Parliament debates 3 trade bills in 1 day; sends for review
Two members debated the Business Registration Bill while no member spoke on the Financial Securities Bill.
By
Aishath Maha
The preliminary debate on three trade bills has been completed within a day and sent to the Economic Committee of parliament for review.
The preliminary debate on the three bills, which were moved by the PNC and heard on first reading on Tuesday, began on Wednesday. The three bills are:
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Foreign Investment Bill; moved by Hithadhoo Central MP Ahmed Azan Marzooq
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Business Registration Bill; moved by FaresMaathoda MP Ashraf Rasheed
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Financial Securities Bill; moved by MP Mohamed Afu Hamid
The three bills were passed by a majority of the members present and voting. Thus:
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81 members voted in favour of the Foreign Investment Bill
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80 members voted in favour of the Business Registration Act
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82 members voted in favour of the Financial Securities Bill
The Foreign Investment Bill was debated by a total of 10 members in the first and second sessions of the Parliament. Two members debated the Business Registration Bill while no member spoke on the Financial Securities Bill.
Each of these bills are given 4 hours for debate. However, the Speaker of the Parliament, Abdul Raheem Abdullah, adjourned the debate due to lack of members to debate the bills.
All three bills were introduced by the then ruling MDP in the 19th Parliament. However, all three bills were withdrawn at the request of the then government.
The three bills have been reintroduced by this government without any major changes.
The contents of the 3 bills briefly:
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Foreign Investment Bill: This Bill is proposed to define the rules for determining the areas of investment in Maldives, the rules for issuing permits to such persons, the protection and security of such investors, the special circumstances under which such investments may be made
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Business Registration Act Bill: This Bill is a proposed Business Registration Act to define the scope of investment in securities in Maldives and other relevant main principles
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Financial Securities Act: This Bill is proposed in connection with the proposed amendment to the Business Registration Act to lay down the procedures for foreign investors to invest in the types of securities permitted in Maldives in accordance with the amendment
