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“Forging Tomorrow: A Global Imperative for Advanced AI Infrastructure”

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July 14, 2024

Royal Decree establishes Financial Services Authority

Muscat – His Majesty Sultan Haitham bin Tarik issued three Royal Decrees on Monday reading as follows:

Royal Decree No 18/2024 amends the Criminal Procedures Law.

  • Article 1 states that the attached amendment will be made to the Criminal Procedures Law.
  • Article 2 states that this Royal Decree will be published in the Official Gazette and enforced from the day following its date of publication.

Royal Decree No 19/2024 promulgates the Sultan Qaboos University System.

  • Article 1 states that the provisions of Sultan Qaboos University System attached to this decree will be enforced.
  • Article 2 states that the Vice-Chancellor of Sultan Qaboos University will issue necessary regulations and decisions to implement the provisions of the attached system. Till such time, the existing regulations and decisions will continue to be enforced without prejudice to the provisions of the system attached to this decree.
  • Article 3 cancels the Sultan Qaboos University Law issued by Royal Decree No 71/2006. It also cancels all that contradicts the system attached to this decree or contravenes its provisions.
  • Article 4 states that this Royal Decree will be published in the Official Gazette and enforced from the day following its date of publication.

Royal Decree No 20/2024 establishes the Financial Services Authority and promulgates its system.

  • Article 1 stipulates that an authority named the ‘Financial Services Authority’ will be established and that it will have legal personality, financial and administrative independence.

The Financial Services Authority will report to the Council of Ministers and it will be governed by the provisions of the system attached to this decree.

  • Article 2 states that the Financial Services Authority will have its headquarters in the Governorate of Muscat and that, by virtue of a decision from the authority’s Board of Directors, it may establish branches in other governorates.
  • Article 3 stipulates that all allocations, origins, rights, obligations and assets of the Capital Market Authority will be transferred to the Financial Services Authority, and that all employees of the Capital Market Authority will be transferred to the Financial Services Authority, along with their financial grades.
  • Article 4 instructs the Chairman of Board of Directors of the Financial Services Authority to issue the regulations and decisions necessary for the implementation of provisions of the system attached. It states that, till such time, the current laws, regulations and decisions will continue to be applied without prejudice to the provisions of the system attached.
  • Article 5 states that the speciality of regulating the profession of accounting and auditing will be transferred from the ‘Ministry of Commerce, Industry and Investment Promotion’ to the ‘Financial Services Authority’.
  • Article 6 states that 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’, ‘Director General of Directorate General of Commerce’ – wherever quoted in the Law Regulating the Profession of Accounting and Auditing issued pursuant to Royal Decree No 77/86.

Also, the phrase ‘Minister of Commerce, Industry and Investment Promotion’, wherever quoted in the aforementioned Law Regulating the Profession of Accounting and Auditing will be replaced by the phrase ‘Chief Executive Officer of the Financial Services Authority’.

The Board of Directors of the Financial Services Authority will undertake to structure the committee referred to in Article 24 of the Law Regulating the Profession of Accounting and Auditing, provided that the committee will have two or more accountants as members.

  • Article 7 replaces the phrase ‘Capital Market Authority’, wherever quoted in laws and Royal Decrees with the phrase ‘Financial Services Authority’. Also, 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 quoted in laws and Royal Decrees with the phrases ‘Chairman of Board of Directors of the Financial Services Authority’ and ‘Chief Executive Officer of the Financial Services Authority’.
  • Article 8 cancels all that contradicts this decree or the system attached to this decree or contravenes their provisions.

Article 9 states that this decree will be published in the Official Gazette and enforced on its date of issue.

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