Week of
Botswana, Uganda, Libya and Sri Lanka published regulatory circulars, notices and directions this week. Botswana's NBFIRA issued a circular directing non-bank financial institutions to adopt a revised Personal Questionnaire for Controllers, now including a Data Privacy Notice aligned with the Data Protection Act, 2024, with immediate effect. Uganda's Capital Markets Authority published a notice stating that the twelve-month transition period under Regulation 27 of the Capital Markets Authority (Corporate Governance) Regulations, 2025 lapsed on 24 January 2026, so full compliance is now required, with enforcement action and remedial measures warned against non-compliant entities. Libya's Central Bank accounts for two of the week's records, both circulars issued on the same day: one authorizes banks to transfer foreign currency for natural persons for medical treatment and study abroad, with annual limits of USD 20,000 for treatment and USD 7,500 per student, and the other sets rules for external transfers through licensed exchange companies, including ceilings, commission caps, enhanced AML/CFT due diligence and sanctions for non-compliance. Sri Lanka's Insurance Regulatory Commission issued a direction under Section 96A of the Regulation of Insurance Industry Act setting minimum standards for insurance advertisements, requiring accurate and non-misleading content, prior approval for product-related advertisements and record-keeping duties, and cancelling earlier directions on advertisements. The week's weight sits with Libya, whose two circulars address foreign currency transfers, while the other records each come from a single regulator.
Botswana
Circular No.2 of 2026 – Personal Questionnaire For Controllers/Key Persons
NBFIRA directs all non-bank financial institutions to immediately adopt and implement the revised Personal Questionnaire for Controllers, which now includes a Data Privacy Notice aligned with the Data Protection Act, 2024. All applicants undergoing vetting as controllers must complete the revised questionnaire without exception, and the changes take effect immediately.
CircularPublished in EnglishEnglishData protectionCorporate governance
Libya
Central Bank of Libya Instructions Regarding Authorizing Banks to Transfer Foreign Currency for Natural Persons for Medical Treatment and Study Abroad
Issues instructions from the Central Bank of Libya authorizing banks to transfer foreign currency on behalf of natural persons for medical treatment and study abroad through the designated system, with maximum limits of USD 20,000 per year for treatment and USD 7,500 per student per year for study. Banks must comply with the controls and procedures set out in Circular No. (10/2025) and verify supporting documents for the stated purposes.
CircularTranslated to EnglishArabicForeign exchangeReporting requirementsInstructions for Regulating External Transfers Executed Through Exchange Companies
The Central Bank of Libya sets out rules allowing licensed exchange companies meeting specified conditions to execute direct outward transfers on behalf of companies and small traders, subject to per-transfer and annual ceilings, commission caps, and enhanced AML/CFT due diligence. It also imposes obligations on commercial banks that process the corresponding SWIFT transfers and provides for sanctions, including exclusion from direct transfer operations and suspension of the banking code, for non-compliance.
CircularTranslated to EnglishArabicForeign exchangeAnti-money laundering
Sri Lanka
DIRECTION ON ADVERTISEMENTS ISSUED TO INSURANCE COMPANIES AND INSURANCE BROKERS
The Insurance Regulatory Commission of Sri Lanka issues a Direction under Section 96A of the Regulation of Insurance Industry Act, No. 43 of 2000 setting minimum standards for the content and disclosure of insurance advertisements by insurers and insurance intermediaries. It requires accurate, fair and non-misleading advertising, mandates prior IRCSL approval and compliance certification for product-related advertisements, and imposes record-keeping and oversight duties on Principal Officers. It cancels several earlier directions, guidelines and circulars on advertisements and takes effect immediately.
DirectivePublished in EnglishEnglishConsumer protectionCorporate governance
Uganda
Compliance Requirement with the Capital Markets Authority (Corporate Governance) Regulations, 2025
The Capital Markets Authority notifies all public listed companies and market intermediaries that the twelve-month transition period under Regulation 27 of the Capital Markets Authority (Corporate Governance) Regulations, 2025, which ran from gazettement on 24 January 2025, lapsed on 24 January 2026. Full compliance with the Regulations is now required, and the Authority warns that enforcement action and remedial measures will be taken against non-compliant entities.
NoticePublished in EnglishEnglishCorporate governanceReporting requirements
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