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srilawsby aturio
As enacted
Contents

Part VII · General

171. Sharing of information and cooperation

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

(1)

The Commission may on its own motion or upon an order issued by a competent court of law-

(a)

permit a police officer or any public officer to have access to and inspect any property, book, document, article, thing or electronic record or otherwise in any form whatsoever which has been produced before, seized, detained or taken possession of by the Commission under this Act; or

(b)

provide to a police officer or any public officer a copy of any book, document or electronic record or otherwise in any form whatsoever seized, detained or taken possession of by an investigating officer or by any officer of the Commission in the course of any inspection carried out by the Commission in the exercise of its powers or in the discharge of his duties in respect of any person.

(2)

The Commission may, where it deems necessary, enter into regulatory arrangements to cooperate with any domestic or foreign supervisory authority which may include –

(a)

obtaining any information or document or electronic record from any domestic or foreign supervisory authority; and

(b)

share any information or document or electronic record with any domestic or foreign supervisory authority.

(3)

The Commission may, upon receiving a written request from a foreign supervisory authority for assistance in respect of any regulatory matter which the foreign supervisory authority enforces or administers, provide such assistance to such foreign supervisory authority as the

Commission deems fit for the purpose.

(4)

In determining whether to render assistance under subsection (3), the Commission shall have regard to-

(a)

whether the foreign supervisory authority shall pay the Commission any cost and expenses incurred for providing the foreign supervisory authority with the assistance; and

(b)

whether the foreign supervisory authority shall be able and willing to provide reciprocal assistance in response to a comparable request for assistance from the Commission.

(5)

In this section –

“domestic supervisory authority” means the Central Bank of Sri Lanka established under the Monetary

Law Act, Registrar General of

Companies appointed under the

Companies Act, No. 7 of 2007, the

Police and any other regulatory authority under any written law;

“foreign supervisory authority” means a foreign authority which exercises functions corresponding to the functions of the

Commission under this Act or any person or international organisation outside Sri Lanka exercising regulatory functions and in respect of which the

Commission considers desirable and necessary in the interest of the public to enter into such arrangement or to render such assistance; and

“Public Officer” shall have the meaning assigned to that expression by

Article 170 of the Constitution.

Read on from s 172