Regulatory Alerts2014-07-01
Clarification on the Administration of Section 5(4) of the Delisting Rules
The Securities and Exchange Commission of Sri Lanka issued a directive clarifying the administrative procedure for trading suspensions under Section 5(4) of the delisting rules. The directive mandates that such suspensions remain in force if the Commission approves a voluntary delisting application and must be immediately lifted if the application is rejected. This directive became effective on July 1, 2014, and applies to all delisting applications submitted from that date onward.
SEC SECURITIES AND EXCHANGE COMMISSION OF SRI LANKA ශ්රී ලංකා සුරැකුම්පත් සහ විනිමය කොමිෂන් සභාව இலங்கை பிணையங்கள் மற்றும் பரிவர்த்தனை ஆணைக்குழு
By Hand
1st July 2014
Ref: SEC/LEG/14/07/01
To: The Colombo Stock Exchange
Directive issued under Section 13(c) of the Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987 (as amended)
The Securities and Exchange Commission of Sri Lanka (SEC) at its 339th meeting held on 24th June 2014 having deliberated on the administrative procedure relating to voluntary delisting set out in Section 5 of the rules issued by SEC via Gazette Extraordinary No. 1215/2 dated 18th December 2001 decided to furnish a clarification to Section 5 (4) of the aforesaid rules on the imposition of the trading suspension on the securities of the company making an application for delisting.
Therefore the Colombo Stock Exchange is hereby directed as follows;
-
A trading suspension imposed under Section 5(4) of the aforesaid rules on the securities of a company making an application for delisting shall remain in force where the Commission approves such application
-
A trading suspension imposed under Section 5(4) of the aforesaid rules on the securities of a company making an application for delisting shall be immediately lifted where the Commission decides to reject such application.
This directive shall be effective from the date hereof and all delisting applications made from the date hereof shall be administered accordingly.
[Signature]
Dhammika Perera Deputy Director General / Officer-in-Charge aa/sw
28 සහ 29 මහල, නැගෙනහිර කුළු ණ 28 மற்றும் 29 ஆம் மாடி, உலக வர்த்தக மையம் Level 28 & 29, East Tower ලෝක වෙළඳ මධ්යස්ථානය கிழக்கு கோபுரம், எசலன் சதுக்கம் World Trade Center එචලන් චතුරශ්රය, කොළඹ 01. கொழும்பு 01. Echelon Square, Colombo 01, Sri Lanka.
දුරකථන } +94 11 2439144-8 ෆැක්ස් } +94 11 2439149 වෙබ් අඩවිය } www.sec.gov.lk தொலைபேசி } +94 11 2331013-5 தொலைநகல் } இணையதளம் } www.cmst.sec.gov.lk Telephone } Fax } Website } www.cmic.sec.gov.lk