Regulatory Alerts2024-10-01 | Banking Act Direction No. 06 of 2024Accommodation to Directors and Related Companies
The Central Bank of Sri Lanka has revoked prior Banking Act Directions governing accommodation granted to directors and related parties of licensed specialised banks. This revocation follows the October 2024 issuance of Banking Act Determination No. 04, which establishes approved securities for such related-party accommodations. The updated framework supersedes the 1997 and 2009 directions, streamlining regulatory compliance for lease-backed trust certificates and other approved securities used to secure director-related accommodations.
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