His Majesty Sultan Haitham issues Royal Decree to transfer Muscat Securities Market

Muscat: His Majesty Sultan Haitham bin Tarik, issued a Royal Decree No. 5/2021 AD regarding the transfer of the Muscat Securities Market to a closed Omani joint stock company in the name of the Muscat Stock Exchange Company SAOC.

After reviewing the Basic Law of the State and based on the requirements of the public interest, below are the following

Article one

Pursuant to the provisions of this Decree,  closed Omani joint stock company shall be established in the name of the Muscat Stock Exchange Company SAOC.. Its ownership shall devolve to the Oman Investment Authority.

Article two

All provisions, assets, rights, liabilities, assets and records of the Muscat Securities Market shall devolve to the Muscat Stock Exchange Company SAOC.

Article Three

The Muscat Securities Market employees shall be transferred to the Muscat Company, Muscat Stock Exchange, in accordance with the provisions of the aforementioned Privatization Law.

Article Four

All the competencies of the Muscat Securities Market stipulated in the aforementioned Capital Market Law shall be transferred to the Muscat Stock Exchange Company SAOC in a manner that does not conflict with the objectives of that company stipulated in its articles of association.

Article fifth

The Muscat Stock Exchange Company SAOC carries out all its activities within the framework of the provisions of the Capital Market Law and is subject to the supervision and supervision of the Capital Market Authority in this regard. Fees in exchange for the services it provides, after the approval of the Capital Market Authority and until those regulations and decisions are issued, the regulations and decisions in force shall continue to be enforced in a manner that does not conflict with the provisions of this decree

Article Six

The Capital Market Authority determines the general policy that the Muscat Stock Exchange Company SAOC must adhere to and issues regulations and decisions regulating the licenses that must be granted to the company to carry out its activities and the fees that it must pay to the Authority

Article Seven

The board of directors of the Muscat Stock Exchange Company SAOC shall be formed in accordance with its articles of association, and the Capital Market Authority may object to the decision to appoint the Board of Directors within 15 days from the date of its notification of the decision

Article Eight

The Muscat Stock Exchange Company SAOC must obtain the approval of the Capital Market Authority before appointing both the CEO of the company and those working in its senior management.

Article Nine

The Oman Investment Authority shall prepare the Memorandum of Association of the Muscat Stock Exchange Company SAOC and its articles of association and end its registration procedures in accordance with the provisions of the aforementioned Companies Law, prior to the effective date of this decree

Article Tenth

The Muscat Securities Market shall be canceled as well as all that contradicts this decree or contravenes its provisions

Article Eleventh

This decree shall be published in the official gazette and enforced after 90 days have passed from the date of its publication

more recommended stories

Terms of Use:

  • This website Arabian Daily is an individual’s property, not used for any commercial or sales purposes. What you see here are one’s random thoughts in action. I, by no means, endorse any product or party through this, unless stated explicitly.
  • All work you will find here is copyrighted unless stated otherwise. No part of this work can be reproduced in any way with the exception of a) if you share our work, it should link back to this website; b) if you quote any part of our work, it should be properly credited to us with a link to this website.
  • All images used on this website have been taken from open source image websites on the Internet. If any of them are copyrighted to you and you want us to take them down or add credits, please feel free to contact us here, or by using the contact form on this page.
  • The views expressed on Arabian Daily are solely ours. They do not represent any party or any particular school of thought. This website does not promote racism in any form.
  • Privacy Policy:
    This website will respect the readers’ and the writer’s privacy. We do not sell any of their personal or contact information to another company. We do not put your information on spam lists. Also, and more importantly, we are not responsible for the privacy practices of any of our advertisers or website commenters.
  • Reserve Rights: We reserve the right to change the focus on this website, to shut it down, sell it or to change the terms of use at our own discretion.