{"id":131388,"date":"2026-03-10T14:08:38","date_gmt":"2026-03-10T14:08:38","guid":{"rendered":"https:\/\/my.legal500.com\/guides\/?post_type=comparative_guide&#038;p=131388"},"modified":"2026-04-08T07:23:39","modified_gmt":"2026-04-08T07:23:39","slug":"maldives-banking-finance","status":"publish","type":"comparative_guide","link":"https:\/\/my.legal500.com\/guides\/chapter\/maldives-banking-finance\/","title":{"rendered":"Maldives: Banking &amp; Finance"},"content":{"rendered":"","protected":false},"template":"","class_list":["post-131388","comparative_guide","type-comparative_guide","status-publish","hentry","guides-banking-finance","jurisdictions-maldives"],"acf":[],"appp":{"post_list":{"below_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">S&amp;A Lawyers<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/my.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2022\/03\/SA_Firm-Logo.jpg\"\/><\/span><\/div>"},"post_detail":{"above_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">S&amp;A Lawyers<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/my.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2022\/03\/SA_Firm-Logo.jpg\"\/><\/span><\/div>","below_title":"<span class=\"guide-intro\">This country specific Q&amp;A provides an overview of Banking &amp; Finance laws and regulations applicable in Maldives<\/span><div class=\"guide-content\"><div class=\"filter\">\r\n\r\n\t\t\t\t<input type=\"text\" placeholder=\"Search questions and answers...\" class=\"filter-container__search-field\">\r\n\t\t\t<\/div>\r\n\r\n\t\t\t\r\n\r\n\r\n\t\t\t<ol class=\"custom-counter\">\r\n\r\n\t\t\t\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the national authorities for banking regulation, supervision and resolution in your jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The Maldives Monetary Authority (MMA) established under the Maldives Monetary Authority Act of 1981 is the national authority that regulates and supervises banks and other financial institutions in the Maldives. The MMA regulates and supervises banks and other financial institutions primarily through the Maldives Banking Act of 2010. Through the powers granted under the Maldives Monetary Authority Act, the MMA also regulates payment services providers through the National Payment System Act of 2021 and insurance service providers under the Insurance Industry Regulations of 2016.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Which type of activities trigger the requirement of a banking license?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Section 3 of the Banking Act states that it would be unlawful to carry out banking business in the Maldives including advertising deposit taking services. Section 4 of the Act elaborates and specifies the specific activities that must only be carried out in the Maldives pursuant to a license issued by the MMA, which are as follows.<\/p>\n<ol>\n<li>carrying out banking business within the Maldives targeted at Maldivians;<\/li>\n<li>carrying out banking business outside of the Maldives through an entity that is organized under the laws of the Maldives or through an office that is located within the Maldives;<\/li>\n<li>opening a branch or a subsidiary in the Maldives of a local or foreign bank;<\/li>\n<li>opening a branch or representative office outside Maldives of a local bank or of any bank operating from offices located within Maldives; and<\/li>\n<li>operating a representative office in the Maldives of a foreign bank.<\/li>\n<\/ol>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Does your regulatory regime know different licenses for different banking services?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The Banking Act of 2010 was designed to be a catch all regulatory regime for banking service providers, although since 2021, separate licenses have been issued for payment service providers under the National Payment System Act of 2021 which opens the possibility for non-bank actors to apply for licenses and carry out payment services as per the provisions of the National Payment System Act.<\/p>\n<p>Although the license granted under the Banking Act is a \u2018catch all license\u2019, there are two tiers of the license where if your minimum unimpaired paid up capital is MVR 150,000,000 (approximately USD 9,727,626.50) or more, then you have an unrestricted license but if your minimum unimpaired paid up capital is not less than MVR 60,000,000 (approximately USD 3,891,050.60) then you may need additional approvals from the MMA before you engage in certain businesses.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Does a banking license automatically permit certain other activities, e.g., broker dealer activities, payment services, issuance of e-money?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The licenses issued to banks under the Banking Act allows for banks to carry out services that fall under the scope of the Banking Act. However, subsequent legislative regimes such as the National Payment Systems Act specify that banks that already have a license under the Banking Act do not need a separate license under the National Payment Systems Act. There are financial services which are regulated outside the scope of the Banking Act by the Capital Market Development Authority (CMDA) under the Maldives Securities Act of 2006 and for such services that are covered under the Securities Act, if a bank wishes to carry out such services, then the bank would need to apply for a separate license from the CMDA.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a \"sandbox\" or \"license light\" for specific activities?