Membership
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
Membership
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)
Membership
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)
Membership
On April 29, 2008, the Capital Market Development Authority of the Maldives (CMDA) applied for ordinary membership in IOSCO.
On June 5, 2008, the IOSCO General Secretariat assigned to Verification Team 5 (VT 5) the task of assessing the CMDA’s eligibility to sign the MoU. The members of VT 5 are the securities regulatory authorities of British Columbia, France, the Netherlands, and India. British Columbia was the lead jurisdiction, or penholder, for this assessment.
On August 14, 2009, IOSCO sent to CMDA the final report concerning the CMDA’s eligibility to sign the MMoU, in which VT 5 recommends approval.The final decision will be taken in June 2010.
On September 23, 2009, CMDA received the final report regarding the IOSCO application. The Screening Group has confirmed the recommendation of VT 5 that the CMDA be invited to sign the IOSCO MMoU.
Asia Forum for Investor Education (AFIE)
Membership
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.
