Oman's FSA: Strengthening Financial Sector Integrity and Independence

Oman, 01 April, 2024 : The establishment of Oman's Financial Services Authority (FSA) aims to bolster the integrity and independence of the country's financial sector, according to a statement released at a press conference in Muscat. Under Royal Decree No. 20/2024, the FSA's mandate has been expanded to include oversight of accounting, auditing procedures, and regulation of the capital market and insurance sectors.

The new system outlined by the FSA serves as a comprehensive regulatory framework for all sectors under its supervision, facilitating the enactment of legislation to ensure structural and operational benefits. Structural benefits include integrating the financial sector into national decision-making processes to foster economic diversification, encourage investment, and promote private sector growth.

Operationally, the FSA will focus on regulatory and supervisory functions, fostering the development of specialized human resources to empower young professionals to contribute to the sector's growth. Measures are also being taken to integrate the FSA into the national decision-making framework, enhancing its role in driving economic development.

The FSA's affiliation with the Council of Ministers streamlines decision-making processes at the highest level, ensuring its alignment with national priorities. Additionally, the FSA's board has the authority to establish advisory committees to facilitate collaboration with other entities, enabling effective contribution to national development priorities and sustainable growth initiatives.

Source : www.timesofoman.com