CMA issues regulation for public joint stock companies

CMA issues regulation for public joint stock companies

Muscat: Sultan Salim Al Habsi, Minister of Finance and Chairman of the Board of Directors of the Capital Market Authority (CMA) issued a decision approving the regulation for public joint stock companies which covers all regulatory aspects related to public joint stock companies focusing on providing legislative framework for all their operations and activities. The decision states the regulation shall have effect on the day following its publication in the Official Gazette except the provisions related to appointment of the internal auditors and legal advisers which will be effected after six months. The issuance of the regulation was based on the provisions of the Commercial Companies Law enacted by Royal Decree No. 18/2019 to achieve legislative adequacy and readiness that would enhance the confidence of investors in the Omani capital market and make it sustainable engine of economic growth and wealth creation. On the importance of the regulations for the listed companies Abdullah Salim Al Salmi, Executive President of the Capital Market Authority said the issuance of the regulation coincides with the comprehensive structural review of the legislative framework of the Omani capital market after more than 30 years to configure it to be a key financing tool to achieve