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International Monetary Fund. Monetary and Capital Markets Department
This paper discusses the report of technical assistance mission to Sri Lanka. The report highlights that Sri Lanka has embarked on a program of reform intended to enable the country to emerge as an internationally competitive middle level economy. The mission concentrated on practical, operational steps that the Securities and Exchange Commission (SEC) could take to build capacity to increase the deterrent impact of its enforcement program in the current and anticipated regulatory environments. The mission recommended that the SEC continues to pursue measures to improve efficiency, effectiveness and accountability. In order to augment the impact of the enforcement program, the SEC is encouraged to foster public transparency to the extent possible without compromising confidential enforcement processes and activities. While the recommendations in this report will improve the effectiveness of the SEC’s enforcement program, credible deterrence cannot be achieved without the new civil and administrative enforcement authority in the draft Securities Exchange Act.
International Monetary Fund. Monetary and Capital Markets Department

, Investigations and the new Litigation Division (whose functions were previously handled by the Legal and Enforcement Division). 8. At present, the position of Director of Investigations is vacant, and the Director of Surveillance is also overseeing the External Affairs Division . The SEC is actively recruiting to fill the open director positions, but there is a very limited pool of candidates in Sri Lanka qualified for these highly-specialized leadership roles. B. SEC Investigation Process 9. SEC investigations are commenced based on a variety of sources of