### 🏛️ Parliament Reworks Electoral System & Formalizes Real Estate Standards

The Speaker of Parliament, Dr. Jagath Wickramaratne, has announced the formation of a Parliamentary Select Committee (PSC) to reform the electoral system for future Provincial Council elections. Separately, new legislation to regulate the real estate sector has officially come into force. Key Legislative Developments: • Electoral Reform PSC: Chaired by Minister Vijitha Herath, this committee is tasked with evaluating the current framework and recommending a suitable electoral formula (reforming or replacing the existing mixed system) to resolve long-standing delays in provincial polls. • Real Estate Act: The Sri Lanka Institute of Real Estate Professionals Act, No. 6 of 2026 was certified on February 19, 2026. This establishes a professional body to maintain ethical standards, discipline, and public interest in the real estate industry. Sector Breakdown & Implications: • Governance: The PSC includes a diverse 12-member multi-party panel, including members like R. M. Ranjith Maddumabandara and Mano Ganeshan, aimed at building national consensus on governance. • Professional Services: The new real estate act aims to formalize the sector, ensuring that professionals adhere to a statutory code of conduct, which is critical for investor confidence and national economic stability. _Note: Summary based on parliamentary announcements as of February 21, 2026._