Financial Services Development Council’s report sets out proposals to boost Hong Kong as a fund distribution centre
Introduction
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 The 2015 Mines Law amends Myanmar’s outdated 1994 Mines Law.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. The amendments bring Myanmar law closer to, but not yet completely in line with, accepted international standards. In line with Myanmar parliamentary procedure the Government now has 90 days to introduce rules to implement the 2015 Mines Law (2016 Mines Rules). The 2016 Mines Rules should therefore be approved by 24 March 2016. A more complete analysis of Myanmar’s new mining regime will only be possible after the 2016 Mines Rules have been issued. Read more