MUSCAT: The Board of Directors (BoD) of the Capital Market Authority (CMA) on Sunday held its second meeting for this year under the chairmanship of Yahya bin Said al Jabri, Chairman of the Special Economic Zone Authority and Chairman of CMA BoD.
The meeting followed up the projects adopted by the national economic diversification programme (Tanfeedh) which falls under the roles and responsibilities of CMA.
The board approved the new formation of the BoD of Muscat Securities Market (MSM).
The meeting discussed the controls for the insurance projects including the procedures followed to give approval on the products.
A list of requirements was made to enhance the role played by actuary experts in revising the products and protecting policy holders.
The BoD approved the application made by owners of more than 18 per cent of Oman Textile Company to stop the decision to turn the
company into a closed joint stock company.
The decision, which is made as per the provision of article No 8 of Capital Market Law, stresses the CMA role in protecting small investors and shareholders.
The BoD also took a decision about the importance of rolling out regulations governing the transformation from a joint stock company into a closed joint stock company to maintain shareholders and investors rights.
The BoD also approved the importance of disseminating the major decisions on the market and company at MSM website and publishing them at the daily newspapers if the need arises.
The meeting reviewed the items of the balance sheets, revenues and expenditures during the lapsed period of 2017 and were advised of the major achievements made this year. The meeting reviewed the decisions and achievements made by Muscat Clearance and Depository Company.
— ONA
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