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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Bill for new SEC Act in P’ment soon

Bill for new SEC Act in P’ment soon

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1Bill for new SEC Act in P’ment soon Empty Bill for new SEC Act in P’ment soon Wed Jun 09, 2021 11:09 am

CHRONICLE™

CHRONICLE™
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Bill for new SEC Act in P’ment soon

The Cabinet of Ministers this week directed that the Bill to amend the Securities and Exchange Commission (SEC) Act be published in the Government Gazette and submitted to Parliament for approval.

The Cabinet in October approved the Bill and the Legal Draftsman has also received the clearance from the Attorney General. SEC Chairman Viraj Dayaratne PC earlier told the Daily FT that the SEC had refined the final draft, bringing greater clarity and removing ambiguity.

He said, overall, the new Bill will be a progressive piece of legislation aimed at ensuring robust regulation, as well as facilitating the development of the capital market.

The original SEC Act No. 36 of 1987 had seen three amendments previously, in 1991, 2003 and 2009. Capital market stakeholders have been calling for a new Act for several years to ensure that regulation and market development keeps pace with modern era dynamics.

The SEC is confident of an early passage for the new Act, which is among a host of fresh measures to revitalise the capital market, broaden both the local and foreign investor base, increase listings and improve efficiency via digitalisation.

Among key developments dependent on the new Act is the long-awaited demutualisation of the Colombo Stock Exchange (CSE).

Dayaratne said the focus of the newly-constituted commission members is to ensure healthy regulation for investor protection, risk mitigation and market development.

https://www.ft.lk/front-page/Bill-for-new-SEC-Act-in-P-ment-soon/44-719026






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2Bill for new SEC Act in P’ment soon Empty Re: Bill for new SEC Act in P’ment soon Wed Jun 09, 2021 11:14 am

God Father


Manager - Equity Analytics
Manager - Equity Analytics
Amendments are Required to regulate the Regulators.

Read the Draft Act.
https://www.casrilanka.com/casl/images/stories/2017/2017_pdfs/draft_securities_and_exchange_commission_bill.pdf

Suggested Amendments
https://www.casrilanka.com/casl/images/stories/2017/2017_pdfs/casl_comments_on_the_draft_sec_bill.pdf

3Bill for new SEC Act in P’ment soon Empty Re: Bill for new SEC Act in P’ment soon Wed Jun 09, 2021 12:19 pm

dayandacool

dayandacool
Moderator
Moderator
@God Father wrote:Amendments are Required to regulate the Regulators.

Read the Draft Act.
https://www.casrilanka.com/casl/images/stories/2017/2017_pdfs/draft_securities_and_exchange_commission_bill.pdf

Suggested Amendments
https://www.casrilanka.com/casl/images/stories/2017/2017_pdfs/casl_comments_on_the_draft_sec_bill.pdf

We have something called an Election once in every 5 years for that. But same set goes on and on..... Very Happy Very Happy Very Happy

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