Statutes

The Statutes of the Central Bank were approved by Law 96 of 29 June 2005.
The Statute is the primary regulatory source of reference for the activities of the CBSM since it defines the main functions of the Bank and assign to the latter the necessary powers to exercise its role as supervisory and regulatory body of the financial system.

Specifically, the Statutes, besides defining the purposes and functions of the CBSM:

  • define the statutory bodies of the Bank (Meeting of the Shareholders , Governing Council, Chairman, Board of Statutory Auditors, Director General and Supervision Committee) and identify their functions and regulate their activities;
  • define the resources of the Bank and the limits to its banking and financial operations;
  • assign to the Bank the powers necessary to perform the functions of supervisor of the financial system, including the power to apply sanctions;
  • assign to the Bank the power to issue measures also in the form of regulations, orders, circulars, uniform letters, recommendations and binding instructions for the supervised parties;
  • define the basic features of the organisational structure of the banks.

Furthermore, the Statutes require the Central Bank to implement a code of conduct intended for its representatives and employees, in order to ensure the independence and correct functioning of the Bank and avoid any conflict of interests.