Trade Secrets Law in Maldives
As of now, the Maldives does not have specific legislation dedicated to the protection of trade secrets. The country's legal framework for intellectual property (IP) is limited, with existing laws primarily focusing on copyright and related rights. The Copyrights and Related Rights Act (Act No. 23/2010) is the principal legislation governing copyright matters in the Maldives, and it has been amended up to Act No. 31/2024 .
While the Maldives is a member of the World Trade Organization (WTO) and is bound by the Trade-Related Aspects of Intellectual Property Rights (TRIPS) Agreement, which sets minimum standards for IP protection, including trade secrets, the country has yet to enact specific national laws addressing trade secrets. This lack of dedicated legislation can create challenges for businesses seeking to protect confidential and proprietary information.
In the absence of specific trade secrets legislation, businesses in the Maldives may need to rely on general legal principles, such as breach of contract or tort law, to address unauthorized use or disclosure of confidential information. However, these remedies may not provide the same level of protection as dedicated trade secrets laws.
Given the importance of protecting trade secrets for business competitiveness and innovation, it is advisable for businesses operating in the Maldives to implement internal measures to safeguard their confidential information. These measures may include:
Non-Disclosure Agreements (NDAs): Utilizing NDAs with employees, contractors, and business partners to legally bind them to confidentiality obligations.
Internal Policies: Establishing clear internal policies and procedures for handling confidential information.
Access Controls: Restricting access to sensitive information to authorized personnel only.
Employee Training: Educating employees about the importance of confidentiality and the proper handling of trade secrets.
Additionally, businesses may consider engaging with legal professionals to explore potential avenues for protecting their trade secrets under existing laws and to stay informed about any future developments in IP legislation in the Maldives.
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