NS/RKM/0121/003
Law on the Organization and Functioning of the Non-Bank Financial Services Authority
The law that consolidated Cambodia’s non-bank financial regulators under one authority — and therefore the reason a digital asset business answers to SERC under the NBFSA rather than to the central bank.
- Issuer
- National Assembly of Cambodia
- Issued
- 16 January 2021
- Legal force
- In force
- Sectors
- Non-bank finance · Securities · Insurance · Trusts
- Verified
Who it binds
The non-bank financial sectors it brings under NBFSA oversight, and the sector regulators that supervise them day to day.
What it requires
- Establishes the NBFSA as an independent regulatory body integrating and overseeing the non-bank financial services sectors.
- Brings six sectors under that umbrella: insurance and private pensions; securities and exchange; social security; trusts; accounting and auditing; and real estate and pawnshops.
- States aims of effectiveness, transparency and stability in regulation and supervision, uniform regulatory standards, consumer protection, and support for FinTech development.
What it does not cover
The limits of an instrument decide whether it applies to you, and are rarely published. These are stated from the instrument itself.
- Banking, payments and e-money, which remain with the National Bank of Cambodia. The split between the two is the first thing a FinTech needs to establish about itself.
- The operating rules of any sector. Those come from the Prakas each sector regulator issues — Prakas 093 for digital assets, the trust instruments for fiduciary services.
- Tax, commerce or telecommunications, which sit with other ministries entirely.
Sources
- Law on the Organization and Functioning of the Non-Bank Financial Services AuthorityTSM Law Group · professional legal commentary
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