Oman: Regulations Amended to Support Liquidity Fund

Shabiba, 16 May 2024: The Muscat Stock Exchange has celebrated by ringing the bell for the inauguration of a “Liquidity Development Fund”.

The fund aims to improve the liquidity of shares of companies listed on the stock exchange.

The launch of the fund aligns with the ongoing developments in the Omani capital markets, which include the announcement of several new IPOs and the introduction of regulations governing market-making operations.

The Muscat Stock Exchange is intensifying its marketing efforts with regional campaigns and incentive initiatives.

This involves making significant changes to certain regulatory requirements for capital markets, especially regarding taxes on distributed profits. For the full story, click here.

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Oman: Draft Media Law Discussed With Information Ministry

The State Council, in collaboration with the Information Ministry, has discussed the draft version of the new media law.

The draft media law aims to include updates and recent developments since the last issuance of media regulations.

It is designed to serve as comprehensive legislation governing the media sector in Oman.

Discussions have also included, the potential impact of the draft law on the media industry, its role in improving Oman’s international ranking in terms of freedom of expression, and the regulation of procedures for licensing media-related activities.

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Oman: Amendments to Oman Sultani Decree No. 30/2008

Roya, 2 May 2024: The National Committee for Family Affairs has approved amendments to Oman Sultani Decree No. 30/2008 the law on juvenile accountability, along with amending some provisions agreed upon by the participating parties.

The committee has also addressed matters on educational disruptions and approved the social responsibility program of the Omani Football Association, particularly in regard to child protection.

Additionally, it has reviewed programs offered to families and children by the Culture, Sports, and Youth Ministry for the upcoming summer period.

for the full story, click here.

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Oman: Consumer Regulator Launches Inspection Drive

Oman Observer, 25 April 2024: The Omani Consumer Protection Authority (CPA) has launched an inspection campaign in the Governorate of Muscat.

This campaign involves using electronic technical connections being used by field inspection teams, and surprise visits to different sectors, such as vehicle repair workshops, those providing spare parts, vehicle oils and tires, and air filters. In addition, the aluminum sector, blacksmiths, carpenters, kitchens, the electrical and electronic appliances sector, building materials sectors, restaurants, cafes, and meat shops will also be targeted.

The campaign aims to ensure that commercial centres and shops are comply with the Consumer Protection Law Oman Sultani Decree No. 66/2014, and aims to reduce the number of complaints and save time and effort for all parties involved.

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Oman: New Real Estate Framework Plans

Oman Observer, 13 April 2024: Omani Ministry of Housing and Urban Planning will implement eight initiatives and prepare laws and regulations which will regulate real estate and related activities in Oman.

The Ministry aims to unify regulations on real estate development, brokerage, evaluation, owners’ associations, and escrow accounts under a single legal system which would be entitled Real Estate Regulatory Law in Oman.

The most significant of these initiatives is the regulation of the real estate valuation sector. Controls and standards have been established to regulate real estate valuation companies and offices in Oman. These companies have been classified, and highly qualified real estate appraisers have been put in place to organise and control the real estate market. The aim is to conduct fair and accurate valuation of land and properties. In addition, a draft regulation has also been prepared with the help of relevant authorities.

The initiative on governance of real estate brokers aims to regulate real estate broker companies and reduce unlicensed real estate agencies. The proposed draft is expected to be submitted to the Justice and Legal Affairs Ministry by the end of 2024.

The Ministry is also working on the final draft of regulations on the Real Estate Registry Law. This initiative aims to regulate real estate registry and keep up with digital transformation of transactions. It will set controls and conditions for regulating real estate registry in line with the Land Registry Law in Oman.

In addition, the ministry will finalise regulations on the expropriation law for public benefit and review the executive regulations so they align with the next phase. The aim is to issue regulations on the expropriation law for the public interest within the course of 2024.

There are also plans to introduce an integrated Urban Planning Law, and executive regulations. .

