HM issues three Royal Decrees

Muscat: His Majesty Sultan Haitham bin Tarik on Monday issued three Royal decrees reading as follows:

Royal decree No (18/2024) amends the Criminal Procedures Law.

Article (1) states that the attached amendment shall be made to the Criminal Procedures Law.

Article (2) says that this Royal decree shall be published in the Official Gazette and enforced from the day following its date of publishing.

Royal decree No (19/2024) promulgates the Sultan Qaboos University System.

Article (1) states that the provisions of Sultan Qaboos University System attached to this decree shall be enforced.

Article (2) says that the Vice Chancellor of Sultan Qaboos University shall issue necessary regulations and decisions to implement the provisions of the attached System. Till such time, the existing regulations and decisions shall continue to be enforced without prejudice to the provisions of the System attached to this decree.

Article (3) cancels Sultan Qaboos University Law issued by Royal decree No 71/2006. It also cancels all that contradicts the System attached to this decree or contravenes its provisions.

Article (4) says that this Royal decree shall be published in the Official Gazette and enforced from the day following its date of publishing.

Royal Decree No 20/2024 establishes the Financial Services Authority and promulgates its system.

Article (1) stipulates that an authority named the “Financial Services Authority” shall be established and that it shall have legal personality, financial and administrative independence. The Financial Services Authority shall report to the Council of Ministers and it shall be governed by the provisions of the System attached to this decree.

Article (2) states that the Financial Services Authority shall have its headquarters in the Governorate of Muscat and that, by virtue of a decision from the Authority’s board of directors, the Authority may establish branches in other governorates.

Article (3) stipulates that all allocations, origins, rights, obligations and assets of the Capital Market Authority shall be transferred to the Financial Services Authority, and that all employees of the Capital Market Authority shall be transferred to the Financial Services Authority, along with their financial grades.

Article (4) instructs the Chairman of Board of Directors of the Financial Services Authority to issue the regulations and decisions necessary for the implementation of provisions of the System attached. It states that, till such time, the current laws, regulations and decisions shall continue to be applied without prejudice to the provisions of the System attached.

Article (5) states that the specialty of regulating the profession of accounting and auditing shall be transferred from the “Ministry of Commerce, Industry and Investment Promotion” to the “Financial Services Authority”.

Article (6) states that the phrase “Financial Services Authority” shall replace the phrases “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”—wherever quoted in the Law Regulating the Profession of Accounting and Auditing issued pursuant to Royal Decree No 77/86.

Also, the phrase “Minister of Commerce, Industry and Investment Promotion”, wherever quoted in the aforementioned Law Regulating the Profession of Accounting and Auditing shall be replaced by the phrase “Chief Executive Officer of the Financial Services Authority”.

The board of directors of the Financial Services Authority shall undertake to structure the Committee referred to in Article (24) of the Law Regulating the Profession of Accounting and Auditing, provided that the committee shall have two or more accountants as members.

Article (7) replaces the phrase “Capital Market Authority”, wherever quoted in laws and Royal decrees with the phrase “Financial Services Authority”. Also, the phrases “Chairman of the Board of Directors of the Capital Market Authority” and “Chief Executive Officer of the Capital Market Authority” shall be replaced, wherever quoted in laws and Royal decrees with the phrases “Chairman of Board of Directors of the Financial Services Authority” and “Chief Executive Officer of the Financial Services Authority”.

Article (8) cancels all that contradicts this decree or the System attached to this decree or contravenes their provisions.

Article (9) says that this decree shall be published in the Official Gazette and enforced on its date of issue.