His Majesty Sultan Haitham bin Tarik issued a Royal Decree on Wednesday reading as follows:
Royal Decree No 5/2021 on converting Muscat Securities Market (MSM) into a closed joint stock company under the name ‘Muscat Bourse Company SAOG’.
Article 1 states that, by virtue of provisions of this decree, an Omani closed joint stock company will be founded under the name ‘Muscat Bourse Company SAOG’ and that its ownership will be transferred to Oman Investment Authority.
Article 2 states that all the allocations, origins, rights, obligations, assets and registers of MSM will be transferred to Muscat Bourse Company.
Article 3 transfers the employees of MSM to Muscat Bourse Company, in line with provisions of the Privatisation Law promulgated under Royal Decree No 51/2019.
Article 4 transfers all specialisations of MSM stated in the Capital Market Law (promulgated under Royal Decree No 80/98) to be transferred to Muscat Bourse Company, without prejudice to this company’s objectives stated in its Articles of Association.
Article 5 stipulates that Muscat Bourse Company will practice all its activities within the framework of the Capital Market Law and thereby come under the monitoring and supervision of the Capital Market Authority (CMA).
It also states that Muscat Bourse Company may issue all regulations and decisions necessary for practising its specialisations, achieving its objectives and specifying fees against the services that it offers, after the approval of the CMA. Till such time, the regulations and laws in force will continue to be implemented without prejudice to the provisions of this decree.
Article 6 states that the CMA will determine the general policy governing Muscat Bourse Company and issue regulations and laws regulating licences necessary to be granted to the company so that it can practise its activities, as well as fees that it needs to pay to the CMA.
Article 7 states that the Board of Directors of Muscat Bourse Company will be formed in accordance with the company’s Articles of Association and that the CMA may object to the decision of appointing a Board of Directors within a period of 15 days from the date the CMA is notified of such a decision.
Article 8 states that Muscat Bourse Company must obtain the approval of the CMA prior to appointing a chief executive officer for the company and employees for the top management of the company.
Article 9 instructs Oman Investment Authority to draft a contract of foundation of Muscat Bourse Company and its Articles of Association and to finalise its registration procedures in accordance with provisions of the Commercial Companies Law (promulgated under Royal Decree No 18/2019) before the date of enforcement of this law.
Article 10 cancels MSM, as well as all that contradicts this decree or contravenes its provisions.
Article 11 says that this decree will be published in the Official Gazette and enforced after 90 days from its date of publication.