To cope with the requirements of the  upcoming phase

Al  Salmi- The Project aims for more integrity among the related parties to attain 2040 Oman Vision.

The Capital Market Authority announced execution of Capital Market and Insurance Sector Stakeholders Perception Assessment Project in collaboration with an  international company specialized in assessing the perception and satisfaction of stakeholders and performance enhancement. The move comes within the CMA’s endeavors to upgrade the services rendered to all the entities regulated and supervised by the CMA to enhance the  levels of the services provided by the sectors and related entities in the Sultanate of Oman through drafting laws and regulations ensuring meeting  regulatory readiness that attain integration of the roles of the various entities that are part of the ecosystem which would reflect positively on the standards of regulation of the securities and insurance industry.

HE Sheikh Abdullah Salim Al Salmi, Executive President of the CMA  said the project comes as part of CMA’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 regulator of the key sectors supporting development programs in the Sultanate intended 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 and exploit the available investment opportunities  beside the great role played by the Omani  insurance market in preserving the wealth and protection the projects from the expected risks.

HE 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 the period 2021-2025 which was aliened with  2040 Oman Vision. He added, 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 of the capital market whether individuals or institutions.

HE the Executive President added that  assessment of the perceptions of the stakeholders of the capital market and insurance sector would  contribute to making legislative remedies and proposed solutions  to enhance the  legislative infrastructure  and boosting executive performance focusing on the points of strength and weakness in every related entity to the business of the capital market as well as the insurance to ensure meeting the needs of the other parties to achieve integration and the remedies that limit duplication of work.

Al Salmi added that CMA was able during two decades 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 for being the entity required to provide  appropriate investment environment and to provide  adequate protection for the participants of the securities industry and the role played by the insurance sector in providing insurance coverage which represents a requirement of the comprehensive  development in providing stability and safety for individuals and institutions and to preserve the wealth.

Al Salmi emphasized that the CMA would continue the process started  during the reign of the late Sultan, May Allah have mercy on him, to provide the needs of the coming phase under the theme of economic diversification  in accordance with  integrated national visions under the wise leadership of  His Majesty Sultan Haitham bin Tariq may Allah protect him

It is noteworthy that the assessment includes all the entities regulated by the CMA or dealing with it such as Muscat Securities Market, Muscat Clearing and Depository Company, 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 licensed by the CMA.