Lesotho

Lesotho

Adopts Financial Institutions Act 2012

27 Feb 2012

The Financial Institutions Act 2012 regulates, inter alia, investment (including foreign investment) in the banking and non-banking financial sector. It provides for the authorization, supervision and regulation of banking and non-banking financial institutions and ancillary financial service providers. It stipulates, inter alia, that a company intending to operate as a financial institution may not be registered without "prior written approval of the commissioner". It also grants the Central Bank of Lesotho (the Commissioner) enhanced investigatory and regulatory powers over financial entities.