Muscat – “The Financial Services Authority has issued administrative decision revoking the license of Trust Fund Management Company (LLC) for failing to file audited financial statements for the years 2023 and 2024 and failing to file audited capital adequacy reports in breach of Articles 168 and 168.b of the Executive Regulation of the Capital Market Law issued by Decision No. 1/2009,” stated an announcement from the FSA.

These regulations require licensed companies to prepare and file unaudited quarterly financial statements within 30 days from the end of each financial quarter, or 45 days in the case of companies with subsidiaries. Furthermore, companies must submit audited annual financial statements within two months after the end of the financial year, or at least 14 days prior to the general meeting in the case of public joint stock companies.

In addition, the company failed to rectify its position during a previously imposed three-month activity suspension, granted under Decision No. 4/2024, which had been intended to give the company an opportunity to comply with legal requirements.

Article 168.b of the regulations further mandates that companies must submit audited capital adequacy reports within the same timeframe as the financial statements. These reports, prepared in accordance with standards issued by the FSA, must include an external auditor’s opinion on whether the company’s systems ensure that capital adequacy levels remain above the minimum required threshold.

The FSA emphasised that the revocation reflects its firm commitment to enforcing transparency, good governance, and investor protection. It reiterated its intention to continue applying the highest standards of oversight and called on all licensed companies to fully comply with regulatory requirements. The Authority stated that any violations threatening market stability or consumer rights will be met with decisive regulatory action.