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The National Payment System Act is designed to give licenses to parties (other than registered banks) that wish to carry out payment services. Other than that, there are no \u2018license light\u2019 regimes for services that fall under the scope of the Banking Act.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What regulatory restrictions or authorisation requirements apply to banks engaging in the issuance, custody or provision of services relating to cryptoassets or other digital assets?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Cryptocurrency and other digital assets are not currently recognized as a valid form of legal tender in the Maldives.<\/p>\n<p>Pursuant to the Maldives Monetary Act 1981, the MMA holds the sole authority to issue legal tender, which includes banknotes and coins, including commemorative banknotes and coins, denominated in Maldivian Rufiyaa. The Act further prohibits any other party from issuing tokens or instruments with a monetary value that could be mistaken for legal tender. Consequently, licensed banks in the Maldives are prohibited from engaging in the issuance, custody or provision of services relating to cryptoassets or other digital assets.<\/p>\n<p>The CMDA has published a draft of the Securities Virtual Asset Service Providers Regulation for public consultation. Although not yet in effect, this regulation intends to regulate parties, including banks, involved in digital asset activities. It mandates any party wishing to offer services related to security virtual assets (defined as digital tokens representing value and qualifying as securities in Maldives) to obtain a license for exchange, transfer, custody, and advisory services.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Can cryptoassets or digital assets constitute \"deposits\" or equivalent protected funds under applicable law, and are they capable of benefiting from depositor protection, client asset safeguarding or segregation regimes?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Please refer to the response in Question 6 above.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">If cryptoassets are held by the licensed entity, what are the related capital requirements (risk weights, etc.)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Please refer to the response in Question 6 above.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What is the general application process for bank licenses and what is the average timing?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Licenses are applied for in writing to the MMA. Said application has to be in the form prescribed by the MMA from time to time and must contain all requested information. The MMA prescribes different application forms and different informational requirements for the various categories of licenses available. Under the Banking Act, the MMA has discretion to determine the procedures that it will use to evaluate applications for licenses.<\/p>\n<p>The information submitted with the application for a license must include at least the following.<\/p>\n<ul>\n<li>An authenticated copy of the charter and corporate governance documents of the applicant, and of its audited annual balance sheets and profit and loss statements for the last three years.<\/li>\n<li>A description of the proposed capital funds of the applicant, the sources of such funds and the amount that has been paid in. The MMA has discretion to require that the intended capital funds be deposited with the MMA, or another depository approved by the MMA, together with a certification that there is no encumbrance on such funds.<\/li>\n<li>The premises and the addresses at which the applicant proposes to do business, and the name under which the applicant intends to conduct its banking business.<\/li>\n<li>The names, places of permanent residence, business and professional backgrounds, and other biographical and financial data to be determined by the MMA, of each proposed major shareholder and administrator of the applicant.<\/li>\n<li>For each major shareholder and administrator, an affidavit duly signed by the individual stating any convictions for crimes or no conviction, and any involvement in a managerial function in an insolvent company or a company subject to insolvency proceedings, if any. The standard text for such affidavit may be determined by the MMA.<\/li>\n<li>A business plan describing the objectives and business activities intended for the proposed entity, including a description of its organizational structure and internal controls, including measures appropriate to counter money laundering and the financing of terrorism, together with projected balance sheets, profit and loss accounts and cash flow statements for the first three years of operations.<\/li>\n<li>In the case of an application by a foreign bank or bank holding company, or the subsidiary of such foreign bank or bank holding company, a statement from the foreign supervisory authority responsible for the prudential supervision of the foreign entity to the effect that it has no objection to the proposed establishment of operations in Maldives by the applicant. This statement shall also state that such authority will exercise consolidated supervision over the applicant.<\/li>\n<\/ul>\n<p>In the case of an application by a bank holding company or bank to organize a domestic bank, the MMA must obtain detailed financial and operational information regarding the prospective licensee, in addition to the information listed above. This information must also include details of the major shareholders and administrators of the applicant bank or bank holding company. The MMA may use this information to determine the following:<\/p>\n<ul>\n<li>that the ownership by the bank holding company or bank will not weaken the subsidiary bank but will bring financial and managerial resources that will benefit the domestic subsidiary bank; and<\/li>\n<li>that the major shareholders and administrators of the bank holding company or bank are fit and proper persons.