Key changes

• The FSA Law involves the transfer of duties and assets from the Capital Market Authority to the Financial Services Authority, including allocations, rights, obligations, and holdings. It also requires the replacement of references to the CMA with the FSA in laws and decrees. Furthermore, conflicting provisions are nullified by Article 8 to maintain regulatory coherence in the financial sector.
• The FSA Law marks a significant change by transferring regulatory control of the accounting and auditing sector from the Ministry of Commerce, Industry, and Investment Promotion to the FSA. This move empowers the FSA's Board of Directors to create the necessary committee as outlined by the law. The FSA is set to play a crucial role in overseeing these professional sectors, demonstrated by the adjustment of references in laws from the Ministry to the "Financial Services Authority," highlighting its expanded regulatory authority in these areas.
• Despite the enactment of the FSA Law, the implementing regulations outlining the FSA's functions, duties, and operational procedures are yet to be published. During this interim period, the current legal framework and regulations will continue to apply, as long as they align with the FSA Law's provisions. The Chairman of the FSA's Board of Directors is tasked with issuing the required regulations to ensure the effective implementation of the FSA Law.

In summary, the FSA has issued these regulations through public consultation and engagement with stakeholders to address industry requirements and promote a thriving financial landscape. By issuing regulations concerning bonds and sukuk, the FSA is laying a solid groundwork for sustainable progress and advancement in Oman's capital market. This move not only supports Oman in becoming a forward-looking participant in the international financial realm but also contributes to fostering a dynamic and inclusive financial environment within the country.