Latest news with #CommercialLaw
Muscat Daily
26-05-2025
- Business
- Muscat Daily
Public feedback invited to modernise Oman's commercial rules
Muscat – Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has invited public feedback on proposed amendments to the Commercial Law and Commercial Registry Law, as part of efforts to modernise the sultanate's legal framework and support economic growth. The move aims to bring regulations in line with global business practices and increase confidence in commercial transactions. The Commercial Law under review was issued via Royal Decree 55/90. In a statement, the ministry said the initiative is intended to ensure that the law keeps pace with developments in the business environment and contributes to the sultanate's economic advancement. Business owners, stakeholders and members of the public have until May 31, 2025 to submit comments. Proposed changes include revising the definition of a 'merchant' to cover digital commerce, digitising procedures related to commercial ledgers, and updating regulations governing sale and mortgage transactions. Rules for commercial agencies and the use of commercial papers are also being reviewed to reflect technological developments and improve legal clarity. MoCIIP is also looking to reform the Commercial Registry Law to simplify registration and update processes, reduce paperwork, and integrate the registry with other government platforms. Other proposals include adjusting penalties for violations to make them proportionate and improving accuracy of records by removing outdated data. The public can review current laws and submit suggestions via email to [email protected] before the May 31 deadline.
Observer
19-05-2025
- Business
- Observer
Workshop addresses draft commercial Law
MUSCAT: Oman Chamber of Commerce and Industry (OCCI), in cooperation with the Ministry of Commerce, Industry and Investment Promotion, organised a workshop to discuss the draft Commercial Law and Commercial Transactions Law, as well as the draft Commercial Registry Law. This initiative falls within the OCCI efforts to strengthen partnerships between the public and private sectors in developing the legislative environment for the business sector in the Sultanate of Oman. — ONA
Times of Oman
19-05-2025
- Business
- Times of Oman
Workshop addresses draft Commercial Law, Commercial Registry Law
Muscat: Oman Chamber of Commerce and Industry (OCCI), in cooperation with the Ministry of Commerce, Industry, and Investment Promotion, organised a workshop to discuss the draft Commercial Law and Commercial Transactions Law, as well as the draft Commercial Registry Law. This initiative falls within the OCCi efforts to strengthen partnerships between the public and private sectors in developing the legislative environment for the business sector in the Sultanate of Oman. The workshop aimed to present and discuss the key features of the two draft laws, review proposed amendments, and gather feedback and suggestions from private sector representatives.
See - Sada Elbalad
06-05-2025
- Business
- See - Sada Elbalad
FRA Urges Citizens to Exercise Caution ,Report Violating Gold Companies
Waleed Farouk The Egyptian Financial Regulatory Authority (FRA) confirmed that it regulates investment in precious metals investment fund certificates, including gold, and not the direct buying and selling of gold. The Authority has established a comprehensive framework to protect investor rights, starting from licensing investment funds and their investment policies, to creating registries for gold traders and storage entities authorized to deal with investment managers. In a statement issued in response to inquiries about licenses granted to entities inviting citizens to invest in gold, the FRA clarified that only three funds have been licensed to invest in gold and have made their investment certificates available to the public. The FRA further explained that it has created registries for entities qualified to supply gold to investment funds, as well as separate registries for gold storage entities. These entities are not licensed by the FRA to sell gold to the public, and their listing serves only fund-related purposes. Currently, around 200,000 citizens are investing approximately EGP 2.1 billion through investment funds licensed by the FRA. The FRA emphasized that general laws such as the Commercial Law and the Precious Metals and Valuable Stones Control Law regulate the relationship between metal traders and investors or consumers. The FRA does not play a role in organizing this direct relationship. According to Article 35 of Capital Market Law No. 95 of 1992, the FRA has set regulations for investment managers dealing with approved precious metal trading companies. This regulation is specific to licensed investment managers operating through gold investment funds and does not serve as a general license for trading in precious metals. The Authority has recently observed calls to directly purchase gold with implications that certain metal trading companies are licensed by the FRA, which is false. The relevant registry only includes companies permitted to deal with investment managers, not with the general public. The public's dealings with gold traders are governed by Law No. 17 of 1999 (Commercial Law), Law No. 68 of 1976 (Precious Metals Control Law), and other relevant legislation—not the Capital Market Law, which only governs investment fund dealings in precious metals. The FRA urges citizens and investors to exercise caution and report any gold trading companies misusing the FRA's name. Legal action will be taken against such misuse, and the Authority stresses the importance of verifying any company's license claims directly through the FRA. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
Zawya
14-04-2025
- Business
- Zawya
Bahrain: Law changes to enhance financial security backed
Bahrain - The Shura Council yesterday unanimously approved landmark amendments to the country's four-decade-old commercial law to enhance financial transparency, improve banking operations and protect consumers. The changes to the 1987 Commercial Law, which focus heavily on cheque regulations, have now been referred to His Majesty King Hamad for ratification. The move follows parliamentary approval in March and has the backing of key institutions including the Central Bank of Bahrain (CBB), the ministries of Industry and Commerce and Justice, Islamic Affairs and Endowments, the Bahrain Chamber and the Bahrain Businessmen's Association. These amendments address long-standing issues related to cheque misuse, joint account management and the legal enforcement of financial obligations. 'The move is a critical step forward in protecting both consumers and businesses from common financial pitfalls,' said Shura Council financial and economic affairs committee chairman Khalid Al Maskati. A central provision of the updated law is the prohibition of blank cheques being used as a form of credit security – a common practice that has resulted in numerous disputes and legal cases over the years. Another most impactful amendment is the option of partial cheque payments. If a drawer's account does not have sufficient funds to cover the entire cheque, the bank is now allowed – and in some cases obligated – to release available funds to the beneficiary. This partial payment mechanism is designed to reduce the number of bounced cheques and lessen the legal burden on recipients. The CBB has been granted the authority to determine the exact mechanism for implementing partial cheque settlements. The law states that once a cheque is certified, the corresponding amount must be frozen in the issuer's account until the cheque is presented. If there's a dispute, the amount remains frozen until the issue is resolved. Committee rapporteur Sadiq Al Rahma said the move allows for greater flexibility and reinforces the cheque's value as a trusted financial instrument. The amendments also introduce regulations surrounding joint bank accounts – particularly in the event of a co-holder's death or legal incapacitation. Banks will be required to freeze the deceased's share of the funds within 10 days of notification, ensuring rightful heirs receive their due without delay or legal ambiguity. During a debate on the amendments, several council members raised important implementation-related concerns. First vice-chairman Jamal Fakhro questioned whether partial cheque settlements were common practice internationally or a region-specific innovation to address rising cheque defaults. 'We need clarity on when the law will take effect and how beneficiaries can recover funds efficiently,' he said, also raising concerns about the complexity of freezing joint accounts and determining responsibility. Council member Abdulla Al Nuaimi stressed the need for a unified regulatory framework. 'The Bahrain Chamber's call to expand consumer protection authorities' role in cheque-related issues is valid, but this must be under the supervision of the CBB,' he argued. Council member Ali Al Aradi noted that while the CBB will issue a decision on the phased implementation of partial cheque payments, more clarity is needed on how such payments would be treated legally. 'The law recognises a cheque as a payment instrument, not a debt instrument,' he said. 'There needs to be a clear mechanism to convert a partial payment into an enforceable legal document.' The Bahrain Chamber emphasised the importance of strict penalties for cheque fraud and called for access to the national credit rating system to enable businesses to assess financial risk more accurately. mohammed@ Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
