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5 April 20242 minute read

Establishment of new Financial Service Authority

Oman Establishes the Financial Services Authority (FSA) to Enhance Financial Sector Integrity and Independence

Transition from Capital Market Authority to FSA Aims to Strengthen Regulatory Framework and Investor Confidence.

In a landmark move to bolster the independence and integrity of its financial sector, the Sultanate of Oman has announced the establishment of the Financial Services Authority (FSA). This strategic initiative is set to transition all powers, assets, rights, and obligations from the Capital Market Authority to the newly formed FSA, marking a significant milestone in Oman's financial regulatory landscape.

The creation of the FSA signifies Oman's commitment to enhancing its financial services and ensuring a robust, transparent regulatory environment. The Chairman of the Board of Directors of the FSA will be at the forefront of issuing necessary regulations and decisions to implement the provisions of the new FSA law. Until new regulations are established, the existing rules and decisions of the repealed Capital Market Authority will remain in effect.

In addition to its foundational responsibilities, the FSA will assume regulatory authority over the accounting and auditing profession, a role previously managed by the Ministry of Commerce and Investment Promotion. This shift is anticipated to streamline regulatory processes and elevate the standards of financial practices in Oman.

This development is part of Oman's broader efforts to enhance the independence, integrity, and efficiency of its financial sector.