A new body, the ‘Securities and Exchange Commission’ has been established by the Myanmar government to regulate the country’s securities exchanges, including the stock exchange planned for October 2015, Daw Tin May Oo, one of the newly appointed commission members, told Mizzima on September 30.
The Securities and Exchange Commission will consist of seven members including Deputy Minister for Finance Dr Maung Maung Thein.
Daw Tin May Oo said the first order of business for the new commission would be reworking some of the finer points of the country’s draft securities exchange rules.
Myanmar’s Securities Exchange Law, enacted in July 2013 made provisions for the establishment of the SEC, providing it with the authority to approve, suspend and revoke the establishment of stock exchanges.
The Myanmar Securities Exchange Centre was founded in 1996 by Myanmar Economic Bank in joint venture with Japan’s Daiwa Securities Group but only two shares; Forest Products Joint Venture Corporation and Myanmar Citizens Bank are traded there.
