MMA Publicizes Amendments to Corporate Governance Regulation for Banks, Insurance and Finance Companies

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:

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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.

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