Directors of listed companies to comply with the Fit and Proper Test to be stipulated under New SEC Act

Thursday, 14 October 2021 00:00 - - {{hitsCtrl.values.hits}}

The seminar/webinar on the New SEC Act to beheld on the 22 October with a focus on investor protection and governance of listed companies. It will also focus on the eligibility of directors of listed companies. Directors of listed companies will have to comply with Fit and Proper criteria stipulated under the New SEC Act No.19 of 2021 as per section 89 (1) and (2), which states:

89. (1) The board of directors of every listed public company shall ensure that the company and its directors comply with the rules and requirements of the exchange on which it is listed on a continuous basis as long as the company remains listed on such exchange.

(2) The directors or chief executive officer of a listed public company shall comply with the fit and proper criteria specified by the Commission by rules or in the rules of an exchange approved by the Commission.

The seminar will focus on the salient provisos that directors and shareholders need to be aware of. The New SEC Act is a paradigm shift in regulatory approach, is timely and caters to a new discloser-based regulatory regime that stakeholders need to be aware of.

Discussion on this forum will also include market offences and their implications on trading, impact of changes on new capital market products and services, discretionary powers of the SEC, perils of being listed on a stock exchange, and duties and responsibilities of directors under the New Act.

The webinar on the New SEC Act and its implications for listed companies and market participants will be held on the 22 October from 2 p.m. to 5 p.m. on Zoom and at the Shangri-La Colombo.

The speakers will comprise former SEC Sri Lanka DG and Chairman Dr. D.C. Jayasuriya P.C., Nithya Partners Precedent Partner and former SEC Sri Lanka DG Dr. Arittha Wikramanayake, PwC Sri Lanka Chief Executive Officer Sujeewa Mudalige, LOLC General Insurance CEO and former SEC Director Legal Kithsiri Gunawardena, and former SEC DG and Senior Advisor Ministry of Finance Malik Cader will chair and moderate the sessions.

This webinar is for directors and senior management of listed companies, auditors and accountants, company secretaries, stockbrokers, entities regulated by the SEC, regulators, lawyers and compliance managers, and investors.

For registration please call Yasmin - 077 775 7748 or James - 070 642 0642.