINANCIAL SERVICES (DESIGNATION OF URBAN AND RURAL AREAS) ORDER
Arrangement of Paragraphs
Paragraph
2. Designation of rural and urban areas
SI 92 of 1989.
This Order may be cited as the Banking and Financial Services (Designation of Rural and Urban Areas) Order.
2. Designation of rural and urban areas
(1) The areas specified in the First Schedule to this Order are hereby designated as urban areas.
(2) The areas specified in the Second Schedule to this Order are hereby designated as rural areas.
[Paragraph 2(1)]
URBAN AREAS
| Central Province | |
| Kabwe Mumbwa Serenje Kapri Mposhi Mkushi |
|
| Copperbelt Province | |
| Ndola Kitwe Chingola Mufulira Chililabombwe Luanshya Kalulushi |
|
| Eastern Province | |
| Chipata Petauke |
|
| Luapula Province | |
| Mansa | |
| Lusaka Province | |
| Lusaka Kafue |
|
| Northern Province | |
| Kasama Mpika Isoka Mbala |
|
| North-Western Province | |
| Solwezi Zambezi |
|
| Southern Province | |
| Choma Livingstone Mazabuka Monze Kalomo Siavonga Maamba |
|
| Western Province | |
| Mongu |
[Paragraph 2(2)]
RURAL AREAS
Those areas not specified in the First Schedule.
Arrangement of Regulations
Regulation
3. Application for registration as commercial bank or financial institution
4. Registered commercial bank to submit monthly statements to Registrar
5. Registered financial institution to submit monthly and quarterly statements to Registrar
6. Rate of conversion of non-Zambian money to Zambian currency to be stated
[Regulations by the Minister]
SI 226 of 1973.
These Regulations may be cited as the Banking RegulationsThese Regulations made under the repealed Act continues in operation under section 15 of the Interpretation and General Provisions Act.*.
In these Regulations, unless the context otherwise requires—
“form” means the appropriate form prescribed in the Schedule.
3. Application for registration as commercial bank or financial institution
An application for registration as a commercial bank or a financial institution made in terms of paragraphs (a) and (b) of sub-section (1) of section 4 or section 5 of the Act shall be in revised Form ZBK No. 1 and shall be accompanied by the following documents—
(a) a true copy, certified by the chairman and a director of the applicant, of the memorandum and articles of association, or other document relating to the incorporation or registration of the applicant as a body corporate, and regulating the conduct of the business of the applicant; and
(b) a true copy, certified by the Registrar of Companies, of the certificate of incorporation of the applicant, issued in terms of the law relating to companies; and
(c) a statement certified by the chairman, a director and the auditors of the applicant showing the authorised and paid-up capital of the applicant at a date not earlier than thirty days before the date of the application.
4. Registered commercial bank to submit monthly statements to Registrar
(1) The monthly statement which a registered commercial bank is required to prepare and submit to the Registrar in terms of—
(a) paragraph (a) of sub-section (1) of section 60 of the Act shall be in revised Form ZBK No. 2;
(b) paragraph (b) of sub-section (1) of section 60 of the Act shall be in revised Form ZBK No. 3.
(2) For the purposes of paragraph (c) of sub-section (1) of section 60 of the Act, a registered commercial bank shall prepare and submit to the Registrar within twenty-eight days after the last day of every calendar month a supplementary statement of the assets and liabilities of its offices and branches in Zambia at the close of the last business day of that month.
(3) The supplementary statement referred to in sub-regulation (2) shall be in revised Form ZBK No. 3.
5. Registered financial institution to submit monthly and quarterly statements to Registrar
(1) The monthly statement which a registered financial institution is required to prepare and submit to the Registrar in terms of paragraph (a) of sub-section (1) of section 60 of the Act shall be in revised Form ZBK No. 4.
(2) The quarterly statement which a registered financial institution is required to prepare and submit to the Registrar in terms of paragraph (b) of sub-section (1) of section 60 of the Act shall be in revised Form ZBK No. 5.
(3) For the purposes of paragraph (c) of sub-section (1) of section 29 of the Act, a registered financial institution shall prepare and submit to the Registrar within thirty-five days after the last day of each quarter ending on the 31st March, 30th June, 30th September and 31st December a supplementary statement of the assets and liabilities of its offices and branches in Zambia at the close of the last business day of that quarter.
