Here is the rewritten article in Markdown format:

Oman’s Financial Sector Gets Major Overhaul as New Regulatory Body Takes Center Stage

In a significant move to reshape the financial landscape in Oman, the Sultanate has established a new regulatory body, the Financial Services Authority (FSA), to replace the Capital Market Authority. This development comes on the back of Royal Decree 20/2024, which came into force on March 25th this year.

Key Changes

• According to Article III of the decree, all assets, rights, obligations and holdings of the Capital Market Authority have been transferred to the FSA.
• Article VII mandates that references to “Capital Market Authority” in other laws and royal decrees be replaced accordingly.
• The Ministry of Commerce, Industry and Investment Promotion’s competencies to regulate the accounting and auditing profession have also been handed over to the FSA.

What’s Next

The implementing regulations for the decree, which outline the FSA’s roles and responsibilities as well as specific details, are expected to be published on March 31st this year. This significant change in Oman’s financial markets is likely to have far-reaching implications for parties engaged in transactions with Omani entities where the Capital Market Authority was previously involved.

The Road Ahead

As the dust settles, it remains to be seen how the FSA will practically operate and whether it will assume a broader supervisory role than its predecessor, potentially extending its oversight to virtual currencies and crypto assets. With local and international experts well-versed in Oman’s financial markets and regulatory framework, we are uniquely positioned to guide clients through this transition.

Get in Touch

For further information on navigating these changes, get in touch with our Oman team today. We’re here to help you understand the implications of this major overhaul and how it may affect your business interests in Oman.