Regulatory Alerts2024-01-01
SEC Directive 30 12 2024
The Securities and Exchange Commission of Sri Lanka issued a directive to the Colombo Stock Exchange to grant a two-month extension to the effective date of specific listing rules. This extension applies to Rule 9.1.4(1) and Rule 9.8.3(ix), which restrict the independence of directors aged 70 or above on the Main Market Segment. The new effective date is moved from 1st January 2025 to accommodate requests from public listed company directors and the exchange.
SEC SECURITIES AND EXCHANGE COMMISSION OF SRI LANKA Office of the Director General ශ්රී ලංකා සුරැකුම්පත් සහ විනිමය කොමිෂන් සභාව இலங்கை பிணையங்கள் மற்றும் பரிவர்த்தனை ஆணைக்குழு
BY HAND
Ref: SEC/DG/2024/12/243
30th December 2024
TO: THE COLOMBO STOCK EXCHANGE
DIRECTIVE ISSUED IN TERMS OF SECTION 16(c) OF THE SECURITIES AND EXCHANGE COMMISSION OF SRI LANKA ACT NO. 19 OF 2021
The Securities and Exchange Commission of Sri Lanka (SEC), having considered the requests made by directors of Public Listed Companies and views of the Colombo Stock Exchange (CSE) regarding the applicability of the following Rule of the CSE Listing Rules, hereby directs the CSE to grant a two-month extension to the effective date (currently stipulated as 1st January 2025) of Rule 9.1.4(1) "In respect of Entities which have listed its shares on the Main Market Segment and/or Debt Securities; Rule 9.8.3 (ix) - A Director shall not be considered 'independent' if he/she is 70 years of age or above" of the CSE Listing Rules.
[Signature]
Chinthaka Mendis DIRECTOR GENERAL
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