Webinar on new SEC Act on 7 October

Friday, 10 September 2021 01:24 - - {{hitsCtrl.values.hits}}

Strict insider dealing regime and extensive regulatory powers under new SEC Act

The new SEC Bill was passed in Parliament on 6 September amidst the controversial Amnesty Bill which received greater attention. The far-reaching implications of the new SEC Act are yet to be felt by market participants; many are yet to realise that it cannot be business as usual.

Provisions of insider dealing has being made wider under the new SEC Act that was passed. The definition of an insider as we generally know under the previous Act is attributed to a person connected to an institution and that is listed. The current Act gives a broader definition to include a connected person or any other person who possesses information that is not generally available and if a transaction is executed will commit an offence of insider dealing. The offence is not compoundable and the Attorney General will decide on the prosecution and a fine not exceeding Rs. 10 million or 10 years’ imprisonment or both will apply.

A webinar with a focus on how directors and shareholders can avoid breaching insider dealing provisions will be a key topic discussed. Discussion on this forum will also include: salient features of the new sec act, other 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, duties and responsibilities of directors under the new Act.

The webinar on the ‘New SEC Act and its implications for listed companies, market participants’ will be held on 7 October, 2 p.m. to 5 p.m. on Zoom.

The speakers would comprise SEC Sri Lanka former Chairman Dr. D.C. Jayasuriya PC, Nithya Partners Precedent Partner/SEC Sri Lanka Former DG Dr. Arittha Wikramanayake, LOLC General Insurance CEO/SEC Former Director Legal Kithsiri Gunawardena, and SEC Former DG/Ministry of Finance Senior Advisor Malik Cader, will chair and moderate the sessions.

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

For registration, please call Yasmin 0777757748 or James 070 642 0642.