On 3 April 2026, the National Defence and Security Council enacted the Amendment to the Securities Exchange Law (Law No. 52/2026). The amendments substantially revise the Securities Exchange Law enacted by the Pyidaungsu Hluttaw in 2013 by introducing new market structures, new categories of regulated entities, a liberalised participation framework, and expanded compliance obligations.
Key Amendments
1. Introduction of New Market Structures and Regulated Entities
- Pre-Listing Board which creates an intermediate market tier for companies that are not yet eligible for full stock exchange listing, providing them with access to capital while remaining under regulatory oversight.
- Derivatives Market which is a newly recognised market for trading contracts linked to securities, indices, interest rates, and foreign exchange rates.
- Credit Rating Agencies are now expressly incorporated into the Commission’s supervisory framework. Critically, companies intending to offer loan contracts to the public must, prior to offering and selling, submit to the Commission a summary of information containing issuance details together with a rating provided by an agency determining the repayment capability. This makes engagement with a Credit Rating Agency a prerequisite for public debt issuances.
- Registration Advisory Company means the company authorized to operate advisory services to register companies in the Pre-Listing Board. Registration Advisory Companies are now expressly subject to Commission supervision.
- Collective Investment Schemes (CIS) covers pooled investment vehicles such as mutual funds, private funds, and trust funds. The Securities and Exchange Commission is now expressly empowered to regulate and approve CIS operations.
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