Sri Lanka, as one example, is a market where foreign investors have experienced barriers to entry related to new account openings, which typically take longer due to the detailed scrutiny and approval required from the Central Depository System (CDS) of the Colombo Stock Exchange and the Securities and Exchange Commission (SEC).
Following J.P. Morgan’s meetings with the SEC and CDS in Sri Lanka to provide continuous dialogue with these local market infrastructures throughout 2012 and 2013, the SEC this past August released a formal circular clarifying account opening requirements in order to provide a standardized set of required documentation.
This eliminated additional documentation requests from the SEC and is expected to shorten the account opening timeline. The new requirements are applicable across all market applications in Sri Lanka (e.g., government securities, equities and corporate debt) with immediate effect. J.P. Morgan has revised its Investor Kit with the updated market requirements.
Official Communique from JP Morgan