CMA discussion on framework for new securities law

MUSCAT: The Capital Market Authority (CMA) organised a panel discussion on the regulatory framework for the new securities law; one of CMA’s strategic projects to develop the capital market in the Sultanate. Sheikh Abdullah bin Salim al Salmi, CEO of CMA and Director General of Muscat Securities Market, the Director General of Muscat Clearance and Depository Company, Chairman of the Omani Securities Association, a number of general managers and department heads at the investment banks, as well as compliance officers at the securities companies attended the discussion. The participants pointed out that the preliminary articles of the draft law came with new ideas and concepts that will promote the capital market in the Sultanate.
They stressed the needs to take into consideration the current conditions of the market and the size of the securities companies before implementation. The session stressed the need to have a common understanding on revising and reconsidering some articles at the first draft and provide companies and legal consultancy offices with the opportunity to submit their remarks up to mid-February 2017. CMA also said that it is ready to organise mini-workshop to explain the articles of the law in more detail. — ONA