Regulatory Alerts2022-06-07
Central Bank of Libya Circular Letter No. 104/2014
The Central Bank of Libya, acting through its Banking and Currency Supervision Department, issued Circular Letter No. 104/2014 to mandate strict compliance with Administrative Control Authority Circular No. 7 of 2014 regarding the regulation of board memberships in commercial entities. The circular requires banks and state-affiliated companies to review internal regulations, enforce selection criteria and term limits for board chairmen and members, and ensure joint liability for operational failures as stipulated in Articles 175 and 193 of Commercial Activity Law No. 23 of 2010. Non-compliance or negligence in applying these controls will subject violating directors and managers to legal liability and the automatic voidance of conflicting appointments.