SENEGAL Law and Practice Contributed by: Franck Olivier Allessie, SCP Houda & Associés
10. DORA 10.1 DORA Requirements
Regarding the procedure of liquidation of assets, in the event of the opening or pronouncement of liquidation proceedings against a credit institu - tion, the Banking Commission shall take a deci - sion on the withdrawal of authorisation and the winding up of the institution. As for the FSB Key Attributes of Effective Reso - lution Regimes, there is no evidence of imple - mentation by the Senegalese government of these attributes. Under Senegalese law, the above-mentioned procedures concern all creditors, regardless of their particular situation (employees, preferen - tial creditors, unsecured creditors, etc). In this respect, creditors cannot pursue the recovery of their claim against a defaulting debtor by starting an individual procedure. Collective procedures may be imposed on the creditors of a company in difficulty. In the event of the liquidation of a credit insti - tution, the bank account holders shall be reim - bursed immediately after the creditors of legal costs and creditors of super-privileged wages, up to an amount determined by the competent judicial authority on the basis of the available resources (Article 97, Law of 2008). This does not apply to deposits of credit and other financial institutions.
As DORA is not applicable in Senegal, there are no banking regulatory requirements related to this EU Regulation.
11. Horizon Scanning 11.1 Regulatory Developments
In Senegal, there are no specific banking regu - latory requirements relating to ESG matters. Although no specific banking regulatory require - ments are provided for under Senegalese leg - islation, credit institutions are encouraged to implement or strengthen their ESG responsibility by implementing the international ESG stand - ards. These ESG standards encourage, among other things, the quality of social dialogue, employment of disabled people, transparency of executive remuneration and the fight against corruption. Banks and financial institutions may, on a volun - tary basis, implement ESG requirements adapt - ed to their specific structure and activities.
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