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July 4, 2017

Sri Lanka’s regulatory framework needs further revisions, despite positive developments

Sri Lanka Securities and Exchange Commission (SEC) independence and regulatory remit should be extended as a matter of priority, according to the International Organization of Securities Commissions (IOSCO) review of Sri Lanka’s implementation of IOSCO principles.

The review also found that SEC’s powers, in particular enforcement and cooperation, should be clarified and that clear and consistent guidance across all standards was needed.

IOSCO’s country review also recommended risk-based supervision, staff development, raising standards for regulatory action as well as improving prosecutions, policy communication, emerging risk identification, internal audit processes and supervision of the audit profession.

The full review is available on IOSCO’s website:

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