Securities and Exchange Commission of Sri Lanka (Amendment) Act 2009

This Act may be cited as the Securities and Exchange

Commission of Sri Lanka (Amendment) Act, No. 47 of 2009.

Section 3 of the Securities and Exchange Commission of Sri Lanka Act, No. 36 of 1987 (hereinafter referred to as the

“principal enactment”) is hereby amended by the repeal of sub-paragraph (ii) of paragraph (a) of subsection (1) of that section and the substitution therefor of the following:—

“(ii)

six other persons drawn from the private sector possessing professional expertise, wide experience and proven competency in the fields of law, finance, banking or business in order to reflect the multi-disciplinary character of the Commission.”.

Section 13 of the principal enactment is hereby amended by the insertion immediately after paragraph (c)

thereof of the following paragraph:—

“(cc)

to issue general or specific directives to listed public companies from time to time.”

Section 55 of the principal enactment is hereby amended by the substitution for the definition of the expression “securities” of the following definition:—

“securities” means debentures, stocks, shares, funds, bonds, derivatives including futures and options whatever the nature of the underlying asset relied on or notes issued or proposed to be issued, by any government or of any body, whether incorporate or unincorporated, including any rights, options or interests (whether described as units or otherwise) therein or in respect thereof, or any other instruments commonly known as securities, but does not include bills of exchange or promissory notes or certificates of deposits issued by a bank;”.

In the event of any inconsistency between the Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.