Muscat: The Capital Market Authority (CMA) announced the execution of Capital Market and Insurance Sector Stakeholders Perception Assessment Project.
This is being done in collaboration with an international company specialised in assessing the perception and satisfaction of stakeholders and performance enhancement.
The move comes within the CMA’s endeavours to upgrade the services rendered to all the entities regulated and supervised by the authority. This is to enhance the levels of the services provided by the sectors and related entities in Oman through drafting laws and regulations in meeting regulatory readiness to meet 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 the authority's undertakings to find out about the perception of the stakeholders of the financial services related to the capital market and insurance sector institutions.
As the regulator of the key sectors supporting development programmes in the Sultanate CMA intends to play a great role in 2040 Oman Vision through the financing services provided by the capital market to the public and private sectors to contribute to supporting the government’s direction to diversify the sources of income, he added.
Al Salmi 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 2021-2025 which was aligned with 2040 Oman Vision.
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, he added.
The Executive President said that assessment of the perceptions of the stakeholders would contribute to making legislative remedies and proposed solutions to enhance the legislative infrastructure and boosting executive performance.
Al Salmi said that CMA during two decades was able to lay down the regulatory and legislative infrastructure of the capital market and insurance sector at high levels of readiness and adequacy to move toward the 2040 Oman Vision.
It is noteworthy that the assessment includes all the entities regulated by the CMA or dealing with it such as Muscat Securities Market (MSM), Muscat Clearing and Depository Company (MCDC), 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 licenced by the CMA.