By-laws for securities and exchange will be announced in upcoming weeks, according to Deputy Finance Minister Dr Maung Maung Thein.
“The ministers have already approved the by-laws. They just need the approval of the parliament. If the parliament does not change anything, the rules and regulation for the Yangon Stock Exchange (YSX) will be complete,” said the the deputy minister at a conference on the Yangon Stock Exchange and career opportunities on January 10.
With the hope of opening the YSX by October 2015, the Securities and Exchange Commission of Myanmar (SECM) was formed with six members and one chairperson. The commission will be assigned to regulate the stock exchange.
“Under the transition period, SECM will be under the Finance Ministry. The expected transition period could be five years. At the moment, the process seems quite successful,” he added.
The exchange will be established with a 51 per cent stake held by Myanma Economic Bank and 49 per cent held by Japan-based Daiwa Group and Japan Exchange Group. The bilateral agreement was signed last December.
“We are doing technical preparations on the stock exchange building. Companies that will provide services can now apply for a licence. SECM’s office will be located in Myanma Economic Bank, which is across from the YSX building,” the deputy minister said.
He confirmed that the YSX is expected to open this October.
Source: ELEVEN MYANMAR