In a significant move to support Oman's financial outlook, the recent issuance of the Royal Decree 20/2024 establishing the Financial Services Authority marks a pivotal role in the country's regulatory framework. With its extensive mandates, the Authority redefined the structure of Oman's financial sector.
Financial Governance
At the core of the Royal Decree, the Financial Services Authority regulates and supervises various financial sectors comprehensively. From capital markets to insurance companies, and commodity trading to credit rating agencies, the Authority's jurisdiction spans across various segments of Oman's financial system. By ensuring the stability of these sectors, the Authority sets the stage for growth and investor confidence.
A Commitment to Excellence
The decree initiates a commitment to excellence, evident in the Authority's role in drafting and implementing legislative frameworks and regulations. This includes laws, royal decrees, regulations, and decisions pertinent to its jurisdiction. Such implementation not only safeguards against potential risks but also adopts a responsible financial practice.
Innovation and Development
The Financial Services Authority isn't merely a regulator, it's a promoter of innovation and development. The operational national boards defined that the Financial Services Authority's main office will be in Muscat, with the ability to set up branches in other governorates as approved by its board of directors.
Partner in Progress
Crucially, the Authority isn't operating in isolation. Through active engagement with international federations, organizations, and forums, it leverages global expertise to enrich its regulatory framework. By participating in conferences, seminars, and events, the Authority not only shares insights but also positions Oman as a collaborative partner on the global financial stage.
Conclusion
The establishment of the Financial Services Authority signals a new chapter in its financial narrative. With a mandate to regulate, innovate, and collaborate, the Authority is prepared to frame Oman towards a better future.
Originally published April 4, 2024
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