SEC hosts IOSCO’s Technical Assistance Project

The Securities and Exchange Commission of Sri Lanka (SEC) in July  hosted the first phase of a Technical Assistance (TA) project conducted by the International Organisation of Securities Commissions (IOSCO) to prepare and deliver draft on-site inspection manuals.

The IOSCO which is the global standard setter for the securities sector conducted this Technical Assistance program for selected jurisdictions of the Asia Pacific Region and representatives from Bangladesh, Vietnam, Maldives, Papua New Guinea and Sri Lanka participated in the programme. The three day event focused on supervision challenges in developing economies, developments in regulatory theory and supervision approaches, thematic inspections and synergies between onsite inspections, offsite supervision, and enforcement action.

The program was spearhead by Greg Tanzer, former IOSCO Secretary General and former Commissioner of the Australian Securities and Investments Commission (ASIC) whilst Raluca Tircoci Craciun, Head of Growth and Emerging Markets, Implementation Monitoring and TA from the IOSCO General Secretariat coordinated this initiative.

SEC Sri Lanka Chairman Ranel T. Wijesinha delivered the opening remarks and welcomed the participants to the event. Moreover, SEC Director General Vajira Wijegunawardane also presided over the inauguration of the three day program.

Considering that SEC Sri Lanka is in the process of developing an inspection manual and an audit program, the valuable insights obtained from this forum will be very useful for securities regulation in Sri Lanka.