Regulatory Alerts2017-03-03 | Direction No. 1 of 2017Directions on Opening, Closure and Relocation of Business Places under the Microfinance Act
The Monetary Board of the Central Bank of Sri Lanka issued Directions No. 01 of 2017 to regulate Licensed Microfinance Companies regarding the establishment, cessation, and movement of their business places. These Directions mandate that companies obtain prior Board approval, submit detailed economic feasibility studies, and secure necessary government and police clearances before opening or relocating any branch. Furthermore, the regulations require companies to notify the Director of the Department of Supervision of Microfinance Institutions of all openings, closures, or relocations within ten business days of the effective date.
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