Regulatory Alerts2023-09-21
Circular 19/2023
The Central Bank of Libya issued Circular 19/2023 to update the regulatory framework for five key supervisory committees and reporting standards. The circular mandates that all commercial banks and financing companies establish Internal Control & Compliance (ICMP), Asset Liability Management (ALCO), Net Stable Funding Ratio (NSFR), Governance, Risk & Compliance (GRC), and Liquidity Coverage Ratio (LCR) committees in strict accordance with IFRS financial reporting requirements. Banks must implement these structural and compliance updates immediately and submit all mandated reports to the regulator without delay.
Circular 19/2023
Date: 25 Rajab 1444 (AH) / 15 July 2023 To: All Commercial Banks and Financing Companies
Subject: Update of Regulations and Guidelines for Supervisory Committees
The Central Bank of Libya issues this circular to update the existing framework for the following committees and reporting standards:
- Internal Control & Compliance Committee (ICMP): Referenced in Circular 2022/07, amended by Circular 2023/01.
- Asset Liability Management Committee (ALCO): Referenced in Circular 2022/10, amended by Circular 2023/02.
- Net Stable Funding Ratio (NSFR): Referenced in Circular 2023/02, amended by Circular 2023/06.
- Governance, Risk & Compliance (GRC): Referenced in Circular 2023/06, amended by Circular 2023/08.
- Liquidity Coverage Ratio (LCR): Referenced in Circular 2022/14, amended by Circular 2023/08.
Key Requirements:
- All commercial banks and financing companies must establish the ICMP, ALCO, NSFR, GRC, and LCR committees as outlined in this circular.
- Financial reporting and disclosure must comply with IFRS standards.
- Banks are required to submit the necessary reports and ensure full compliance with the updated guidelines effective immediately.
Contact Information: www.cbl.gov.ly | SWIFT Code: CBLJLYLX | Telephone: +218 214441488 / +218 213333591