The Maldives Securities Act has now been amended to broaden the country’s capital market.
President Ibrahim Mohamed Solih ratified the Second Amendment Bill to the Maldives Securities Act (Act No. 2/2006) yesterday. The amendment was passed by the Parliament on 6th December 2020, at the 27th sitting of the third session of the People’s Majlis.
Key amendments brought to the Act include mandating research on new products for the development and expansion of the capital market; creating a regulatory framework to introduce feasible and promising products; ensuring timely disclosure of information related to security issuers and buyers; regulating and supervising the securities market; and financial market analysis and increasing market awareness.
Upon ratification, the Act has now been published in the Government Gazette.