FSA To Enhance Independence And Integrity Of Oman's Financial Sector

Business

Muscat: In a press conference held on Sunday, the Financial Services Authority (FSA) emphasized that its establishment would serve as a safeguard for the integrity and independence of Oman's financial sector. The FSA also highlighted that the Royal Decree No. 20/2024 has expanded its mission, enabling it to oversee accounting and auditing procedures, as well as the operations of the capital market and insurance sectors.

According to the FSA's statement, the new system will act as a reference law for all sectors under its supervision, paving the way for the implementation of regulations that will bring about structural and operational benefits. The structural benefits include integrating the financial sector into the national decision-making system, which will enhance the Authority's role in creating an investment-friendly environment, promoting economic diversification, encouraging investment, supporting the private sector, fostering employment opportunities, and expanding international cooperation.

On the other hand, the operational benefits focus on the FSA's regulatory and supervisory responsibilities. This includes the development of national human resources and specialized professionals, empowering young individuals to contribute to this promising sector.

The FSA was created to enhance the efficiency of high-level decision-making processes, according to the statement. It emphasized the advantages of the FSA being directly linked to the Council of Ministers.

The statement mentioned that the FSA's board could establish advisory committees, either permanent or temporary, to promote collaboration between the FSA and other organizations. This approach would allow the FSA to play a more active role in supporting national priorities and sustainable development initiatives.

 

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