Regulatory Alerts2019-12-19 | Finance Business Act Direction No. 4 of 2019Amendment to Valuation of Immovable Properties
The Monetary Board of the Central Bank of Sri Lanka issued Direction No. 04 of 2019 to amend the eligibility criteria and valuation frequency requirements for licensed finance companies. The directive mandates that valuers must be Fellows or experienced Professional Associates of the Institute of Valuers of Sri Lanka or qualified members of the Royal Institution of Chartered Surveyors. It further establishes that non-performing collateral valuations must be no older than five years for residential properties and four years for other assets, while gains from revaluations are restricted to Tier 2 capital inclusion once every three years.
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