CMA amends Clearance and Settlement Regulation

BUSINESS REPORTER MUSCAT, Dec 9 The Capital Market Authority has issued a decision amending certain provisions of the Clearance and Settlement Regulation by replacing Article 44 related to transfer of Repurchases Agreements (REPO). The amendment limits the transfer of title to Government development bonds or Sukuk or treasury notes or any other products accepted by the CBO to and from the accounts of commercial banks and their Islamic windows or Islamic banks and the account of the CBO that pertain to REPO transactions. A commission at RO 50 will be charged to the Applicant for each transaction. The Article was changed in line with the global and regional regulations to decrease the fees to enhance trading processes among banks which would contribute to supporting the banking sector to achieve liquidity for various financial and banking entities. Previously the commission charged by Muscat Clearing and Depository Company was 0.00005 of the market value of the transferred securities charged to the application at a maximum of RO 500 and a minimum of RO 5 for each transaction.