(4) The supplementary statement referred to in sub-regulation (3) shall be in revised Form ZBK No. 5.
6. Rate of conversion of non-Zambian money to Zambian currency to be stated
If in a document furnished to the Registrar in terms of these regulations a sum of money is not stated in the currency of Zambia, the appropriate rate of conversion of the sum of money to Zambian currency shall be stated in the document or in an annexure thereto.
[Regulation 2]
PRESCRIBED FORMS
(b) Liquid Assets; |
|
Form ZBK No. 1 (Revised)
REPUBLIC OF ZAMBIA
BANKING AND FINANCIAL SERVICES ACT
[Section 4]
Banking Regulations
[Regulation 3]
APPLICATION FOR REGISTRATION AS A COMMERCIAL BANK OR A FINANCIAL INSTITUTION
1. Name.................................................................................................................................................................................. (The name under which the applicant(s) wants/want to be registered)
2. Nature of business ............................................................................................................................................................................................................(The business in respect of which the application is made)
3. Address of applicant’s head office ..........................................................................................................................................
4. Address of applicant’s principal administrative office ......................................................................................................................................................................................................
(a) Names of Directors ...........................................................................................................
(b) Names of Local Directors .........................................................................................................................................................................................................................................................................................................................................................................................................................(These must be Zambian citizens and/or established residents of Zambia)
(c) What is the proposed authorised capital and paid-up capital of the Commercial Bank to be registered?
K ......................................
6. In case of a Financial Institution—
(a) What is the proposed authorised capital and paid-up capital of the Financial Institution to be registered?
K ......................................
(b) State the amount of unimpaired reserve funds which the Financial Institution to be registered intends to maintain in K ......................................................................................................................................................................................................................................................................................................................................................................................
7. Name of general manager ..............................................................................................................
8. Name of chief executive officer .......................................................................................................
9. Name of chief accounting officer ....................................................................................................
10. Name and qualifications of applicant’s auditors ....................................................................................................................................................................................................................................................................................................................................................................................................................
11. Please lodge with your application the following documents—
(a) memorandum and articles of Association;
(b) Statement of paid-up capital; and
(c) Certificate of incorporation under the Companies Act of Zambia.
12. I/We hereby certify that to the best of my/our knowledge and belief the information given above is correct and true.
.....................................................................................
Chairman
......................................................................................
Director
......................................................................................
Chief Executive Officer
Form ZBK No. 2 (Revised)
REPUBLIC OF ZAMBIA
BANKING AND FINANCIAL SERVICING
[Section 60(1)(a)]
Banking Regulations
[Regulation 4(1)(a)]
MONTHLY STATEMENT OF—
(a) LIABILITIES TO THE PUBLIC;
(b) LIQUID ASSETS;
OF A COMMERCIAL BANK IN ZAMBIA.
Reporting Commercial Bank ....................................................................................................
Date to which this return refers ...................................................................................., 20......
K
I.
Liabilities to the Public
1. Demand Deposits
.........……………....
2. Savings Deposits
.........……………....
3. Time Deposits
.........……………....
4. Bills payable
.........……………....
.........……………....
TOTAL LIABILITIES TO THE PUBLIC
II.
Liabilities to the Public at the end of the previous month
.........……………....
III.
Liquid assets
.........……………....
(a) Gold coin and bullion
.........……………....
(b) Notes and coins in the currency of Zambia
.........……………....
(c) Balances at the bank of Zambia including the minimum reserve balances referred to in paragraph (b) of sub-section (1) of section 39 of the Bank of Zambia Ordinance No. 33 of 1964
.........……………....
(d) Money at call with any bank
.........……………....
(e) Treasury bills issued by the Government
.........……………....
(f) Bills of exchange and promissory notes eligible for discount at the bank of Zambia
.........……………....
(g) Local registered securities which are issued or guaranteed by the Government and which have a final maturity date of not more than six years (at book value) and such other securities as the Minister may have approved
.........……………....
(h) Items in transit between banks, between branches of banks and between branches of head office of banks
.........……………....
(i) Other assets approved by the Minister under paragraph (e) of sub-section (3) of section 21of the Banking Act, 1971
.........……………....
.........……………....
TOTAL LIQUID ASSETS
.........……………....