<\/li>\n<\/ul>\n<p>In the case of an application by a foreign bank to open a branch or representative office in Maldives, the MMA may request any additional information that it believes to be pertinent to the proposal. It can also request the applicant to provide financial and biographical information regarding the persons to be designated as branch manager or representative office manager, as the case may be.<\/p>\n<p>Applications for licenses are to be accompanied by an application fee payable to the MMA in such amounts as the MMA may prescribe from time to time.<\/p>\n<p>Applicants applying for a license are required to act expeditiously in providing the required information, as well as any other information requested by the MMA for the purposes of processing the application. If an applicant fails to complete their application filing requirements within three months of applying for the license, the MMA has the discretion to deem the application to have been abandoned and the application fee forfeited.<\/p>\n<p>Within 3 months of receipt of the complete application, the MMA shall grant or deny the requested license.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">To what extent may foreign or overseas banks conduct cross-border banking activities into the jurisdiction without establishing a local presence or obtaining local authorisation, and what limitations or conditions apply?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Cross-border lending is not regulated by the MMA and therefore foreign banks, financial institutions, or non-banks do not require any specific permits or licenses to provide financing to a company or party in Maldives. However, if a Maldivian entity based in the Maldives or an entity through an office in the Maldives provides services offshore, then it may be deemed a regulated activity.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What legal forms are permitted to operate banks in the jurisdiction (e.g. public company, private company, subsidiary or branch), and what are the key regulatory considerations associated with each structure?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>In the case of domestic entities, licenses are only granted to companies that are registered under the Companies Act of 2023. Pursuant to the Act, a company may take the form of a private limited company or public limited company. In the case of branches or representative offices of foreign banks, licenses can be granted to companies that are registered under the respective companies\u2019 laws of their jurisdiction of incorporation.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Does the jurisdiction impose any structural separation or ring-fencing requirements on banks or banking groups, and what practical challenges do these create for group structures and operations?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There are no structural separation or ring-fencing requirements imposed on banks or banking groups in the Maldives.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What governance, risk management and internal control requirements apply to banks, including expectations regarding board composition, management oversight, committee structures and organisational culture?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The Banking Act of 2010 outlines the general rules for conducting banking business, including accepted and prohibited banking activities, and the requirement to establish prudential requirements. The Regulation on Corporate Governance for Banks, Insurance Companies and Finance Companies (Regulation No. 2020\/R-59) (Corporate Governance Regulation) sets out the corporate governance requirements for banks registered in the Maldives.<\/p>\n<p>The Corporate Governance Regulation determines the composition and responsibilities of the board of directors, its committees, and meeting agendas.<\/p>\n<p>The regulation requires the board of the banks to be an uneven number and consist of a minimum of 5 and maximum 15 members. The board should have a majority of non-executive directors and at least 1\/4th of the board should be independent directors. The chairperson of the board shall be appointed from the non-executive directors. The board shall have the ultimate responsibility for inter alia the institution\u2019s strategic objectives, organizational structure, financial soundness and establishing the institution\u2019s corporate governance and risk management framework, as well as ensuring a competent senior management team.<\/p>\n<p>The regulation also determines the eligibility and role of senior management of the bank, whereby senior management is accountable to the board, must operate within defined roles and policies, and must ensure effective communication between the management and the board.<\/p>\n<p>The board is required to form committees as deemed necessary, with clear mandates and working procedures, which shall be subordinated to the board. Such committees shall comprise only members of the board, with a chairperson appointed by the board for each committee, provided that such chairperson is not the chairperson of the bank\u2019s board. The board is mandatorily required to establish an audit committee, consisting of at least three non-executive directors and chaired by an independent director, as well as a risk committee responsible for overseeing the bank\u2019s risk strategy, risk appetite, and risk culture.