Whis­tle-blow­ing win­dow launched

Times of Oman - - MARKE -

Times News Ser­vice

MUS­CAT: The Cap­i­tal Mar­ket Au­thor­ity (CMA) launched a whis­tle-blow­ing win­dow on its web­site on Wed­nes­day. The move aims to up­grade the cap­i­tal mar­ket and in­sur­ance sec­tors and pro­tect par­tic­i­pants from un­fair and un­sound prac­tices.

The win­dow is meant to be an easy and swift chan­nel of com­mu­ni­ca­tion be­tween CMA and all the par­tic­i­pants of the en­ti­ties reg­u­lated by Cap­i­tal Mar­ket Au­thor­ity in the cap­i­tal and in­sur­ance sec­tors, where they can re­port any vi­o­la­tions, ir­reg­u­lar­i­ties, un­eth­i­cal acts, sus­pi­cious acts or mal­prac­tices that might be detri­men­tal to the per­for­mance and sta­bil­ity of the sec­tors.

The win­dow can be used by any per­son who is an em­ployee, share­holder, di­rec­tor, in­ter­nal au­dit units or ex­ter­nal au­di­tor, in ad­di­tion to sup­pli­ers and clients who de­tect or come across such prac­tices. It is pre­ferred that all sup­port­ing doc­u­ments are at­tached. ir­reg­u­lar­i­ties and en­hance the con­fi­dence of in­vestors to in­vest in the mar­ket. This will also cre­ate a wide com­mu­ni­ca­tion net­work be­tween the reg­u­la­tor and the whis­tle blow­ers, as it will save time and en­sure con­fi­den­tial­ity over the iden­tity of the whis­tle blower.

CMA had ear­lier also launched a cus­tomer com­plaints win­dow, which is dif­fer­ent from the whis­tle-blow­ing win­dow. Whis­tle blow­ing is re­port­ing il­le­gal or un­eth­i­cal acts, which would harm the mar­ket par­tic­i­pants, while the com­plaints win­dow is to rem­edy dam­ages or per­sonal in­ter­ests of a per­son.

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