Business
SEC urges Compliance Officers to play a more effective role
As part of their continuing efforts to strengthen market standards and investor confidence, officials of the Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE) recently met with Compliance Officers of all categories of Market Intermediaries. The meeting served as a valuable opportunity to engage in a constructive dialogue on regulatory matters and industry best practices.
Emphasizing the importance of the compliance function, the SEC Chairman, Faizal Salieh, stated that the SEC regards the Compliance Officer as a Key Management Person who is empowered to act with independence, authority and responsibility. The appointment of a Compliance Officer is a prerequisite for granting or renewing licenses to Market Intermediaries and to comply with SEC requirements. Compliance Officers must provide a sworn affidavit declaring their adherence to the fit and proper criteria established by the SEC.
He further stated that, in the event the Compliance Officer resigns, it is imperative that the Market Intermediary must promptly inform the SEC, and select a successor with prior SEC approval. The Chairman stated that the SEC will investigate the reasons behind a resignation, particularly focusing on any internal interference or influences within the compliance function.
Referring to the regulatory obligations outlined in the SEC Rules applicable to Market Intermediaries, the SEC Chairman asserted that the SEC mandates that Compliance Officers must hold full-time positions due to the substantial responsibilities associated with their role.
Speaking on the reporting lines of the Compliance Officer, Salieh, emphasised that the compliance function should be independent of the business operations of the Market Intermediary and all compliance related matters should be reported by the Compliance Officer directly to the Board of Directors or a Board sub-committee dealing with risk, such as the Audit or Risk Committee.
The discussion also focused on the need for all Market Intermediaries to ensure compliance with the SEC Act and the applicable Rules. These Rules mandate the creation of an internal compliance manual for directors and employees, incorporating the specific content outlined in the relevant schedule to the Rules. It was stressed that before developing this manual, Market Intermediaries should have a Board-approved compliance policy to guide the Compliance Officer in implementing the compliance process. The Chairman urged Compliance Officers to ensure that there is a Board-approved compliance policy and discussed key areas within the minimum content of the compliance manual, including conflicts of interest, corporate governance, and risk management with a view to elevating market standards and making the market more attractive to investors.
The Chairman also stressed the need for Compliance Officers to provide prior written approval for all personal account trade transactions of other employees, in order that these transactions do not harm other clients’ interests. Referring to the complaints received by the SEC, the need to have an effective complaint handling mechanism at the Market Intermediary level to proactively address client complaints was also emphasized.
Speaking on the critical role Market Intermediaries play to protect the financial system and the wider community from criminal activities, Salieh stressed the importance of adhering to the regulatory framework set by the Financial Intelligence Unit of Sri Lanka (FIU) with regard to Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) regulations and Customer Due Diligence (CDD) requirements.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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