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srilawsby aturio
As enacted
Contents

Part IV · Financial Sector Crisis Management Committee

59. Duties and functions of the Financial Sector Crisis Management Committee

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

The Financial Sector Crisis Management Committee shall, for the purpose of operationalization of the Financial

Sector Crisis Management Committee, prepare and approve procedures, including procedures for -

(a)

identifying crisis times;

(b)

determining the powers, duties and functions of the Financial Sector Crisis Management Committee on crisis preparedness and management;

(c)

the appointment of members to the Technical

Committee on Financial Sector Crisis Management appointed under section 60;

(d)

determining the duties and functions of the

Technical Committee on Financial Sector Crisis

Management during crisis and non-crisis times; and

(e)

determining the duties and functions of the

Secretariat.

(2)

During non-crisis times, it shall be lawful for the

Financial Sector Crisis Management Committee to take decisions on an ongoing basis, aimed at strengthening its crisis management powers, expertise, and resources to strengthen the preparedness and resilience to avoid, control, or manage the risk of future crises, which may cause instability of the financial system.

(3)

During crisis times, it shall be lawful for the Financial

Sector Crisis Management Committee to approve, and coordinate the overall crisis management strategy, in consultation with the other authorities of the financial sector, and take decisions to manage, and control such crises, without prejudice to the powers, duties, functions, and independence of such authorities.

Read on from s 60

Part V

Winding Up of Licensed Bank

Read on from Part V

Schedules