SRI LANKA Law and Practice Contributed by: Ayanthi Abeyawickrama, Varners
• the Personal Data Protection (Amendment) Act, No 22 of 2025; • the Microfinance and Credit Regulatory Authority Act, No 9 of 2026; and • the Rescue, Rehabilitation and Insolvency (Cor - porate and Personal) Act, No 12 of 2026, which modernises the insolvency regime and repeals the Insolvency Ordinance. Further reforms remain in prospect, notably a consoli - dated single employment law to replace the existing patchwork of labour statutes, a Public-Private Part - nership Bill, and dedicated legislation on public asset management and public enterprise reform, together
with the long-discussed modernisation of the com - petition law framework. The government’s continued engagement with development partners and mul - tilateral agencies is likely to result in further corpo - rate governance reform and liberalisation of foreign investment restrictions, including the eventual opera - tionalisation of the investment framework under the Economic Transformation Act, No 45 of 2024. Addi - tionally, reforms are under way to restructure state- owned enterprises, streamline the public sector and promote public–private partnerships, thereby creat - ing a more competitive and investment-friendly legal environment.
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