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East Timor Financial Regulation Takes Effect

Promoting Good Administration and Stability in the Country’s Financial System

Dili, East Timor - The Central Payments Office (CPO) has announced that a new financial regulation will come into effect on [Date], aimed at promoting good administration and ensuring the stability of the country’s financial system.

Key Provisions of the Regulation

The regulation sets out standards for the CPO to follow when discharging its responsibilities, including:

• Discharging responsibilities equitably and uniformly, in accordance with sound administrative practices (Section 37)
• Outlining transitional provisions, which include a ban on banks operating in East Timor without a license from the CPO (Section 38)

Definition of Key Terms

The regulation defines key terms such as:

• “Bank”
• “Credit”
• “Financial institution”
• “Guidelines”

And sets out penalties for violation of the regulation or instructions issued by the CPO, including:

• Fines
• Suspension or termination of services
• Revocation of license (Section 41)

Judicial Review and Implementation

The regulation also provides for judicial review of decisions made by the CPO and outlines the procedures for implementation and entry into force.

Commitment to Transparency, Accountability, and Stability

According to a spokesperson for the CPO, the new regulation is designed to promote transparency, accountability, and stability in East Timor’s financial system. “We are committed to ensuring that our financial institutions operate in a fair and transparent manner,” said the spokesperson. “This regulation will help us achieve that goal and ensure the continued growth and development of our economy.”

Effective Date and Applicability

The regulation comes into effect on [Date] and is applicable to all banks and financial institutions operating in East Timor.

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