Regulatory Alerts2016-10-27 | Direction No. 8 of 2016Added · Updated
Microfinance Act Directions No. 08 of 2016: Reporting Requirements
The Central Bank of Sri Lanka issued Microfinance Act Directions No. 08 of 2016 to mandate reporting obligations for Licensed Microfinance Companies. These entities must submit financial statements, including the Statement of Financial Position and Statement of Comprehensive Income, to the Director of the Department of Supervision of Microfinance Institutions. Monthly reports are due by the 15th of the following month, while annual submissions follow the schedule required by the Microfinance Act.
MONETARY BOARD
CENTRAL BANK OF SRI LANKA
27 October, 2016 MICROFINANCE ACT DIRECTIONS NO. 08 OF 2016
REPORTING REQUIREMENTS
Issued under Sections 11 of the Microfinance Act, No. 6 of 2016.
1. Requirement to submit information
1.1. Every Licensed Microfinance Company (LMFC) shall submit information to the Director, Department of Supervision of Microfinance Institutions (D/DSMI) according to the formats provided.
Schedule I: Time schedule for Reporting Requirements
| Report | Periodicity | Due Date | |
|---|---|---|---|
| i | Statement of Financial Position | Monthly | By the 15<sup>th</sup> of following month |
| ii | Statement of Comprehensive Income | Monthly | By the 15<sup>th</sup> of following month |
| iii | Statement of Financial Position | Annually | As required by the Microfinance Act |
| iv | Statement of Comprehensive Income | Annually | As required by the Microfinance Act |
Indrajit Coomaraswamy
Chairman of the Monetary Board
Governor of the Central Bank of Sri Lanka
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