Sukuk Regulation,  Takeover and Acquisition Regulation Presented

CMA  Organize Workshop on the Evolutions  in the Capital Market Law

AL Salmi:  CMA is keen to create stability in the laws to enhance investor confidence

HE Abdullah Salim Al Salmi, Executive President of the Capital Market Authority presided over a workshop on the evolution of the Capital Market Law at the Businessmen Hall in the  attendance of directors, senior executives, legal advisors and compliance officers of companies.

HE the Executive President opened the workshop by giving speech in which he said the capital market is an ever evolving sector with rapid changes due to its nature, economic  developments and crisis which require dynamic legislations and keenness as to stability of the regulatory and legislative framework to enhance investors’ and participants’ confidence  through reducing the risks created by changes in the legal infrastructure.

He added the dynamic nature of events in the sector imposes challenges on the regulators such as CMA to strike balance between the stability of the laws and coping with the rapid changes in the sector.

HE confirmed CMA is keen to add flexibility to the legislative framework in that the laws will be of more generic nature and the details will be dealt with in the regulations, procedures and circulars which are subject to review from time to time.

CMA  used to consult with the  relevant parties and the community in general  with regard to the regulations and their amendments to seek their opinions so as the regulations can accommodate all the opinions and ideas which is the case for the regulations which will be presented today, he said.

Al Salmi pointed out to the policy CMA adopts in interacting with  the relevant entities  in the execution of the regulatory laws and regulations and their  review  through common and public  consultation with respect to the regulatory process. He added that continuous consultation will lead to mutual understanding of the objects we endeavor to reach in the service of country and our economy.

The workshop was organized to discuss the key  amendments covered by Royal Decree No. 59/2014  to cope with the developments in the Sultanate  to keep the companies acquainted with the law and the recent amendments through discussion and dialogue with the concerned departments of CMA which would contribute to sound performance and the creation of efficient markets able to enhance its contribution in the economic diversification.

Papers on the mechanisms of legal amendments, the key amendments of the Capital Market Law promulgated by Royal decree No. 59/2014 and the penalties and their roles in enhancing investors’ confidence were presented in addition to papers on the draft Takeover and Acquisition Regulation and draft Sukuk Regulation.