Maldives Monetary Authority (MMA) has yesterday publicized the amendments made to the Regulation on Corporate Governance for Banks, Insurance Companies and Finance Companies (Regulation No.: 2020/R-59).
The following amendments have been made:
Section 5 (c) of the aforementioned Regulation is amended by deleting sub-paragraph (1) and substituting the following sub paragraph:
(1) or the member’s parents, spouse, or children either individually or on a combined basis, own 1% or more effective equity interest in the Financial Institution through direct and indirect ownership – under their own names or through ownership in another entity with equity interest in the Financial Institution.
Section 7 (b) of the aforementioned Regulation is amended by deleting sub-paragraphs (4) and (5) and substituting the following sub-paragraphs:
(4) the person is not: (i) an appointee to any post at a Government ministry or department by the President of the Republic of Maldives, (ii) the head of a state institution established by law, or (iii) in a key position in any political party;
(5) the person, or the person’s parent, spouse or child is not a member of Parliament or a member of the Cabinet.
This Regulation came into effect from yesterday, the date of its publication in the Government Gazette.