Central Bank of Seychelles Act, 2004
Central Bank of Seychelles (Credit Information System) Regulations, 2012
Statutory Instrument 10 of 2012
- Commenced on 30 March 2012
- [This is the version of this document at 31 December 2015.]
1. CitationThese Regulations may be cited as the Central Bank of Seychelles (Credit Information System) Regulations, 2012.
2. InterpretationIn these Regulations—“applicant” means a person who has applied for credit facilities with a participating institution or who has made a request to the participating institution for his or her credit facility to be increased or whose credit facility falls due for renewal;“bank” means a bank licensed by the Central Bank under the Financial Institutions Act, 2004;“Business Continuity Plan” means a collection of documents containing procedures, resources and information that is developed, compiled and maintained in readiness for use in the event of an emergency or disaster;“business day” means a day on which the Central Bank is open for business;“Central Bank” means the Central Bank of Seychelles established under the Central Bank of Seychelles Act, 2004;“credit facility” means loans, overdrafts, or any other facilities, whether fund based or non-fund based, which a participating institution grants or extends to an applicant;“credit information” means positive and negative information on recipients of credit facilities;“CIS” means the Credit Information System owned and operated by the Central Bank;“CIS Network” means the data network existing between the Central Bank and participating institutions for the purposes of furnishing or retrieving information from the CIS;“CIS Operator” means the division of the Central Bank responsible for operating and maintaining the CIS;“Master User” means the main person nominated by the participating institution to manage the participating institution’s CIS account;“negative information” means information in relation to non-performing credits and includes suit filed accounts, bankruptcy, insolvency and compromised settlements;“non-performing credits” means credit facilities as defined under the Financial Institutions (Credit Classification and Provisioning) Regulations, 2010;“participating institution” means any bank licensed by the Central Bank and any other credit granting institution supervised in whole or in part by the Central Bank;“positive information” means information, other than negative information, relating to credit facilities made available by a participating institution to a customer;“recipients” means recipients of credit facilities.
3. ApplicationThese Regulations shall apply to all participating institutions.
4. Type of information collected by CISThe CIS Operator shall collect credit information on recipients.
5. Participating institutions to consult CIS
6. Submission and update of credit information
7. Identifier codeA participating institution shall use the following identifier code to uniquely identify recipients—
8. Retention period of data
10. Applicant’s and guarantor’s rights
11. Master user security and system accessA participating institution shall appoint a Master User and inform the CIS Operator who shall thereafter grant or revoke access to the CIS or to other users of the participating institution.
12. Access fees
13. Contingency and Business Continuity Plan
14. Response timeWhere there has been an update of information made to the CIS there shall be an acknowledgement generated electronically by the CIS within one working day to the effect that the information has been updated.
16. ComplaintsThe Central Bank shall hear complaints from any participating institution.
17. Transitional provisionThe provisions of these regulations shall come into effect within 90 days from the date of commencement.
History of this document
30 March 2012