| Summary: | Despite significant progress improving supervisory frameworks since the last assessment in 2007, supervisory powers remain underdeveloped. The current Banking Act was adopted in 1995 and has several deficiencies such as an absence of provisions for consolidated supervision, major acquisitions, and changes in significant shareholding. There is need for a more frequent and comprehensive review of the regulatory framework to ensure they remain relevant to changing industry and regulatory practice. The regulatory framework needs to be updated to align closer with recent Basel norms, guidance, and principles, particularly in the risk management areas specified below. Supervision tools and methodologies and guidance to supervisors need to be augmented as specified below to make supervision more forward-looking and effective. The planned revision of the Banking Act should aim to address gaps and help strengthen powers and support more intrusive supervision
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