<\/p>\n<p>The board must also establish the bank\u2019s corporate culture and values to promote integrity, professionalism, and high ethical standards amongst board members, senior management, and employees.<\/p>\n<p>With regards to disclosure and transparency, the Corporate Governance Regulation requires financial institutions to include a corporate governance report within its annual report, which shall include but not be limited to the following:<\/p>\n<ul>\n<li>The financial institution\u2019s compliance to applicable legislative and regulatory requirements, including details of any deviation from applicable requirements with reason;<\/li>\n<li>Names of each member of the board, identifying whether they are an independent director, non-executive or executive director, as well as information on other directorships held by the member;<\/li>\n<li>Number of board and board committee meetings held during the financial year, along with the remuneration paid to each member of the board, and the attendance details of each board member; and<\/li>\n<li>Statement on the risk management and internal control systems of the financial institution.<\/li>\n<\/ul>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What operational resilience requirements apply to banks, including expectations relating to critical or important business services, impact tolerances, and the management of operational disruptions?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The MMA has issued Prudential Regulations requiring banks to implement robust policies, internal controls, and suitable governance at board level to manage risks effectively. These regulations require, among other things, the:<\/p>\n<ul>\n<li>board to establish and oversee policies and procedures to mitigate risks arising from related party transactions;<\/li>\n<li>engagement of independent external auditors and the direct reporting of operational issues to the MMA;<\/li>\n<li>limitation of credit exposures to prevent risk concentration and systemic risk, requiring policies and controls governing large exposures;<\/li>\n<li>publication of timely and accurate financial disclosures to stakeholders and regulators for transparency;<\/li>\n<li>compliance by key personnel and shareholders with stringent standards of competence, integrity, capacity in line with the fit and proper test;<\/li>\n<li>restrictions on the size and risk of interbank exposures, with appropriate policies to maintain safety and soundness of banks;<\/li>\n<li>limitation and daily management of foreign currency risk exposures;<\/li>\n<li>maintenance of capital levels commensurate with the bank\u2019s risk profile, including credit, market, operational, and other risks; and<\/li>\n<li>implementation of asset classification and loss provisioning frameworks, supported by internal controls and reporting for financial soundness.<\/li>\n<\/ul>\n<p>The MMA has further released a guideline, Risk Management Guidelines for Banks, Finance Companies and Insurance Companies of 2022, to provide guidance on minimum risk management standards. The guidelines are not exhaustive and encourages institutions to adopt a robust and effective risk management framework.<\/p>\n<p>Banks are advised to identify and evaluate operational risks inherent in all material products, activities, processes, and systems to ensure a clear understanding of these risks. Banks should implement an approval process for new products, activities, processes, and systems that fully assesses operational risk, supported by a well-documented organisational framework with adequate segregation of functions.<\/p>\n<p>The guidelines also recommend that banks define their operational risk appetite consistent with their risk strategy and establish an independent operational risk management function, as well as develop contingency planning, business continuity, and disaster recovery plans to address operational failures. Business continuity plans should identify time critical activities and determine maximum tolerable downtimes, with strategies for various scenarios.<\/p>\n<p>To manage operational disruptions, banks should have a clear operational risk governance structure with defined responsibilities, commensurate with the nature, size, and complexity of their activities. The guidelines recommend a three-lines-of-defence model:<\/p>\n<ul>\n<li>Business line management: Responsible for identifying management risks inherent in operations as the first line of defence, and are directly accountable for implementing risk controls and ensuring compliance with the risk management framework;<\/li>\n<li>Independent operational risk management function: Responsible for developing risk management policies, monitoring risk exposures, and ensuring that the first line of defence is effectively managing risks; and<\/li>\n<li>Internal audit: Provides independent assurance by evaluating the effectives of the risk management framework and controls implemented by the first and second line of defence.<\/li>\n<\/ul>\n<p>These safeguards are further reinforced under the Corporate Governance Regulation, with the board and senior management responsible for fostering a risk culture through policy and maintaining an effective, independent risk management function. Banks must appoint a senior risk officer as the head of the risk management function.<\/p>\n<p>The guidelines advise banks to regularly monitor operational risk profiles and material exposures to losses, with appropriate reporting mechanisms at various management levels. These guidelines, while not binding, provide a framework for banks in the Maldives to manage operational risks effectively while ensuring resilience against potential disruptions.