Regulatory Alerts2013-12-27
Added · Updated
Disclosure requirements for directors and CEOs dealings
The Securities and Exchange Commission of Sri Lanka extends share dealing disclosure requirements to Chief Executive Officers in addition to directors and specifies the time periods for such disclosures. Listed public companies must announce relevant interests on the listing date, within two market days of a director or CEO appointment or cessation, and within five market days following any acquisition or disposal. The directive defines relevant interest to include holdings by close family members and requires companies to implement procedures ensuring timely internal reporting. The Colombo Stock Exchange must update its Listing Rules and trading system mechanisms to enforce these requirements, which become effective on 1st April 2014.
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