Dec 27, Colombo: Sri Lanka's share market regulator, Securities and Exchanges Commission (SEC) today announced a new directive on disclosure requirements for directors dealing.
The SEC has decided to extend the disclosure requirements pertaining to dealings in shares, currently applicable to directors under the Listing Rules of the Colombo Stock Exchange, to Chief Executives Officers (CEOs) in addition and to specify the time period in which such disclosures shall be made.
Accordingly, all Listed Public Companies are directed to disclose dealings by its directors and CEOs on their relevant interests in shares and other classes of shares within a specified time period.
A listed entity is required to make an announcement to the Colombo Stock Exchange (CSE) pertaining to the relevant interest in shares and other classes of shares held by its directors and CEO on the same date the entity is listed on the CSE.
When the director or CEO has no relevant interest, the entity will be required to disclose the dealing to the market on the day of listing on the CSE.
The listed entity shall make an announcement to the Exchange pertaining to the relevant interests in shares and other classes of shares held by its directors or CEO not later than two market days immediately following the appointment or cessation of a director or CEO.
Read the full SEC statement here.