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What regulatory expectations apply to banks\u2019 outsourcing arrangements, including the use of cloud service providers and reliance on critical third-party service providers?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The Corporate Governance Regulation envisages reliance on outsourcing with specific reference to internal audit activities but does not mention or establish requirements or restrictions regarding the outsourcing of broader functions, cloud services, or the engagement of critical third-party providers.<\/p>\n<p>According to the Risk Management Guidelines for Banks, Finance Companies and Insurance Companies, banks are advised to establish policies to manage outsourcing risks. The guidelines clarify that the board and senior management must ensure that outsourced functions are conducted in a safe and sound manner, and in compliance with applicable laws. Such outsourcing should be governed by robust contracts or service level agreements, clearly defining responsibilities between the bank and the external service provider.<\/p>\n<p>The guidelines further recommend that the business continuity plans of banks identify the critical business processes dependent on external vendors or third parties, with alternative mechanisms for service resumption in case of outages.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How do environmental, social and governance (ESG) and climate-related regulatory requirements affect banks, including governance, risk management, disclosures and prudential supervision?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>ESG and climate related regulatory requirements are increasingly influencing banks, encouraging them to incorporate ESG considerations into their governance and decision-making processes, although a formal regulatory framework is still developing.<\/p>\n<p>In August 2025, the MMA released a roadmap for 2025 \u2013 2030 to enhance sustainable finance in the Maldives, with climate change adaptation and mitigation identified as priorities. The roadmap also highlights the need to develop supervisory guidance for adapting and implementing the ISSB Standards, the Sustainability Disclosure Standards launched by the International Financial Reporting Standards. In the absence of a formal regulatory regime, some banks voluntarily report their sustainability goals and impacts annually.<\/p>\n<p>The Risk Management Guidelines for Banks, Finance Companies and Insurance Companies envisage management of risks, including climate related financial risks, in line with the guidelines.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What regulatory restrictions or requirements apply to banks' remuneration policies, including bonus caps, deferral, malus and clawback, and how are these enforced in practice?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The Banking Act states that the remuneration of the members of the board of directors shall be set by the shareholders in a general meeting. It does not however provide a restriction on the level of remuneration.<\/p>\n<p>Separately, the Corporate Governance Regulation states that the board shall set an \u201cappropriate remuneration\u201d framework for the members of the board and the senior management.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Has your jurisdiction implemented the Basel III framework with respect to regulatory capital? Are there any major deviations, e.g., with respect to certain categories of banks?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The Basel III framework has not yet been fully implemented in the Maldives.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any requirements with respect to the leverage ratio?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Pursuant to the Regulation on Capital Adequacy (Regulation No. 2015\/R-166), the minimum acceptable leverage capital ratio is 5%. However, if a bank is pursuing or experiencing significant growth, has an inordinate level or risk and\/or inadequate risk management systems, or less-than-satisfactory asset quality, management, earnings or liquidity, a higher minimum may be required.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What liquidity requirements apply? Has your jurisdiction implemented the Basel III liquidity requirements, including regarding LCR and NSFR?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The minimum reserve requirement for local currency deposits is currently maintained at 10.5% effective from 8 January 2026 and at 5% for foreign currency deposits. The MMA has not yet implemented the Basel III liquidity requirements including LCR and NSFR.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Which different sources of funding exist in your jurisdiction for banks from the national bank or central bank?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The MMA acts as the primary source of liquidity and funding for commercial banks, primarily through its role as the lender of last resort. The most common source of short-term funding is the Standing Lending Facility, which provides banks with overnight loans to cover temporary liquidity shortages or to meet their mandatory minimum reserve requirements. This ensures that banks can maintain stable operations and settle payments without disruption, even when their daily cash flow fluctuates.<\/p>\n<p>Beyond emergency overnight lending, the MMA manages broader market liquidity through Open Market Operations. By using repurchase agreements (repos), the central bank can inject funds into the banking system by purchasing government securities from banks with an agreement to sell them back later. Additionally, to address the specific needs of the Maldivian economy, the MMA offers a Foreign Exchange Swap Facility, allowing banks to exchange local currency for foreign currency temporarily to manage their dollar liquidity.