(MENAFN- Muscat Daily) Muscat- The Capital Market Authority held on Tuesday a discussion on the draft new Securities Law.
The session was presided over by H E Sheikh Abdullah al Salmi, executive president of CMA and attended by director general of the Muscat Securities Market, the director General of the Muscat Clearing and Depository Co, chairman of the Omani Securities Association and a number CEOs, GMs, heads of investment banking departments and compliance officers of companies operating in the field of securities.
The draft law was posted on the CMA website in December and public opinion sought to review the laws and regulations prior to their enactment in partnership with market participants.
The session witnessed intense and open discussions, with participants saying that the new draft contains concepts which would contribute to upgrading the performance of stock markets and stressing the importance of observing the current situation and the sizes of the companies operating in securities, a CMA statement said.
Khalfan al Sharji, director general of the CMA's Capital Market Institution, delivered the opening speech asserting that rapid development of the global securities industry and changes in economic sciences caused by the financial crises revealed the need for addressing many issues in the regulation of stock markets to meet the requirement for creating a robust regulatory infrastructure for the capital market to enhance its readiness in financing investment projects.
He added that the stated aim of the new draft is to create a radically refreshing structure for the securities industry in Oman through a high-level wire frame at the law level and detailed regulations in line with international standards to maintain high standards of integrity and create a vigorous regulatory structure.
Sharji added that growing economies such as Oman need a vibrant securities market to provide the needed capital and manage the various risks that it faces from time to time. The new securities law is designed to encourage dynamic and innovative growth of the industry, by providing a robust model in line with the international best practices recommended by the International Organization of Securities Commissions (IOSCO).
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