Regulatory Alerts2022-06-07
Central Bank of Libya Periodic Letter (32-2017)
The Central Bank of Libya issued Periodic Letter No. 32/2017 to require commercial banks to submit board meeting resolutions and attendee lists within ten days of issuance, specifically targeting meetings held between 2015 and 2016 that have been delayed. The directive mandates compliance with Article 68 of Law No. 1 of 2005 and builds upon previous governance circulars to ensure complete board composition and timely regulatory reporting. Banks are instructed to prioritize this submission immediately to rectify current filing backlogs and align with statutory governance requirements.
Central Bank of Libya
P.O. Box 1103 | Telegram Address: Misrata, Tripoli, Libya
Reference: Ar M / N (25) 804
Periodic Letter No. Ar M / N (2017/32)
Date: 11 Jumaada al-Awwal 1438 AH Corresponding Date: 08 February 2017 AD
To the Chairmen of Boards of Commercial Banks
With greetings...
Based on the provisions of Law No. (1) of 2005 concerning Banks, and its amendments, and the supervisory and regulatory role exercised by the Central Bank of Libya over commercial banks, in accordance with the law's provisions.
And referring to Article (68) of the Law, which states: "Each private bank shall be managed under the supervision and oversight of the Central Bank of Libya by a board of directors consisting of at least nine members, appointed by a decision from the bank's General Assembly specifying their appointment and financial remuneration...".
And to Periodic Letter Ar M / N No. (2010/13), issued on 27/09/2010, through which the Central Bank of Libya Board of Directors' Decision No. (20) of 2010 was circulated, adopting the governance manual for the banking sector and activating the role of boards of directors in banks.
And to our Periodic Letter No. (2016/197) issued on 13/12/2016, regarding the correction of your banks' status by completing board members and notifying the Central Bank of Libya accordingly, in compliance with the law's provisions and your banks' statutes.
We hereby request that this Department has observed, through monitoring the status of banks regarding their compliance with statutory provisions on notifying the Central Bank of Libya of board decisions within ten days of issuance, that some banks have delayed to date in submitting resolutions of your banks' board meetings and specifying attending and benefiting members from those meetings.
Therefore, you are requested to give full attention to the matter and submit resolutions of board meetings for the banks you manage, held within the specified periods according to the statutory provisions, during the (2015 - 2016) period.
Peace, mercy of Allah, and blessings be upon you...
Dr. Mukhtar Al-Hadi Al-Tawil
Director of the Department for Banking and Currency Supervision
To:
The Bank
The Director of the Legal Affairs Department at the Central Bank of Libya
The General Managers of Commercial Banks
The Branch Managers of the Central Bank of Libya (Sabha - Benghazi - Sirte)
The Deputy Director of the Department for Banking and Currency Supervision for Office Supervision and Compliance Monitoring
The Egyptian Auditor and Compliance Accompaniment
R. Al-Shibibi / 6 Periodic Letters 2017/32
www.cbl.gov.ly , swift code: CBLJLYLX , +218 21 444 1488 Fax, +218 21 333 3591 Phone