<\/p>\n<p>To ensure the banking sector remains inclusive, the central bank also provides Shari\u2019ah-compliant funding avenues for Islamic financial institutions. The Commodity Murabahah Facility serves as the Islamic alternative to conventional repo operations, allowing Islamic banks to access liquidity through metal-based trade transactions. These facilities are balanced by the Standing Deposit Facility, where banks can park excess cash overnight, ensuring that the central bank can both provide and absorb funds as needed to maintain financial stability.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Do banks have to publish their financial statements? Is there interim reporting and, if so, in which intervals?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Each bank shall publish, in a newspaper of general circulation, its audited financial statements, including consolidated financial statements, if applicable, within 5 (five) months after the end of the financial year. And such financial statements shall be displayed in a prominent location in its head office and branches, together with a list of the names of the members of its board of directors. The financial information can also be made available on the bank\u2019s local website.<\/p>\n<p>Banks are subject to interim reporting in quarterly intervals for tax purposes.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Does consolidated supervision of a bank exist in your jurisdiction? If so, what are the consequences?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Pursuant to the Banking Act, the MMA supervises banks on a consolidated basis or where that is not possible, then on such other basis as the Authority may determine in the following manner:<\/p>\n<ul>\n<li>The MMA may at any time cause an on-site examination of a bank to be made by one or more officers of the MMA, or by any other person or persons appointed by the MMA for the purpose of determining the condition and performance of the bank, the adequacy of management and the board\u2019s policies for managing risk, and the extent to which it complies with the provisions of laws and regulations regarding the management of its activities, and any other matters deemed relevant by the MMA;<\/li>\n<li>The MMA shall make an on-site examination of all banks on a regular basis, at intervals not exceeding 2 years;<\/li>\n<li>The MMA may request that banks provide and corroborate in writing when necessary, any additional information, documents or proof;<\/li>\n<li>Any person authorized to carry out an examination shall be subject to confidentiality requirements and may require any administrator, officer, employee or agent of a bank, or its subsidiaries or affiliates, to provide access to all necessary books, accounts, documents, and records. The bank shall furnish the requested information to the bank examiner in a timely manner;<\/li>\n<li>Bank examiners shall prepare a report based on the results of the examination and shall submit the report to the MMA and to the board of directors of the bank.<\/li>\n<\/ul>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What reporting and\/or approval requirements apply to the acquisition of shareholdings in, or control of, banks?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Pursuant to the Banking Act, any person, acting directly or indirectly or in concert with other persons who propose to become a major shareholder in a bank shall obtain approval of the MMA prior to acquiring the shares. Further, any major shareholder, acting directly or indirectly or in concert with other persons, who proposes to increase an existing holding in a bank in a manner that would reach or exceed a threshold of 20%, 33% or 50% of the bank\u2019s capital or voting rights shall also obtain the approval of the MMA prior to the acquisition.<\/p>\n<p>The MMA shall not approve the proposed acquisition if in its discretion, it concludes that it would substantially lessen competition, jeopardize the financial stability of the bank or prejudice the interests of its depositors.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Does your regulatory regime impose conditions for eligible owners of banks (e.g., with respect to major participations)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>In determining whether a license shall be granted, the MMA shall inter alia take into consideration the following:<\/p>\n<ul>\n<li>The financial history and status of the applicant, proposed major shareholders and administrators;<\/li>\n<li>The character and professional experience of its major shareholders and administrators as fit and proper persons;<\/li>\n<\/ul>\n<p>Each license granted shall further be subject to certain requirements which include the following:<\/p>\n<ul>\n<li>The representations and statements made by the applicant, its major shareholders, administrators and any other persons acting on its behalf in connection with the license application shall be accurate and truthful.<\/li>\n<li>Each person who will be a major shareholder or administrator of the licensee shall at all times be fit and proper for the intended position.<\/li>\n<\/ul>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there specific restrictions on foreign shareholdings in banks?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Following the new Foreign Direct Investment Policy, which came into effect in October 2025, express provision has been created for 100% foreign held companies to be allowed to incorporate and provide banking and related services subject to a minimum investment threshold of USD 1 million.