Oman sets late reporting fines
Muscta, August 5, 2007
Oman's stock market regulator has set fines of up to 1,500 rials ($3,897) for late reporting of results by listed companies.
The move is part of an effort to improve compliance and transparency.
Mahmoud al-Rawahi, a director of the Capital Market Authority, told company officials that new rules would come into effect in October that would also cover failure to publish results in two newspapers or issue promptly a prospectus for initial public offerings.
The regulator last month banned board members and top management from trading in shares of their own companies during periods when they hold material information undisclosed to the public.
Board members and senior management of listed companies are also required to provide a list of their close relatives to the regulator. - Reuters