Regulatory Alerts2021-01-01 | Finance Business Act Directions No. 1 of 2021Amendment to Valuation of Immovable Properties
The Monetary Board of the Central Bank of Sri Lanka issued Finance Business Act Directions No. 01 of 2021 to amend the valuation requirements for licensed finance companies. The directive updates eligibility criteria for valuers, requiring them to hold specific professional memberships and experience, while mandating continuous professional development and high ethical standards. It also establishes new frequency rules for property valuations, distinguishing between non-performing loans requiring reports up to five or four years old and performing loans valued at initial grant or enhancement.
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