18 Nov Securities rules ready for Yangon Stock Exchange

Written by Ko Ko Gyi Published in Service Read 4009 times
Deputy Minister of Finance and Revenue Dr. Maung Maung Thein speaks at Lower House. (Photo: Pyithu Hluttaw ) Deputy Minister of Finance and Revenue Dr. Maung Maung Thein speaks at Lower House. (Photo: Pyithu Hluttaw )

The final version of the rules and regulations for securities exchange are now ready, Deputy Finance Minister Dr Maung Maung Thein told reporters at the Yangon-based state-owned Myanma Insurance office on November 16.

The rules have been prepared ahead of the opening of the Yangon Stock Exchange tabled for October 2015.

“There are a total of 213 points included in the rules and regulations,” Dr Maung Maung Thein said.

Daw Tin May Oo, executive director of the Myanmar Securities Exchange Centre, told Mizzima November 17 that the rules have been over one year in the making.

She said a joint working committee comprising of the Myanmar Securities Exchange Centre, the Central Bank of Myanmar, Myanmar Economic Bank, the Attorney General’s Office and the Policy Research Institute under the Ministry of Finance in Japan had worked on the rules and regulations to lay the groundwork for a stock market in Myanmar.

The Myanmar Securities Exchange Centre was founded in 1996 in a joint venture with Japan’s Daiwa Securities Group. It has led a sleepy existence ever since, with only two shares being traded at the small bourse.

Daw Tin May Oo told Mizzima that the rules and regulations include a wide range of procedures such as main responsibilities of the Securities and Exchange Commission of Myanmar, listing criteria, and formation processes for securities companies, implementation processes for the over-the-counter market, and the stock exchange market.

Dr Maung Maung Thein told reporters that he cannot give out the full listing of rules and regulations until they have received the approval of legal advisors from the President’s Office.