The Board of the Union of Arab Securities Authorities

Reviews Quick Response Initiatives to Coronarvirus  in the Regulation of Listed Companies

The Sultanate of Oman represented by the Capital Market Authority participated in the meeting of the members of the Board of the Union of Arab Securities Authorities with the participation of the heads and  officials of the Arab Securities supervisors via video conference. The CMA was represented by Mohammed Said Al Abri, Vice President for Capital Market.

The agenda of the meeting included a number of issues related to regulation and development of securities markets in the Arab countries beside discussion of the developments in the markets and the role of the companies to encounter the Coronavirus epidemic.  A discussion session was held on the sidelines of the meeting titled” the impact of Coronavirus on the securities markets  and their effects on the priorities of the markets”. The session reviewed the  measures taken by Arab Authorities to face the epidemic.

The CMA had taken a number of regulatory measures to encounter the epidemic such as quick response plan without affecting the actions of the companies and funds in running their routine business. A number of circulars were issued gradually including suspension of general meetings of the companies and funds consistent with the decisions of the Supreme Committee tasked with dealing with the Coronavirus such as suspending all assemblies and meetings in the first quarter for being the season for convening general meetings of the issuers of securities, and then issued another circular approving the proposed dividends  under the approved agenda sent to  the shareholders and approved by the respective regulators. The circular explained that the date of record is the date set in the notice and such dividends should be approved in the first general meeting. In April CMA issued  a circular extending the  period for disclosure of financial statements for the quarter ending on March 31 up to end of June 2020.

As part of the quick response program CMA prepared rules of convening general meeting of public joint stock companies and investment funds via electronic means to resume convening general meetings via electronic means and extended the term to June 30,2020 and the meeting were held via safe electronic portal designed specifically to meet the requirements for administration of general meetings executed by Muscat Clearing and Depository Company in collaboration with Omantel and Blockchain Solutions and Services.