Plans to set up a common financial watchdog to regulate all deposit taking institutions, moved another step with international donors coming forward to fund the required legislation.
Work on drafting the laws will start in April and a draft bill is due in Sept. for public consultation.rn
rnldblquote The IMF and the World Bank has agreed to help us, with counter party assistance from local firms, dblquote says Palitha Silva Gunawardene, member of the Financial Sector Reforms Committee.rn
rnModelled on the lines of its UK counterpart, the Financial Service Authority (FSA) will cover insurance firms, mutual funds and all listed companies. rn
rnGunawardene who is also the Director General of the Securities & Exchange Commission (SEC) says a concept paper is already on the table.rn
rnldblquote The paper broadly covers key areas as to how the transition is going to take place, how the structure would work and so on, dblquote he said.rn
rnA Chief Executive will head the FSA, with a senior official