As enacted

Contents

Securities and Exchange Commission of Sri Lanka Act 2021 · As enacted · Part VII · General

187. Repeals, savings and transitional provisions

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

(1)

The Securities and Exchange Commission of

Sri Lanka Act, No. 36 of 1987 is hereby repealed (hereinafter referred to as the “repealed Act”).

(2)

Notwithstanding the repeal of the Securities and

Exchange Commission of Sri Lanka Act, No. 36 of 1987—

(a)

(i)

the Commission established under the repealed Act and functioning as such on the day immediately preceding the date of operation of this Act shall be deemed to be the Commission for the purposes of this Act until a new Commission is established under

Part I of this Act and continue accordingly;

and

(ii)

the appointed members holding office immediately preceding the date of operation of this Act, shall be deemed to have been appointed as such under this Act and continue to hold office until the end of their tenure or until new members are appointed under this Act;

(b)

every licence issued to any exchange, stock broker or stock dealer or a managing company for the purpose of operating an unit trust under the repealed

Act and which is in force immediately preceeding the date of operation of this Act, shall be deemed to be a licence issued by the Commission under this

Act;

(c)

every certificate of registration issued to any clearing house or any market intermediary under the repealed Act and which is in force immediately prior to the date of operation of this Act shall be deemed to be a licence issued by the Commission under this Act;

(d)

all regulations, rules and directives made, approvals granted and any other action taken or notices issued under the repealed Act and which are in force on the day immediately prior to the date of commencement of this Act and not inconsistent with the provisions of this Act shall be deemed to be regulations, rules and directives made, approvals granted and any other action taken or notices issued by the Commission under this Act and shall continue to be valid;

(e)

all contracts, agreements and other instruments made under the repealed Act and subsisting on the day immediately prior to the date of commencement of this Act shall be deemed to be contracts, agreements or other instruments entered into by the Commission under this Act;

(f)

all suits, actions, and other legal proceedings instituted by or against the Securities and Exchange

Commission of Sri Lanka established under the repealed Act and pending on the day, immediately prior to the date of commencement of this Act, shall be deemed to be suits, actions and other legal proceedings instituted by or against the

Commission under this Act;

(g)

all rules of the market institutions made under the repealed Act and are in force on the day immediately prior to the date of commencement of this Act and not inconsistent with the provisions of this Act, shall be deemed to be rules made by such market institutions under this Act until new rules are made by such market institutions under this

Act;

(h)

every application for a licence made under the provisions of the repealed Act shall with effect from the date of commencement of this Act be deemed to be an application made to the Commission established under this Act and shall be dealt with accordingly;

(i)

all movable and immovable property vested in the

Securities and Exchange Commission of Sri Lanka established under the repealed Act and existing on the day immediately preceding the date of commencement of this Act, shall, with effect from the date of commencement of this Act, be vested with the Commission;

(j)

all sums of money lying to the credit of the funds of the Securities and Exchange Commission of Sri

Lanka established under the repealed Act and existing on the day immediately preceding the date of commencement of this Act, shall stand transferred, with effect from the date of commencement of this Act, to the respective funds of the Commission established under Part VI of this

Act;

(k)

all offences or proceedings initiated under the provisions of the repealed Act, regulations, rules or directives made thereunder prior to the commencement of this Act, shall be offences committed or proceedings initiated under the repealed Act and be tried accordingly;

(l)

all interests, rights, assets, obligations, debts and liabilities of the Securities and Exchange

Commission of Sri Lanka established under the repealed Act prior to the date of commencement of this Act, shall be deemed with effect from the date of commencement of this Act to be the interests, rights, assets, obligations, debts and liabilities of the Commission;

(m)

the Director-General, all officers and servants of the Securities and Exchange Commission of Sri

Lanka established under the repealed Act holding office prior to the date of commencement of this

Act, shall be deemed with effect from the date of commencement of this Act to be Director-General, the officers and servants of the Commission, on terms not less favourable than the terms and conditions of employment to which they were entitled under the repealed Act.

(3)

Notwithstanding the repeal of the Securities and

Exchange Commission of Sri Lanka Act, No. 36 of 1987—

(a)

every reference to Securities and Exchange

Commission of Sri Lanka Act, No. 36 of 1987 in any other written law shall be construed as a reference to this Act; and

(b)

every reference to the Securities and Exchange

Commission of Sri Lanka Act, No. 36 of 1987 in any other written law shall be construed as referring to the corresponding provisions contained in this

Act.

Read on from s 188