On Jun. 24, SRI SEC issued notice on market intermediaries licensing.
SRI SEC issued notice regarding licence requirement for corporate finance advisors.
In the notice, the SRI SEC mandates that any person who is engaging in business as a market intermediary must, by Dec. 31, 2024, possess a license for that purpose.
Required as per Securities and Exchange Commission of Sri Lanka, act no 19 of 2021.
Follows SRI SEC Nov. 2021 proposed rules for market intermediaries, see #123643.
Definition of Corporate Finance Advisor
Defines corporate finance advisor as any person who for a fee or commission engages in the business of providing advice on compliance with or in respect of fund raising requirements/ listing requirements under the act or structuring of financial products.
Schemes of arrangement, schemes of restructuring/takeovers of a listed company.
Notice lists exceptions i.e. re incidental services from attorneys-at-law, accountants.
Effectiveness
Any person operating in prescribed capacity shall obtain a licence by Dec. 31, 2024.
