Regulatory Alerts2018-08-31
Added · Updated
Guidelines on Fitness and Propriety
The Securities and Exchange Commission of Sri Lanka extends fitness and propriety tests to directors, senior management, fund managers, client-facing employees, and shareholders exercising significant influence on entities licensed under the Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987. Regulated entities must adopt these guidelines with effect from 1st September 2018, with mandatory compliance required from 1st September 2019. The guidelines establish assessment criteria regarding honesty, integrity, reputation, competence, and financial soundness, placing the onus on entities to ensure their key personnel meet these standards.
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