The ministry also intends to prepare a Housing Law and executive regulations. This aim is to unify laws on to social housing and land usage in Oman under a unified framework, which can adapt to future changes.

The Ministry aims to unify regulations on real estate development, brokerage, evaluation, owners’ associations, and escrow accounts under a single legal system which would be entitled Real Estate Regulatory Law in Oman.

The Ministry will also be conducting a study into the governance of foreigners’ ownership of usufructs for a period of 99 years, and aims to provide foreigners with the opportunity to own usufructs outside integrated tourism complexes in specified areas.

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Oman: Consultation on New Bonds and Sukuk Regulation

Oman Daily Observer, 1 April 2024: Oman’s Financial Services Authority has announced it has issued a public consultation on a new Bonds and Sukuk Regulation.

If approved, it will regulate the long-term debt market in the Sultanate.

It will offer flexibility in structuring diversified financing products such as Green and Sustainable Bonds and Sukuk and Waqf Sukuk. It will also provide for special types of bonds and Sukuk customised to the financing needs of an investor and an issuer of a security.

These green products will improve green and sustainable financing in line with green and sustainable financing requirements approved by the Authority’s Board of Directors.

It also includes a chapter on disclosure rules, specifically disclosures related to green and sustainable bonds and sukuk. An issuer will have to implement the rules and terms and conditions of these disclosures to improve the integrity of the capital market and encourage conventional investors and those interested in sustainability issues to invest in these securities.
Along with the issuing of the Commercial Companies Law (Oman Sultani Decree No. 18/2019) and the Securities Law (Oman Sultani Decree No. 46/2022), the Bonds and Sukuk Regulation has been proposed to bring the national market into line with the latest global practices and standards.
It will enable debt instruments to be designed to be one of the main financing options to provide an appropriate investment environment and allow additional alternative instruments for local and foreign investors.

It has been proposed in line with three strategic objectives. The first is related to providing resilient and innovative financial instruments. The second is related to issuing flexible legislation and the third is the sustainable usage and investment of resources and natural wealth.

The Regulation has been proposed to encourage innovative and diversified financing products in line with the nature of financing needs of projects.

The Regulation will also allow conventional bonds and Sukuk to be issued.

The Regulation will incentivise Waqf Sukuk to help the development of the Waqf sector, specifically in terms of activating monetary Waqf and development of Waqf institutions, be they civil or charity institutions too.

The aim is to expand the base of subscribers and participants in Waqf activity.

Bonds and Sukuk can be issued in Oman in any convertible currency and the Authority will accept prospectuses in English for private placement.

The Regulations also contain provisions on special purpose companies, financial trusts, Sharia compliance, agents of beneficiaries or issuers, and general meetings.

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Oman: Biosignatures Law Issued

Oman Daily Observer, 26 March 2024: Oman’s Sultan has issued Oman Sultani Decree No. 21/2024 approving the Biosignatures Law.

They issued the Decree after presenting it to the Council of Oman.

The Inspector General of Police and Customs will be responsible for issuing the Implementing Regulations to the Law.

Anything which contravenes or contradicts the Law is repealed.

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

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Oman: Financial Services Authority to be Established

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.

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Oman: New Building Codes to be Drafted

Oman Daily Observer, 11 March 2024: Oman’s Housing and Urban Planning Ministry has signed a cooperation agreement with the International Code Council to draft new building codes in the Sultanate.

Under the agreement, six comprehensive building codes will be drafted. They will be drafted to take national considerations into account.

They will cover safety standards, sustainability, and technology integration and will be drafted by 2026.

They will also be based on the 2021 and 2024 International Codes.

The aim is to improve building safety and construction standards in the country.

It was signed for Oman’s Housing and Urban Planning Ministry by its Housing and Urban Planning Minister, Dr Khalfan bin Said al Shueili and for the International Code Council by its Senior Vice President of Global Operations and Solutions, Judy Zakreski.

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