The Capital Market Authority and Muscat Securities Market organized a workshop for the student of the Higher Institute of the Judiciary on Monday 23 March 2015 with the participation of 28 students at the Businessmen’s Hall to acquaint them with the laws and regulations of the capital market and insurance sector.
Sayyid Hamid Sultan Al Busadiy, Director General of Support Services gave speech in which he said “We commend the efforts of the Higher Institute of the Judiciary for introducing to the students the responsibilities of CMA specifically the Departments of Legal Affairs and Enforcement.
He added that the Capital Market Law No. 80/98 empowers CMA to regulate the securities market and to protect market participants and investors in MSM and the insurance sector through the provision of legal frameworks and efficient management.
Al Busaidy said CMA is keen to provide protection for the participants of the securities market and insurance sector by enacting legislations regulating investment process as well as constitution of administrative committees of judicial nature for investigation of violations of any laws or regulations issued by CMA.
He added the formation of the Grievance Committee aims to enhance confidence in the market through fairness between the disputing parties in the event of any dispute between the participants. The Accountability Committee was constituted to protect the investors and the market in general from any illegal practices as it settles the violations of brokers and their agents of the laws and regulations.
Al Busaidy concluded his speech by saying CMA is continuing upgrading the level of awareness of the companies regulated by CMA as well as the public including preventive measures to achieve fairness and equity for all.
Four working papers were presented in the workshop by professionals in the capital market and insurance laws.
The first paper was on the capital markets and their role in supporting the national economy.
Ahmed Al Harrasi, Senior Insurance Auditor presented a paper on the insurance and the key legal principles regulating insurance contracts. He said CMA is assuming supervision of the sector since 2004. He talked about the business nature of insurance companies and key indictors of the sector in 2015 as well as the laws and regulations of the sector, main risks and the principles of insurance.
Abdulhameed Al Saadi, Legal Researcher presented a paper on the responsibilities of the Department of Legal Affairs pursuant to Administrative Decision No. 1/2014.
He said the department is responsible for identification of the legal framework of CMA’s work, identification of areas that need improvement compared to other commissions, propose changes on the legal framework, consideration of proposals from the other departments, advice the departments, prepare draft laws, regulations, directives and circulars issued by CMA to ensure there is no conflict with the other laws and courts’ rulings. It represents the CMA in all legal matter and coordinates with the Ministry of Legal Affairs, other Government agencies to ensure the legal positions.
The fourth paper was presented by Mahmoud Al Rashdi, Legal Researcher at the Department of Enforcement on the responsibilities of the department which include investigations in the event of market manipulation or insider trading or other infringements of the Capital Market Law, Insurance Companies Law, the Regulations and the directives issued by CMA. It also represents CMA in the Accountability Committee, Grievance Committee and special panels.
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