Sri Lanka regulators get US training on fighting capital markets fraud

ECONOMYNEXT – The United States Securities and Exchange Commission (US SEC) has trained Sri Lankan and regional market regulators on detecting and prosecuting offenders in capital markets.

Part of the training was at a regional training conference in Colombo organised by the Securities and Exchange Commission of Sri Lanka (SEC) in association with the US SEC from the 19-22 September 2016, a statement said.

The Sri Lankan SEC had also sought the support of its US counterpart to strengthen the capital market regulatory framework in Sri Lanka through consultations on international best practices in market oversight and development.

“Accordingly, US officials conducted a full-day, in-house workshop for both the Surveillance and Investigation Divisions of the SEC and the exposure to new investigative techniques will undoubtedly aid the SEC in its investigation process,” the statement said.

“The regulators would continue to collaborate in enhancing the effectiveness of the capital market framework in Sri Lanka through ongoing consultations and cooperation.”

The regional training conference in Colombo was designed for capital market regulators engaged in surveillance, investigation and enforcement.

A large number of participants from 14 countries and officials of the Colombo Stock Exchange, Central Bank of Sri Lanka, and the Attorney General’s Department of Sri Lanka attended the conference on the invitation from the SEC.

“The conference addressed best practices in the oversight of capital markets to maximise investor protection and facilitate capital formation,” the statement said.

“The conference emphasised practical solutions to common market problems and abuses, with the goal of making the capital market a more efficient and dynamic engine that provides low-cost capital for economic growth and development.”

The programme was spearheaded by high-level personnel of the US SEC responsible for the enforcement and prosecution of securities fraud.

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Programme topics discussed included surveillance, market intelligence, insider trading, market manipulation, financial accounting and disclosure violations, violations by broker dealers and investment managers, cooperation between regulatory and law enforcement authorities, international cooperation and cybersecurity.
(COLOMBO, Oct 07, 2016)

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