(MENAFN- Muscat Daily) Muscat- The board of directors of the Capital Market Authority (CMA) has approved the transformation of the Muscat Securities Market (MSM) into a government-owned company as a preparation for offering it for the public subscription in future.
The CMA board held its third meeting this year under the chairmanship of H E Yahia al Jabri, chairman of the board of directors of the Special Economic Zone Authority at Duqum (SEZAD) and chairman of the CMA. The board discussed several topics related to the development of Oman's capital market and insurance sector, notably the study proposal on the transformation of the MSM into a company.
'The board approved the transformation of the market into a company wholly-owned by the State General Reserve Fund (SGRF) as a preparation for offering it for the public subscription in the future', the CMA said in a statement posted on its website on Sunday.
The CMA board also approved rules for establishment of a fund to guarantee assistance for those injured in accidents caused by unknown persons and to compensate for the physical damage resulting from such incidents. It also approved procedures and controls related to fund's operating system, namely, mechanisms for receiving, managing and settling the claims received according to the vehicle insurance law.
The CMA said the regulations on real estate investment trusts (REITs) have been adopted to keep abreast of the continuous development of investment products that meet the needs of investors and optimise value of existing real estate assets that will be re-established in new economic projects.
The new regulations aim to oversee the work of REITs, their management, financing, procedures and controls that guarantee the rights of all involved parties.
In light of the government's approach towards implementing health insurance system for private sector employees, expatriates and visitors in Oman, the CMA board directed the executive management to complete the studies and prepare the legislative and regulatory frameworks in accordance with the directives of the Council of Ministers.
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