Saturday, April 13, 2024 | Shawwal 3, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Financial Services Authority takes over mantle from CMA

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Muscat: The Financial Services Authority (FSA), which was established as per the Royal Decree 20/2024 is holding a press conference to give details concerning its role in regulating the financial services sector, including the capital, commodity, and insurance markets, apart from organizing accounting and auditing offices.


The establishment of FSA was aimed at enhancing the integrity and independence of the financial sector in the Sultanate of Oman by expanding its businesses and sectors.


Highlights


Three government companies affiliated with the Oman Investment Authority (OIA) will be offered public subscriptions this year, which will contribute to FSA's plans to transfer the Muscat Stock Exchange to emerging stock exchanges.


FSA will integrate the financial sector into the national decision-making system, strengthening its role in providing the investment environment and boosting the regulatory and supervisory role.


Non-banking financial sectors, insurance sector, credit rating agencies, accounting and auditing offices, commodity and energy markets and its derivatives will come under the purview of FSA.


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Royal Decree


Royal Decree No. 20/2024 stipulates that an authority named the 'Financial Services Authority' shall be established and that it shall have legal personality, and financial and administrative independence.


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


FSA shall have its headquarters in the Governorate of Muscat and, by a decision from the Authority’s board of directors, the Authority may establish branches in other governorates.


All allocations, origins, rights, obligations, and assets of the Capital Market Authority shall be transferred to the Financial Services Authority, and all employees of the Capital Market Authority shall 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 necessary for the implementation of the provisions of the System attached. It states that, till such time, the current laws, regulations, and decisions shall continue to be applied without prejudice to the provisions of the System attached.


The specialty of regulating the profession of accounting and auditing shall be transferred from the “Ministry of Commerce, Industry and Investment Promotion” to the “Financial Services Authority”.


The phrase “Financial Services Authority” shall 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 the Directorate General of Commerce”—wherever quoted in the Law Regulating the Profession of Accounting and Auditing issued under Royal Decree No. 77/86.


The phrase “Minister of Commerce, Industry and Investment Promotion”, wherever quoted in the aforementioned Law Regulating the Profession of Accounting and Auditing shall be replaced by the phrase “Chief Executive Officer of the Financial Services Authority”.


The board of directors of the Financial Services Authority shall undertake to structure the Committee referred to in Article (24) of the Law Regulating the Profession of Accounting and Auditing, provided that the committee shall have two or more accountants as members.


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