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srilawsby aturio
As enacted
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Part XI · Financial System Oversight Committee

75. Recommendations to public authorities and financial sector authorities

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

(1)

Any recommendation under paragraph (c) of section 72 may be of either general or specific nature and may be addressed to all or one or more public authorities, according to the mandate of the authority receiving the recommendation.

(2)

The recommendation shall include a specified timeline for the policy response.

(3)

The recommendation may be addressed to financial sector authorities in order to request the adoption of specific actions by exercising its regulatory, supervisory, enforcement, or resolution powers, according to the mandate of the authority receiving the recommendation.

(4)

The recommendation shall be deemed to be fully implemented when the authority receiving it adopts all the actions within the timeline specified in the recommendation.

(5)

(a)

Where the receiving authority does not intend to fully implement the recommendation, it shall communicate the reasons therefor to the Secretariat of the Financial System

Oversight Committee.

(b)

Where the receiving authority implements only a part of the recommendation within the specified timeline, it shall communicate the reasons for not implementing the rest of the recommendation to the Secretariat of the Financial

System Oversight Committee.

(6)

Where the Financial System Oversight Committee decides not to implement the recommendation in full, it shall make public such decision.

(7)

Notwithstanding the provisions of subsection (6), where a recommendation is issued on a financial sector participant designated as systemically important, the

Financial System Oversight Committee shall be convened immediately and shall determine whether to re-issue the recommendation subject to a detailed explanation. If any recommendation is re-issued and if it is not fully implemented by the financial sector participant, the

Financial System Oversight Committee shall publish the decision taken.

(8)

(a)

The Financial System Oversight Committee shall, in appropriate circumstances, decide whether a recommendation shall be published.

(b)

If the Financial System Oversight Committee decides to make a recommendation public, it shall inform the receiving authority in advance.

(c)

The authority receiving a recommendation that has been made public by the Financial System Oversight

Committee may make its views and reasoning public in response thereto.

Part XII

Information Exchange with Financial Sector Authorities

Read on from Part XII

Part XIII

Statistics and Information

Read on from Part XIII

Part XIV

Relationship with the Parliament, the Government and the Public

Read on from Part XIV

Part XV

Credit Operations

Read on from Part XV

Part XVI

Financial Provisions

Read on from Part XVI

Part XVII

Internal and External Audits

Read on from Part XVII

Part XVIII

General Provisions

Read on from Part XVIII

Part XIX

Repeals and Savings

Read on from Part XIX