SEC steps up to ensure sound finfluencing advice
Sri Lanka’s capital market regulator is addressing the rise of unregulated financial influencers or “finfluencers,” by introducing a code of conduct and guidelines to ensure transparency in these dealings.
Securities and Exchange Commission of Sri Lanka (SEC) Chairman Prof. Hareendra Dissabandara told the Sunday Times Business that the SEC has already formulated the guidelines, which include the Do’s and Don’ts for finfluencers “These will broadly include not being a part of CSE manipulation, pump and dump, and disturb the market fundamentals,” he noted, adding that the regulator has already had discussions with certain individuals.
Prof. Dissabandara emphasised that this code of conduct and guidelines will mirror best practises from New Zealand, Australia, Japan, Malaysia, etc. He said the SEC also plans to conduct a public consultation on this.
He noted that there is a big gap between financial literacy and social media consumption. Many social media consumers grab such falsified financial information, he added. He stressed that strengthening the role of the regulator will not hinder finfluencing because regulation will be done step by step. The SEC is sharing best practises with the International Organization of Securities Commissions (IOSCO) in disregard, he added.
He also highlighted the importance of market integrity, stating that sustainable market growth relies on confidence, credibility, and trust rather than unrealistic returns.
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