Sri Lanka to establish a regulatory council to monitor issues in finance sector

Oct 20, 2014 (LBO) Sri Lanka's cabinet of ministers had given approval to establish an Inter Regulatory Institutions Council with a view of identifying issues that require collective action by financial sector regulators.

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Establishment of the council plans to promote financial system stability and the development of the financial sector.

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Financial institutions include licensed banks, licensed finance companies and leasing companies, money brokers, primary dealers, insurance companies, insurance brokers, insurance agents, loss adjusters, institutional agents, stock exchanges and stock brokers/dealers.

The proposal made by H.E. the President, in his capacity as the Minister of Finance and Planning, to enact legislation for the purpose through an Act of Parliament and to instruct the Legal Draftsman to draft legislation for the purpose.