Branches of foreign security companies and stock exchanges are not allowed. Investment in these activities require local incorporation.
"Chapter I - Title and Definition [...]
2. The following expression contained in this Law shall have the meanings given hereunder: [...]
(b) Securities Business means the business of carrying out any of the  followings: (i) Securities Dealing; (ii) Securities Brokerage; (iii) Securities Underwriting; (iv) securities Investment Advisory; (v) Securities Depository and Clearing; (vi) the business prescribed by notification as securities business by the Securities and Exchange Commission. [...]"(The Securities Exchange Law, No. 20 of Pyidaungsu Hluttaw of 31 July 2013) 
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"Chapter III - Securities Company [...]
45. The company operating securities business with a licence or authorization of the same kind in a foreign country may establish a representative office with the approval of the Commission. The representative office shall not operate the securities business. But it may operate the specific business stated in the approval of the Commission. 
[...]
73.(a) The Commission shall, upon an application  for a licence  under  section 25 of the law having been filed, examine whether the application conforms to the criteria listed in the following: [...]
(iii) whether the granting of the securities business licence meets the economic needs of the Myanmar including the needs in the geographical area, and of the investing public. [...]
(b) The Commission shall refuse to grant a licence for a securities business under section 25 of the law if any of the following criteria are met: [...]
(iv) a company falls under any of the following: [...]
(cc) a company whose additional business is found to be against the interests of the general public; [...]
(hh) a company which has engaged in any business practices that the Commission considers to be deceitful or oppressive or otherwise improper whether unlawful or not, or which otherwise reflect discredit on its method of operating business; [...]
[...]
Chapter VII - Stock Exchange
130. A Stock Exchange shall be established as a limited liability company incorporated in Myanmar whether a joint venture company or not in accordance with the existing laws relating to Myanmar companies after obtaining a permit from the Commission. The operation of the Stock Exchange in relation to a stock market are to: 
(a) organize and provide method and system for the trading of securities on the stock market established by the Stock Exchange;
(b) act as clearing house, securities depository for listed securities and render other services on securities data or similar activities;
(c) undertake any other business other than sub-rules (a) and (b) with the approval of the Commission. [...]" (Ministry of Finance Notification, No. (1806/ 2015), 'Securities Exchange Rules')
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"2. To participate as a Securities Company in the Yangon Stock Exchange, the SECM announces the following criteria, as per Securities Exchange Law's Article (7) A. They are:
(a) The applicant should be registered as a private limited Company.[...]" (Securities and Exchange Commission (the SEC) Announcement No. 1/2015)
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"1. Companies owned 100% by Myanmar nationals are allowed to apply for a securities certification company licence. 
2. As the securities certification business has never operated in Myanmar before, Myanmar and foreign joint venture companies will also be allowed to apply to facilitate the start-up. 
3. In the case of a joint venture between a Myanmar company and a foreign company, at least 50% of the shares held by a Myanmar company; The management team is informed that the company is a shareholder of Myanmar citizens.[...]" (Securities and Exchange Commission (the SEC) Announcement No. 2/2015, 'Statement on Securities Business' [google translation])
The Securities Exchange Law, No. 20 of Pyidaungsu Hluttaw of 31 July 2013
Ministry of Finance Notification, No. (1806/ 2015), 'Securities Exchange Rules'
Securities and Exchange Commission (the SEC) Announcement No. 1/2015
Securities and Exchange Commission (the SEC) Announcement No. 2/2015, 'Statement on Securities Business' [google translation]
[<a href="https://secm.gov.mm/en/legal-affairs/law/">Law</a>],[<a href="https://secm.gov.mm/en/about-secm/legal-affair/rules/">Rules</a>],[<a href="https://secm.gov.mm/wp-content/uploads/2023/03/2015-1-Criteria-E-.pdf ">Announcement</a>],[<a href="https://secm.gov.mm/wp-content/uploads/2023/03/2015-2-Concern-Sc-M.pdf">Announcement</a>],[<a href="http://www.vdb-loi.com/wp-content/uploads/2015/02/VDB-Loi_Client-briefing-Note_Myanmar-Securities-Business-Licenses_4Feb2015.pdf">Other</a>]