Regulatory Alerts2023-11-23
Added
DFIM Circular No. 13: Finance Company Act, 2023
The Department of Finance Institutions and Markets directs all finance companies operating in Bangladesh to convene a special meeting of their Board of Directors within 15 days to discuss the Finance Company Act, 2023. Following this meeting, companies must provide detailed information regarding the proceedings to the department within three days. This directive ensures that all relevant entities are informed of and comply with the new legislation published on November 13, 2023.
Department of Finance Institutions and Markets Bangladesh Bank Head Office Dhaka. Ref No.: DFIM DFIM Circular No. 13 Managing Director / Chief Executive Officer All Finance Companies operating in Bangladesh.
Dear Sir,
In the context of the Finance Company Act, 2023.
The Finance Company Act, 2023 (Act No. 59 of 2023), enacted by repealing the Finance Institutions Act, 1993 (Act No. 27 of 1993) to ensure transparency and accountability of finance companies authorized to conduct business, grant licenses, manage, operate systematically, organize the financial structure, and meet timely demands, was published in the Extra Gazette of Bangladesh on November 13, 2023. To inform and ensure compliance by all concerned parties, a copy of the Gazette of the Finance Company Act, 2023 has been uploaded on the website of Bangladesh Bank at www.bb.org.bd.
- You are hereby directed to convene a special meeting of the Board of Directors on the subject of the "Finance Company Act, 2023" within the next 15 (fifteen) days, and to inform this department with details of the meeting within the next 3 (three) days thereafter.
Yours faithfully,
Date: 23 November 2023
Draft Circular Letter (Md. Asaduzzaman Khan) Director (DFIM) Phone: 9530178