Propose and implement market development strategies aligned with national economic goals and CMDA’s strategic plan.
Undertake market research to inform and support policymaking, strategic planning, and market innovation.
Develop and introduce new capital market products, services, and technology-driven solutions, including digital and fintech applications.
Propose policies, incentives, and legal/regulatory reforms to facilitate a fair, transparent, and orderly market environment.
Initiate and recommend new strategic alliances, partnerships, and collaborations to foster market growth.
2. Capital Formation and Issuer Engagement
Assist corporations seeking to raise capital through market instruments by providing guidance on market entry, listing processes, and compliance.
Provide technical and procedural support to entities and individuals interested in undertaking securities-related businesses in the Maldives.
Proactively engage with potential market participants and investors to expand the capital market ecosystem.
3.
Licensing and Market Entry Facilitation
Identify and approach potential parties suitable for capital market licensing to strengthen market infrastructure.
Lead the process of evaluating and issuing licenses and grant regulatory approvals to market intermediaries and entities undertaking new securities-related business proposals.
Respond to inquiries, concerns, and proposals from prospective market entrants and innovators, ensuring timely and transparent communication.
4. Islamic Capital Market Development
Develop and implement initiatives for the parallel growth of the Islamic Capital Market alongside the conventional market.
Promote Shariah-compliant financial instruments and investment vehicles in line with domestic and international standards.
5. Monitoring and Reporting
Maintain comprehensive documentation of all development activities, partnerships, and policy interventions for transparency and accountability.
Market Regulation and Enforcement Department
1. Regulatory Strategy and Research
Propose and implement the Authority’s market regulation strategy aligned with evolving market needs and best international practices.
Conduct research and analysis to support regulatory planning, policy development, and effective implementation.
2. Registration, Vetting, and Compliance Monitoring
Manage the vetting and registration process of prospectuses and public and private offerings to ensure regulatory compliance.
Monitor securities issuance activities to verify adherence to applicable laws and regulations.
Conduct regular compliance reviews of securities listed companies.
Conduct regular compliance reviews of licensed intermediaries to ensure ongoing conformity with regulatory requirements.
Vet new services introduced by licensed intermediaries for regulatory compliance before market introduction.
Propose and maintain codes and guidelines on the competence, suitability, and ongoing eligibility of corporations and individuals seeking or holding licenses.
Conduct continuous assessments to ensure licensed entities and individuals meet licensing criteria throughout the license term.
3. Market Surveillance, Investigation, and Enforcement
Undertake continuous intelligence and market surveillance to detect and prevent market manipulation, insider trading, and other unfair practices.
Investigate suspected cases of market abuse and take appropriate enforcement actions as mandated by securities laws and regulations.
Address and resolve investor complaints efficiently and transparently.
Implement enforcement procedures, including sanctions, penalties, or corrective actions, against violators of securities laws and regulations.
4. Legal and Regulatory Framework Review
Assist the reviews and updates of the legal and regulatory framework to enhance market integrity, investor protection, and prevention of market abuse.
Identify gaps in the market to ensure regulatory frameworks remain aligned with emerging trends, international standards, and best practices in securities market regulation.
Develop guidelines and codes of conduct that promote ethical and professional standards within the market.
5. Stakeholder Engagement and Reporting
Ensure alignment with international standards and best practices in securities regulation by adopting, implementing, and maintaining compliance with the IOSCO Objectives and Principles of Securities Regulation.
Respond promptly to concerns, inquiries, and matters raised by regulated entities regarding regulatory compliance and processes.
Undertake regulatory activities and oversight specific to the Islamic Capital Market parallel to the conventional market.
Prepare and submit periodic reports on significant regulatory developments, enforcement activities, and compliance status to the CMDA Board.
6. Capital Market Shariah Advisory Council (CMSAC)
executive support
Provide comprehensive secretarial services to CMSAC, including meeting preparation, documentation, and follow-up actions.
Manage communications and logistical arrangements for CMSAC meetings to ensure smooth governance processes
Pension Supervision Department
1. Strategy and Research
Propose and implement the Authority’s pension supervision strategy aligned with the Maldives Pension Act and evolving industry standards.
Conduct research to support planning, policy development, and supervisory implementation of pension activities.
