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:
International Organization of Securities Commissions (IOSCO)
The
IOSCO MMOU adopted by the International Organization of Securities Commissions (IOSCO), is the first global information-sharing arrangement among securities regulators. The IOSCO MMOU sets a new international benchmark for cross-border co-operation critical to combating violations of securities laws.
On October 5, 2009, CMDA became a signatory of the IOSCO MMoU and was officially accepted as an Ordinary Member of the Organization on June 9, 2010, at the 35th IOSCO Annual Conference held at Canada, Montreal.
The member agencies currently assembled together in the International Organization of Securities Commissions have resolved, through its permanent structures:
- to cooperate in developing, implementing and promoting adherence to internationally recognised and consistent standards of regulation, oversight and enforcement in order to protect investors, maintain fair, efficient and transparent markets, and seek to address systemic risks;
- to enhance investor protection and promote investor confidence in the integrity of securities markets, through strengthened information exchange and cooperation in enforcement against misconduct and in supervision of markets and market intermediaries; and
- to exchange information at both global and regional levels on their respective experiences in order to assist the development of markets, strengthen market infrastructure and implement appropriate regulation.
International Organisation of Pension Supervisors (IOPS)
The International Organisation of Pension Supervisors (IOPS) is an independent international body representing those involved in the supervision of private pension arrangements.
CMDA became a governing member of IOPS in December 2011.
The major goal of the IOPS is to improve the quality and effectiveness of the supervision of private pension systems throughout the world, thereby enhancing their development and operational efficiency, and allowing for the provision of a secure source of retirement income in as many countries as possible.
The aims and purposes of IOPS are:
- serving as the standard-setting body on pension supervisory matters and regulating issues related to pension supervision, taking into account the variety of different private pension systems;
- promoting international co-operation on pension supervision and facilitating contact between pension supervisors and other relevant parties, including policy makers, researchers and the private sector;
- providing a worldwide forum for policy dialogue and exchange of information on pension supervision;
- participating in the work of relevant international bodies in the area of pensions, including joint activities to improve statistical collection and analysis;
- promoting, conducting and facilitating the distribution and communication of research, and collecting information in co-operation with relevant international bodies
CMDA became a governing member of IOPS in December 2011. The organisation cooperates closely with other international organisations involved in pension supervision policy development and dialogue, including the OECD, World Bank, ISSA, IAIS and IMF.
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.
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.
