SECURITIES AND EXCHANGE COMMISSION OF SRI LANKA

Office of the Director General

REF: SEC/ER&CME/2023/02/07

01 February 2023

To: ALL LICENSED STOCK BROKERS

RE: INVESTMENT ADVISORS (IA) – REGISTERING REQUIREMENTS

The Securities and Exchange Commission of Sri Lanka writes in reference to a policy decision taken to further enhance the existing registering requirement of Investment Advisors.

The new policy decision is communicated via Circular REF: SEC/ER&CME/2023/02/05 and is annexed herewith for your reference.

Yours sincerely

Chinthaka Mendis
DIRECTOR GENERAL
Tj/Sb

Encl: Circular dated 01 February 2023 REF: SEC/ER&CME/2023/02/05

SECURITIES AND EXCHANGE COMMISSION OF SRI LANKA Continuation Sheet

BY HAND
Ref: SEC/ER&CME/2023/02/05

1 February 2023

To: COLOMBO STOCK EXCHANGE
ALL LICENSED STOCK BROKERS

RE: INVESTMENT ADVISORS (IA) - REGISTERING REQUIREMENTS

The SEC writes pursuant to a Policy Decision taken to amend the existing Registering requirements of IAs. The new requirement is applicable to all below stated categories:

New Candidates;
and;
Re-Instatement Candidates.

Existing Requirement

When obtaining the IA Registration;

New candidates are required to face and pass the VIVA VOCE Examination with relevant industry experience subsequent to passing all Series of the relevant Certification Programme;
And;
Re-Instatement candidates are required to face and pass the VIVA VOCE Examination and a Re-Licensing Examination (as per Circular Ref: SEC/ER&CME/2020/07/09).

There are no restrictions on the maximum number of attempts when facing aforementioned examinations for all candidates.

New Policy Requirement

Category I : New candidates facing the VIVA VOCE Examination after completing the relevant Certification Programme

To pass the VIVA VOCE Examination, maximum number of attempts are restricted to three (3). If a candidate fails to successfully pass the examination with the given three (3) attempts: then:

The candidate must re-register for the relevant Certification Programme;
Pass all relevant examinations (Paper based);
Pass the VIVA VOCE Examination;
And obtain IA Registration;
All relevant prevailing registration and examination fees will apply.

SECURITIES AND EXCHANGE COMMISSION OF SRI LANKA Continuation Sheet

Category II : Re-Instatement candidates facing the VIVA VOCE Examination in accordance with circular Ref: SEC/ER&CME/2020/07/09

(a) IAs with over 10 years of industry experience

To pass the VIVA VOCE Examination, maximum number of attempts are restricted to three (3). If a candidate fails to successfully pass the examination with the given three (3) attempts: then:

The candidate must re-register for the relevant Certification Programme;
Pass all relevant examinations (Paper based);
Pass the VIVA VOCE Examination;
And obtain IA Registration;
All relevant prevailing registration and examination fees will apply.

(b) IAs with less than 10 years of industry experience

To pass the VIVA VOCE Examination the Re-Licensing Examination, maximum number of attempts are restricted to three (3). If a candidate fails to successfully pass the examinations with the given three (3) attempts: then: