Global securities regulatory agencies meet this week

By Lakmal Sooriyagoda

The global securities regulatory agencies that aim to establish and maintain worldwide standards for efficient, orderly and fair markets will conduct their mid-year consultative meeting in Toronto Canada from 21 to 23 May, 2013.

The Sri Lanka Securities and Exchange Commission will represent by its Commissioner Dr. Prathiba Mahanamahewa. This year’s two-day program will cover the International Organisation of Securities Commission (IOSCO) principles relating to firm supervision, inspections and enforcement securities markets.

The agenda also includes panels on high frequency trading, SME finance and ahead-of-the-curve regulatory topics and issues and trends regarding the regulation of securities markets around the world. The Seminar is co-organised by the International Organisation of Securities Commissions (IOSCO), the Brazilian Financial and Capital Markets Association (ANBIMA), the Financial Industry Regulatory Authority (FINRA) and the Investment Industry Regulatory Organization of Canada (IIROC).

Dr. Mahanamahewa is the Co-Chair of the Sri Lanka Securities and Exchange Act amendment committee and this committee is one of the projects under the SEC ‘Ten key projects’ program. He stated that the proposed amendments to the SEC Act are based on IOSCO principles which strengthen the SEC Act and the introduction of new products to promote high standards in the Sri Lankan capital market.

Dr. Mahanamahewa is the Dean, Faculty of Law, Kotelawala Defence University and a senior academic staff member of Faculty of Law, University of Colombo. He was the Chairman of Information and Technology Law Committee of the Sri Lanka Bar Association and nominated for the ‘Most Distinguished Individual’ organised by the Korean Foundation.