Sri Lanka: Technical Assistance Report-Enhancing the Effectiveness of the Sri Lankan Securities Market Enforcement Program
IMF Staff Country Reports, May 21, 2019
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- Sri Lanka: Technical Assistance Report-Enhancing the Effectiveness of the Sri Lankan Securities Market Enforcement Program
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Bibliographic details
- Published: May 21, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498316187.002
Overview
- The paper discusses the report of a technical assistance mission to Sri Lanka.
- The report highlights that Sri Lanka has embarked on a program of reform intended to enable the country to emerge as an internationally competitive middle level economy.
- Publication date: May 21, 2019.
Mission focus and main findings
- The mission concentrated on practical, operational steps that the Securities and Exchange Commission (SEC) could take to build capacity to increase the deterrent impact of its enforcement program in the current and anticipated regulatory environments.
- The mission recommended that the SEC continue to pursue measures to improve efficiency, effectiveness and accountability.
- To augment the impact of the enforcement program, the SEC is encouraged to foster public transparency to the extent possible without compromising confidential enforcement processes and activities.
Recommendations (operational and programmatic)
- Pursue measures to improve:
- efficiency of enforcement operations;
- effectiveness of enforcement outcomes;
- accountability within the SEC.
- Foster public transparency where possible, balancing disclosure with the need to protect confidential enforcement processes and activities.
- Implement practical, operational capacity-building steps aimed at increasing deterrent impact under current and anticipated regulatory frameworks.
Limitation on achieving credible deterrence
- While the recommendations in this report will improve the effectiveness of the SEC’s enforcement program, credible deterrence cannot be achieved without the new civil and administrative enforcement authority in the draft Securities Exchange Act.
Subjects and keywords highlighted in the report
- Subject: Capital markets, Financial markets, Securities markets
- Keywords: B. SEC investigation process, Capital markets, CR, enforcement action, enforcement policy, Enforcement program, enforcement program deficiency, enforcement staff, Global, ISCR, management system, SEC initiative, SEC investigation process, SEC review, Securities markets
Source: Sri Lanka: Technical Assistance Report-Enhancing the Effectiveness of the Sri Lankan Securities Market Enforcement Program (May 21, 2019).
Content in this bundle
- 1lkaea2019002 - Preface