We, Haitham bin Tarik, the Sultan of Oman
after perusal of the Basic Statute of the State,
Royal Decree 33/74 regarding Companies Established by Royal Decree,
the Capital Market Law promulgated by Royal Decree 80/98,
the Commercial Companies Law promulgated by Royal Decree 18/2019,
and the Privatisation Law promulgated by Royal Decree 51/2019,
and in pursuance of public interest,
have decreed as follows
Article I
A closed Omani joint stock company is hereby established by virtue of the provisions of this decree named Muscat Stock Exchange SAOC, owned by the Oman Investment Authority.
Article II
All allocations, assets, rights, obligations, holdings, and records of the Muscat Securities Market are hereby transferred to the Muscat Stock Exchange SAOC.
Article III
The employees of the Muscat Securities Market are hereby transferred to the Muscat Stock Exchange SAOC in accordance with the provisions of the aforementioned Privatisation Law.
Article IV
All competences of the Muscat Securities Market stipulated in the aforementioned Capital Market Law are hereby transferred to the Muscat Stock Exchange SAOC, provided that they do not contradict with the objectives of the company stipulated in its articles of association.
Article V
Muscat Stock Exchange SAOC shall undertake all its activities within the framework of the provisions of the Capital Market Law and shall be subject to the oversight and supervision of the Capital Market Authority. Muscat Stock Exchange SAOC shall issue all necessary regulations and decisions to exercise its competences and achieve its objectives and specify the fees for the services it provides, after the approval of the Capital Market Authority, and until those regulations and decisions are issued, the regulations and decisions in force shall continue to operate to the degree that they do not contradict with the provisions of this decree.
Article VI
The Capital Market Authority shall specify the general policy that Muscat Stock Exchange SAOC must adhere to. It shall also issue the regulations and decisions governing the licences granted to the company to undertake its activities, as well as the fees that it must pay to the authority.
Article VII
The Board of Directors of Muscat Stock Exchange SAOC shall be formed in accordance with its articles of association, and the Capital Market Authority may object to the decision appointing the board of directors within 15 (fifteen) days from the date it is notified of the decision.
Article VIII
Muscat Stock Exchange SAOC shall obtain the approval of the Capital Market Authority before appointing each of the chief executive officer of the company and the senior management employees.
Article IX
Oman Investment Authority shall draft the constitutive contract of Muscat Stock Exchange SAOC and its articles of association and complete its registration procedures in accordance with the provisions of the aforementioned Commercial Companies Law, prior to the date of the entry into force of this decree.
Article X
Muscat Securities Market is hereby abolished, and all that is contrary to this decree or in conflict with its provisions is hereby repealed.
Article XI
This decree shall be published in the Official Gazette, and comes into force after the lapse of 90 (ninety) days from the date of its publication.
Issued on: 21 Jumada Al-Awwal 1442
Corresponding to: 5 January 2021
Haitham bin Tarik
Sultan of Oman
Published in Official Gazette 1374 issued on 10 January 2021.