As enacted

Contents

Colombo Port City Economic Commission Act 2021 · As enacted · Part XI · Applicability of the Securities and Exchange Commission Act

57. Application of the Securities and Exchange Commission Act within the Area of Authority of the Colombo Port City

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

From and after the date of commencement of this Act, unless otherwise stated to the contrary herein, the

Securities and Exchange Commission Act shall, for the purpose of the effective implementation of the provisions of this Act, have effect within the Area of Authority of the

Colombo Port City in the manner and subject to the modifications as are hereinafter set out in subsection (2):

Provided that any regulation made under the Securities and Exchange Commission Act, and which is in force on the date of commencement of this Act shall also be operative within the Area of Authority of the Colombo Port City until regulations are made under this Part of this Act:

Provided further that, any regulation made under the

Securities and Exchange Commission Act and which is as aforesaid applicable within the Area of Authority of the

Colombo Port City shall, upon the making of a corresponding regulation in terms of this Part of this Act, cease to be applicable within the Area of Authority of the Colombo

Port City with effect from the date of coming into force of such regulation under this Act.

(2)

The Commission shall, in the exercise, performance and discharge of its powers, duties and functions to the extent provided in terms of this Part of this Act, where required in terms of the Securities and Exchange Commission

Act, obtain the concurrence of the Securities and Exchange

Commission in respect of the subjects vested in or assigned to, the Securities and Exchange Commission.

(3)

Such concurrence of the Securities and Exchange

Commission sought shall be limited to the implementation within the Area of Authority of the Colombo Port City, and in construing the provisions of the said Securities and

Exchange Commission Act, a reference in so far as required for the purposes of this Part of this Act-

(a)

to the “Securities and Exchange Commission”, were a reference to the “Colombo Port City Economic

Commission” established under this Act; and

(b)

to the “Minister” were a reference to the “President or in the event that the subject of the Colombo Port

City is assigned to a Minister, to such Minister to whom the subject of Colombo Port City has been assigned”.

Read on from s 58

Part XII

Estate Manager and Provision of General Services

Read on from Part XII

Part XIII

International Commercial Dispute Resolution Centre

Read on from Part XIII

Part XIV

Priority in Hearing Legal Proceedings

Read on from Part XIV

Part XV

Interim Provisions and Investment Protection

Read on from Part XV

Part XVI

Miscellaneous Provisions

Read on from Part XVI