Alroya, 20 June 2022: The new Securities Law has been published in the Omani Official Gazette.
Oman Sultani Decree No. 46/2022 aims to ensure fair, competitive and transparent regulation, support and encourage SMEs by regulating the access of these institutions to funding from the public.
It also aims to protect the interests of dealers, as well as ensure the integrity and efficiency of the stock market and achieve justice and transparency in the transactions that take place through it.
Article 34 of Oman Sultani Decree No. 46/2022 states it is illegal to carry out any harmful practices, which are dealing or inducing others to deal based on undisclosed internal information, as well as not disclosing any material information about a security that the law requires disclosure, as well as the misuse of undisclosed or confidential inside information to achieve personal goals or gains for others and publishing or giving incorrect or misleading information or data which may affect the price of any security or the reputation of any issuer or the investment decision of any dealer.
It is also illegal to tamper with any security by giving bogus orders or initiating an improper transaction. In addition, it is illegal to trade or allow the trading of securities without the periodic settlement of the related obligations in line with the regulations. For full story, click here.
To view more news items and other content we have available, visit lexis.ae/demo to book a demo and start your free trial of Lexis® Middle East.
Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.