The following are laws and regulations under consideration. Please send your comments to CMDA.
Companies Amendment Bill
This Bill provides a series of amendments to the Companies Act No. 10/96. The objective of the Bill is to provide the Republic of the Maldives with a company law which contains the basic provisions needed to support the development of a capital market in the Maldives and which removes some of the disincentives to investment in the share market which are contained in the present law. The Bill also seeks to strengthen the basic company regime by providing needed structural additions to the present Act. The Amendment Bill has been sent to the Ministry of Economic Development to be presented to the Parliament.
Collective Investment Schemes Bill and Regualtions
The following are proposed Laws and Relevant Regulation Under Consideration.
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).
Maldives Trust Bill
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.
Securities Depository Bill
Proposed Regulations
The following are proposed Regulations Under the Maldives Securities Act
- Regulations on Investment Advisers, 2008 (Draft)
- Regulations on takeovers, mergers, acquisitions and all other forms of business combinations in relation to listed companies.
- Regulation on issuing Underwriters license.
- Regulation on issuance of stewardship service license to financial institutions.
- Regulation on issuance of license to provide other services related to securities.
- Regulations on issuance Investment Advisers Licenses.
- Rules on establishing and maintaining a compensation fund for the purpose of compensating persons who suffer pecuniary loss from any defalcation or fraud committed by any licensed dealer, its representative or investment adviser or any employee of such dealer or investment adviser or by any officer or employee of a Stock Exchange
- Rules making provision for and maintenance of fidelity insurance by licensed dealers and investment advisers or other holders of a license or authorization under the Maldives Securities Act.
