What Are Market Disclosures and Why Are They Important?

Market disclosures refer to the information that listed companies are required to publish to the public, investors, and regulatory authorities. These disclosures cover a broad spectrum of data, including financial statements, material events, corporate governance practices, and increasingly, environmental, social, and governance (ESG) information. The aim is to ensure that stakeholders receive timely and reliable updates that may influence the valuation or trading of the shares of a publicly listed company.

The Financial Services Authority (FSA) and the Muscat Stock Exchange (MSX) jointly oversee these obligations, issuing various decisions and circulars to guide the process. Disclosures are not limited to periodic financial results but also include information that could significantly impact market perception, such as dividend policies, board resolutions, and clarifications on market rumours or unusual trading activity.

The importance and purpose of market disclosures extends beyond simple regulatory compliance. By providing investors with consistent, accurate, and timely information, disclosures help identify and address information asymmetries, which can otherwise lead to unfair trading advantages or price manipulation. This transparency enables informed decision-making, promotes equal access to information, and helps maintain market integrity and investor confidence. The regulatory framework also provides enforcement mechanisms to ensure that non-compliance results in appropriate penalties, thereby reinforcing the significance of continuous and accurate reporting.

Legal Framework Governing Disclosures

The legal framework governing disclosures in Oman is comprehensive and draws on several primary and secondary sources of legislation. The Securities Law of 2022 governs a variety of securities including stocks. Articles 32 and  34 of this law prohibit trading of all securities based on undisclosed insider information and mandates the disclosure of material information required by law, which imposes duties of transparency and fairness, and requires regulated entities to disclose material facts that could influence trading decisions.

It is worth noting that article II of the Royal Decree 46/2022 Issuing the Securities Law mandated that an executive regulation for this law must be issued by June 2023, however, the FSA has not issued the regulation yet and accordingly, we have to refer to the executive regulation of the old Capital Market Law issued by the former Capital Market Authority (now the FSA) to implement the legal requirements set by the Securities Law. Part seven of this executive regulation details the methods, timing, and scope of material disclosures, including quarterly and annual financial results. Complementing this, the CMA Circular CMA/236/2014 outlines practical expectations, such as the requirement to publish financial news at least thirty minutes before trading sessions and to disclose audited financials within five days of board approval.

The Public Joint Stock Companies Regulation also defines the meaning of material information and specifies detailed procedures and timelines for publication of financial statements and disclosures. These provisions ensure that all disclosures are made in a structured and timely manner, with accountability placed firmly on the company’s board of directors.

In parallel, MSX Decision 77/2025 mandates public joint stock companies to disclose ESG practices through both the MSX platform and their own websites. These disclosures must be made within 30 days of the end of the financial year, or 45 days for companies with subsidiaries, and must present a balanced view that includes both positive achievements and material challenges.

Conclusion

Market disclosures are a cornerstone of Oman’s capital market integrity. By mandating consistent, comprehensive, and timely communication from listed companies, the regulatory framework ensures that investors are well-informed and that the market operates on principles of fairness and accountability. The FSA might issue the new regulation of the Securities Law at any time, therefore, it is important to stay up to date with new developments in this area.

You can search for the last MSX disclosures and track the disclosures of specific companies on Decree Risk on the link below:

Written by:

Zainab Al-Lawati

Zainab is a legal intern at Decree. She has previously interned in various sectors including the government, private practice, the banking sector, and the energy sector. She is interested in commercial and corporate law. She holds an LLB from the University of Bristol.

The Public Debt Law provides a general governance framework of how the government plans to make decisions regarding the management of public debt and introduces controls on government debt. This new regulation provides a more specific set of rules for implementing this law.

The Executive Regulation of the Public Debt Law provides comprehensive details on the procedures and controls for contracting public debt, the role of the MOF in approving and managing debt operations, and other requirements that apply to government debt and government guarantees. Most importantly, the executive regulation sets restrictions on the ability of OIA subsidiaries to borrow money, and requires the OIA to obtain the approval of the MOF in regards to certain transactions. The regulation also imposes other obligations on the OIA such as reporting requirements.

The Executive Regulation of the Public Debt Law has already entered into force. You can read it in full in English on the link below: 

You can read the circular in full in English below:

This regulatory framework is issued pursuant to article 9 of the Banking Law, was issued by a circular, and not a decision that was published in the Official Gazette. This regulatory framework entered into force at the beginning of this week.

You can read the Regulatory Framework for Digital Banks in English in full on the link below:

To start with, it is worth noting that the Advocacy and Legal Consultancy Law governs the work of law firms, and has no implications for legal professionals working as legal advisors in companies and other organisations, such as banks, telecom companies, or any other corporation. This means that restrictions imposed on foreign lawyers who wish to work as advocates or as legal consultants in a law firm do not apply to foreign lawyers wishing to work as in-house counsel.

The Old System

Under the previous legal framework, Oman prohibited foreign lawyers from appearing before its courts. However, this did not stop law firms from hiring foreigners in roles such as “legal advisors” and “legal experts,” without registering them with the Ministry of Justice and Legal Affairs, to provide legal advice without appearing before any court. This practice was tolerated by the government, even though it would be considered in the grey zone at best.

