Written by Staff Writer
15 Jun, 2016 | 7:53 pm
The former chairman of the Ceylon Chamber of Commerce, Chandra Jayaratne, in a letter addressed to the Chairman of Public Enterprises, Sunil Handunnetti and has urged COPE to consider incorporating a set of recommendations as part of the inquiries on the CBSL, Securities and Exchange Commission and the Public Utility.
The letter follows a primary dealer’s failure to renew security of a significant value placed on government securities on behalf of a public utility coming under the purview of COPE.
He adds that there has been no transparency of how this situation came about to negatively impact the regulator or whether primary dealers or other financial institutions are directly associated to such contingent losses. It is in this context that Chandra Jayaratne recommends COPE to seek a clarification from the CBSL of the level of due diligence, control and risk management oversight applied by them as a regulator of primary dealers on several matters including;
– The licensing of primary dealers.
– Ensuring that directors and key management of primary dealers are fit proper persons.
– The primary dealers meet with their contractual obligations to their customers.
The letter also urges COPE to secure from the CBSL and the Public Utility concerned, areas in which controls, compliances and regulatory processes have failed and to come up with strategic action steps that could be taken to mitigate future risks.
Furthermore, it recommends that all primary dealers should be public companies, which publishes accounts quarterly in the media for public information.
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