Oman Establishes Financial Services Authority in Place of Capital Market Authority

In a major development for Oman’s financial sector, the Financial Services Authority (FSA) has been established by Royal Decree 20 of 2024, replacing the Capital Market Authority (CMA). The new authority will assume the responsibilities and powers previously held by the CMA, with its headquarters based in the Governorate of Muscat.

Key Changes

All assets, rights, obligations, holdings, and employees of the CMA have been transferred to the FSA.
The phrase “Capital Market Authority” has been replaced by “Financial Services Authority” throughout various laws.
The FSA has taken over the regulation of the accounting and auditing profession from the Ministry of Commerce, Industry, and Investment Promotion.

New Regulatory Framework

The system governing the FSA’s functions is yet to be published. However, it is expected that the Chairman of the Board of Directors will issue regulations and decisions to implement the new framework. Until then, existing laws and regulations will continue to operate as they do not contradict the FSA Law.

Impact on Stakeholders

This change affects all stakeholders who have dealings with the CMA or are involved in regulated activities, including:

Accounting and auditing professionals
Firms involved in regulated activities
Local and foreign clients seeking advice on securities law, capital markets law, and capital market regulations

Expertise at Al Tamimi and Companies

Al Tamimi and Companies’ Banking and Finance Team has extensive experience dealing with matters governed by the FSA (previously the CMA). Our team advises local and foreign clients on securities law, capital markets law, and capital market regulations. We are well-positioned to assist stakeholders navigate this significant change and ensure a smooth transition.