By Ishara Gamage
Ceylon Finance Today: Sri Lanka will introduce a totally new Securities and Exchange Commission (SEC) Act before the end of 2016, SEC Chairman Thilak Karunarathne told Ceylon FT yesterday.
This will totally replace the earlier amendments, which were scheduled to be incorporated in the SEC Act some years ago. "I have three major tasks at the moment.
Firstly we have to replace our existing act to broad base our regulatory scope. Secondly, we are on the process of establishing a steering cooperation system to mitigate our market's systematic risks, at present, which is poorest in the region. We also have to expedite our market demutualization process, as well, which we hope to finish in 2016, he said. The SEC has also appointed two of its commission members to oversee the new SEC law amendments.
They are experts in Corporate Law and Securities Law, Karunaratne said.
Presently, we are studying the Securities and Exchange Commission Acts of other countries and we hope that the SEC staff could handle these amendments, he said.
The SEC has already appointed the Singapore based BT Consultancy to establish the process of establishing a steering cooperation system.
www.ceylontoday.lk
Ceylon Finance Today: Sri Lanka will introduce a totally new Securities and Exchange Commission (SEC) Act before the end of 2016, SEC Chairman Thilak Karunarathne told Ceylon FT yesterday.
This will totally replace the earlier amendments, which were scheduled to be incorporated in the SEC Act some years ago. "I have three major tasks at the moment.
Firstly we have to replace our existing act to broad base our regulatory scope. Secondly, we are on the process of establishing a steering cooperation system to mitigate our market's systematic risks, at present, which is poorest in the region. We also have to expedite our market demutualization process, as well, which we hope to finish in 2016, he said. The SEC has also appointed two of its commission members to oversee the new SEC law amendments.
They are experts in Corporate Law and Securities Law, Karunaratne said.
Presently, we are studying the Securities and Exchange Commission Acts of other countries and we hope that the SEC staff could handle these amendments, he said.
The SEC has already appointed the Singapore based BT Consultancy to establish the process of establishing a steering cooperation system.
www.ceylontoday.lk
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