FSA moves to new premises at Airport Heights
"The move is a strategic step that meets the FSA's needs to enhance the efficiency of institutional performance in line with its roles and tasks in regulating the financial markets and accommodating the expansion of the services it provides under Royal Decree No. (20/2024), which established the FSA and issued its charter," the statement said.
The new building features easy access to its vital location in the heart of the capital, Muscat, just minutes from Muscat International Airport.
The state-of-the-art architectural design meets the FSA's needs to accommodate the growing number of employees. The building also provides a classy work environment that supports innovation within a flexible and stimulating corporate culture that enhances productivity.
The building's design takes into account the visual identity and corporate culture, practical and operational aspects.
The new building, with its unique architectural design, adds to the splendor of the prosperous city of Muscat and enhances its glory.
The new building's design is unique in that it blends seamlessly with the surrounding geographic landscape, which ranges from highlands to lowlands.
Furthermore, the building's design is environmentally friendly and complies with the Green Building Rating Systems at a rate of up to 70%.
It is worth noting that the FSA was established on March 25, 2024, to regulate the financial services sector in the Sultanate of Oman as a step towards expanding and empowering the FSA to carry out its supervisory and regulatory roles, to create a sustainable financial ecosystem.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times of Oman
2 hours ago
- Times of Oman
New regulatory framework unveiled for the Promising Companies Market
Muscat: The Financial Services Authority (FSA), regulator of Oman's capital market and insurance sector, has issued Decision No. 28/2025 to promulgate the Regulation for the Promising Companies Market, following Royal Decree No. 18/2025 establishing a secondary market within the Muscat Stock Exchange under the name 'Promising Companies Market.' This decision comes in line with the Royal Directives to launch the Capital Market Incentive Programme, aimed at enhancing the investment and business environment in the Sultanate of Oman, broadening financing options for companies of all types, strengthening corporate governance and sustainability, improving reliability, upgrading the Muscat Stock Exchange to emerging market status, expanding the investor base, facilitating exits and boosting market liquidity. The regulation forms part of ongoing efforts to strengthen the legislative and regulatory framework of the capital market sector, enhancing the ability of Omani companies to access financing tools and preparing them for gradual integration into the main market through a phased approach. It sets out the procedures and conditions for listing promising companies, enabling start-ups, SMEs, and private and family-owned companies to benefit from a streamlined regulatory environment tailored to their needs, with financing and operational incentives that support sustainability and growth. The regulation provides for two listing options, direct listing and indirect listing. Direct listing allows a company to list without increasing capital or allocating part of its shares via private placement. It requires the company to have achieved net profits over the past three years, an annual revenue growth rate of at least 14.4% during that period, and a minimum of 20 shareholders. Indirect listing involves raising capital or allocating part of the shares through private placement, requiring at least two years of operational and financial performance, offering at least 20% of capital via private placement, and meeting a minimum shareholder threshold. Companies under establishment may list via the indirect route without meeting the two-year performance requirement or providing audited financial statements, provided they comply with other stipulated conditions. The regulation outlines the process for submitting listing applications to the FSA, with a three-working-day review period from the date all requirements are met. If no response is given within this period, the application is deemed approved. The Muscat Stock Exchange may cancel a listing in cases of regulatory breaches, subject to approved guidelines. Trading in the Promising Companies Market is restricted to qualified investors, including licensed securities sector entities, insurance companies, the Social Protection Fund, investment funds, and high-net-worth or financially knowledgeable individuals. Listed companies must comply with periodic financial disclosure requirements, applying the simplified International Financial Reporting Standards for SMEs (IFRS-SME). This includes semi-annual unaudited disclosures within 30 days of the half-year end, and annual audited disclosures within 90 days of the financial year end. They are also subject to disclosure rules for material information under related regulations. The regulation restricts founders from selling their shares for one year from the listing date, with a permitted exit of up to 10% under exchange rules. For companies under establishment, founders may not dispose of their shares until one full financial year after registration, with the FSA able to extend this period. It is accompanied by detailed schedules outlining the service fees related to listing and issuance, reflecting the Authority's approach to simplifying the financial and operational burdens on target companies, and contributing to encouraging their participation in the market and promoting a culture of corporate transformation and financing through the capital market. This regulation represents a significant implementation step in developing the regulatory framework for the Promising Companies Market, translating Royal Decree No. 18/2025 into action, and aligning with national objectives to empower the private sector, support value-added companies, and foster an attractive investment climate that diversifies Oman's economic base.
