After three decades of civil war and political instability that ended in 2009, Sri Lanka has embarked on a program of reform intended to enable the country to emerge as an internationally competitive middle level economy. In the last couple of years, the SEC has undergone multiple assessments against international standards which have contributed to the design of its financial sector reform program. In 2015, The World Bank Market Development Financial Sector Assessment Program (FSAP) highlighted the challenges facing Sri Lanka and recommended modernization reforms. In July 2016, an IOSCO Review Team (RT) assessed the SEC against IOSCO’s Objectives and Principles and made detailed recommendations for amendments to the SEC Act, including for the enforcement program.