CMA Launches Whistle Blowing Window

16 January 2019

News

The Capital Market Authority has launched whistle blowing window at its website on Wednesday. The move aims to upgrade the capital market and insurance sectors and protect the participants 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 preferred to attach all supporting documents.

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.


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