We, Haitham bin Tarik, the Sultan of Oman
after perusal of the Basic Statute of the State,
the Law Regulating the Accounting and Auditing Profession promulgated by Royal Decree 77/86,
the Capital Market Law promulgated by Royal Decree 80/98,
and the System of the Administrative Apparatus of the State promulgated by Royal Decree 75/2020,
and in pursuance of public interest,
have decreed as follows
Article I
An authority named the “Financial Services Authority” is hereby established. It shall have legal personality, shall enjoy financial and administrative independence, shall be subordinate to the Council of Ministers, and shall be governed by the provisions of the attached system.
Article II
The headquarters of the Financial Services Authority shall be in the Governorate of Muscat, and it is permitted to establish branches of it in other governorates by a decision by the board of directors of the authority.
Article III
All allocations, assets, rights, obligations, and holdings of the Capital Market Authority are hereby transferred to the Financial Services Authority, and all employees of the Capital Market Authority are hereby transferred to it with their same financial grades.
Article IV
The Chairman of the Board of Directors of the Financial Services Authority shall issue the necessary regulations and decisions to implement the provisions of the attached system, and until they are issued, the existing laws, regulations, and decisions continue to operate to the degree that they do not contradict with its provisions.
Article V
The competence to regulate the accounting and auditing profession is hereby transferred from the Ministry of Commerce, Industry, and Investment Promotion to the Financial Services Authority.
Article VI
The phrases “Ministry of Commerce, Industry, and Investment Promotion,” “Section of Professions and Crafts in the Directorate of Corporate Affairs in the Ministry of Commerce, Industry, and Investment Promotion,” and “Director General of the Directorate General of Commerce,” wherever they occur in the aforementioned Law Regulating the Accounting and Auditing Profession, are hereby replaced with the phrase “Financial Services Authority.”
The phrase “Minister of Commerce, Industry, and Investment Promotion,” wherever it occurs in the aforementioned Law Regulating the Accounting and Auditing Profession, is hereby replaced with the phrase “Executive President of the Financial Services Authority.”
The Board of Directors of the Financial Services Authority shall form the committee referred to in article 24 of the aforementioned Law Regulating the Accounting and Auditing Profession, provided that its membership includes two or more accountants.
Article VII
The phrase “Capital Market Authority” is hereby replaced with the phrase “Financial Services Authority” wherever it occurs in laws and royal decrees. The phrases “Chairman of the Board of Directors of the Capital Market Authority” and “Executive President of the Capital Market Authority” are also hereby replaced with the phrases “Chairman of the Board of Directors of the Financial Services Authority” and “Executive President of the Financial Services Authority” wherever they occur in laws and royal decrees.
Article VIII
All that is contrary to this decree and the attached system, or in conflict with their provisions, is hereby repealed.
Article IX
This decree shall be published in the Official Gazette, and comes into force on the date of its issuance.
Issued on: 14 Ramadan 1445
Corresponding to: 25 March 2024
Haitham bin Tarik
Sultan of Oman
Published in Official Gazette 1539 issued on 31 March 2024.
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