Muscat, Feb 21 (ONA) ---- The project of unifying the Disclosures and Financial Percentages Management (SMART) was inaugurated today in the premises of the Capital Market Authority (CMA) under the auspices of Yahya bin Said al-Jabri, CMA Executive President in the presence of a number of officials in the companies working in the capital market and insurance sectors.
Abdullah bin Salim al-Salmi, CMA Deputy Executive President said in his speech in the inauguration ceremony that SMART will encourage the information exchange, facilitate the collection of the financial data from the companies being supervised by the authority in an automatic and unified way.
The programme will work throughout the internet as the financial data added by the companies will form the basis of the system. This system will enable the authority to determine the positions of the companies, as well as, anticipating the possible risks and early dealing with them in order to secure the safety and stability of the positions of the concerned companies and enabling them to avoid crisis.
The system also aims at providing matched and unified data that would enable the user to analyze the financial positions of the companies and comparing them with others in the same sector or even comparing sectors with other sectors in an easy way.
Abdullah al-Salmi added that the Capital Market Authority will work for enabling the officers concerned with the financial affairs in all the companies being supervised by CMA to use the system. CMA will train them on using the system as it will also pay all the training expenses for two employees from each company. Training on the mechanism of the system will start on 1st March as the companies will be addressed for notifying them about the details of training their employees by the end of this week.
---Ends/SA/FS
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