Muscat: His Majesty Sultan Haitham Bin Tarik on Wednesday issued a Royal decree reading as follows:
Royal Decree No 5/2021 on converting Muscat Securities Market (MSM) into a closed joint stock company under the name “Muscat Bourse Company SAOG”.
Article (1) states that, by virtue of provisions of this decree, an Omani closed joint stock company shall be founded under the name “Muscat Bourse Company SAOG” and that its ownership shall be transferred to Oman Investment Authority.
Article (2) states that all the allocations, origins, rights, obligations, assets and registers of Muscat Securities Market (MSM) shall be transferred to Muscat Bourse Company SAOG.
Article (3) transfers the employees of MSM to Muscat Bourse Company SAOG, in line with provisions of the Privatization Law promulgated under Royal Decree 51/2019.
Article (4) transfers all specializations of Muscat Securities Market stated in the Capital Market Law (promulgated under Royal Decree No 80/98) shall be transferred to Muscat Bourse Company SAOG, without prejudice to this company’s objectives stated in its Articles of Association.
Article (5) stipulates that Muscat Bourse Company SAOG shall practice all its activities within the framework of the Capital Market Law and thereby comes under the monitoring and supervision of the Capital Market Authority (CMA).
It also states that Muscat Bourse Company SAOG may issue all regulations and decisions necessary for practicing its specializations, achieving its objectives and specifying fees against the services that it offers, after the approval of the CMA. Till such time, the regulations and laws in force shall continue to be implemented without prejudice to the provisions of this decree.
Article (6) states that the Capital Market Authority shall determine the general policy governing Muscat Bourse Company SAOG and shall issue regulations and laws regulating licenses necessary to be granted to the company so that it could practice its activities, as well as fees that it needs to pay to the CMA.
Article (7) states that the Board of Directors of Muscat Bourse Company SAOG shall be formed in accordance with the company’s Articles of Association and that the CMA may object to the decision of appointing a Board of Directors within a period of 15 days from the date the CMA is notified of such a decision.
Article (8) states that Muscat Bourse Company SAOG must obtain the approval of the CMA prior to appointing a Chief Executive Officer for the company and employees for the top management of the company.
Article (9) instructs Oman Investment Authority to draft a contract of foundation of Muscat Bourse Company SAOG and its Articles of Association and to finalize its registration procedures in accordance with provisions of the Commercial Companies Law (promulgated under Royal Decree No 18/2019) before the date of enforcement of this law.
Article (10) cancels Muscat Securities Market (MSM), as well as all that contradicts this decree or contravenes its provisions.
Article (11) says that this decree shall be published in the Official Gazette and enforced after 90 days from its date of publication. --ONA
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