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Part II · Markets and Market Institutions

65. Power of Court to order observance or enforcement of rules of market institutions

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

(1)

Where any person who is under a duty to comply, observe, enforce or give effect to the rules of a market institution fails to do so, the Commission shall direct such person to comply with such rules or to give reasons for such failure upon the market institution referring such matter to the Commission.

(2)

Where the Commission is not satisfied with the reasons given by such person, the Commission may direct such person referred to in subsection (1) to comply with the rules and any other direction given by the Commission which the

Commission deems necessary.

(3)

Any person who violates a directive of the

Commission issued under subsection (2) commits an offence.

(4)

Where any person fails to comply with a directive issued by the Commission under subsection (1), the

Commission may proceed as provided for under subsection (2) or make an application to court for an order under subsection (5).

(5)

The Court may, make an order directing the first mentioned person to comply, observe, enforce or give effect to the rules of a market institution.

Part III

Issue of Securities

Part IV

Trade In Unlisted Securities

Part V

Market Misconduct

Part VI

Finance

Part VII

General