Week of
Libya, Sri Lanka and Nigeria account for this week's regulatory output, covering foreign transfers, insurance leadership and pension advertising. The Central Bank of Libya issued instructions allowing operating banks to execute direct foreign transfers for small traders, artisans and micro-companies, with caps of USD 100,000 every three months and annual imports limited to USD 500,000, alongside account, coverage, documentation and AML/CFT conditions and monthly reporting to the Bank Supervision and Monetary Control Department. The Insurance Regulatory Commission of Sri Lanka issued a direction under Section 96A of the Regulation of Insurance Industry Act, No. 43 of 2000, replacing Direction # 1 of 2026 and setting out role, reporting lines, eligibility, approval and continuity requirements for the Principal Officer of insurers and insurance brokering companies, effective immediately. The National Pension Commission in Nigeria removed the prior written approval requirement for advertising and media campaign materials by licensed Pension Fund Administrators, substituting prior notification, setting content standards across broadcast, print, digital and outdoor media, and holding PFAs responsible for third-party materials, superseding Section 6.3.1 of the Guidelines for the Operations of PFAs only for advertising and media campaign materials. The three records differ in subject and instrument, spanning a central bank circular, an insurance directive and a pension circular, and all but the Libyan item were published in English without translation.
Libya
Instructions of the Central Bank of Libya regarding permitting operating banks in Libya to execute direct foreign transfers for small traders, artisans and micro-companies
Issues instructions from the Central Bank of Libya permitting operating banks to execute direct foreign transfers for small traders, artisans (individual licences) and micro-companies whose annual imports do not exceed USD 500,000, for the import of legally permitted goods through the coverage-request system. The circular sets a maximum transfer of USD 100,000 every three months and imposes account, CBLKEY code, full dinar coverage, pro-forma invoice, import undertaking, customs declaration and AML/CFT due diligence conditions, plus monthly reporting to the Bank Supervision and Monetary Control Department.
CircularTranslated to EnglishArabicForeign exchangeAnti-money laundering
Nigeria
APPROVAL OF ADVERTISEMENT AND MEDIA CAMPAIGN MATERIALS BY LICENSED PENSION FUND ADMINISTRATORS
The National Pension Commission removes the prior written approval requirement for advertising and media campaign materials by licensed Pension Fund Administrators, replacing it with a prior notification requirement. The circular sets mandatory content standards for advertisements across broadcast, print, digital and outdoor media, and holds PFAs responsible for materials issued on their behalf by third parties. It supersedes Section 6.3.1 of the Guidelines for the Operations of PFAs only with respect to advertising and media campaign materials.
CircularPublished in EnglishEnglishConsumer protectionData protection
Sri Lanka
Direction on Principal Officers of Insurance Companies and Insurance Brokering Companies
The Insurance Regulatory Commission of Sri Lanka issues a direction under Section 96A of the Regulation of Insurance Industry Act, No. 43 of 2000, replacing Direction # 1 of 2026 and setting out the role, reporting lines, eligibility, approval and continuity requirements for the Principal Officer of insurers and insurance brokering companies. It applies to insurance companies and insurance brokering companies and takes effect immediately.
DirectivePublished in EnglishEnglishCorporate governance
Generated by AI from the original publication: extracted, summarised and translated to English. In case of discrepancy, the original prevails; verify against it before relying on this summary.