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In order to ensure the existence
of a sound banking/financial system, the MMA closely monitors financial
institutions’ adherence to the laws and regulations issued by the
Authority. The MMA also issues directives from time to time, which must
be complied with by the relevant financial institutions. In addition,
guidelines and international best practices are followed in the area of
bank supervision.
In the efforts to improve the regulatory framework and meet the needs
of a developing financial sector and the contemporary economic climate,
the MMA regularly reviews existing regulations. The key legislation
and regulations that govern the financial sector at present are as below.
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Legislation
and regulations executed by the MMA: |
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| Maldives Monetary Authority Act
- Dhivehi |
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Law 6/81, as amended by MMA Act (Amendment, No: 2/2007).
Provides for the establishment of the MMA and defines the Authority’s
mandate |
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| Negotiable Instruments Act |
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(Faisaa ah badhalu kurevey gothugai gengulhey liyumaa
behey qaanoon)
Law 16/95, amended 21 November 2002
Governs the use of negotiable instruments, specifically, bills of
exchange, cheques and promissory notes
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| Regulations for Banks and Financial
Institutions |
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1 July 1988, amended 1 January 1998
Stipulates the framework within which all banks and financial institutions
in Maldives must operate.
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| Regulation for the Replacement
of Damaged Banknotes |
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(Halaakuvefaivaa nuvatha unikameh libifaivaa
faisaa ah badhaludhinumuge qawaaidh) 4 February 1986, amended
27 September 1995
Covers conditions under which compensation can be made for damaged
bank notes.
Damage Banknotes replacement form
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| Electronic Funds Transfer Guidelines
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27 December 1999
Provides a basic framework to establish the rights, liabilities and
responsibilities of customers and financial institutions relating
to electronic fund transfers.
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Regulations for finance
leasing companies and finance leasing transactions
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22 November 2001
Provides for the licensing and regulation of companies engaged in
finance leasing in Maldives.
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| Insurance Industry Regulations |
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1st September 2004
Provides a basic interim regulatory framework for the orderly development
and supervision of the insurance industry in the Maldives. |
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Other Legislation/Regulations: |
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| Companies Act |
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| Governs the formation, registration and
management of companies in Maldives Law 10/96, 7 November 1996, amended
22 July 1998 (Law 19/98) |
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| Regulations for Companies |
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(Kunfunyaa behey aammu qawaaidh)
Builds upon the Companies Act (Laws 10/96 and 19/98)
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| Law on Foreign Investment |
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Law 25/79, 1 May 1979, amended 9 February
1989 (Law 2/89)
Provides for an agreement between the government and the investor,
and sets out the terms, conditions and manner of implementation of
the agreement, in addition to the terms of investment and investment
guarantee.
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| Statistical Regulation |
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21 September 1999
Defines and regulates all activities related to collection, compilation,
publication and utilisation of statistics
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| Securities Act 2/2006 |
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The Act provides for the establishment
of the Capital Market Development Authority, and defines the Authority’s
mandate. Further it provides for the licensing of dealers, investment
advisers, underwriters and custodians for the purpose of developing
and regulating a capital market in the Republic of Maldives and for
matters connected therewith or incidental thereto.
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| Listing rules |
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The listing rules govern the admission
of securities to the official list, quotation of securities, and disclosure.
A listed company must agree to abide by the listing rules to gain
admission to the official list and to remain listed. The listing rules
create obligations, which are additional and complementary to statute.
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| Maldives Securities Depository
(MSD) Rules |
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The MSD rules governs the operation of
a securities accounts in the depository.
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| Public Finance Act |
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The Act provides for the principles and
procedures for the control and management of the finances and properties
of the State, and establishes financial and other principles and procedures
related to the finances and properties of the State.
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| Further information on legislation
and regulations can be obtained from: |
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Attorney General’s Office
3rd floor, Huravee Building,
Ameer Ahmed Magu
Malé 20-05
Republic of Maldives
Tel: (960) 3323809, 3321106
Fax: (960) 3314109
Website: www.agoffice.gov.mv
Email: attorney@dhivehinet.net.mv
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Last updated: February 24 2008. |
