Category: Legal

The top Government Auditors job is to be made independent with the enactment of a new Law, which will also give the department wide ranging powers.The Auditor General will report directly to Parliament under a proposed Audit Act, and also conduct Value for Money audits on the public sector.rn rnOfficials are trying to get the […]

The private sector is calling for a new law to facilitate asset securitisation transactions in the country and a high-powered financial reforms committee is trying to come up with a draft Act in consultation with industry players.Asset securitisation deals are a rave with leasing companies to hosing loan providers borrowing against their future cash flows.rn […]

State officials are looking at ways to implement World Bank recommendations to improve the countrys financial accountability.The recommendations are part of the World Banks draft Country Financial Accountability (CFAA) study.rn rnSpeaking at a workshop to discuss the report, Treasury Secretary Charita Ratwatte called for a Project Director to be appointed to oversee the rollout of […]

Work on drafting a fresh piece of legislation to replace the present Companies Act is due to get off the ground next week.The committee, which includes legal luminaries, like Aritta Wikremanayake, Dr. Harsha Cabraal, representatives from trade chambers, accounting bodies and the Bar Association, have been set a three months deadline to draw up a […]

Parliament is expected to push through the long over due Intellectual Property Act by mid June.Parliament gave the Act a preliminary hearing on May 22 with officials now expecting the Prime Ministers interest in the new legislation to accelerate the process.rn rnAn out of court dispute resolution mechanism is among the highlights in the new […]

The countrys banking laws will be amended this year to regulate dozens of unlicensed deposit taking companies.Authorities are considering Amendments to the Banking Act with a fresh definition of what constitutes a lquote Deposit.rn rnExperts say the Amendments will prevent unregulated Limited Liability Companies from taking public deposits unless they come under the Banking Act.rn […]

Consumer protection has been a concern of every administration but analysts say that Sri Lankan consumers are far from being kings. A new Act is trying to put the consumer on top, suing professionals and traders in the process.But analysts warn that over-regulation may put off the private sector and worse still, potential foreign investors.rn […]

A new Act to strengthen Property Rights covering all areas in Intellectual Property from patent rights to trade marks is coming into force this month. Hundreds of retail outlets selling pirated computer software and music could disappear overnight if the full force of the law is used.rn rnToday from adventures in cyberspace at the click […]

The Court of Appeal issued an interim order on Friday stating a Consumer Affairs Authority (CAA) direction allowing all LP Gas traders to refill and sell LPG in any cylinder given to them.The court order was made following a writ filed by Shell Gas Lanka Limited (SGLL) against the Consumer Affairs Authority and two other […]

Laws to give banks and finance companies more muscle to tackle bad debts have got regulatory approval and are now before the Legal Draftsmens Dept. Under the amendments to the Debt Recovery Laws, finance companies registered with the Central Bank will be given similar parate rights as banks, says Dr.Wickrema Weerasuriya, Central Banks Consultant on […]

The Cabinet of Ministers rejected a decade old draft Companies Act over its departure from English Law principles.A Cabinet sub committee that had a look at the draft Act, which is based on the New Zealand Companies Act, says it goes against the English Law practiced in the country.rn rnThe corporate and legal profession, which […]

Cabinet cleared four amendments to the Shop and Office Act, supporting nighttime employment and an increase in workman compensation.If passed in Parliament in May, shops can remain open past 10 pm, while female workers will be allowed to work late nights, Labour Minister, Mahinda Samarasinghe told journalists.rn rnThe amendments also support employing female staff on […]