Advocacy Offices and Legal Consultancy Offices

The new Advocacy and Legal Consultancy Law made substantial changes to the way law firms operate in Oman by introducing two distinct types of legal entities: advocacy offices and legal consultancy offices. Advocacy offices can offer all forms of legal services, including litigation services and can only hire Omani advocates. Legal consultancy offices can offer legal services and arbitration services, but not litigation before Omani courts, and can hire both Omani and foreign legal consultants.

The Executive Regulation of the Advocacy and Legal Consultancy Law also added additional requirements for recruiting foreign lawyers in legal consultancy offices, the most important being that a foreign lawyer must have at least five years of experience to be registered as a legal consultant.

Even though the law now allows foreigners to be formally registered with the Ministry of Justice and Legal Affairs, the law allows Omanis only to be the owners of a legal consultancy office. In addition to the ability of foreigners to register as legal consultants in Oman, the law now has a formal framework for establishing partnerships between Omani and foreign law firms and for establishing branches for foreign law firms. Under Article 64 of the law, foreign participation in legal consultancy is permitted through the establishment of a new office in partnership with an Omani legal consultancy firm, but not with an Omani advocacy firm. This means that a foreign law firm cannot form a formal partnership with an Omani law firm that provides litigation services.

Branches of Foreign Law Firms

Furthermore, the law now also allows foreign law firms to establish branches in Oman without any local partners. However, this is only permitted for law firms that have branches in three other countries and have been established for at least fifteen years. However, it is worth noting that the lawyers working in the Omani branch must fulfil the requirements for the registration of legal consultants. This means that the branch would only be able to hire foreign lawyers who have at least five years of experience.

In addition to these tightly controlled entry mechanism for foreign law firms and the practice of foreign lawyers, the law contains a narrow exception under article 17 that permits foreign advocates—whether from Arab or non-Arab countries—to appear before Omani courts in a specific lawsuit as long as the foreign lawyer is working in partnership with an Omani advocate and as long as there is a reciprocity arrangement exists between Oman and the home country. The approval of the Chairman of the Advocates and Legal Consultants Affairs Committee is also required. This unique provision appears to be reserved for unique cross-border cases and is unlikely to apply to foreign lawyers residing or practising in Oman on a permanent basis.

Conclusion

The new Advocacy and Legal Consultancy Law and its executive regulation provide new opportunities for foreign lawyers to practice in Oman and will transform the legal industry. You can read the law and its executive regulation in English in full on the links below:

Written by:

Zainab Al-Lawati

Zainab is a legal intern at Decree. She has previously interned in various sectors including the government, private practice, the banking sector, and the energy sector. She is interested in commercial and corporate law. She holds an LLB from the University of Bristol.

Book Two of the Basic Statute of the State is divided into four chapters: Political Principles (article 13), Economic Principles (article 14), Social Principles (article 15), and Cultural Principles (article 16). These articles provide a comprehensive framework for governing the internal and external duties of the state, its role in ensuring welfare and justice, and its responsibility to promote education, culture, and heritage.

Article 13: Political Principles

The political foundation of the Sultanate of Oman is rooted in the preservation of sovereignty, security, and independence. This article outlines the duty of the state to safeguard its stability and uphold its statehood. Furthermore, it emphasises foreign policy grounded in mutual respect, non-interference, and compliance with international charters and treaties. Importantly, it calls for governance systems based on shura, derived from islamic sharia and omani values, while endorsing modern administrative practices that ensure justice and equality for all citizens.

Article 14: Economic Principles

This article defines the economic visions of the state. It stipulates that the State guarantees economic freedom within a framework of social justice, where public and private sectors cooperate for development. This article also prescribes that the state retains ownership of natural resources and is mandated to manage them in line with public interest and the law, that the state is meant to encourage investment, regulate savings and credit, and protect both public and private property, among other economic duties.

Article 15: Social Principles

Justice, equality, and opportunity are enshrined as pillars of society. Article 15 highlights the significance of national unity and family values while requiring the state to guarantee equality between women and men, and to provide care for children, youth, and the disabled. Social security, emergency aid, and healthcare are legal guarantees, as is the state’s role in environmental protection. Article 15 also affirms “work” as a right and an honour, and stipulates that no citizen may be forced into employment except by law under specific conditions.

Article 16: Cultural Principles

Education is identified by article 16 as a fundamental right, with objectives including the development of national identity, scientific thinking, and civic values. According to this article, primary education must be made compulsory, while higher education is to made accessible based on merit. The state promotes literacy, supports scientific research, and guarantees the independence of academic institutions.

Conclusion

Book Two of the Basic Statute does more than provide aspirational goals; it sets binding constitutional standards that define Oman’s governance model. These provisions offer a robust and interlinked framework for how the state must function, interact with its citizens, and position itself in the international community. The articles reflect a clear legal intent: to build a just, stable, and forward-looking society rooted in Omani identity and Islamic values, yet open to modern and global engagement.

You can read the Basic Statute of the State in full in English free of charge on the link below:

Written by:

Zainab Al-Lawati

Zainab is a legal intern at Decree. She has previously interned in various sectors including the government, private practice, the banking sector, and the energy sector. She is interested in commercial and corporate law. She holds an LLB from the University of Bristol.