SEC Sri Lanka Directive Lifting Price Constraints for Financial Consolidation Plan Transactions

SEC | SECURITIES AND EXCHANGE
COMMISSION OF SRI LANKA

By Hand

22nd September 2014

Ref: SEC/LEG/14/09/58

To: Colombo Stock Exchange

Directive issued under Section 13 (c) in pursuance of Section 13 (k) and (p) of the Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987 (as amended)

The Securities and Exchange Commission of Sri Lanka (SEC) having deliberated on the importance of facilitating the financial sector consolidation plan of the Central Bank of Sri Lanka decided to relax the application of price constraints imposed on the crossings board of the Colombo Stock Exchange for share transactions falling within such plan.

The Commission further decided to require companies seeking to benefit from this directive to apply to the Commission to determine whether the proposed share transactions fall within the ambit of the financial sector consolidation plan on a case by case basis.

Therefore the Colombo Stock Exchange is hereby directed to;

lift the price constraint imposed on the crossings board under Section 6.3 of the Automated Trading Rules for share transactions falling within the ambit of the financial sector consolidation plan if requested by the respective companies and determined by the SEC as such.

This directive shall be effective from the date hereof.

(Signature)
Dhammika Perera
Officer-in-Charge/ Deputy Director General AA/SW

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