Oman: Notary Public Law Amended

Atheer, 28 June 2022: Oman’s Sultan has issued four Sultani Decrees, including Oman Sultani Decree No. 53/2022, on the General Authority for Special Economic Zones and Free Zones and the Public Establishment for Industrial Estates.

Under Article 1, the Public Establishment for Industrial Estates will be transferred to the General Authority for Special Economic Zones and Free Zones. The Public Establishment for Industrial Estates will exercise the competencies related to the operation of industrial zones.

The Chairman of the Board of Directors of the General Authority for Special Economic Zones and Free Zones will issue the necessary decisions to implement the Decree. Anything which contradicts or contravenes it will be repealed. It will be published in the Official Gazette and come into force on the day it is published.

They also issued Oman Sultani Decree No. 51/2022 amending the Notary Public Law. Anything which contradicts or contravenes it will be repealed. It will be published in the Official Gazette and come into force on the day after it is published.

In addition, they issued Oman Sultani Decree No. 52/2022 amending the Documents and Archives Law. Anything which contradicts or contravenes it will be repealed. It will be published in the Official Gazette and come into force on the day after it is published.

Finally, they issued Oman Sultani Decree No. 54/2022 establishing the National Natural Park Reserve in the Musandam Governorate. A Natural National Park in Musandam Governorate will be established and the specified area and map will be allocated to it. Anything which contradicts or contravenes it will be repealed. It will be published in the Official Gazette and come into force on the day after it is published.

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Oman: Details of Securities Law Published

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.

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Oman: New Regulations on Car Shades

Oman Daily Observer, 14 June 2022: The Minister of State and Governor of Muscat has issued Resolution No. 134/2022 regulating parking shades outside residential buildings in the Governate.

The new regulations will come into effect as soon as they are published in the Official Gazette. They are based on Oman Sultani Decree No. 101/2020 and Oman Local Order No. 23/1992. They state that vehicle shades cannot be erected outside the boundaries of a residential building without first obtaining permission from the civic authority. Vehicle shades cannot be erected at all outside residential buildings in certain areas including the Al Sarooj area or streets specified in Annex 1 to the regulation or main streets of over 30 meters or double streets. They can only be erected if they leave a distance of at least one meter between the edge of the shade and the street. In addition, the height of the canopy should not exceed 2.4 meters from the lowest part of the interior of the canopy to the parking floor or 3m to the highest part of the canopy.

The Regulations also specify the material canopies should be made from and their colours.

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Oman: Mining Law Executive Regulations Amended

Atheer, 5 June 2022: The Minister of Energy and Minerals has issued Oman Ministerial Resolution No. 42/2022 amending some provisions of the Executive Regulations of the Mining Law.

Under article 2, everything that contradicts the attached amendments, or contradicts their provision will be cancelled.

The decision was based on the Mineral Resources Law issued by Oman Sultani Decree No. 19/2019, and Oman Sultani Decree No. 96/2020 amending the name of the Ministry of Oil and Gas to the Ministry of Energy and Minerals, defining its terms of reference and approving its organisational structure. The executive regulations of the mining law were issued by Oman Ministerial Resolution No. 77/2010.

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Oman: New Visa Fees Come Into Force

Oman Daily Observer, 1 June 2022: Revised fees for the renewal and issue of expatriate work permits come into force in Oman on 1 June 2022.

However, the Ministry of Labour has waived delay penalties for the renewal of work permits from 1 June 2022 as long as permits are renewed by 1 September 2022. In addition, a 30% discount is being offered to companies which follow required Omanisation levels.

The Commercial Fees which are 201-301 Rials will vary with the type of employee. A rate of 301 Rials is payable for senior and supervisory professions which includes specialists and consultants with a rate of 201 Rials available where Omanisation levels are followed. For technical and specialist jobs the rate will be 201 Rials (or 176 Rials when Omanisation levels are followed). In the case of unskilled workers the rate will be 201 Rials discounted to 141 Rials when Omanisation levels are followed.

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Oman: Flexible Working System Clarified

Atheer, 12 May 2022: Oman’s Labour Ministry has issued Oman Circular No. 5/2022 regarding the flexible working system in units in the State’s administrative apparatus which apply the Civil Service Law and its Implementing Regulations.