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a special regime for domestic and\/or globally systemically important banks?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The Banking Act applies only to banks with a domestic presence. It does not extend to globally systematically important banks.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the sanctions the regulator(s) can order in the case of a violation of banking regulations?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Where a bank is in breach of the Banking Act, the MMA may take one or more of the following actions, as appropriate to the respective violation(s) in question:<\/p>\n<ul>\n<li>Send a written warning to the bank;<\/li>\n<li>Enter into an informal agreement with the bank regarding measures to be taken to correct the violations and establishing a time schedule for accomplishing such action;<\/li>\n<li>Give orders to the bank to cease and desist from particular actions, or requiring the bank to take affirmative action to correct the violations;<\/li>\n<li>Require the bank to submit a detailed description of remedial measures that it intends to take or that it has taken to eliminate the violations;<\/li>\n<li>Require the board of directors to inject additional capital funds within the time period acceptable to the to MMA or in the alternative, require the board to submit a plan acceptable to MMA for increasing capital to a level specified by MMA;<\/li>\n<li>Require the bank to cease some of its operations;<\/li>\n<li>Bar the bank from declaring or paying any cash dividends or distributing profits to any person;<\/li>\n<li>Impose any restriction or prescribe conditions on the granting of credit;<\/li>\n<li>In addition to any minimum balances of reserves stipulated in the Maldives Monetary Authority Act 1981 and other legally required deposits, require the bank to deposit and maintain balances with the MMA for a period of time and on such terms as deemed appropriate by MMA;<\/li>\n<li>Require the chairman to convene the board of directors to review and examine the violations;<\/li>\n<li>Require the bank to hire, for a period of time and under conditions specified by MMA, an advisor who shall have authority to make decisions or disapprove actions proposed to be taken by the bank regarding the sale, disposition or transfer of the bank\u2019s assets, the loan or investment of the bank\u2019s funds, the undertaking of any debt, obligation or liability and the payment of dividends;<\/li>\n<li>Require the bank to temporarily or permanently remove from office the managing director, any other executive director or the designated branch manager;<\/li>\n<li>Require the bank to remove the chairman or any of the members of the bank\u2019s board of directors;<\/li>\n<li>Dissolve the bank\u2019s board of directors and appoint a conservator to assume responsibility for managing the bank;<\/li>\n<li>Impose an administrative penalty on the bank in an amount between MVR 10,000 and MVR 100,000 on a daily basis. The total aggregate of the penalty shall not exceed 5% of the bank\u2019s paid up capital;<\/li>\n<li>Impose an administrative penalty on one of more administrators of the bank in the event that the MMA determines that such administrators are responsible for the existence of the violations; or<\/li>\n<li>Revoke the bank\u2019s license.<\/li>\n<\/ul>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How active are banking regulators in enforcement against banks and senior individuals, and what recent trends can be observed in supervisory or enforcement action?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The MMA is actively engaged in supervision by conducting examinations, issuing regulatory guidance, and updating prudential requirements. While the MMA is vested with a broad range of enforcement powers under applicable banking legislation, the use of formal enforcement measures against banks and senior individuals has historically been limited. In practice, the Authority has tended to favour supervisory dialogue, moral suasion and remedial engagement to secure compliance, rather than resorting to punitive sanctions.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How are client\u2019s assets and cash deposits protected?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The Deposit Insurance Scheme Regulation requires all deposit taking banks to be a member of the scheme. Pursuant to this Regulation, insured deposits of member banks shall consist of current, time and savings deposit liabilities, as well as similar deposit liabilities accepted under Islamic banking norms, up to MVR 30,000 or its equivalent in foreign currency deposits per depositor out of his total deposits at each member bank. The following deposit liabilities shall not be insured:<\/p>\n<ul>\n<li>Deposit liabilities to member institutions;<\/li>\n<li>Deposit liabilities to the Government including Ministries, Departments;<\/li>\n<li>Deposit liabilities to shareholders, directors, key management personnel and other related persons as defined by MMA;<\/li>\n<li>Deposit liabilities held as collateral against any accommodation granted.<\/li>\n<\/ul>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What recovery and\/or resolution planning obligations apply to banks, and how are recovery and\/or resolution plans reviewed and assessed by supervisory authorities?