Wednesday May 13, 2026
Wednesday May 13, 2026
Thursday, 7 May 2026 05:46 - - {{hitsCtrl.values.hits}}
The Cabinet of Ministers this week approved directing the Legal Draftsman to prepare a Bill to enable the amendment of the Finance Business Act, No. 42 of 2011.
Nearly 15 years have passed since the Act came into operation, during which significant changes have taken place in both the domestic and global financial landscapes, necessitating a comprehensive review of existing provisions.
“The proposed amendments are expected to focus on key areas including licensing procedures, regulatory supervision, resolution mechanisms, corporate governance standards, protection of depositors, and enforcement measures against unauthorised acceptance of deposits,” Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said at the weekly post-Cabinet meeting media briefing on Tuesday.
He said the move is aimed at reinforcing financial sector stability and improving regulatory oversight, particularly in light of evolving risks and structural changes within the non-bank financial sector.
“The revised framework is intended to enhance investor and depositor confidence, whilst ensuring stronger compliance and accountability among finance companies operating in the country,” he added.
The proposal to this effect was approved by President Anura Kumara Dissanayake in his capacity as the Finance, Planning and Economic Development Minister.
