The draft Law on Collective Investment Schemes (CIS) will make provisions relating to the establishment, operation, promotion and sale of collective investment schemes of all kinds. The CIS Law further provides for the regulation of all persons who are involved in certain specified activities in relation to collective investment schemes (for example as manager, operator or trustee/depositary). Please send your comments before 19th June 2008.

The draft Law on Trusts will make provisions relating to the establishment and operation of trusts of all kinds. For these purposes, a trust is any arrangement where one or more persons (a trustee or trustees) hold property for the benefit of another person or persons (a beneficiary or beneficiaries) or for a purpose which is not for the benefit of the trustee.

The proposed regulations apply to investment advisers and investment advisers representatives licensed under the Maldives Securities Act (Law No: 2/2006).