Suspension of investment in financial institutions

[:en]In accordance with the Bank of Lao PDR (the “BOL”) Notice on Temporary Suspension of Issuance for Financial Institutions Operating Licences in Lao PDR No.95, dated 18 May 2017 (the “Notice”), new investment, both foreign and domestic, in all business relating to financial institutions (including deposit/non-deposit-taking micro financial institutions, credit unions and savings, leasing companies, pawn shops, money transfer companies, etc) is subject to temporary suspension from 1 March 2017 until 28 February 2019.

The purpose of the Notice is to allow the Government of Lao PDR an opportunity to review and evaluate the implementation of the laws and regulations currently in effect in this field and, if required, to provide any necessary amendments to the existing legal framework with a focus on maintaining the economic development of Lao PDR.

With respect to applications lodged prior to 1 March 2017, the BOL will continue to consider issuing business operating licences for financial institutions subject to the application documents being complete, valid and in compliance with the regulations.[:]

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