MUSCAT : His Majesty Sultan Haitham bin Tarik issued Royal Decree No. 20/2024 to establish the Financial Services Authority and promulgate its system.
According to Article 1 of the decree, Financial Services Authority shall have legal personality, financial, and administrative independence. The Financial Services Authority shall report to the Council of Ministers.
Article 3 of the decree stipulates that all allocations, origins, rights, obligations and assets of the Capital Market Authority shall be transferred to the Financial Services Authority, and that all employees of the Capital Market Authority shall be transferred to the Financial Services Authority, along with their financial grades.
Read More
- Oman, Iran agree framework for safe shipping corridor through Strait of Hormuz
- Thunderstorms, strong downdraft winds sweep parts of Oman
- Saudi Crown Prince sends written message to His Majesty Sultan Haitham
- Oman FM arrives in Tehran, discusses safe passage of ships through Strait of Hormuz
- CPA seizes 1,668 soft drinks, 177 expired juice cans in Oman
Article 7 replaces the phrase “Capital Market Authority”, wherever quoted in laws, and Royal decrees with the phrase “Financial Services Authority”. Also, the phrases “Chairman of the Board of Directors of the Capital Market Authority” and “Chief Executive Officer of the Capital Market Authority” shall be replaced, wherever quoted in laws and Royal decrees with the phrases “Chairman of Board of Directors of the Financial Services Authority” and “Chief Executive Officer of the Financial Services Authority”.
For all the latest news from Oman and GCC, follow us on Twitter, Instagram and LinkedIn, like us on Facebook and subscribe to our YouTube page, which is updated daily.
