The Regulation seeks to promote a culture within Licensed Financial Institutions of dealing with SMEs by defining the obligations of Licensed Financial Institutions when dealing with SME Customers that include:

• Setting standards of business and market conduct by Licensed Financial Institutions;
   
• Strengthening the governance and oversight over the design, promotion and sale of Financial Products and/or Services;
   
• Promoting responsible financing practices;
   
• Ensuring the quality and timing of effective disclosure to SME Customers by Licensed Financial Institutions regarding matters and/or risks that may affect an SME Customer’s decision to purchase a Financial Product and/or Service;
   
• Providing SME Customers with the access to the right information at the right time to make informed decisions;
   
• Promoting access to banking facilities for SMEs;
   
• Implementing clear and reasonable mechanisms by Licensed Financial Institutions for redress of SME Customer Complaints;
   
• Implementing appropriate debt counselling for SME Customers.