Bfsa 2026

ZambiaAct of Parliament2026No. 9 of 2026

The Bfsa 2026 is an Act of the Parliament of Zambia enacted in 2026. It contains 231 sections. Read its sections below, or ask Levy any question about the Bfsa 2026 and get an answer grounded in the Act with citations.

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Sections of the Bfsa 2026

S. 1Short title and commencement
S. 2Interpretati on
S. 3Applicati on of Act
S. 4Administrati on of Act
S. 5Functions of Bank
S. 6Delegati on of functions
S. 7Appointment of Registrar and Deputy Registrar
S. 8Power to determine licensing criteria f or financial service
S. 9Types of licences
S. 10Prohibiti on of conducting banking business or providing
S. 11Name clearance
S. 12Applicati on f or licence to conduct banking business or
S. 13Grant of applicati on f or licence
S. 14Rejecti on of applicati on f or licence
S. 15Validity of licence
S. 16Display of licence
S. 17Transfer, pledge, assignment or encumbrance of licence
S. 18Variati on of licence
S. 19Amendment of licence
S. 20(1) A licensee sh all, where the licensee intends to Surrender of
S. 21Suspensi on or cancellati on of licence
S. 22Duplicate licence
S. 23Moratorium
S. 24Prohibiti on f or opening or closing of service centre, branch,
S. 25Applicati on to open or close service centre, branch,
S. 26Representative office
S. 27Register of financial service providers
S. 28Publicati on of financial service providers
S. 29Prohibiti on of acquiring shares, beneficial interest, become
S. 30(1) A pers on who intends to acquire shares, acquire Applicati on
S. 31Ownership of shares in financial service provider by
S. 32Notificati on of adverse informati on on shareholder or party
S. 33Charge, use of shares as collateral or encumbrance by
S. 34Limit on voting control
S. 35Voting control lim its f or financial business
S. 36Restricti on on ownership of shares by trusts
S. 37Prohibiti on of effecting corporate restructuring transacti on
S. 38Corporate restructuring transacti on
S. 39Applicati on f or approval to effect corporate restructuring
S. 40Effect of corporate restructuring transacti on
S. 41Responsibilities of directors
S. 42Board meetings initiated by Bank
S. 43Qualifications f or appointment as direct or or seni or officer
S. 44Independent n on-executive directors to be in majority
S. 45Compositi on of board of financial business
S. 46(1) A board sh all consist of directors with a balance of Balance of
S. 47Reporting obligations of board and directors
S. 48Conduct of direct or or seni or officer
S. 49Disclosure of interest
S. 50(1) The Bank may, in writing, direct the suspensi on from Suspensi on or
S. 51Fit and proper requirements f or shareholder, direct or or
S. 52Corporate governance standards and practices
S. 53Environmental, social and governance practices
S. 54Principal administrative office
S. 55Change of physical address of principal administrative office
S. 56Use and alterati on of name
S. 57Business hours
S. 58Bank holiday
S. 59Minimum capital requirements
S. 60Capital conservati on buffer
S. 61(1) The Bank may direct a bank or financial instituti on to
S. 62Designati on of bank or financial instituti on as systemically
S. 63Systemically important capital buffer
S. 64Prohibiti on of payment of dividend by bank or financial
S. 65Applicati on f or approval to pay dividend by bank or financial
S. 66Capital distributi on constraints
S. 67Leverage ratio
S. 68Lo an to deposit ratio
S. 69Lo an to value of assets ratio and lo an to income ratio
S. 70Revisi on of risk weights
S. 71Liquidity coverage ratio and net stable funding ratio
S. 72Maintenance of liquidity
S. 73Additional liquidity
S. 74Constraints on contracts with associated pers on, insider or
S. 75Submissi on of informati on and returns
S. 76Consolidated supervisi on
S. 77Affiliates and cross border supervisi on and resoluti on
S. 78Unsafe and unsound practice
S. 79Supervisory acti on
S. 80Secured borrowing
S. 81Limitations on granting credit facilities
S. 82Restricti on on trade
S. 83Restricti on on equity investments
S. 84Restricti on on lease or other interest in real property
S. 85Dealings with shell bank
S. 86Lim its and restrictions on financial business and financial
S. 87Exempti on of alternative financial services
S. 88Annual financial statements
S. 89Presentati on of annual financial statement to shareholders
S. 90Reserve f or bad and doubtful debts
S. 91Approval of annual financial statements
S. 92Publicati on of financial statements
S. 93Appointment of external audit or
S. 94Disqualificati on f or appointment as external audit or
S. 95Responsibilities of external audit or
S. 96Duties of external audit or
S. 97Informati on by external audit or to Bank
S. 98Access to informati on and audit or’s report
S. 99Terminati on of appointment of external audit or
S. 100Statement on resignati on of external audit or
S. 101Terminati on of appointment of external audit or by financial
S. 102Regulati on and supervisi on on financial consumer protecti on
S. 103Anti-competitive practices
S. 104Prohibiti on of anti-competitive practices
S. 105Collateral contracts
S. 106Coercive behavi or
