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Part II · Markets and Market Institutions

40. Aggrieved clearing house may appeal

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

(1)

A licensed clearing house which is aggrieved by the decision of the Commission made under subsection (1)

of section 39, may, within fourteen days after the clearing house is notified of the decision, appeal to the Minister.

(2)

Notwithstanding the lodging of an appeal under subsection (1), any action taken by the Commission under this section shall continue to have effect pending the decision of the Minister.

(3)

The Minister may, on an appeal made under subsection (1)-

(a)

allow the appeal and direct the Commission to revoke the cancellation of the licence or the directive; or

(b)

disallow the appeal.

(4)

The Commission shall give effect to the decision of the Minister under subsection (3).

(5)

Subject to subsection (4), the Commission shall give public notice of any cancellation of a licence or any directive issued under this section.

Read on from s 41

Part III

Issue of Securities

Read on from Part III

Part IV

Trade In Unlisted Securities

Read on from Part IV

Part V

Market Misconduct

Read on from Part V

Part VI

Finance

Read on from Part VI

Part VII

General

Read on from Part VII