Urging investors to remain cautious about firms, which are not authorised to provide investment services, the sultanate’s market watchdog announced a new list of companies, pretending practicing business activities in foreign exchange and securities trading and other investments. The CMA announced the list based on information received from the International Organization of Securities Commissions (IOSCO). Most of the companies mentioned in the list come under the jurisdictions of the UK, Europe, US and Hong Kong. There is not a single GCC-based company in the list.
‘As part of the endeavours of the CMA to protect investors in Oman, the CMA would like to announce a new list of companies, pretending practicing business activities in forex and securities trading and other investments based on information received from IOSCO,’ the CMA said in a cautionary note published on its website. The list, which includes 178 companies, can be viewed on IOSCO’s website. The CMA also urges all the market participants to exercise due diligence in their investment practices.
In a notification on its website, IOSCO said it receives alerts and warnings from its members about firms which are not authorised to provide investment services in the jurisdiction which issued the alert or warning.
‘Some of the alerts or warnings are about unauthorised firms using names similar to those of authorised firms or about unauthorised firms falsely claiming to be associated with authorised firms,’ IOSCO said.