CMA to perform perception assessment
The Capital Market Authority (CMA) has announced execution of the ‘Capital Market and Insurance Sector Stakeholders Perception Assessment Project’ to assess the perception and satisfaction of stakeholders and performance enhancement. The move comes as an endeavour to upgrade the services rendered to all regulated and supervised entities to enhance the levels of the services provided by the sectors and related entities in the Sultanate of Oman by drafting laws and regulations ensuring meeting regulatory readiness that attain integration of the roles of the various entities that are part of the ecosystem which would reflect positively on the standards of regulation of the securities and insurance industry.
Sheikh Abdullah Salim Al Salmi, executive president of the CMA said the project comes as part of CMA’s undertakings to find out about the perception of the stakeholders of the financial services related to the capital market and insurance sector institutions.
He pointed out that the CMA’s move to assess the perception of the stakeholders of the capital market and insurance sector coincides with the preparations to implement CMA’s strategy to enhance the performance of the capital market and insurance sector during the period 2021-2025 which was aligned with 2040 Oman Vision. He added, the preparatory phase requires to review all the existing practice and requirements of the coming phase, hence, CMA contracted with a reputed global consultancy firm to execute the project that includes all the stakeholders of the capital market whether individuals or institutions.
Al Salmi added that assessment of the perceptions of the stakeholders of the capital market and insurance sector would contribute to making legislative remedies and proposed solutions to enhance the legislative infrastructure and boosting executive performance focusing on the points of strength and weakness in every related entity to the business of the capital market as well as the insurance to ensure meeting the needs of the other parties to achieve integration and the remedies that limit duplication of work. The assessment includes all the entities regulated by the CMA or dealing with it such as Muscat Securities Market, Muscat Clearing and Depository Company, the companies operating in the field of securities, public listed companies, insurance companies, brokers and agents, audit firms accredited by the CMA, individual and institutional investors in addition to the prospective participants from among the family businesses, oil and gas companies and the companies in which the Government hold shares and other entities licensed by the CMA.
