Central Bank of Sri Lanka Act 2023 · As enacted · Part XVIII · General Provisions
107. Administrative measures
Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk
Official translationFrom Department of Government Printing, unchanged
The Central Bank may take administrative measures on any person who contravenes any of the provisions of this Act or any rule, direction or decision made or issued thereunder.
The Central Bank shall, before taking any administrative measures against a person, afford such person an adequate opportunity to be heard providing all material facts pertaining to the contravention referred to in subsection (1).
The Central Bank shall make rules specifying the procedure to be followed in respect of the imposition of administrative measures.
In the case of administrative fines, the amount of administrative fines shall be prescribed by the Governing
Board.
Every rule made under this subsection shall be placed before Parliament for approval.
Every rule made under this subsection shall come into force on the date on which such rule is approved by
Parliament.
In determining whether to impose administrative measures, and the extent of such measures, the Central Bank shall take into consideration-
the severity of the contravention and whether such contravention is recurring;
whether any loss or damage is caused to the depositors or any other person due to such contravention;
whether the person against whom a penalty is to be imposed is unduly benefitted from such contravention;
the financial resources of such person;
any mitigating factors; and
such other matters as it considers to be relevant.
Notwithstanding anything in any written or other law, no person shall be liable or subject to any action or proceedings in any court in respect of any loss or damage suffered or incurred or alleged to have been suffered or incurred by any other person by reason of any act or thing done or omitted to be done by such person in carrying out or complying with any provision of this Act or any rule, order or direction made or issued under this Act.
For the purpose of this section, “administrative measures” includes administrative fines, written warnings or orders, suspension and dismissal of administrators of financial institutions, revocation of licences and other measures, as specified in this Act.
Part XIX