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COPE questions SEC’S failure to submit info on investigations

25 Mar 2013 - {{hitsCtrl.values.hits}}

The Securities and Exchange Commission (SEC) has been unable to submit any substantial information to the Committee on Public Enterprises (COPE) with regard to the investigations on market misconduct, during the meeting held last week, a COPE member stated.

During the meeting, COPE members had extensively questioned SEC officials about the progress of the 17 investigations initiated during former SEC Chairman Tilak Karunaratne’s tenure.

Speaking to Mirror Business, Member of Parliament Eran Wickramaratne noted that although the SEC management had been directed by the COPE to submit a progress report on these investigation and also the criteria for imposing fines and warning letters, the market regulator has not yet heeded to that request.

According to Wickramaratne, the SEC had not presented any tangible material before the committee although they merely mentioned that substantial work with regard these investigations had been completed.

“We summoned the SEC management to understand the progress of these reports and also the criteria to be followed when issuing fines and warning letters, but these were not presented to the committee,” he said.

However he added that certain incomplete reports on investigations had been submitted, on which he declined to comment.

Accordingly the COPE has granted the SEC additional time to submit information with regard investigations and penalty criteria.

“We (COPE) are not satisfied with the progress SEC is making with regard to these investigations and the criteria is essential for us to make certain informed decisions on the market,” he said.

Wickramaratne further explained that penalty criteria need to be made public, so that investors can enter the market with confidence. “When the SEC imposes a fine, it needs to be clear to all as to how it has been calculated and administered,” he added.

Meanwhile Wickramaratne emphasized his concerns regarding the recent resignation of SEC Director General (DG) Prof. Hareendra Dissabandara saying that it was the second time a SEC top official had resigned soon after a COPE meeting.

“Clearly this shows that all is not well at the SEC and there is no environment for anybody who wants to do a professional job,” he noted.

Prof. Dissabandara tendered his resignation with effect from May 27, stating that he could not continue to work in his official capacity based on his principles.

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COPE questions SEC’S failure to submit info on investigations

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