Total liquid assets as a percentage of total liabilities to the public
.................. per cent
Total liquid assets (as stated above) as a percentage of total liabilities to the public at the end of the previous month
..................per cent
Form ZBK No. 3 (Revised)
REPUBLIC OF ZAMBIA
BANKING AND FINANCIAL SERVICING
[Sections 60(1)(b) and (c)]
Banking Regulations
[Regulations 4(1)(b), (2) and (3)]
MONTHLY STATEMENT OF ASSETS AND LIABILITIES AND SUPPLEMENTARY STATEMENT OF A COMMERCIAL BANK IN ZAMBIA
Reporting Bank ...........................................................................................................................
(v) Other Sterling Area countries
……………………
(vi) Dollar Area countries
……………………
(vii) Other countries
……………………
5. Government of Zambia Securities (at book value)
6. Other investments in Zambia (at book value)
7. Treasury bills issued by the Government of Zambia
8. Bills of exchange
(b) receivable
……………………
9. Loans and advances to
(a) The public
……………………
(b) Government
……………………
(c) Statutory bodies, municipalities, T.M.B.s, local authorities, etc
……………………
(d) Non-residents
……………………
(e) Parastatal organisations
……………………
10. Balances held with branches
(a) Assets in transit
……………………
(b) Other items
……………………
11. Bank premises
12. Acceptances
13. Other assets
(e) Parastatal organisations
………………….
3. Time deposits
(a) Public deposits
………………….
(b) Government deposits
………………….
(c) Deposits of statutory bodies, municipalities, T.M.B.s, local authorities, etc
………………….
(d) Non-residents’ deposits
………………….
(e) Parastatal organisations
………………….
4. Amounts owing to registered commercial banks in Zambia
(a) Liabilities in transit
………………….
(b) Other items
………………….
5. Amounts owing to banks abroad
(a) Head office/or branches in—
………………….
(i) Britain
………………….
(ii) Zimbabwe
………………….
(iii) Malawi
………………….
(iv) Republic of South Africa
………………….
(v) Other countries
………………….
(b) Other banks in—
………………….
(i) Britain
………………….
(ii) Zimbabwe
………………….
(iii) Malawi
………………….
(iv) Republic of South Africa
………………….
(v) Other Sterling area countries
………………….
(vi) Dollar area countries
………………….
(vii) Other countries
………………….
6. Bills payable
7. Amounts owing to branches
(a) Liabilities in transit
………………….
(b) Other items
………………….
8. Capital
9. Reserves
10. Acceptances
11. Amounts owing to bank of Zambia
12. Other liabilities
TOTAL LIABILITIES
Form ZBK No. 4 (Revised)
REPUBLIC OF ZAMBIA
BANKING AND FINANCIAL SERVICES ACT
(Section 60(1)(a))
Banking Regulations
(Regulation 5(1))
MONTHLY STATEMENT OF—
(a) LIABILITIES TO THE PUBLIC;
(b) CAPITAL; AND
(c) LIQUID ASSETS;
OF A FINANCIAL INSTITUTION IN ZAMBIA
REPORTING FINACIAL INSTITUTION ...............................................................................
DATE OF WHICH THIS RETURN REFERS ......................................................... 20.......
I. Liabilities to the public Deposits repayable
K
(a) At seven days’ notice
(b) At thirty days’ notice
(c) At more than thirty days’ but more than six months’ notice
(d) At more than six months’ but not more than twelve months’ notice
(e) After twelve months’ notice
TOTAL LIABILITIES TO THE PUBLIC
II. Liabilities to the public at the end of the previous month
III. Capital
1. Paid-up equity capital
2. Unimpaired reserve funds
TOTAL CAPITAL
IV. Liquid assets
1. Notes and coins in the currency of Zambia
2. Balances with registered commercial banks in Zambia
3. Money at call with any bank
4. Treasury bills issued by the Government
5. Bills of exchange and promissory notes accepted, endorsed or made, as the case may be, by a bank, maturing in not more than ninety days exclusive of days of grace and payable at any place in Zambia
6. Local registered securities which are guaranteed by the Government and which have a final maturity date of not more than six years and such other securities as the Minister may have approved
TOTAL LIQUID ASSETS
Total liabilities to the public (net of liquid assets) as a percentage of paid-up equity capital and unimpaired reserve funds
............per cent
Total liquid assets as a percentage of total liabilities to the public
............per cent
Total liquid assets (as stated above) as a percentage of total liabilities to the public at the end of the previous month
............per cent
Form ZBK No. 5 (Revised)
REPUBLIC OF ZAMBIA
BANKING AND FINANCIAL SERVICES ACT
[Section 60(1)(b) and (c)]
Banking Regulations
[Regulations 5(2), (3) and (4))
QUARTERLY STATEMENT OF ASSETS AND LIABILITIES AND SUPPLEMENTARY STATEMENT OF A FINANCIAL INSTITUTION IN ZAMBIA
Reporting financial institution............................................................................................................
