Regulatory Alerts2023-01-01
Guidelines for Trustees Providing Services to Market Institutions, Intermediaries, Listed Companies, or Collective Investment Schemes
The Securities and Exchange Commission of Sri Lanka issued these guidelines to regulate Trustees acting for Market Institutions, Market Intermediaries, Listed Public Companies, or Collective Investment Schemes. The document mandates that Trustees of Debenture Issues must be licensed Commercial Banks independent of the Issuer and outlines strict duties to safeguard investor interests, including immediate reporting of insufficient assets and quarterly compliance reports. Furthermore, it requires Trustees to submit information upon Commission request, allows for corrective directives, and voids any trust deed provisions that exempt Trustees from liability for breach of trust.
Share