Times of Oman, 25 March 2024: Oman’s Sultan has issued three Decrees including a Decree establishing the Financial Services Authority.

Under Oman Sultani Decree No. 20/2024, the Financial Services Authority will have its own legal personality, financial and administrative independence.

It will also report to the Cabinet and will be headquartered in Muscat.

It may establish branches in other governorates following a Decision from its board of directors.

All allocations, origins, rights, obligations and assets of the Capital Market Authority will be transferred to the Financial Services Authority.

All employees of the Capital Market Authority will also be transferred to the Financial Services Authority, along with their financial grades.

The Chairman of the board of directors of the Financial Services Authority will issue the regulations and decisions required to implement the Decree.

Until they do, the current laws, regulations and decisions will continue to be applied without prejudice to the new Decree.

Under the Decree, responsibility for regulating the profession of accounting and auditing will be transferred from the Commerce, Industry and Investment Promotion Ministry to the Financial Services Authority.

The phrase Financial Services Authority will replace the phrases Ministry of Commerce, Industry and Investment Promotion and Section of Professions and Crafts at the Department of Corporate Affairs at the Ministry of Commerce, Industry and Investment Promotion and the Director General of the Directorate General of Commerce wherever they appear in Oman Sultani Decree No. 77/1986 (the Law Regulating the Profession of Accounting and Auditing).

The phrase Minister of Commerce, Industry and Investment Promotion wherever it appears in Oman Sultani Decree No. 77/1986 will also be replaced with the phrase Chief Executive Officer of the Financial Services Authority.

The board of directors of the Financial Services Authority will be responsible for structuring the Committee referred to in Article 24 of Oman Sultani Decree No. 77/1986. It should have two or more accountants as members.

The phrase Capital Market Authority, wherever it appears in legislation will be replaced with the phrase Financial Services Authority. The phrases Chairman of the Board of Directors of the Capital Market Authority and Chief Executive Officer of the Capital Market Authority will be replaced, wherever they appear in legislation with the phrases Chairman of Board of Directors of the Financial Services Authority and Chief Executive Officer of the Financial Services Authority.

Anything which contradicts or contravenes the Decree will be repealed.

The Decree will be published in the Official Gazette and come into force on its issued date.

The Sultan also issued Oman Sultani Decree No. 18/2024 amending the Sultanate’s Criminal Procedures Law. It will be published in the Official Gazette and come into force on the day after it is pubished.

In addition, the Sultan issued Oman Sultani Decree No. 19/2024 promulgating the Sultan Qaboos University System.

The Vice Chancellor of the University will be responsible for issuing the regulations and decisions required to implement the Decree.

Until they do, the existing regulations and decisions will remain in force without prejudice to the new Decree.

Oman Sultani Decree No. 19/2024 repeals Oman Sultani Decree No. 71/2006. It also repeals anything which contradicts or contravenes the Decree.

The Decree will be published in the Official Gazette and come into force the day after it is published.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your Free Trial.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.