Muscat: On Monday, His Majesty Sultan Haitham bin Tarik issued three Royal decrees. Royal decree No (18/2024) brings amendments to the Criminal Procedures Law. The attached amendment, as stated in Article (1), will be made to the Criminal Procedures Law. Furthermore, Article (2) declares that this Royal decree will be published in the Official Gazette and enforced from the day following its date of publishing.
In addition, Royal decree No (19/2024) promulgates the Sultan Qaboos University System. According to Article (1), the provisions of the Sultan Qaboos University System attached to this decree will be enforced. Moreover, Article (2) mandates the Vice Chancellor of Sultan Qaboos University to issue necessary regulations and decisions for implementing the provisions of the attached System. Until such time, the existing regulations and decisions will continue to be enforced, without prejudice to the provisions of the System attached to this decree.
Lastly, Article (3) revokes the Sultan Qaboos University Law issued by Royal decree No 71/2006. It also nullifies anything that contradicts the System attached to this decree or contravenes its provisions.
Article (4) mandates that this Royal decree must be published in the Official Gazette and enforced starting from the day after its publication date.
Royal Decree No 20/2024 establishes the Financial Services Authority and promulgates its system.
According to Article (1), a body called the "Financial Services Authority" will be established with legal personality and financial and administrative independence. This authority will report to the Council of Ministers and will be governed by the provisions outlined in the attached system.
Article (2) specifies that the headquarters of the Financial Services Authority will be located in the Governorate of Muscat. Additionally, the authority has the ability to establish branches in other governorates through a decision made by its board of directors.
In accordance with Article (3), all allocations, origins, rights, obligations, and assets of the Capital Market Authority will be transferred to the Financial Services Authority. Furthermore, all employees of the Capital Market Authority, along with their financial grades, will also be transferred to the Financial Services Authority.
Article (4) directs the Chairman of the Board of Directors of the Financial Services Authority to issue the necessary regulations and decisions for the implementation of the provisions outlined in the attached system. Until such regulations and decisions are issued, the current laws, regulations, and decisions will continue to be applied without affecting the provisions of the attached system.
Article (5) stipulates that the responsibility of overseeing the profession of accounting and auditing will be shifted from the “Ministry of Commerce, Industry and Investment Promotion” to the “Financial Services Authority”.
Article (6) specifies that the term “Financial Services Authority” will be used instead of “Ministry of Commerce, Industry and Investment Promotion” and “Section of Professions and Crafts at the Department of Corporate Affairs at the Ministry of Commerce, Industry and Investment Promotion”, “Director General of the Directorate General of Commerce”—as mentioned in the Law Regulating the Profession of Accounting and Auditing under Royal Decree No 77/86.
Furthermore, the term “Minister of Commerce, Industry and Investment Promotion” in the Law Regulating the Profession of Accounting and Auditing will be replaced with “Chief Executive Officer of the Financial Services Authority”.
The board of directors of the Financial Services Authority will be responsible for establishing the Committee outlined in Article (24) of the Law Regulating the Profession of Accounting and Auditing, with the requirement that the committee must include two or more accountants as members.
Article (7) mandates the substitution of the term "Capital Market Authority" with "Financial Services Authority" in all instances where it is mentioned in laws and Royal decrees. Additionally, the expressions "Chairman of the Board of Directors of the Capital Market Authority" and "Chief Executive Officer of the Capital Market Authority" shall be replaced with "Chairman of Board of Directors of the Financial Services Authority" and "Chief Executive Officer of the Financial Services Authority" respectively, wherever they are quoted in laws and Royal decrees.
Article (8) nullifies any provisions that contradict this decree or the System attached to it, or that contravene their provisions.
Article (9) stipulates that this decree shall be published in the Official Gazette and enforced from the date of its issuance.
