Regulatory Alerts2014-12-30
Consultation Paper 23: Establishing a Panel of Valuers for Listed Company Financials
The Securities and Exchange Commission of Sri Lanka issued Consultation Paper 23 to solicit stakeholder feedback on creating a specialized panel of valuers. This panel would assess the accuracy of valuations disclosed in the financial statements of listed companies and entities seeking listing. The regulator seeks comments on panel composition, member selection and removal, the role of professional associations, and objective criteria for referrals, with responses due by January 21, 2015.
SECURITIES AND EXCHANGE COMMISSION OF SRI LANKA
NOTICE
CONSULTATION PAPER NO 23
ESTABLISHING A PANEL OF VALUERS TO ASSESS THE ACCURACY OF VALUATIONS IN DISCLOSED FINANCIALS OF LISTED COMPANIES & ENTITIES APPLYING FOR LISTINGS
This consultation paper is to;
Obtain the views and comments on establishing a panel of valuers to assess the accuracy of valuations in disclosed financials of listed companies and entities applying for listing.
You are invited to comment on the following aspects of the proposal, during this process it is expected to obtain all concerned stakeholders views pertaining to the formation of a panel of valuers to assess the accuracy of valuations in disclosed financials of listed companies and entities applying for listing. We request you to describe any alternative approaches you may think would achieve this objective. The SEC is keen to fully understand and assess implications of proposals and any alternative approaches.
Therefore, we would like to receive your views on inter-alia;
Member composition of panel, selection of panel members, removal of panel members, role of professional valuers associations represented in Sri Lanka in relation to this initiative, Objective criteria to identify occurances/issues to make a referral to the panel.
Disclaimer:
The contents of this paper do not constitute legal advice. The contents of the proposal may change consequent to the comments the SEC receives and further deliberations or due to any other reason connected with same.
Comments received:
Comments received may be publicly available and will not be treated as confidential unless a special request is made in that respect.
Please send in your comments with the title "Establishing a panel of valuers to assess the accuracy of valuations in disclosed financials of listed companies and entities applying for listing" on or before 21st January 2015, by registered post, e - mail or fax to:
Director Corporate Affairs Securities and Exchange Commission of Sri Lanka Level 28, East Tower, World Trade Centre, Echelon Square, Colombo 01. E - mail: harshana@sec.gov.lk, samanthi@sec.gov.lk Fax: 011 2439149