2 new laws being enacted to restore stability in financial sector

Two new laws are being enacted and six laws also will be amended to restore discipline in the financial sector.

The new laws are – ‘Bank Regulation Act 2025’ (Implementation period: December 2024 to April 2025) and ‘Distressed Asset Management Act’ (for the period from October 2024 to June 2026).

It is known that the Financial Institutions Division of the Ministry of Finance has taken the initiative to amend six laws.

The drafting of all the laws is currently underway. Some of the draft laws have already been finalized and published on the website for stakeholders' opinions.

According to sources from the Financial Institutions Department, as part of the reform plan, initiatives have been taken to formulate new laws and amend old laws.