Oman's Royal Decrees Pave the Way for Legal, Educational, and Financial Advancements

Oman, 26 March, 2024 :  In a series of significant developments, His Majesty Sultan Haitham bin Tariq has issued three Royal Decrees aimed at enhancing various sectors within the Sultanate of Oman.

Royal Decree No. 18/2024: Amendment to the Criminal Procedures Law

The amendment seeks to strengthen the legal framework, ensure justice, and improve the efficiency of the judicial system.

Royal Decree No. 19/2024: Promulgation of Sultan Qaboos University System

This decree underscores the Sultanate's commitment to academic excellence, research, and intellectual advancement.

Royal Decree No. 20/2024: Establishment of the Financial Services Authority

1. Enhanced Financial Regulation: The Financial Services Authority will oversee and regulate various aspects of the financial sector, including banking, insurance, capital markets, and non-banking financial institutions. By implementing robust regulatory frameworks, the Authority aims to ensure the stability, integrity, and soundness of Oman's financial system.

2. Promotion of Transparency: Transparency is paramount in maintaining trust and credibility within financial markets. The Authority will work towards increasing transparency by enforcing reporting standards, disclosure requirements, and governance practices across financial institutions. This initiative aims to provide stakeholders, investors, and the public with accurate and timely information to make informed decisions.

3. Fostering Investor Confidence: Building investor confidence is crucial for attracting domestic and foreign investments. The Financial Services Authority will create a conducive environment for investment by implementing investor protection measures, enhancing regulatory compliance, and enforcing ethical conduct within the financial industry. These efforts are geared towards instilling trust and confidence in Oman's financial markets.

4. Regulatory Oversight and Enforcement: The Authority will have the mandate to conduct regulatory oversight, monitoring, and supervision of financial institutions to ensure compliance with laws, regulations, and best practices. Additionally, it will have enforcement powers to address misconduct, fraud, and malpractices, thus maintaining the integrity and credibility of Oman's financial sector.

5. Collaboration and Cooperation: The Financial Services Authority will collaborate with domestic and international stakeholders, regulatory bodies, and industry experts to exchange knowledge, best practices, and regulatory insights. This collaborative approach aims to strengthen the effectiveness of financial regulation, promote innovation, and facilitate cross-border financial activities.