Regulatory Alerts2019-12-19 | Finance Leasing Act Direction No. 2 of 2019Amendment to Valuation of Immovable Properties
The Central Bank of Sri Lanka issued Finance Leasing Act Directions No. 02 of 2019 to amend the eligibility criteria and valuation frequency for immovable properties held by Specialised Leasing 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 specifies that non-performing collateral valuations must be no older than five years for residential properties and four years for other facilities, while gains from revaluations are restricted to Tier 2 capital inclusion once every three years.
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