24 January 2017
Muscat: A memorandum of understanding (MoU) for exchanging information and mutual cooperation was signed by the monetary authority of Brunei and the Capital Market Authority
(CMA) of Oman.
Abdullah Salim Al Salmi, executive president of the CMA and Sayyid Yusof Haji AbdRehman, managing director of Athoriti Monetari Brunei Darussalam (monetary authority of Brunei) have signed the agreement at the premises of the Capital Market Authority.
The meeting discussed a number of topics relating to the two countries and the opportunities of cooperation to boost the exchange of information for the benefit and upgrading of the capital markets and for provision of financing instruments and products in safe and fair investment environment.
There was also an introductory presentation on the development of the capital market in Oman and phases of its regulation.
The authority from Brunei aims to benefit from the experience of Oman in the regulation of the capital market sector and to identify new fields of cooperation.
The delegation was informed about the laws relating to the issuance of securities and other investment instruments, management, advise and supervision of stock exchanges, clearing and depository institutions.
They were also informed about compliance with the laws and regulatory systems applied in the two countries, beside assisting in detecting and preventing any prohibited and unsound practices and other forms of securities fraud .
The memorandum of understandng also includes exchange of information and mutual cooperation in the field of investor protection and soundness of stock exchanges through the provision of frameworks to upgrade the level of understanding in exchange of information and professional expertise.
The pact also seeks to encourage cooperation between capital market institutions including the securities markets, clearing and depository institutions and financial services companies and coordination in dispute resolution.