Good regulation good for business in Sri Lanka: IOSCO
ECONOMYNEXT – The head of the global standard setter for securities regulation, the International Organization of Securities Commissions (IOSCO), said Sri Lanka has shown commitment to good regulation, which would be good for business in the island.
Sri Lanka’s Securities and Exchange Commission (SEC) had opened up to assessment by the IOSCO and was improving its regulations to meet international standards, said Paul P. Andrews, Secretary-General of IOSCO.
“It is courageous and something not every regulator around the world is willing to do,” he told a news conference after the first day of the annual meeting of IOSCO’s Growth and Emerging Market Committee (GEMC), responsible for emerging market issues, in Colombo.
“It shows commitment and strength of character that is critically important in emerging markets,” Andrews said. “It is good for business in Sri Lanka to have good regulation, and having good regulation means benchmarking against something. Good regulation, global standards and good business go hand in hand.”
IOSCO’s country review earlier this year recommended changes, which the SEC is implementing.
Many of the recommendations were already in the new SEC law that is to be presented to parliament before end-October,Vajira Wijegunawardane, SEC Director General told the news conference.
(COLOMBO, Sept 21, 2017)