Clearing & Post-Trade

Sri Lanka Takes Step Forward on CCP Establishment

03/01/2022

A newly-formed committee will identify the CCP’s operating model and propose the necessary procedures for its establishment, including procurement.

Cybersecurity

CBSL Issues Technology Risk Management Rules for Banks

28/12/2021

The rules require banks to establish an Information Security Committee, chaired by the CEO, to assess the strategic and operational management of the technology risk.

Structural Regulation

Sri Lanka Regulator to Align Rules with New SEC Act Within January

28/12/2021

The new SEC Act passed in September paves the way for new rules and guidelines to raise ESG standards among listed companies in Sri Lanka.

Anti-Money Laundering

CBSL to Prosecute Remittances via Informal Channels Under AML Law

07/12/2021

Foreign workers have been using Hawala channels for remittances, as they offer better rates than formal banking channels.

Trading & Investment

Tax Incentives Prompt Raft of IPO Listings in Sri Lanka

27/11/2021

Companies will be able to maintain a reduced corporate tax rate for three years after listing. The CSE’s listing framework was also revamped earlier this year.

Capital Adequacy

Sri Lanka Budget Imposes Heavy Burden on Financial Industry

18/11/2021

Sri Lankan bankers estimate that nearly 50 percent of the proposed LKR 304 billion in the budget will come from the financial services industry.

Trading & Investment

CSE Set to Implement New Index Calculation Methodology

18/11/2021

The current methodology has resulted in record high index levels from trading activity in stocks with little free float and actual liquidity.

Data Privacy

Sri Lanka Cabinet Approves Data Protection Bill

14/10/2021

Data controllers must ensure the security and confidentiality of personal data. The rights of data subjects will be enhanced. Cross-border transfers are allowed.

Payments & Settlements

Sri Lanka: CBSL Collaborates with Industry on Inward Remittances

12/10/2021

The central bank is working with banks, mobile operators, and government agencies to launch a new mobile app for inward remittances.