SEC lifts price limits on crossings to help financial consolidation deals via Bourse
Wednesday, 24 September 2014 00:01
-
- {{hitsCtrl.values.hits}}
The Securities and Exchange Commission (SEC) has relaxed the application of price constraints imposed on the crossing board of the CSE for share transactions that falls within the financial sector consolidation plans.
It said the move follows deliberation on the importance of facilitating the financial sector consolidation plan of the Central Bank.
Accordingly the SEC directed the Colombo Stock Exchange to lift price constraints imposed on the crossing 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.
SEC has also decided to require companies seeking to benefit from the said directive to apply to the SEC to determine whether the proposed share transactions falls within the ambit of the financial consolidation plan on a case by case basis.
