Central Bank of Sri Lanka Act 2023 · As enacted · Part XI · Financial System Oversight Committee
73. Composition of the Financial System Oversight Committee
Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk
Official translationFrom Department of Government Printing, unchanged
The Financial System Oversight Committee shall consist of –
the Governor of the Central Bank, who shall be the
Chairperson;
the Deputy Governor of the Central Bank in charge of macroprudential policy;
the Deputy Governor of the Central Bank in charge of regulation and supervision;
a Deputy Secretary to the Treasury nominated by the Secretary to the Treasury;
the Chief Executive Officer of the Insurance
Regulatory Commission of Sri Lanka;
the Chief Executive Officer of the Securities and
Exchange Commission of Sri Lanka; and
another person who may be appointed by the
Governing Board.
The Financial System Oversight Committee may invite representatives from any other public authority to the meetings of the Committee to express their opinions.
The Secretary to the Financial System Oversight
Committee who shall be an employee of the Central Bank shall be nominated by the Governor of the Central Bank.
The quorum for a meeting of the Financial System
Oversight Committee shall be four voting members, including the members referred to in paragraph (a), and (b)
or (c) of subsection (1).
Every voting member of the Financial System
Oversight Committee shall have one vote and in the case of an equality of votes, the Chairperson shall be entitled to a second or casting vote.
The Financial System Oversight Committee shall, in the case of paragraph (c) of section 72, vote by ordinary resolution.
A meeting of the Financial System Oversight
Committee shall be convened at least quarterly. Any extraordinary meeting may be convened by the Chairperson, at his discretion or at the written request of at least two voting members.
The Financial System Oversight Committee may make rules regarding the procedures to be followed at its meetings.
The Secretary to the Financial System Oversight
Committee shall keep the minutes of each meeting of the
Financial System Oversight Committee at least for a period of twelve years.
Part XII
Information Exchange with Financial Sector Authorities
Part XIII
Statistics and Information
Part XIV
Relationship with the Parliament, the Government and the Public
Part XV
Credit Operations
Part XVI
Financial Provisions
Part XVII
Internal and External Audits
Part XVIII
General Provisions
Part XIX