SL hosts market regulators' conference

[April 4, 2005 - 9.00 GMT]

The 30^th International Organization of Securities Commissions (IOSCO) International Conference begins in Colombo today. The four day conference is being hosted by the Securities and Exchange Commission (SEC) of Sri Lanka.

The IOSCO - 2005 International Conference provides Sri Lanka an opportunity to update itself on current global trends and emerging issues of concern to capital market regulators .The conference of regulators and observers at the BMICH is expected to discuss the effects of cross border fraud, spiraling oil prices and other recent developments 

The Securities and Exchange Commission (SEC) of Sri Lanka was established in 1987 to regulate the local securities market .The SEC mission is “to promote, develop and maintain a securities market that is fair, efficient, orderly and transparent”. 

In a message to the 30^th IOSCO, President Chandrika Kumaratunga hoped it would address the issue of increasing white collar crimes and how they could be detected in time. She said Securities Commissions should educate and guide investors and protect them from indiscretions in the financial community.

Full text of President’s message to the 30^th IOSCO conference:

I am happy the International Organization of Securities Commissions has chosen to hold its annual conference in Sri Lanka this year. 

The Sri Lankan Securities and Exchange Commission since its inception in 1987 has periodically been vested with more powers and responsibilities to effectively monitor all aspects of corporate activity. 

The role of organizations such as the SECSL is vital to build investor confidence in Sri Lanka. 

Today thousands of people lose their life’s savings almost overnight due to the misdeeds of a few. Corporate fraud running into billions of dollars appears to be commonplace. Often minor acts of fraud tend to spiral out of control while those involved try to cover up. I am sure your conference would address the issue of increasing white collar crimes and how they could be detected in time. 

It is the duty of you ladies and gentlemen, who serve in Securities Commissions, to educate and guide investors and protect them from any indiscretions in the financial community.

I welcome the overseas delegates to this meeting in Sri Lanka and wish the 30^th IOSCO conference success in all its deliberations.

Chandrika Bandaranaike Kumaratunga 

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Last Updated Date: April 4, 2005 - 9.00 GMT