CMA reviews its operational plans, goals and performance indicators

Business Saturday 07/November/2020 17:56 PM
CMA reviews its operational plans, goals and performance indicators

Muscat: The Board of Directors of the Capital Market Authority (CMA) held its second meeting for this year under the chair of Sultan bin Salem Al Habsi, Minister of Finance, Chairman of the CMA Board of Directors.

The meeting discussed the approval of amending some provisions of CMA organisational structure and its terms of reference. It reviewed the procedures within CMA overall and sectoral strategic plan for 2021-2025, in addition to the operational plans, goals and performance indicators that are based on financial sustainability, developing institutional performance and coordinating government efforts.

It also reviewed improving services in terms of facilitating procedures and speeding up the completion of transactions and decision-making, as well as the steps that would accelerate the process of digital transformation and the trend towards decentralisation to revitalise the economy, investment, trade and other established paths, based on the priorities derived from Oman Vision 2040.

The meeting reviewed the executive position on the most important projects that CMA is implementing, most notably its bylaws, the securities law, the amendment of some provisions of the regulation for the organisation of insurance brokers, the issuance of regulation for the investment of the assets of insurance companies and takaful insurance, the  ‘Dhamani’ health insurance scheme for employees of the private sector, and its electronic platform, the project to unify the disclosure of financial statements for companies, and the issuance of a new regulation for clearing and settlement.

The meeting reviewed the balance sheet data, revenues and expenditures of CMA, the Investors' Trust Fund, the Insurance Contingency Fund, the Injured Help Fund and the heirs of the deceased and claims for vehicle accidents during the past period of this year.

It also reviewed a report on the collection of CMA revenues, the collection of unpaid dues, the performance reports of the public shareholding companies during the third quarter of the current year, the performance of the Muscat Securities Market and the Gulf and Arab markets during September 2020, and the most important decisions and achievements made by the Muscat Clearing and Depository Company.