Regulatory Alerts2023-09-21
Circular 20/2023 on Business Continuity Planning for Emergencies
The Central Bank of Libya issued Circular 20/2023 to mandate supervised financial institutions to develop and submit comprehensive Business Continuity Plans within three months, aligning operations with Basel Committee standards. The directive establishes seven core principles covering board oversight, operational stoppage management, recovery objectives, internal and external communications, testing protocols, and regulatory supervision to ensure systemic resilience. It further prescribes a five-stage implementation framework—analysis, solution design, application, testing, and continuous monitoring—to proactively mitigate risks from natural disasters, technological failures, and cross-border interdependencies.
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