Fresh Look

The Act will be brought in line Basle requirements and international best practices.rn

rnThe Banking Law governs commercial and specialized banks.rn

rnThe SEC takeovers and mergers code and banking act provisions have come into conflict in the past with regard to financial sector M&A activity.rn

rnThe amendments will give the Central Bank the power to aggregate shareholdings of parties thought to be acting together.rn

rnldblquote Once the amendments are approved the Central Bank will be able to aggregate share holding through nominees of a commercial bank and also shareholding in a commercial bank by a persons acting in concern,
dblquote says Rohana Wickramasinghe at the Central Bankrn

rnThe amendments will also allow the Central bank, the principal financial sector regulator, to provide a provisional license to promoters of a bank.rn

rnOfficials say this will make it easier for them to find the necessary finance. rn

rnldblquote Under the proposed amendments there is a provision where the m