Public Debt Management Act 2024 · As enacted · Part IX · General
31. Power to appoint agents and hire experts
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 Minister may, where he considers it expedient to do so, appoint issuing agents, process agents, and other agents and the office shall have the authority to regulate, supervise and monitor such agents as may be prescribed.
For the avoidance of doubt, the power specified in this subsection includes the appointment of process agents, in the event where any legal disputes may be tried and settled in any other country.
The Minister shall appoint primary dealers with the recommendation of the Central Bank to facilitate primary and secondary market transactions in Government debt securities.
The appointment of primary dealers shall be subject to such terms and conditions as the Office may deem appropriate, and shall include the following:-
the financial standing of the entity;
the entity’s experiences and the ability to perform the duties that will be imposed on it by or under this Act;
the entity’s compliance with legal and regulatory requirements; and
public interest.
The primary dealers appointed under the Local
Treasury Bills Ordinance (Chapter 417) and Registered Stock and Securities Ordinance (Chapter 420) shall continue to be primary dealers under this Act and be subject to the
Regulations made by the Minister under this Act.
The power to regulate, supervise and monitor the primary dealers appointed under subsection (2), and under the Local Treasury Bills Ordinance (Chapter 417) and the
Registered Stock and Securities Ordinance (Chapter 420)
shall be vested with the Central Bank;
The offences committed or that may be committed by a primary dealer under the Local Treasury Bills Ordinance
(Chapter 417) and the Registered Stock and Securities
Ordinance (Chapter 420) shall be tried and proceeded with and be subject to the same punishment specified under the respective Ordinances and any investigation, examination that is or will be carried out or any suit, action or litigation instituted or to be instituted for such offences shall be carried out, heard or concluded as the case may be, under the provisons of the respective Ordinances.
The Central Bank shall inform the Minister on non-compliance of the primary dealers with legal and regulatory requirements, which may constitute a ground for cancelation or suspention of its appointment as a primary dealer irrespective of it’s performance of duties as a primary dealer.
The Minister may make regulations for the purpose of appointment of primary dealers and the conditions to be observed by, the privileges of and the duties to be performed by the primary dealers appointed under this Act.
All rules, regulations, directions, determinations,
Orders, approvals or refusals, notices, circulars, operating instructions, code of conduct or any other written communication made or issued by the Minister or the Central
Bank or any officer of the Central Bank in respect of the
Primary dealers appointed under the Local Treasury Bills
Ordinance (Chapter 417) and the Registered Stock and
Securities Ordinance (Chapter 420) and subsisting or having effect on the day immediately preceding the appointed day shall continue to be in operation and be applicable to primary dealers appointed under this Act.
The Minister may hire or retain the services of such professionals, consultants and experts, as may be necessary on such terms and conditions to be agreed upon, for the proper and effective performance of his functions under this
Act:
Provided that, the cost of those appointments, if any, and the cost to hire professionals’ consultants and experts shall be within the provisions of the relevant Appropriation
Act.
The Minister shall by Order published in the Gazette designate a securities depository system to electronically issue scripless securities, store holdings of and to record ownership and interests in such securities and to settle transactions in such securities in accordance with the relevant written law:
Provided that, until such designation is made, the Registry that is established and maintained by the Central Bank under the relevant laws for the securities issued by the Government shall continue to be in operation.