International co-operation has become a matter of great priority in critical sectors such as the financial markets. If Maldives is to achieve its ambition of having a thriving capital market which finances business investment and development and promotes the expansion of the Maldivian economy it needs to tap onto the experience, knowledge and expertise of other jurisdictions.
Working closely with other countries on cooperation and harmonisation presents possible opportunities for future expansion of the market and the possibility of introducing new financial products and market development initiatives.
CMDA has attained membership of the following institutions:
Institute of Company Secretaries of India (ICSI)
The Capital Market and Corporate Governance Institute (CMCGI) and the Institute of Company Secretaries of India (ICSI) has signed an MoU on 5th August 2008 to strengthen and broaden co-operation and mutual assistance in the provision of education and training through their respective Institutes.
The MoU was signed by the chairman of the Authority Mr. Abdul Ghafoor and the President of the ICSI Mr.K.U.R. Bakshi.
South Asian Securities Regulators Forum
CMDA is a member of the South Asian Securities Regulator's Forum (SASRF). The main objectives of SASRF are to facilitate the provision of technical expertise for capacity-building within regulatory agencies and to encourage research on current and emerging regulatory issues in respect of or related to Securities.
The Islamic Financial Services Board (IFSB)
The Islamic Financial Services Board (IFSB) is an international standard-setting organization that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors.
CMDA has received associate membership of IFSB on 26th March 2008. In future CMDA will collaborate with IFSB to conduct market research and coordinate initiatives on capital market related issues.
International Organization of Securities Commissions (IOSCO)
On October 5, 2009, CMDA became a signatoryof the
IOSCO MMoU and was officially accepted as an Ordinary Memeber of the Organization on June 9, 2010, at the 35th IOSCO Annual Conference held at Canada, Montreal.
Asia Forum for Investor Education (AFIE)
On February 03, 2010, the Capital Market Development Authority of Maldives (CMDA) was accepted as a founding member of the Asia Forum for Investor Education (AFIE).
CMDA was accepted as a founding member at the Inaugural General Meeting of AFIE which was held in Soul, Korea on 3rd -4th February 2010. CMDA also joined the working committee of the forum.
The Inaugural General Meeting of AFIE and the International Seminar on Investor Education was held by the joint effort of Korea Financial Investment Association (KOFIA) and Korea Council for Investor Education (KCIE). 23 delegates from different countries of Asia- Pacific region participated in the forum.
As the representative of CMDA the Chief Executive Officer of CMDA took part in the discussions of the program and delivered a presentation on the current status and challenges faced in Maldives when creating investor awareness.
The mandate of the AFIE is to create a network for the region to facilitate exchange of information and experience between the region’s education providers, thus advancing investor education programs in the Asia-Pacific region.
