MadagascarElectronic Money Act: Notice to Users of a Major Service Incident
Loi n° 2016-056 sur la monnaie électronique, art. 92
In force.
A vulnerability and incident reporting rule binding private bodies.
- Obligation class
- Reporting
As of .
What it requires
- This binds an electronic money institution (établissement de monnaie électronique): a legal person that the CSBF has licensed to carry out electronic money operations (Article 11), reached by declaring that you are a payment provider.
- Warn the user of any major incident linked to disruptions of your service (Article 92).
These lines are LexLint's reading of the law's text, as of .
Who enforces it
Enforcement body
The Commission de Supervision Bancaire et Financière (CSBF), the regulatory and supervisory authority over electronic money institutions, which supervises them and sanctions the infractions it finds.
Settledness
- As of
- Open questions
- By when and in what form must an electronic money institution warn users of a major incident, and what makes an incident major, since Article 92 gives none of these?
What this law does
Article 92 requires an electronic money institution to warn the user of any major incident linked to disruptions of the service. Article 108 lets the CSBF, once an institution has not complied with an injunction, impose sanctions that run from a warning to the withdrawal of the licence.
When LexLint raises it
When your app profile says your app is a payment provider.