CMA inks pact for classification system

Muscat: The Capital Market Authority (CMA) on Monday signed an agreement at the CMA premises with the National Records and Archives Authority on the adoption of a classification system and schedules for keeping records and maintaining confidentiality.
The agreement was signed by Sheikh Abdullah Salim Al Salmi, Executive President of CMA, and Dr Hamed Mohammed Al Dhawyani, Chairman of the National Records and Archives Authority.
The preparation of the instruments was finalised after several stages. The last stage included the approval of the National Records and Archives Authority on the schedules and classification system pursuant to the provisions of the National Records and Archives Law promulgated by Royal Decree No. 60/2007.
Article 18 of the law provides that the entity concerned is responsible for its records until they are not needed anymore, and every entity shall coordinate with the Authority to prepare and execute its records system.
The Authority coordinated with the relevant structures and administrative divisions at CMA to prepare lists and types of records that resulted in finalising the procedural instruments.
Procedural instruments of the records management system include preparing schedules for keeping confidential records and their classification system after finalising the naming list of confidential records.
Such procedural instruments are considered the mainstay for building a modern system in accordance with the latest international specifications and standards in this regard, which are based on registration, classification and coding the records in accordance with the classification system prepared for this purpose for the ease of reference and retrieval.
The system can be used for processing the records since their inception, which would assist in all the destroying, transfer, and shifting processes of the records and observing the periods for keeping them.
After introducing the system, the Archives Section will, in collaboration with the Authority, train the staff concerned on the implementation of the records management instruments including methods for the quick and accurate identification of files and their contents by compiling such elements in sub-groups according to similarity or other criteria of coding for easy access.