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Laws & Regulations
The Central Bank of Sri Lanka was established in 1950 under the Monetary Law Act No 58 of 1949 and is the apex institution in the financial sector. Since inception, the Central Bank has been responsible for regulating the financial system of the country. Several key legislative enactments provide powers to the Central Bank to carry out its functions to achieve its primary objectives of economic and price stability and financial system stability. Under these powers, the Central Bank issues directions for the establishment and operations of all categories of financial institutions under its supervisory and regulatory purview. In addition, the Central Bank has been empowered to carry out certain agency functions under other legislative enactments.

Legislative Enactments
The financial system of the country is regulated by several legislative enactments. The key Acts relevant to the regulatory role of the Central Bank are the Monetary Law Act, the Local Treasury Bills Ordinance, Registered Stocks and Securities Ordinance, Exchange Control Act, Banking Act, Finance Business Act, Finance Leasing Act, Payment and Settlement Systems Act and Financial Transactions Reporting Act.

Regulations, Directions, Rules, Guidelines, Circulars and Operating Instructions
Some departments of the Central Bank have been empowered to carry out functions directly by statute, while other departments carry out functions and duties imposed by statute on the Central Bank itself. Accordingly, powers are vested with those departments to issue regulations through the Minister and directions, guidelines, circulars and operating instructions from time to time to achieve its objective of financial system stability.

Licensing, Registration, Appointment and Authorisation Procedures
Requirements and procedures to be followed by a person to establish a local bank, foreign bank branch, a finance company, a finance leasing company, a primary dealership, a dealership in foreign currency and as a money changer have been issued by the Central Bank from time to time.
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