The Board of Directors of the Capital Market Authority held its second meeting for this year. The meeting was chaired by HE Yahyah Said Al Jabri, Chairman of the Board of Directors of Duqum Special Economic Zone Authority and Chairman of CMA.
The meeting discussed the schemes of the National Programme “Tanfeeth” within the jurisdiction of CMA and approved the constitution of the new board of directors of Muscat Securities Market.
The Board approved the directives for insurance products which aim to easing and clarifying of the process for approval of the products through a list of requirements to create and enhance the role of actuaries in the review of the products to protect policyholders through approval of the products prior to marketing and to enhance competition and innovation among insurers.
The Board approved the request by the shareholders who hold 18% of the shares of Oman Textile Company to suspend the resolution to convert the company into closed joint stock company pursuant to Article 8 of the Capital Market Law in order to protect the retail investors and shareholders.
The Board resolved to circulate the rules regulating conversion of companies to maintain and protect the rights of investors and shareholders. The board also resolved to publish the resolutions relating to the MSM and the companies on the MSM website as well as the daily newspapers.
The meeting reviewed the budget, revenues and expenditure during the past period and also reviewed the achievements and decisions of Muscat Clearance and Depository Company.