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Monthly Digest

Decree Monthly Digest – April 2024

Decree Monthly Digest is a summary of the most significant updates on Decree in the previous month.

Royal Decrees

Four royal decrees were issued in April, three of which established nature reserves: Buraimi Oasis Natural Reserve, Dhahirah Natural Reserve, and Al-Jabal Al-Gharbi Natural Reserve. The other royal decree ratified the Agreement between the Government of the Sultanate of Oman and the Swiss Federal Council concerning the Employment Authorization of Accompanying Persons of Official Employees.

Ministerial Decisions

Twelve ministerial decisions were published in the Official Gazette during this month, with the most significant being CBO’s Money Services Business Regulation, ROP’s amendments to the Executive Regulation of the Traffic Law relating to bike riding schools, FSA’s Governance Regulation for the Account for the Treatment of Visitors in Emergencies, and TA’s amendments to the Rules for Automated Exchange of Financial Accounts Information relating to controlling persons.

Intel

Decree Intel was updated with overviews of the Financial Services Authority and of the Ministry of Energy and Minerals, and with Case Summary: Supreme Court (Labour Circuit: Contestation) 548/2017 (Failure to Terminate a Definite Period Contract) and Fatwa Summary: MJLA Fatwa 212744737 (Oman Housing Bank VAT Exemption).

Blog Updates

Our blog featured posts on the new Biometrics Law, MTCIT’s Personal Data Protection Policy for Government Entities, nature reserves under Omani law, ROP’s decision on bike riding schools, and FSA’s decision on emergency treatment funding for visitors.

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Law Updates

FSA Issues Decision on Emergency Treatment Funding for Visitors

The Financial Services Authority (FSA) issued in today’s Official Gazette a new Decision E/25/2024 Issuing the Governance Regulation for the Account for the Treatment of Visitors in Emergencies. Under this new regulation, visitors to Oman will be able to request a subsidy of up to 5,000 Rial Omani from the government to cover their medical emergencies if they exhaust the limit of their existing health insurance, have an expired health insurance policy, or do not have any health insurance at all.

Visitors must submit the application for this new subsidy to the FSA along with a copy of their visit visa, documented evidence of the emergency health condition, and proof of the inability to cover emergency treatment costs (attested by an embassy or government entity).

This new subsidy will be funded by imposing a new 0.5% fee on every health insurance or travel insurance purchased in Oman. Insurance companies will be required to collect this fee from policy buyers and transfer the money to the government on a quarterly basis.

This new regulation enters into force after 90 days. You can read this decision in full in English at the link below:

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Intel Update

Intel Update: April 2024

Decree Intel is a database of original Omani legal research material that provides explanatory notesoverviews of government entities, and summaries of Supreme Court cases and MJLA Fatwas.

New Content

Financial Services Authority: The Financial Services Authority (هيئة الخدمات المالية) is the government entity responsible for regulating the capital markets; insurance companies; the commodities, energy, and derivatives market; credit rating agencies; and the accounting and auditing profession.

The Ministry of Energy and Minerals: The Ministry of Energy and Minerals (وزارة الطاقة والمعادن) is the entity responsible for formulating the strategies and policies of the energy and minerals sectors, as well as developing, supervising, and regulating them.

Case Summary: Supreme Court (Labour Circuit: Contestation) 548/2017 (Failure to Terminate a Definite Period Contract): The Supreme Court held that the failure of the employer to terminate a definite period employment contract before its expiry transformed the contract into a new indefinite period contract.

Fatwa Summary: MJLA Fatwa 212744737 (Oman Housing Bank VAT Exemption): The Ministry of Justice and Legal Affairs (MJLA) held that the Oman Housing Bank, a government-owned enterprise under the Oman Investment Authority, is exempt from value added tax (VAT).

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Law Updates

ROP Issues Decision on Bike Riding Schools

ROP issued in today’s issue of the Official Gazette a decision amending the Executive Regulation of the Traffic Law, adding a new chapter numbered threebis to the regulation that outlines the requirements for establishing bike riding schools. The addition of these amendments to the Executive Regulation of the Traffic Law puts in place for the first time a formal framework that applies to bike riding training in Oman.

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Announcements

Decree Signs MOU with Modern College of Business and Science

Decree signed earlier this week a memorandum of understanding with the Modern College of Business and Science (MCBS) to cooperate in the fields of legal awareness activity, professional development programmes, community service, and other fields. MCBS staff and students are already regular attendees of Decree events, and Decree and MCBS intend to collaborate in hosting a number of joint activities that target MCBS and the wider community in collaboration with public and private sector partners.

MCBS has also recently subscribed to Decree and plans on using Decree content to inform its business operations and to supplement its legal educational materials.

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Law Updates

Nature Reserves Under Omani Law

The most recent issue of the Official Gazette published three royal decrees issued by His Majesty establishing three nature reserves: The Buraimi Oasis Natural Reserve, the Dhahirah Natural Reserve, and the Al-Jabal Al-Gharbi Natural Reserve. Some of you might be wondering, what is the purpose of these royal decrees and what are nature reserves? This blog will attempt to provide a very quick overview of this interesting area of law.

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Announcements

Introducing: Decree Risk

We are launching today Decree Risk—a brand new structured database intended to help organisations engaging with Omani businesses manage their risk by providing timely updates on liquidation, capital reduction, legal form transformation, and other risks associated with Omani companies.

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Law Updates

MTCIT Issues Personal Data Protection Policy for Government Entities

The Ministry of Technology, Communications, and Information Technology (MTCIT) issued at the beginning of this week a brand new data protection policy for government entities that sets the rules for the processing of personal data by government entities. The policy mandates that all government entities must commit to protecting personal data and must implement security measures against unauthorised access or breaches.

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Law Updates

The new Omani Biometrics Law

Oman’s first Biometrics Law was promulgated last week and published in the Official Gazette yesterday. This new law establishes the regulatory framework for the collection, use, and protection of biometric data primarily for use in forensics.

Categories
Monthly Digest

Decree Monthly Digest – March 2024

Decree Monthly Digest is a summary of the most significant updates on Decree in the previous month.

Royal Decrees

Nine royal decrees were issued in March, with the most significant ones being those establishing the Financial Services Authority, promulgating the Biometric Law, and amending the Law of the State of Emergency and the Criminal Procedure Law.