2. Regulatory Framework Reviews and Licensing
Assist the development of licensing and regulatory frameworks for asset managers, custodians, and other MRPS-related service providers.
Issue codes, guidelines, and standards addressing competence, suitability, and ongoing eligibility of licensed corporations providing pension-related services.
Conduct ongoing suitability assessments of licensed entities to ensure compliance with licensing criteria.
3. Risk-Based Supervision and Monitoring
Implement a risk-based supervisory framework tailored for the pensions industry to proactively identify and mitigate risks.
Establish reporting requirements for the Maldives Pension Administration Office and regularly review submitted Maldives Retirement Pension Scheme reports for compliance and performance.
Monitor investment activities of pension assets to ensure alignment with the Maldives Pension Act and the Statement of Investment Principles and Strategic Asset Allocation.
Conduct regular inspections and compliance reviews of pension administrator, asset manager(s) and custodian(s).
4. Governance and Safeguards
Promote sound, transparent, and effective supervision of Maldives Retirement Pension Scheme by aligning supervisory frameworks with the IOPS Principles of Pension Supervision.
Undertake fit and proper clearance processes for members nominated to the Board of the Pension Office.
Propose and implement governance frameworks for Maldives Retirement Pension Scheme consistent with international best practices.
Develop and enforce safeguards under the Maldives Pension Act to protect MRPS and its beneficiaries.
5. Enforcement and Compliance
Undertake enforcement actions for violations of the Maldives Pension Act, regulations, and supervisory requirements enforced by the Authority.
Respond to compliance issues and concerns within the pension industry to ensure accountability and protection.
6. Reporting and Stakeholder Communication
Prepare and submit the pension supervision report to the President under the Maldives Pension Act.
Provide regular updates and reports on significant pension supervision activities to the CEO Bureau.
Engage stakeholders and promote transparency in pension supervision processes.
Education and Training Department
1. Strategy and Planning
Propose and implement awareness and training strategies aligned with the Authority’s objectives and national priorities.
Plan and develop the Authority’s training institutes to build capacity and deliver specialized market education.
2. Training Program Delivery
Organize and conduct training programs through the Authority’s training institutes in collaboration with domestic and international partnering institutions.
Deliver specialized capital market skills development programs by partnering with expert training providers.
Implement programs promoting corporate governance and professionalism among corporate directors and company secretaries.
3. Public Awareness and Financial Literacy
Conduct targeted outreach and promotional activities to raise awareness on capital market-based financing alternatives among public and private sector issuers.
Conduct capital market awareness campaigns targeting key stakeholders and the general investing public.
Implement financial literacy programs aimed at improving the investing public’s understanding of market mechanisms and investment risks.
Target schools, universities, and youth through tailored financial literacy and capital market awareness initiatives.
4. International Collaboration and Research
Collaborate with foreign counterparts and international organizations to deliver joint awareness, literacy, and training programs.
Conduct research and publish materials on financial literacy and capital market topics to enhance public understanding and informed participation.
5. Monitoring and Evaluation
Develop and implement mechanisms to assess and monitor financial literacy and market awareness levels among the investing public.
Use evaluation findings to continuously improve training content, outreach methods, and program effectiveness.
CEO Bureau
1. Strategic Planning and Coordination
Lead and facilitate the strategic planning process of the Authority, ensuring alignment with national priorities and organizational goals.
Coordinate effectively with all departments within the Authority to meet the requirements of the Board of Directors, the CEO, and the Senior Executive Committee.
2. Board and Executive Support
Provide comprehensive secretarial services to the Board of Directors, Board Committees, the CEO, and the Senior Executive Committee, including meeting preparation, documentation, and follow-up actions.
Manage communications and logistical arrangements for board meetings and executive sessions to ensure smooth governance processes.
3. Compliance and Information Management
Ensure full compliance with the Right to Information Act (Act No: 1/2014), including handling information disclosure requests in a timely and transparent manner.
Administer and manage the Authority’s website and social media platforms, ensuring timely content updates, monitoring, and effective public engagement.
4. Media and Public Relations
Administer and oversee the Authority’s media and public relations functions, including developing communication strategies and managing media liaison activities.
Promote and maintain a positive public image of the Authority through proactive media engagement and public outreach initiatives.