Observer
3 hours ago
- Observer
FSA appeals against verdict in Sweets of Oman case
MUSCAT: The Financial Services Authority (FSA), regulator of Oman's capital market and insurance sector, has appealed against a Primary Court ruling in Muscat that acquitted three board members of publicly listed Sweets of Oman, while imposing a substantial financial penalty on one board member and several executive management staff in an embezzlement case. The appeal, filed on July 29, 2025, is in response to the ruling of the Primary Court issued on June 30, 2025, in the suit brought against members of the Board of Directors of Sweets of Oman SAOG for their term of office from 2017 to 2019, along with a number of the company's executive employees. The case concerned a criminal matter related to serious violations that caused financial harm to the company and its shareholders, committed by one board member in collaboration with several executive management employees. The Primary Court, in its verdict, ordered certain members of the board and executive management to return an amount of RO 5 million in favor of the company and its shareholders, in addition to bearing court fees and expenses. It, however, acquitted three board members of liability, citing the lack of a causal link between them and the proven damages, as determined in the court's reasoning. This acquittal has now been contested by the Authority through its recent appeal filed recently. The court's ruling followed reports confirming that the company's losses and damages resulted from gross negligence in fulfilling the Board's legal and oversight duties, with major shortcomings in five key areas: failure to oversee bank loans, including obtaining loans without assessing their feasibility or impact and recording them at non-genuine values in the financial statements; approval of financial statements without internal audit review and confirmation of fictitious inventory at a branch; addition of financial assets without legal approval, a board resolution, or clear funding sources; failure to apply policies for writing off doubtful debts under International Accounting Standards; and suspicions of collusion by certain executive employees in inflating revenues and understating liabilities, coupled with the Audit Committee's failure to fulfil its duties in line with corporate governance principles for public joint-stock financial companies. The Authority emphasized that these practices resulted in the presentation of inaccurate and misleading financial data, harming the company's financial position and the interests of its shareholders. This ruling reflects the Omani judiciary's affirmation of the principle of personal liability for members of boards of directors of public joint-stock companies, which does not end with the expiry of their term of office but extends for five years from the date of the act or omission, under Article (18) of the Commercial Companies Law. FSA stressed the necessity for board members to carry out their legal and oversight responsibilities with competence and awareness, ensuring proper guidance of executive management without excessive interference in daily operations or neglect in follow-up and monitoring, thereby safeguarding financial procedures and protecting shareholders' rights. This approach is reinforced by Article (206) of the Commercial Companies Law, which states: 'The members of the Board of Directors shall be jointly liable towards the company, shareholders, and third parties for damages resulting from their joint actions in violation of the law, actions exceeding their powers, or any fraud, forgery, or error they commit during the performance of their duties, as well as for failing to act with the care of a prudent person under given circumstances.' It is noteworthy that the ruling was issued after the court merged two lawsuits filed against the company's board members and certain executive employees. The Financial Services Authority filed the first lawsuit in December 2022, followed by a second lawsuit filed by several major shareholders in July 2023. The Authority reaffirms its full commitment to promoting the principles of governance, transparency, and accountability, and to exercising its regulatory role in monitoring compliance by companies under its supervision and their boards of directors with applicable laws and regulations, based on the powers granted to it under the Commercial Companies Law No. (18/2019), including Article (207). It also calls on all parties to strictly comply with the applicable laws and regulations, and to refrain from any practices that could undermine the integrity and efficiency of markets or harm the rights of shareholders and investors. Caption:
Times of Oman
9 hours ago
- Times of Oman
FSA appeals ruling acquitting some board members in Sweets of Oman suit
Muscat, Oman - The Financial Services Authority (FSA), regulator of Oman's capital market and insurance sector, has announced that it has appealed a Primary Court ruling in Muscat that effectively acquitted three board members of publicly listed Sweets of Oman SAOG, while imposing a substantial financial penalty on one board member and several executive management staff in an embezzlement case. The appeal, filed on 29 July 2025, is in response to the ruling of the Primary Court issued on 30 June 2025 in the suit brought against members of the Board of Directors of Sweets of Oman SAOG for their term of office from 2017 to 2019, along with a number of the company's executive employees. The case concerned a criminal matter related to serious violations that caused financial harm to the company and its shareholders, committed by one board member in collaboration with several executive management employees. The Primary Court, in its verdict, ordered certain members of the board and executive management to return an amount of OMR 5 million in favor of the company and its shareholders, in addition to bearing court fees and expenses. It however acquitted three board members from liability, citing the lack of a causal link between them and the proven damages, as determined in the court's reasoning. This acquittal now been contested by the Authority through its appeal filed recently. The court's ruling followed reports confirming that the company's losses and damages resulted from gross negligence in fulfilling the Board's legal and oversight duties, with major shortcomings in five key areas: failure to oversee bank loans, including obtaining loans without assessing their feasibility or impact and recording them at non-genuine values in the financial statements; approval of financial statements without internal audit review and confirmation of fictitious inventory at a branch; addition of financial assets without legal approval, a board resolution, or clear funding sources; failure to apply policies for writing off doubtful debts in accordance with International Accounting Standards; and suspicions of collusion by certain executive employees in inflating revenues and understating liabilities, coupled with the Audit Committee's failure to fulfil its duties in line with corporate governance principles for public joint-stock financial companies. The Authority emphasised that these practices resulted in the presentation of inaccurate and misleading financial data, harming the company's financial position and the interests of its shareholders. This ruling reflects the Omani judiciary's affirmation of the principle of personal liability for members of boards of directors of public joint-stock companies, which does not end with the expiry of their term of office but extends for five years from the date of the act or omission, in accordance with Article (18) of the Commercial Companies Law. The Authority also stressed the necessity for board members to carry out their legal and oversight responsibilities with competence and awareness, ensuring proper guidance of executive management without excessive interference in daily operations or neglect in follow-up and monitoring, thereby safeguarding financial procedures and protecting shareholders' rights. This approach is reinforced by Article (206) of the Commercial Companies Law, which states: 'The members of the Board of Directors shall be jointly liable towards the company, shareholders, and third parties for damages resulting from their joint actions in violation of the law, actions exceeding their powers, or any fraud, forgery, or error they commit during the performance of their duties, as well as for failing to act with the care of a prudent person under given circumstances.' It is noteworthy that the ruling was issued after the court merged two lawsuits filed against the company's board members and certain executive employees. The Financial Services Authority filed the first lawsuit in December 2022, followed by a second lawsuit filed by several major shareholders in July 2023. The Authority reaffirms its full commitment to promoting the principles of governance, transparency, and accountability, and to exercising its regulatory role in monitoring compliance by companies under its supervision and their boards of directors with applicable laws and regulations, based on the powers granted to it under the Commercial Companies Law No. (18/2019), including Article (207). It also calls on all parties to strictly comply with the applicable laws and regulations, and to refrain from any practices that could undermine the integrity and efficiency of markets or harm the rights of shareholders and investors.
