Colombo Port City Economic Commission Act 2021 · As enacted · Part XVI · Miscellaneous Provisions
71. Regulations
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 President or in the event that the subject of the Colombo Port City is assigned to a Minister, such
Minister may, in consultation with the Commission and any relevant Regulatory Authority make regulations in respect of all matters for which regulations are required to be prescribed or authorised by this Act to be made.
Without prejudice to the generality of powers conferred by subsection (1), regulations may also be made in respect of all or any of the following matters:–
prescribing the Development Control Regulations which are to be applicable within the Area of
Authority of the Colombo Port City;
identifying for the purposes of paragraph (p) of subsection (1) of section 6, the categories of local property rates and other levies to be applicable within the Area of Authority of the Colombo Port
City and the sums payable as rates and other levies;
specifying for the purposes of paragraph (q) of subsection (1) of section 6, the terms and conditions applicable to authorised persons in the establishment and operation of stock, precious metal or commodities exchanges or markets, and the sale of the same in and from the Area of Authority of the
Colombo Port City;
identifying for the purposes of paragraph (ga) of subsection (1) of section 6, the attributes of gaming locations within the Area of Authority of the
Colombo Port City, and specifying the manner in which gaming activities are to be carried on or be operated, and the procedure for obtaining a licence and the licence fees, royalties to be paid and any other related matter, as may be necessary;
specifying the functions which may be delegated or assigned to the Estate Manager in terms of paragraph (ha) of subsection (1) of section 6, as are connected with the subjects of condominium management and apartment ownership or which may be additionally required for the purpose of such section;
specifying the form of the application, the procedure to be followed in making the application for a registration, licence, authorisation or other approval in terms of subsection (1) of section 27;
specifying for the purposes of subsection (5) of section 27, such conditions as may be applicable;
specifying for the purposes of paragraph (b) of subsection (2) of section 28, the fee payable for the grant of the respective registration, licence, authorisation or other approval taking into consideration the type of business to be engaged in, in terms of the same;
specifying for the purposes of section 36, the procedure applicable to the conversion of such
Sri Lanka Rupees to any designated foreign currency;
specifying for the purposes of subsection (2) of section 37, the terms and conditions applicable to an authorised person who intends to do business in
Sri Lanka outside the Area of Authority of the
Colombo Port City with a citizen of Sri Lanka or a resident of Sri Lanka, and specifying the goods or services which cannot be supplied or provided to a person or company in Sri Lanka outside the Area of
Authority of the Colombo Port City, in the interest of the domestic economy;
specifying for the purposes of section 39, the procedure to be followed in making a remittance of money received in a designated foreign currency other than Sri Lanka Rupees, to a Resident Foreign
Currency Account operated and maintained in Sri
Lanka;
specifying for the purposes of section 40, any levy as may be required to be paid by a citizen of Sri
Lanka or a resident on goods purchased at retail facilities within the Area of Authority of the
Colombo Port City and the procedure applicable to the conversion of payments made by a citizen of
Sri Lanka or resident when using retail facilities or services at restaurants, cinemas, entertainment facilities, shopping facilities or parking facilities within the Area of Authority of the Colombo Port
City, into any other designated foreign currency;
specifying for the purposes of subsection (6) of section 41, the procedure, terms and conditions as may be applicable in relation to offshore companies under this Act;
specifying guidelines as required by section 44, for ensuring the prudent management and maintenance of confidence of the offshore banking business in and from the Area of Authority of the
Colombo Port City;
specifying regulations for the purposes of section 45, relating to the granting, suspension and cancellation of licences, the capital requirements, reserve funds, maintenance of liquid assets, management of financial and operational risks, the requirement to submit proof of rating of the company, restrictions and penalties for contraventions, of those engaged in offshore banking;
specifying for the purposes of section 52, guidelines on the grant of exemptions or incentives to a
Business of Strategic Importance;
specifying the procedure and other relevant matters as may be applicable to the construction of condominium parcels for lease or transfer on freehold basis, in terms of Part X of this Act;
specifying all matters required for the implementation of the provisions of Part XI of this
Act;
specifying for the purposes of subsection (2) of section 64, the procedure to be followed in cases where an authorised person is permitted to engage in business in Sri Lanka, outside the Area of
Authority of the Colombo Port City and any limitations applicable; and
prescribing the amounts required to be paid by any person within the Area of Authority of Colombo
Port City, in terms of section 70 of this Act as a surcharge or penalty, to the Commission.
Every regulation made under this Act shall be published in the Gazette and shall come into force on the date of such publication or on such later date as may be specified in such regulation.
Every regulation made under this Act shall, within a period of three months from the date of publication thereof in the Gazette, be brought before Parliament for approval, unless prevented due to the Parliament not being in session, in which event it shall be placed before Parliament at its earliest.
Any such regulation which is not approved by
Parliament shall be deemed to be rescinded as from the date of such disapproval but without prejudice to anything previously done thereunder.
Notification of the date on which any such regulation is deemed to be so rescinded under subsection (5) shall be published in the Gazette.