The Securities and Excchange Commission (SEC) and the Colombo Stock Exchange (CSE) have formed a joint committee to set up a Central Counterpart  (CPP), which is enabled under the the new SEC Act which came into force on September 19, 2021.

Accordingly, SEC Chairman Viraj Dayaratne PC has nominated Commission Member Sunil Lankatilaka to head the Joint Committee which will include Director General, Chinthaka Mendis and Acting Director Capital Market Development, Prabash Wanigatunga from the SEC.

The CSE has nominated CSE Directors Dilshan Wirasekera Director and Suren De Silva, CEO Rajeeva Bandaranaike CEO, CRO Renuke Wijayawardhane CRO, ERM Head Dulani Warnakulasooriya and Head of Compliance and Regulatory Policy Lankesha Molligoda.

The Committee’s key mandate will be to identify the manner of implementation of a CCP and to recommend the entire procedure including matters pertaining to procurement.

The expectation is that it could be completed before the end of next year. The first meeting of the Committee will be held during the first week of January 2022.