A summary of the newly enacted Industrial Zone Law in Myanmar and the key sections of the legislation and an overview of the development of the industrial sector in Myanmar.
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Securities and Exchange Commission of Myanmar Permits Foreigners to Trade on the Yangon Stock Exchange in Myanmar by March 2020
The SECM announced on 6 March 2020 that securities companies can now receive applications from foreigners for account openings and trading by foreigners on the YSX will commence on 20 March 2020.
New Corporate Governance Notification Endorsed by the Advisory Committee for Corporate Governance Reform
The Advisory Committee for Corporate Governance Reform announced its endorsement of the new corporate governance notification, expected to be published in April 2020 and effective in October 2020.
Over recent years, Myanmar’s financial and banking system has undergone major reform and liberalisation. On 7 November 2019, the Central Bank announced a new round of foreign bank licensing in Myanmar.
On 5 January 2017, the new Myanmar Companies Law (MCL) was approved by the Myanmar Government. The MCL was drafted by the Department of Investment and Company Administration (DICA) of the Ministry of National Planning and Economic Development with the assistance of the Asian Development Bank. The draft legislation has now been forwarded to Myanmar’s parliament (the Pyithu Hluttaw) for final approval. The Government has stated its intention to pass the draft legislation into law by the end of March 2017
On 7 October 2016, U.S. President Barack Obama signed Executive Order 13742 headed “Termination of Emergency with Respect to the Actions and Policies of the Government of Burma” (E.O. 13742) . E.O. 13742 revoked all previously un-repealed measures which had formed part of the U.S.’s sanctions regime against Myanmar.
On 24 December 2015 Myanmar’s parliament (the Pyidaungsu Hluttaw) passed Law No. 72 ‘An Act Amending the Myanmar Mining Law’ (2015 Mines Law). The 2015 Mines Law amends Myanmar’s outdated 1994 Mines Law. The Government first announced its intention to amend the 1994 Mines Law in 2012. The protracted delay in introducing amending legislation has contributed to a stall in foreign direct investment (FDI) in mining in Myanmar. Mining FDI was just US$6.26 million in the year ended 31 March 2015. By comparison US$3.22 billion was invested in Myanmar’s oil and gas industry over the same period.