Business Reporter -
Muscat, Jan 16 -
The Capital Market Authority (CMA), which regulates both the capital market and insurance sector in the Sultanate, yesterday brought into operation a whistle-blowing window on its website designed to enable market participants to report any violations to the authorities.
The move, according to the Authority, is aimed at safeguard the capital and insurance markets from “unfair and unsound practices”.
The window in an easy and swift channel of communication between CMA and all participants of the entities regulated by CMA in the capital and insurance sector to report any violations or irregularities or unethical acts or suspicious act or malpractices that might be detrimental to the performance and stability of the sectors.
The window will serve any person who is employee, shareholder, director, internal audit units or external auditor in addition to suppliers and clients who detect or come across such practices.
“Whistle-blowing window is a communication conduit between CMA and the whistle blower as the person reports the information or violation or illegal activities or illegal acts that might cause damage to the capital market and insurance sector participants or the company or the public. It is preferable to attach all supporting documents,” the Authority said.
The window aims to provide swift system for reporting irregularities that might have harmful impact on the company so as CMA can take timely remedial action. The move will enhance transparency and flow of information on malpractices to the regulator which would reduce such practices and irregularities and will enhance confidence of investors to invest in the market beside creating wide communication network between the regulator and whistle-blowers as it will save time and ensure confidentiality on the identity of whistle-blower.
CMA has also launched earlier customer complaints window which is different from whistle-blowing window. Whistle-blowing is reporting illegal or unethical act which would harm the market participants while the complaint is to remedy a
damage or personal interest of the person, it added.
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