The Capital Market Authority has invited all public joint stock companies, audit firms and law firms to opine and comment on the draft regulation for implementation of the Commercial Companies Law with regard to public joint stock companies.
A team constituted by HE the Executive President of CMA completed preparation of the draft regulation and posted it on the CMA’s website and asked all the stakeholders to opine on it until Thursday October 31, 2019 to achieve the principle of participation in drafting the regulations regulating the businesses of public joint stock companies.
Mohammed Saif Al Rashdi, Director of Legal Affairs and Enforcement Department said CMA adopts the principle of participation of the stakeholders to formulate the regulations with common vision in all related particulars. He added that the work team for preparation of the regulation for implementation of the CCL related to public joint stock companies has completed preparation of the draft within the specified timeline and is now seeking public opinion and consultation to take the comments of the stakeholders into consideration on preparation of the final version to be presented to the Board of Director of CMA for final approval and issuance by the competent entities.
Al Rashdi pointed out that the draft was prepared in response to Article (2) of the CCL enacted by Royal Decree No. 18/2019 which provides “The Minister of Commerce and Industry and the Chairman of the Board of Directors of the Capital Market Authority, each according to their jurisdiction, shall issue the regulation for implementation of the provisions of this law, within a period not exceeding one year from the date of its coming into force.”. Al Rashdi added that the work team assigned the task of preparation of the regulation focused on flexibility that furnish for appropriate investment environment that makes the Sultanate attractive for and encouraging domestic and foreign investment in line with the developments in the business and finance sphere.