24. Section 32 of the principal enactment is hereby amended as follows:-
| (1) in subsection (1) of that section
| | (a) by the substitution for the words "subsection (8) and ''knowingly connected", of the words " subsections (8) and (9) ", and " connected " respectively ; | | |
| | (b) by the substitution in paragraph (c) of that subsection for the words :' he knows is unpublished ", of the words " he can reasonably be expected to know is unpublished"; | | |
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| (2) in subsection (2) of that section"
| | (a) by the substitution for the words "has been knowingly connected ", of the words " has been connected " : | | |
| | (b) by the substitution in paragraph (b) of that subsection for the words ; to disclose", of the words not to disclose" ; | | |
| | (c) by the substitution in paragraph (c) by the subsection for the words " he knows is unpublished", of the words "he can reasonably be expected to know is unpublished " | | |
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| (3) in subsection (3) of that section"
| | (a) by the substitution in paragraph (a) of that subsection for the words " has information which he knowingly obtained, whether directly or indirectly,'', of the words " has information which he obtained, or has reasonable cause to believe he obtained, whether directly or indirectly, | | |
| | (b) by the substitution in sub-paragraph (i) of paragraph (b) of that subsection for the words " if he knows that the information ", of the words " if he can reasonably be expected to know that the information " ; | | |
| | (c) by the substitution in subparagraph (ii) of paragraph (b) of that subsection for the words " if he knows that the information ", and " company of involving". of the words "if he can reasonably be expected to know that the information" and "company or involving ", respectively ; | | |
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| (4) in subsection (4) of that section by the substitution for the words " if he knows that the information ", of the words " if he can reasonably be expected to know that the information |
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| (5) by the repeal of subsection (5) of that section and the substitution therefor of the following subsection"
| | " (5) Subject to the provisions of subsections (8) and (9) where an individual has obtained, or has reasonable cause to believe he has obtained, from an individual to whom the provisions of subsection (4) apply, information that the offer referred to in subsection (4) is being contemplated or no longer contemplated the first mentioned individual shall not himself trade in listed securities of that company if he can reasonably be expected to know that the information is unpublished price sensitive information in relation to those securities. | | |
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| (6) in subsection (8) of that section, by the substitution in subparagraph (i) of paragraph (c) of that subsection for the words " obtain by him ", of the words " obtained by him " ; and |
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| (7) in subsection (9) of that section by the substitution for the words "facilitate the competition'', of the words " facilitate the completion ". |
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Sri Lanka Consolidated Acts