5. International Memberships
Ensure effective management and coordination of the Authority’s international memberships under the direction of the CEO, fostering beneficial relationships and knowledge exchange.
6. Monitoring and Reporting
Provide regular updates on organizational progress, including the implementation of board decisions and overall management activities to the Board of Directors.
Legal Department
1. Legal Advisory
Provide timely and accurate legal advice to the Authority on policy, operational, and regulatory matters.
Support the development and review of legal documents, contracts, and agreements related to the Authority’s functions.
2. Legal and Regulatory Framework Development and
Management
Identify and proactively draft, review, and implement changes to the legal and regulatory framework governing the capital market.
Ensure the legal and regulatory framework aligns with IOSCO standards and International best practices.
3. Enforcement Support and Representation
Assist the Authority in its law enforcement role by recommending the commencement of investigations into violations of securities laws and regulations.
Represent the Authority in judicial and quasi-judicial proceedings, including courts and regulatory tribunals.
Coordinate with enforcement and regulatory teams to ensure effective legal follow-through on investigations and enforcement actions.
Information Technology Department
1. Digital Transformation and Automation
Propose and implement automation strategies and digital tools to improve functional efficiencies across CMDA operations and capital market infrastructure.
Identify and deploy technology solutions that enable streamlined workflows, data integration, and enhanced service delivery.
2. IT Development and Innovation
Undertake the design, development, and implementation of IT systems, platforms, and applications required for the Authority’s evolving operational and regulatory needs.
Support innovation by incorporating emerging technologies to strengthen digital infrastructure and responsiveness.
3. IT Service Management
Provide responsive and reliable IT support services to all departments and units of the Authority.
Ensure availability, maintenance, and security of hardware, software, network, and user systems across CMDA.
Manage data storage, backups, disaster recovery, and cybersecurity protocols.
4. IT Governance and Compliance
Implement effective IT governance frameworks to ensure alignment of technology initiatives with the Authority’s strategic objectives.
Establish and enforce policies, procedures, and standards to ensure the integrity, confidentiality, and availability of information systems.
Ensure compliance with national IT and cybersecurity regulations and promote awareness of best practices among staff.
Develop and implement frameworks to monitor and assess IT governance and cybersecurity practices of capital market institutions regulated by CMDA.
Ensure the confidentiality, integrity, and availability of all IT systems and data through the implementation and enforcement of robust cybersecurity policies, standards, and practices.
Corporate Services
1. Human Resource Management and Organizational
Development (HR & OD)
Manage recruitment, onboarding, compensation, performance evaluation, employee relations, and leadership development in alignment with CMDA’s strategic objectives.
Maintain accurate and up-to-date employee records, including disclosures related to employee investments in the capital market.
Conduct periodic organizational reviews and propose improvements based on performance trends, strategic goals, and evolving institutional needs.
Coordinate and implement internal and external capacity-building programs, including those offered by the Education and Training Department.
Foster a work environment that encourages staff engagement, professional development, and ethical conduct.
Conduct staff welfare initiatives and propose necessary actions to support employee well-being and a positive work environment.
2. Administration and Facility Management
Undertake procurement, contracting, and vendor management in accordance with applicable procurement rules and standards.
Manage the full contract lifecycle including drafting, reviewing, compliance monitoring, and vendor performance evaluation.
Manage property (including maintenance), office facilities, physical security, emergency preparedness, archiving, printing, and mail distribution services.
Retention, retrieval, and disposal of official documents in compliance with internal record management policies.
Ensure proper safeguarding and documentation of the Authority’s physical and digital assets.
Manage incoming and outgoing correspondence, including receiving, dispatching, and routing physical mail and emails to the relevant departments promptly and accurately.
Provide administrative and logistical support for programs, training sessions, and events conducted by the Authority.
3. Financial Management
Lead the preparation, implementation, and monitoring of the Authority’s annual budget (including Trust Fund) in coordination with all departments.
Manage financial operations, accounting, reporting, and auditing in compliance with applicable laws, financial regulations and International best practices.
Manage financial operations, accounting, reporting, and auditing in compliance with applicable laws, financial regulations and International best practices.
Ensure effective financial planning, internal controls, and resource utilization to support
Organize and conduct training programs through the Authority’s training institutes in collaboration with domestic and international partnering institutions.
