Regulatory Alerts2023-01-01
Minimum Governance Requirements Applicable to Market Intermediaries
The Securities and Exchange Commission of Sri Lanka issued this directive to establish minimum governance standards for market intermediaries, effective July 24, 2023. The regulation mandates that boards comprise at least three directors including a non-executive member, with specific independence requirements for chairmen and chief executive officers. Additionally, CEOs must hold recognized qualifications or significant managerial experience, and entities with multiple licenses must appoint dedicated business heads to ensure functional separation.
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