Regulatory Alerts2009-01-07
Guidelines for Trustees and Managing Companies of Unit Trust Funds
The Securities and Exchange Commission of Sri Lanka issued Circular No. 02 of 2009 to establish operational guidelines for trustees and managing companies of unit trust funds. The document mandates strict independence between the trustee and managing company, requiring separate legal entities, financial autonomy, and distinct non-financial resources to prevent conflicts of interest. It further stipulates that trustees must maintain adequate net capital and employ qualified personnel with specific academic credentials and market experience to ensure regulatory compliance and effective supervision.
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