Sri Lanka SEC says aiming for swift action against illegal activity

ECONOMYNEXT – Sri Lanka’s capital markets regulator is working to set up a regulatory framework enabling swift action against illegal activity, Vajira Wijegunawardane, Director General of the Securities and Exchange Commission (SEC) said.

The SEC has long enjoyed robust and healthy relations with its counterparts in the Asia Pacific region, he told a five-day forum it hosted in Colombo to train financial regulators on enforcement and litigation.

"Our aim ultimately is to put in place a regulatory framework within which swift and decisive action is the norm of the day and which serves as a credible deterrent to unscrupulous actors in our market,” Wijegunawardane said.

“The dialogues we hope to set in motion at this regional seminar and at other future events in the same vein will doubtless serve as catalysts towards this end."

The Asia Pacific Economic Cooperation (APEC) Financial Regulators Training Initiative (FRTI) forum drew over 60 participants from local regulatory organizations like the Colombo Stock Exchange, Attorney General’s Department, Financial Intelligence Unit of Central Bank of Sri Lanka and SEC.

Officials from Bangladesh, Indonesia, Philippines, Nepal, Thailand, Cambodia, Kazakhstan, Malaysia and Papua New Guinea also attended the seminar.

The APEC FRTI provides cost-effective training for junior and mid-level staff of financial supervisory and regulatory agencies and stock and derivative exchanges, a statement said.

“Financial regulators are faced with many challenges as a result of Information Technology, new forms of financial crime, use of virtual currencies and digitalization of services,” it said.
(COLOMBO, 27 November 2018)

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