METHODS FOR CALCULATING THE PENALTIES APPLICABLE TO INSTITUTIONS SUBJECT TO THE ACT IN THE EVENT OF FAILURE TO COMPLY WITH THE DEADLINES FOR DECLARING THE OVERALL EFFECTIVE RATE, THE BANKING CONDITIONS AND THE PRICES OF FINANCIAL SERVICES
The information relating to the overall effective rate, banking conditions and prices of financial sevices declared by the reporting institutions must be reliable and exhaustive. Failing this, the declaration shall be rejected by the Secretary General of the National Economic and Finance Committee, without prejudice to the sanctions provided for in Article 25 of Regulation No. 04/19/CEMAC/UMAC/CM.
Any reporting institution that does not transmit reliable and exhaustive declarations on the overall effective rate, the banking conditions and the prices of financial services within the deadlines set by articles 7 and 11 of the present instruction No. 003/2021 shall incur a penalty of:
- Two hundred and fifty thousand (250,000) CFA per day of delay, for the first fifteen days of delay; and
- Five hundred thousand (500,000) CFA per day of delay, for more than fifteen days of delay.
The penalty shall be recovered in accordance with the provisions of article 26 of Regulation No. 04/19/CEMAC/UMAC/CM.