Muscat: The Capital Market Authority (CMA) signed a Memorandum of Understanding (MoU) with Astana Financial Services Authority (AFSA) of the Republic of Kazakhstan; which stems from the CMA’s endeavours to enhance cooperation frameworks with international authorities to join the efforts and exchange information.
This MoU is the basis of cooperation in the processes of regulation and information exchange; which enhances transparency and supports efficiency of the financial markets sectors in both countries. The MoU was signed online by Sheikh Abdullah bin Salim Al Salmi, Executive President of the CMA and Nurkhat Kushimov, Chief Executive Officer of AFSA with the attendance of several directors and officials from both parties.
This MoU represents a distinctive partnership between CMA and AFSA and sets a new direction for cooperation that accomplishes an important mutual benefit in the fields of fintech, Islamic finance, asset management, capital markets and financial culture. The MoU also aims to consolidate efforts to enhance transparency level and sound transactions in the financial markets through cooperation in the fields of markets’ regulation, enforcement of laws and regulations by regulated entities and prohibition of illegal practices, to support the efficiency of the securities sector to be in promising prospects in both countries.
Moreover, the MoU aims at coordinating the positions of both parties in terms of their membership in related international organisations and participation in activities and events of such organisations in addition to specifying the fields of technical support to enhance the legal and regulatory infrastructure of both countries such as exchange of regulatory expertise, experts visits, exchange of capital market- related research and publications, qualification of licensed persons which meets the best standards and global directions and professional development while ensuring the integrity of transactions.