President Solih ratifies two amendments

President Ibrahim Mohamed Solih has ratified the amendments brought to the Decentralization Act and the Maldives Securities Act.

The newly ratified amendment permits councils to create and implement policies and regulations while administering their constituencies.

It also states the information that councils are to include in its land-use plans and sanctions Finance Ministry to formulate guidelines for councils to utilize finances. The amendment further contains several changes to different Sections of the Decentralisation Act.

Under the amendments, the Attorney General is also required to identify any laws that may contradict the Decentralisation Act's stipulations. The Attorney General must also submit amendments to the specified list of laws to the Parliament within six months of the Act coming into force.

The amendments brought to the Securities Act include mandating research on new products for the development and expansion of the capital market such as creating a regulatory framework to introduce feasible and promising products.

They also include ensuring timely disclosure of information related to security issuers and buyers, regulating and supervising the securities market, and financial market analysis, and increasing market awareness.

Both of the amendments were passed by the parliament on December 6, 2020.