ASSETS
K
K
1. Notes and coins
2. Balances held with registered commercial banks in Zambia
3. Money at call with any bank
4. Treasury bills issued by the Government of Zambia
5. Amounts owing under agreement for hire purchase under the laws of Zambia
6. Bills receivable
7. Notes receivable
8. Advances
(a) Internal—
………………….
(i) individuals
………………….
(ii) companies
………………….
(b) External
………………….
9. Securities
(a) Of the Government of Zambia
………………….
(b) Of Zambian municipalities
………………….
(c) Other
………………….
10. Other investments
11. Other assets
(a) Buildings and premises
………………….
(b) Other
………………….
TOTAL ASSETS
LIABILITIES
1. Deposits
K
K
(a) Internal—
……………………..
(i) individuals
……………………..
(ii) companies
……………………..
(b) External
……………………..
2. Loans, advances and acceptances
(a) Loans from shareholders—
……………………..
(i) individuals in Zambia
……………………..
(ii) companies in Zambia
……………………..
(iii) external shareholders
……………………..
(b) Other loans, advances and acceptance
……………………..
3. Amounts owing to registered commercial banks in Zambia
4. Other liabilities
(a) Paid-up equity capital—
……………………..
(i) internal
……………………..
(ii) external
……………………..
(b) Other paid-up capital—
……………………..
(i) internal
……………………..
(ii) external
……………………..
(c) Reserves and unappropriated profits
……………………..
(d) Other liabilities
……………………..
TOTAL LIABILITIES
SectionBANKING AND FINANCIAL SERVICES (COST OF BORROWING) REGULATIONS
[Sections 124 and 47]
[Currency mentioned in this regulation should be re-denominated as stipulated under S 4 of Re-denomination Act, 2012, read with S 29 of Bank of Zambia Act, 1996.]
Arrangement of Regulations
Regulation
4. Determination of annual rate of interest
5. Cost of borrowing for loans repayable in equal instalments
7. Disclosure of cost of borrowing
8. Manner of disclosure of information
9. Payment, credit or charge card
10. No charge or penalty for failure to pay
[Regulations by the Minister]
SI 179 of 1995.
These regulations may be cited as the Banking and Financial Services (Cost of Borrowing) Regulations.
In these regulations, unless the context otherwise requires—
“borrower” means a person to whom a loan is proposed to be made;
“cost of borrowing” means administrative charges for services or transactions and any similar changes, but excludes—
(a) a charge for arranging or renewing the loan;
(b) a charge for the issuance of a certificate of search, the provision for examination or the making of copies or a registered document, or the provision of similar services;
(c) a charge for a survey;
(d) a charge or disbursement for the services of a lawyer or notary;
(e) a charge for an appraisal or inspection of assets;
(f) a charge for insurance;
(g) an administrative charge in respect of an overdrawn account, including a charge for honouring a cheque written on an overdrawn account;
(h) a charge for making a pre-payment on the loan; or
(i) a commitment fee as compensation for funds being made available by the lender for use by the borrower and which could be deployed elsewhere.
“principal” means the amount of money borrowed and outstanding at any time, but does not include any portion of the cost of borrowing.
These regulations shall not apply to—
(a) a loan in respect of which the principal amount is less than two-hundred and fifty thousand kwacha and the cost of borrowing on that loan is disclosed to the borrower as an amount expressed in kwacha and ngwee;
(b) a loan made under any Act of Parliament where the rate of interest or the discount that may be charged to the borrower is prescribed under that Act and is disclosed to the borrower;
(c) a loan resulting from the discount or negotiation by a bank or financial institution of a promissory note or other instrument payable by a person other than the borrower; and
(d) a loan made pursuant to a letter of credit.
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