1. Regulatory role:
CMA regulates regulations required to develop the capital market and insurance sectors.
2. Supervision role:
CMA supervises and monitors institutions regulated by CMA to upgrade the efficiency and the level of capital market and insurance sectors in general, and to protect investors and policyholders in particular.
3. Awareness role:
CMA is keen to upgrade the efficiency of investors and policyholders and to achieve this, CMA spreads awareness in matters related to investment and rights of investors. Moreover, CMA enhances awareness of directors and management, establishes saving concept and investment , enhances awareness of the public on the importance of capital markets and dealing therein and enhances awareness on insurance for all the segments of the community. Through conferences, workshops, and issuing booklets and awareness brochures.
The core business of the CMA is to Supervise the Capital Market and Insurance Sectors in the Sultanate. CMA assumes the following duties and responsibilities:
1) Regulating, licensing and monitoring the issuance of securities
2 ) Supervising:
• Muscat Securities Market.
• Muscat Clearing and Depository Company.
• Public shareholding companies, and
• Audit firms accredited to audit the accounts of the companies regulated by CMA.
3) Licensing and supervising :
•Companies operating in the field of securities.
•Credit rating agencies .
•Insurance brokers, and
•Agents of insurance companies.
4) Constantly reviewing of legislation governing the two sectors , and developing them in accordance with the best international practices and
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5) Enforcing laws under its jurisdiction .
The legislative role of CMA is represented in regulating regulations for the capital market and insurance sectors.
The legislative frame of CMA witnessed in the last period remarkable developments as a response for the requirements of the stages it has been through and for being in line with the developments regionally and internationally. In this frame, the Sultanate presided in a number of fields especially those related to disclosure, Corporate Governance and the development of legal frame of the capital market as mentioned in a number of reports issued by international and regional institutions.
CMA carried out the following in the regulatory infrastructures in 2013:
CMA carried out a number of initiatives with the aim of improving corporate governance and organizing the market work and activities including directors’ compliance with not carrying out any trading in securities during the closed periods and amending the definition of related parties and independent director. CMA continued the efforts to execute certain schemes pertaining to the relevant laws and regulations as some have been completed and dispatched to the official entities such as the draft amendments to the Capital Market Law and the draft amendments to the Rules for Election of Directors of Public Joint Stock Companies and the Provisions Pertaining to their Responsibilities.