S. 107Misconduct during debt collecti on
S. 108Prohibiti on of barriers to switch
S. 109Fair treatment of consumers and charter
S. 110Disclosure of interest rates and charges
S. 111Prohibiti on of introducing new charge or increasing existing
S. 112Applicati on f or introducing new charge or increasing existing
S. 113Publicati on of fees, rates, terms and conditions
S. 114Responsible finance
S. 115Right to rescind contract
S. 116Unfair contract or unfair contract term
S. 117Prepayment of credit transactions
S. 118Prohibiti on against penal interest
S. 119(1) A financial service provider sh all recover the Recoverable
S. 120Disclosure of informati on
S. 121Control of advertisements
S. 122Data protecti on and disclosure of informati on
S. 123Open finance
S. 124Complaints procedure f or consumers
S. 125Consumer protecti on and market conduct returns
S. 126Monitoring of market
S. 127Arrangement or assistance f or vulnerable consumer
S. 128Financial ombudspers on f or financial service providers
S. 129Actions by Bank on contraventi on of Part
S. 130Bank as resoluti on authority
S. 131Functions of Bank as resoluti on authority
S. 132Placing bank or financial instituti on in resoluti on
S. 133Power to take possessi on
S. 134Notice of resoluti on
S. 135Appointment of resoluti on manager
S. 136Petiti on to Minister to constitute Tribunal
S. 137Powers and duties of Bank on resoluti on
S. 138Statement of affairs
S. 139Resoluti on options
S. 140Restructuring or reorganisati on
S. 141Establishment and winding-up of bridge instituti on
S. 142Bail-in
S. 143Back-stop funding f or resoluti on
S. 144Credit or safeguards
S. 145(1) The Bank sh all determine whether an impediment Impediments
S. 146Effects of resoluti on
S. 147Restricti on on executi on of judgment against assets of bank
S. 148Recovery of expenses
S. 149Grounds f or liquidati on
S. 150Restrictions of bank or financial instituti on
S. 151Restricti on of acti on by third parties
S. 152Resoluti on to voluntarily wind-up financial service provider
S. 153Duties of financial service provider on voluntary winding-up
S. 154Notice of voluntary winding-up
S. 155Rights of depositors or creditors to payments, funds and other
S. 156Distributi on of assets on voluntary winding-up
S. 157The Bank may take possessi on of a financial service Powers of
S. 158Powers of Bank in compulsory winding-up
S. 159Powers of Bank as liquidat or
S. 160Despite the Corporate Insolvency Act, or any other Immunity of
S. 161Limitati on on filing of claims
S. 162Objecti on to liquidati on schedule
S. 163Priority of creditors
S. 164Reserve account f or wound-up financial service provider
S. 165Debt restructuring or write-off f or wound-up financial service
S. 166Final distributi on in compulsory winding-up
S. 167Undistributed funds
S. 168Power of Bank in relati on to insolvent financial business
S. 169Terminati on of liquidati on process
S. 170Anti-money laundering and countering terrorism financing
S. 171Anti-money laundering and countering financing of
S. 172Records to be kept and maintained
S. 173Credit documentati on
S. 174Manner of keeping records
S. 175Retenti on of records
S. 176Maintenance of records
S. 177Reasons f or decisions and rights to be heard
S. 178Right of appeal
S. 179Constituti on of tribunal
S. 180(1) A tribunal sh all not set aside a decisi on of the Bank Decisions of
S. 181(1) The Bank may conduct an examinati on of a financial Examinati on
S. 182Obstructi on of examinati on
S. 183Investigations
S. 184Regulati on of lending interest rates
S. 185Netting of claims
S. 186Enforceability of close-out netting agreements
S. 187Financial inclusi on
S. 188Authorised activities of banks
S. 189Access to documents
S. 190Offences committed partly in and partly out of Republic
S. 191Use of word “bank”
S. 192Restricti on on use of name of financial service provider
S. 193Validity of certa in acts by financial service provider
S. 194Power to summ on officer, direct or or shareholder
S. 195Submissi on of informati on and documents to Bank
S. 196Protecti on of persons providing informati on under Act
S. 197Authorisati on to provide alternative financial service
S. 198Publicati on of informati on
S. 199Extensi on of period to furnish document or informati on
S. 200False document
S. 201Money circulati on schemes
S. 202Utilisati on of collateral f or settlement of certa in obligations
S. 203Special reserve account, insurance and commitment
S. 204Unclaimed funds and personal property
S. 205Industry reports
S. 206A pers on comm its a separate offence f or each day on Continuing
S. 207Offences by principal officers of body corporate or
S. 208General penalty
S. 209Administrative penalty
S. 210Immunity
S. 211Exempti on
S. 212Regulatory statements
S. 213Regulations
S. 214Repeal of Cap. 387 and Cap. 398 and savings and
S. ISection I
S. IISection II
S. IIISection III
S. IVSection IV
S. IXSection IX
S. VSection V
S. VISection VI
S. VIISection VII
S. VIIISection VIII
S. XSection X
S. XISection XI
S. XIISection XII
S. XIIISection XIII
S. XIVSection XIV
S. XVSection XV
S. XVISection XVI
S. XVIISection XVII

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