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>In Maldives, formal recovery and resolution planning obligations are currently in a developmental phase rather than being a standardized statutory requirement for all banks. While the Banking Act grants MMA broad intervention powers, it does not yet mandate that institutions maintain standalone, &#8220;living will&#8221; style recovery plans or pre-approved resolution strategies. Instead, the framework relies on discretionary intervention, where the MMA may step in when a bank shows signs of financial distress. Powers include appointment of a conservator or administrator, imposition of corrective measures, and, if necessary, licence revocation or liquidation.<\/p>\n<p>Supervisory oversight is primarily conducted through ongoing off-site monitoring and on-site examinations, assessing capital adequacy, asset quality, liquidity, earnings, and governance practices. While the MMA actively monitors bank resilience and risk management, there are currently no statutory requirements for formal recovery triggers, pre-defined corrective actions, or resolution plans. Intervention is therefore reactive and case-specific, rather than being driven by pre-established recovery or resolution documentation.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Does your jurisdiction know a bail-in tool in bank resolution and which liabilities are covered? Does it apply in situations of a mere liquidity crisis (breach of LCR etc.)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Yes. In the interests of preserving the soundness of the banking system and to maximize the value of a bank for its creditors, the receiver appointed may obtain the Court\u2019s approval to transfer all or substantially all of the shares in capital stock of the bank or transfer all or substantially all of the assets, liabilities or both of the bank. The same applies in a situation where there has been a liquidity crisis and the bank does not have the liquidity support which is acceptable to MMA.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a requirement for banks to hold gone concern capital (\"TLAC\")? Does the regime differentiate between different types of banks?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Yes. Tier 2 capital includes year-to-date earnings (or losses), undisclosed reserves, asset revaluation reserves (if allowed by MMA and consistent with applicable accounting standards), general loan loss provisions (limited to 1.25% of risk-weighted assets), subordinated term debt (limited to 50% of Tier 1 capital) and hybrid debt-equity capital instruments. This regime does not differ between different types of banks.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a special liability or responsibility regime for managers of a bank (e.g. a \"senior managers regime\")?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Liability and responsibilities of managers arise from a combination of prudential regulations, fiduciary duties, and general legal obligations, but there is no separate, codified statutory regime specifically targeting senior managers.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What regulatory, supervisory or market developments are likely to have the most significant impact on the banking sector in the jurisdiction over the next 12 to 18 months?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The most immediate impact on the Maldivian banking sector over the next 12 to 18 months stems from aggressive foreign exchange reforms. Under the Foreign Currency Act and recent MMA regulations, banks must navigate mandatory USD conversions from the tourism sector and a significant increase in foreign currency sales to the central bank &#8211; rising from 60% to 90% of their weekly holdings. This centralization of reserves is designed to bolster national stability but will likely tighten autonomous FX liquidity for commercial banks, forcing a recalibration of their foreign currency products and services.<\/p>\n<p>Simultaneously, the sector faces a critical &#8220;debt cliff&#8221; in 2026, with sovereign debt servicing obligations exceeding USD 1.5 billion. Given the high sovereign-bank nexus in the Maldives, where local banks hold substantial government securities, any fiscal distress or pressure on usable reserves could directly affect bank balance sheets. This period of financial sensitivity coincides with a shift in market competition, particularly with the Development Bank of Maldives (DBM) commencing operations in early 2026. The DBM\u2019s entry into long-term project financing may displace traditional commercial players from major infrastructure lending.<\/p>\n<p>Finally, a more intrusive supervisory environment is expected as the MMA exercises enhanced enforcement powers. Significant amendments to the National Payment System Act have introduced potential fines of up to MVR 10 million for non-compliance, while the National Financial Inclusion Strategy 2026\u20132030 signals a transition toward open banking and digitized payment frameworks. Combined with ongoing AML\/CFT evaluations by the Asia\/Pacific Group on Money Laundering., banks will be under intense pressure to upgrade their compliance infrastructure and transaction monitoring systems to meet more rigorous international transparency standards.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\r\n<div class=\"word-count-hidden\" style=\"display:none;\">Estimated word count: <span class=\"word-count\">6056<\/span><\/div>\r\n\r\n\t\t\t<\/ol>\r\n\r\n<script type=\"text\/javascript\" src=\"\/wp-content\/themes\/twentyseventeen\/src\/jquery\/components\/filter-guides.js\" async><\/script><\/div>"}},"_links":{"self":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide\/131388","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide"}],"about":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/types\/comparative_guide"}],"wp:attachment":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/media?parent=131388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}