Muscat: The Capital Market Authority (CMA) launched a whistle-blowing window on its website on Wednesday. The move aims to upgrade the capital market and insurance sectors and protect participants from unfair and unsound practices.
The window is meant to be an easy and swift channel of communication between CMA and all the participants of the entities regulated by CMA in the capital and insurance sectors, where they can report any violations, irregularities, unethical acts, suspicious acts or malpractices that might be detrimental to the performance and stability of the sectors.
The window can be used by any person who is an employee, shareholder, director, internal audit units or external auditor, in addition to suppliers and clients who detect or come across such practices. It is preferred that all supporting documents are attached.
The window aims to provide a swift system for reporting irregularities that might have a harmful impact on the company so that CMA can take timely remedial action. The move will enhance the transparency and flow of information on malpractices, which would reduce such practices and irregularities and enhance the confidence of investors to invest in the market. This will also create a wide communication network between the regulator and the whistle blowers, as it will save time and ensure confidentiality over the identity of the whistle blower.
CMA had earlier also launched a customer complaints window, which is different from the whistle-blowing window. Whistle blowing is reporting illegal or unethical acts, which would harm the market participants, while the complaints window is to remedy damages or personal interests of a person.