The Circular has been issued to implement the Sultan’s directives to apply the flexible working system in these units.

Employees must work seven consecutive hours a day.

The working hours will be between 7.30am and 4.30pm, provided they are calculated from the time they come to work until they leave.

Units which provide direct services to the public will announce the working hours allocated for providing these services, so the total of those hours will not be less than seven hours a day.

Each unit, together with its employees, manages and organises their daily working hours in a way which does not affect the completion of their work and tasks and the provision of services to the public and beneficiaries, or their connection to the dates of meetings, seminars, workshops or training programmes scheduled for them.

The flexible working system will be implemented from the day after the Circular was issued. For full story, click here.

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Oman: New Banking Consumer Protection Guidelines

Oman Observer, 28 April 2022: The Central Bank of Oman (CBO) has issued a Financial Consumer Protection Regulatory Framework for licensed banks, and Finance and Leasing Companies (FLCs), in Oman.

The Framework follows the Central Bank’s strategy to protect customers and help support the economy and financial inclusion. It aims to ensure customers have access to financial services and help build consumer confidence in the sector. The framework covers five areas which are disclosure and transparency, fair treatment and business conduct, data protection and privacy, provision of dispute resolution mechanisms and provision of financial education and financial capability.

It covers the format and manner of disclosures in advertising and sales materials, disclosure of terms and conditions as well as requiring information on product risks, conflict of interests and key fact statements.

Contract notes and statements and notifications of changes in rates and terms and conditions are also covered. There are also requirements governing unfair terms and conditions, unfair practices, sales practices and considerations of product suitability.

In addition, customer data must be lawfully collected and used, and held securely. Internal complaints handling is also covered.

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Oman: Grace Period for Expatriate Work Permits Extended

Times of Oman, 1 April 2022: Oman’s Labour Ministry has announced the grace period for expatiate work permits has been extended.

They were due to expire on 31 March 2022.

They will now expire on 30 June 2022.

The grace period has been extended because of the ongoing fallout of the Coronavirus pandemic.

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Oman: Amendments to Implementing Regulations to Foreign Capital Investment Law Approved

Times of Oman, 4 April 2022: Oman’s Commerce, Industry and Investment Promotion Ministry has announced they have approved amendments to the Implementing Regulations to the Sultanate’s Foreign Capital Investment Law.

They have issued Oman Ministerial Decision No. 306/2022 to this effect.

Under the amendments, individuals, institutions and companies from inside or outside Oman can market investment opportunities in the country.

Article 1 of Oman Ministerial Decision No. 306/2022, states Article 5 of Oman Ministerial Decision No. 72/2020 will be amended to read ‘The Ministry may give licence to individuals, institutions and companies from inside or outside the Sultanate of Oman to market investment opportunities, attract investors and encourage them to invest in the Sultanate of Oman, in accordance with the rules to be determined by a decision of the Minister’.

It goes on to state Article 7 of Oman Ministerial Decision No. 72/2020 will be amended to read ‘The foreign investor or his representative may entrust one of the offices licenced by the Ministry to examine the investment licence application, and the requests for obtaining approvals, permits or licences necessary to establish the investment project, to indicate the extent to which they fulfil all the conditions and requirements legally prescribed for issuance. A certificate is issued to that by the office, which is valid and acceptable to the centre for a period of six months from the date of its issuance. However, the centre has the right to object to what is stated in this certificate, within 10 days from the date of its submission, and the objection must be justified’.

These offices may submit these applications to the Centre on the investor’s behalf and follow up on their completion.

A separate Ministerial Decision will be issued to specify the conditions and procedures for licensing these applications’ approval and their work mechanism as well as determining their obligations. Also reported in Atheer on 3 April 2022. For full story, click here.

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Oman: New Al Buraimi Economic Zone to be Established

Times of Oman, 1 April 2022: Oman’s Labour Ministry has announced the grace period for expatiate work permits has been extended.

They were due to expire on 31 March 2022.

They will now expire on 30 June 2022.

The grace period has been extended because of the ongoing fallout of the Coronavirus pandemic.

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