Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka Central Bank issues Money Broking Regulations
Fri, Feb 8, 2013, 09:30 pm SL Time, ColomboPage News Desk, Sri Lanka.

Feb 08, Colombo: Sri Lanka's Central Bank has issued the "Money Broking Regulations" aimed at improving the operations in the domestic money and foreign exchange market.

The Central Bank issuing a statement Friday said the Money Broking Regulations No. 1 of 2013 (Regulations) under Section 10 (c) of the Monetary Law Act, No. 58 of 1949 will be effective from 15th February, 2013.

The Bank said it has issued the regulations considering the need to improve the operations in the domestic money and foreign exchange market by increasing the coverage of monitoring activities on different types of financial institutions operating in the economy and to facilitate strengthening of financial system stability.

Under the new Regulations, both the existing money brokers (MBs) and the new firms who intend to enter into the money broking activities shall obtain the "Certificate of Authorization" issued by the Monetary Board of the Central Bank.

The Regulations covers, inter alia, the minimum eligibility criteria, legally permissible activities, operating requirements, authorization process, internal policies and procedures, proper governance, reporting requirements and revocation of certificate.

The Regulations are expected to give credence to the operations of MBs and provide confidence for financial institutions that use their broking services. Similarly, it is also expected to improve the efficiency of price discovery process while facilitating maintenance of professional standards of the best business practices ensuring healthy development of the overall money market and foreign exchange market in the country, the Central Bank said.



ColomboPage - Recent 10 Stories
Senior Laboratory Manager of Horana rubber factory arrested over deaths in ammonia tank
-- [3 hours ago]
Rs. 485 mn worth dry rations for drought hit people in Puttalam
-- [4 hours ago]
Sri Lanka to remove unauthorized constructions on coastal belt
-- [4 hours ago]
Sri Lanka PM calls for expansive private sector ties with Iran
-- [9 hours ago]
CID investigations reveal that same person directed all high profile crimes during previous regime
US human rights report says Sri Lanka military and police harass civilians with impunity
SriLankan Airlines aims to fly higher in Middle East skies
Largest Sri Lankan business delegation participates in Commonwealth Business Forum in London
Iran, Sri Lanka speakers discuss expanding bilateral ties
Sri Lanka's main concern is achieving a sustainable future - President

Copyright © 2000, 2012 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.