Regulatory Alerts2016-01-18 | Finance Leasing Act Direction No. 1 of 2016Central Bank of Sri Lanka Finance Leasing Act Direction on Opening, Closure and Relocation of Business Places
The Central Bank of Sri Lanka issued Direction No. 1 of 2016 to regulate the opening, closure, and relocation of business places for Specialized Leasing Companies. These entities must obtain prior approval from the Monetary Board and their own Boards of Directors before executing any changes to their branch network or locations. The directive mandates the submission of detailed applications, including economic feasibility studies and Annual Branch Expansion Plans, while revoking the previous 2010 direction.
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