The Capital Market Authority and Telecommunication Regulatory Authority signed a memorandum of cooperation  for mutual cooperation and boosting the standards of integration between the two regulators.

HE Abdullah Salim Al Salmi, Executive President  of  CMA and HE Dr. Hamed Salim Al Rawahi, Executive President of TRA sign the memorandum.

HE the Executive President of CMA said the memorandum aims to boost the relationship between CMA and TRA in the exchange of information and expertise to reach to better levels of integration and coordination for the mutual benefit of the two organizations to enhance the regulatory and supervisory systems as there are wide areas of cooperation in the regulation and supervisory activities as  telecommunication companies are listed on the MSM and the law obligates the newly licensed companies to  convert to public joint stock companies.

HE Dr. Hamed Al Rawahi expressed his happiness for the move which would enhance cooperation between CMA and TRA by creating  mechanisms for provision of assistance to achieve the objects of the Telecommunication Regulatory Law and the Capital Market Law for the benefit of public interest.

The mutual cooperation and information exchange memorandum includes a number of clauses on boosting exchange of information, human resources development through attendance of training programmes and other types of cooperation  which would enhance the regulatory and supervisory roles of the two organizations such as exchange of knowhow.

TRA was established under Royal Decree 30/2002 to act as regulator of the telecommunication and postal services industry and CMA was established under Royal Decree 80/98 to regulate and supervise the capital market and insurance industry in Oman.