Royal Decree 20/2024, creating the Financial Services Authority, making a major move to strengthen financial regulation Published on March 25, 2024, this historic edict represents a turning point in Oman’s financial history.
With its legal identity and its financial and administrative independence, the Financial Services Authority is expected to be a key player in the supervision and control of financial services throughout the Sultanate. The authority, which reports to the Council of Ministers, is tasked with enforcing the rules specified in the system
Assets, rights, and obligations of the Capital Market Authority are transferred to the Financial Services Authority, ensuring a seamless transition of regulatory responsibilities.
The authority is empowered to issue necessary regulations and decisions to enforce the provisions.
Regulatory oversight of the accounting and auditing profession is transferred from the Ministry of Commerce, Industry, and Investment Promotion to the Financial Services Authority.
The Financial Services Authority is used in place of the Capital Market Authority in reference to current laws and royal decrees to reflect the change.
With the issuance of this decree, Oman’s regulatory framework will now be strategically aligned with worldwide standards and best practices in financial governance. It emphasises how dedicated the government is to building a stable and open financial system that supports long-term economic expansion.
With the establishment of the Financial Services Authority, Oman is poised to strengthen investor confidence, enhance market integrity, and promote the stability of its financial sector.
The decree will take effect right away upon issuance and be published in the Official Gazette. Stakeholders can expect a time of adaptation and cooperation as Oman sets out on this revolutionary journey in financial regulation to guarantee the successful implementation of the new framework.
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