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Financial Institutions (Revision of Minimum Capital Requirements) Instrument

Statutory Instrument 130 of 2022 Current version · as at 16 December 2022
Enacted2022
Commenced16 December 2022
Last amended—
Point-in-time consolidation · as at 16 December 2022. This page may not reflect amendments made after that date. Confirm the current position against the latest Uganda Gazette before relying on it.

About this Act

A full descriptive summary for this Act has not been recorded yet.

Jurisdiction
Uganda
Type
Principal Legislation
Status
In force
Language
English

Full text of the Act

0 parts · 3 sections

Enhanced Annotated View adds approved, source-linked propositions, operative requirements, judicial passages, related provisions, amendment notes and authority status. Choose Original PDF to inspect the source consolidation.

Uganda

Financial Institutions (Revision of Minimum Capital Requirements) Instrument

Commenced on 16 December 2022

[This is the version of this document at 16 December 2022.]

1. Title

'This Lastrument may be-cited as the Financial Institutions (Revision of Mininium Capital Requirements) Instrument,.2022.

Section analysis Source-linked statutory analysis Source linked
Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.
What this section does
Statutory power

This section confers or regulates the statutory power described as “Title”.

“'This Lastrument may be-cited as the Financial Institutions (Revision of Mininium Capital Requirements) Instrument,.2022.”
Primary legislation Source quotation matched
Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved
Elements or requirements

Operative requirements extracted from the consolidated text.

1
  1. 'This Lastrument may be-cited as the Financial Institutions (Revision of Mininium Capital Requirements) Instrument,.2022.
Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

Authority status: legislation is primary authority; judgment weight follows the displayed court level and the ratio caveat. Check version history

2. Minimum capital requirements for banks

(1)

A person proposing to transact financial institution business iii the capavity of'a bank shall have a:minimum paid-up cash capital of not less than six million currency points by 31" December 2022, invested initially in such liquid assets in Uganda as the Central Bank may approve.

(2)

Subject to subparagraph (1), the minimum capital finds unimpaired by losses shall, at all times, not be less than six million currency points.

(3)

A person proposing to transact financial institution business in the capacity of a. bank shall have a minimum paid-up cash capital of not less than seven million five hundred thousand currency points, by 30" Juné 2024, invested initially in such liquid assets in Uganda as the Central Bank may approve.

(4)

Subject to subparagraph (3), ihe minimum capital funds unimpaired by losses shall, at all times, not be less. than seven million five hundred thousand currency points.

Section analysis Source-linked statutory analysis Source linked
Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.
What this section does
Statutory power

This section confers or regulates the statutory power described as “Minimum capital requirements for banks”.

“(1) A person proposing to transact financial institution business iii the capavity of'a bank shall have a:minimum paid-up cash capital of not less than six million currency points by 31" December 2022, invested initially in such liquid assets in Uganda as the Central Bank may approve.”
Primary legislation Source quotation matched
Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved
Elements or requirements

Operative requirements extracted from the consolidated text.

4
  1. (1) A person proposing to transact financial institution business iii the capavity of'a bank shall have a:minimum paid-up cash capital of not less than six million currency points by 31" December 2022, invested initially in such liquid assets in Uganda as the Central Bank may approve.
  2. (2) Subject to subparagraph (1), the minimum capital finds unimpaired by losses shall, at all times, not be less than six million currency points.
  3. (3) A person proposing to transact financial institution business in the capacity of a. bank shall have a minimum paid-up cash capital of not less than seven million five hundred thousand currency points, by 30" Juné 2024, invested initially in such liquid assets in Uganda as the Central Bank may approve.
  4. (4) Subject to subparagraph (3), ihe minimum capital funds unimpaired by losses shall, at all times, not be less. than seven million five hundred thousand currency points.
Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

Authority status: legislation is primary authority; judgment weight follows the displayed court level and the ratio caveat. Check version history

3. Minimum capital requirements for non-bank financial

institutions (1) A person proposing: to: transact business: as. a non-bank financial institution shall have a-minimum paid up cash capital of not less than one million currency points, by 31" December 2022, invested initially in such liquid.assets in Uganda 'as the Central Bank may approve.

(2)

. Subject to subparagraph (1), the minimum capital funds unitnpaired' by losses shall, at all times, not be less than one million currericy points.

(3)

A person proposing to. transact business as a non-bank financial institution shall have a.minimum paid up cash capital of not less than one million two hundred and fifty thousand currency points, by 30" June 2024, invested initially in-such liquid assets in Uganda as the Central Bank may approve.

(4)

Subject to subparagraph (3), the minimum capital funds unimpaired by losses shall, at all times, not be less. than one million two hundred and fifty thousand currency points.

4, Revocation of §.1, No, 43 of 2010 The Financial Institutions (Revision. of Minimum Capital Requirements) Instrument, 2010 is revoked.

' MATIA KASATA, Minister ofFinance, Planning and Economic Development. 704,

Section analysis Source-linked statutory analysis Source linked
Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.
What this section does
Statutory power

This section confers or regulates the statutory power described as “Minimum capital requirements for non-bank financial”.

“institutions (1) A person proposing: to: transact business: as. a non-bank financial institution shall have a-minimum paid up cash capital of not less than one million currency points, by 31" December 2022, invested initially in such liquid.assets in Uganda 'as the Central Bank may approve.”
Primary legislation Source quotation matched
Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved
Elements or requirements

Operative requirements extracted from the consolidated text.

3
  1. (2) . Subject to subparagraph (1), the minimum capital funds unitnpaired' by losses shall, at all times, not be less than one million currericy points.
  2. (3) A person proposing to. transact business as a non-bank financial institution shall have a.minimum paid up cash capital of not less than one million two hundred and fifty thousand currency points, by 30" June 2024, invested initially in-such liquid assets in Uganda as the Central Bank may approve.
  3. (4) Subject to subparagraph (3), the minimum capital funds unimpaired by losses shall, at all times, not be less. than one million two hundred and fifty thousand currency points.
Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

Authority status: legislation is primary authority; judgment weight follows the displayed court level and the ratio caveat. Check version history

Original Laws of Uganda consolidation (as at 16 December 2022) — public-domain legislation, consolidated by ULII / Laws.Africa (CC BY 4.0). This is a point-in-time text and may not reflect later amendments; confirm against the latest Uganda Gazette before relying on it.