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SEC lets brokers lend to clients

Aug 16, 2011 4:44:02 AM - www.ft.lk

 

The Securities and Exchange Commission (SEC) has decided with immediate effect to let stock broking firms to lend to their clients over T+3 based on the computation of Liquid Assets less Obligations, maintaining a leverage at zero level.

SEC also mandated Licensed Stock Brokers to reconcile daily positions taken against the Liquid Assets by such Licensed Stock Broker and to submit on a monthly basis a declaration to the SEC and CSE confirming the position of Liquid Assets less Obligations as it stands at the end of each month. The declaration to be submitted within 2 market days after the end of each month.

The SEC said it took cognizance of the improving stability in the capital market together with the concerns expressed by the Colombo Stock Brokers Association and retail investors and decided to relax previous restriction subject to prudential requirements.

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