Directors’ dealing disclosure dates to be immediate
Stock market industry officials are seeking rules to restrict when top executives can unload company shares and to disclose more information about their planned stock sales to better combat insider trading.
They say that the same day disclosures for in-house company share dealings must be imposed and that the loophole that allows five market days for ‘immediate’ disclosure should be closed.
Rajeeva Bandaranaike, CEO Colombo Stock Exchange (CSE) said it was proposed to the capital market regulator by the CSE to reduce the number of days for disclosing to a day.
An analyst added that disclosing was earlier defined as immediate but the Securities and Exchange Commission some years ago changed this but the number of days as immediate was not defined.
In the past the CSE has warned certain firms for non-compliance with rules pertaining to their ‘Continuous Listing Requirements’.
Specifically in terms of Section 7.8 of the Listing Rules of the CSE, the CSE has seen firms not adhering to immediate disclosure pertaining to a firm’s director share dealings.
The market operator has seen instances where they aren’t immediate, an official said noting that now the CSE is following up with reasons as to why there was ‘lateness’ by certain offenders who complied after many ‘calls’ asking them to meet the terms.
Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!