Decree Blog https://blog.decree.om Tue, 24 Jun 2025 06:36:41 +0000 en-GB hourly 1 https://wordpress.org/?v=6.8.1 https://i0.wp.com/blog.decree.om/wp-content/uploads/2021/12/favicon-decree.png?fit=32%2C32&ssl=1 Decree Blog https://blog.decree.om 32 32 197035704 Introducing: Decree Toolkits https://blog.decree.om/2025/introducing-decree-toolkits/ Tue, 24 Jun 2025 05:45:11 +0000 https://blog.decree.om/?p=3184 We are launching today Decree Toolkits—a new feature on Decree for helping organisations improve their compliance operations by identifying key obligations imposed by Omani legislation.

While Lex AI is capable of generating compliance checklists, Decree Toolkits goes beyond this by providing a curated collection of easy to use checklists that are reviewed and verified by our legal team. Each toolkit provides key information regarding the application of the item in question along with a breakdown of the key obligations imposed and a highlight of potential fines for failing to comply. Decree Toolkits are also downloadable in Excel and adopt a structure commonly used by compliance practitioners in Oman, which should allow our users to download our checklists and customize them to work with their workflows.

When a Toolkit is available for a specific item on Decree, a new Toolkit button will be displayed on the page of the law or regulation in question:

It is also possible to browse all available Toolkits on the main Decree Toolkits page and also look them up using the standard Decree search.

Decree Toolkits is available through a bundle subscription to Decree. It is available for free for all Decree members on all subscription plans until the end of the month of July.

]]>
3184
Market Disclosures for Public Companies https://blog.decree.om/2025/market-disclosures-for-public-companies/ Sun, 15 Jun 2025 05:03:55 +0000 https://blog.decree.om/?p=3160 In Oman’s capital market, transparency is more than a guiding principle, it is a legal obligation. Public joint stock companies are required to disclose key information that enables investors to make informed decisions and supports the integrity of the market. These disclosure requirements are part of a broader regulatory framework designed to ensure fairness, consistency, and investor protection across the stock exchange. This blog post will explain what disclosures are, the important role they play in the market, and an overview on the legal framework governing disclosures.

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:


]]>
3160
MOF Issues Public Debt Law Executive Regulation https://blog.decree.om/2025/mof-issues-public-debt-law-executive-regulation/ Wed, 04 Jun 2025 06:45:00 +0000 https://blog.decree.om/?p=3153 The Ministry of Finance (MOF) published in this week’s issue of the Official Gazette the Executive Regulation of the Public Debt Law, providing practical implementation details for the Public Debt Law that was issued back in 2023.

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: 

]]>
3153
Tender Board Issues New Omanisation Circular https://blog.decree.om/2025/tender-board-issues-new-omanisation-circular/ Wed, 04 Jun 2025 06:02:35 +0000 https://blog.decree.om/?p=3149 The Secretariat General of the Tender Board issued a new circular last month banning government entities from contracting with private sector companies that do not comply with Omanisation percentages.

You can read the circular in full in English below:

]]>
3149
CBO Issues New Digital Banks Regulation https://blog.decree.om/2025/cbo-issues-new-digital-banks-regulation/ Wed, 04 Jun 2025 05:36:54 +0000 https://blog.decree.om/?p=3143 The Central Bank of Oman (CBO) issued last week the Regulatory Framework for Digital Banks. This regulatory framework sets the requirement for establishing a digital bank, creates two categories for digital banks, sets minimum capital requirements, restrictions on the activities for different digital bank categories, and progressive Omanisation percentages that increase over a period of five years, licensing conditions, and the requirements to present a business plan to obtain the license, among other things.

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:

]]>
3143
Foreign Lawyer in Oman Under the New Advocacy Law https://blog.decree.om/2025/foreign-legal-practice-in-oman-boundaries-conditions-and-collaborations/ Sun, 01 Jun 2025 05:42:42 +0000 https://blog.decree.om/?p=3117 The legal framework regulating the practice of foreign lawyers in the Sultanate of Oman was fundamentally reshaped by the new Advocacy and Legal Consultancy Law, issued by Royal Decree 41/2024, and the Executive Regulation of the Advocacy and Legal Consultancy Law issued by the Ministry of Justice and Legal Affairs Decision 66/2025. Some of the most significant changes by this new legal framework are the rules governing the practice of foreign lawyers in Oman. This blog post will highlight the key implication that this new law would have for foreign lawyers wishing to work in private practice in Oman.

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:


]]>
3117
MOSD Issues New Elderly Welfare Homes Regulation https://blog.decree.om/2025/mosd-issues-new-elderly-welfare-homes-regulation/ Sun, 25 May 2025 11:18:03 +0000 https://blog.decree.om/?p=3119 The Ministry of Social Development published in this weeks issue of the Official Gazette a new Governance Regulation of Social Welfare Institutions that aim to provide welfare services to the elderly.

The regulation covers matters such as the objectives of welfare homes, the conditions for admitting an elderly person to an elderly home, the conditions for volunteering at a welfare home, and the actions to be taken when an elderly person dies in a welfare home.

It is worth noting that the MOSD issued late last year a Governance Regulation of Temporary Welfare Institutions that aims to provide services for women, children and victims of human trafficking.

The new Governance Regulation of Social Welfare Institutions enters into force tomorrow. You can read in full in English on the link below:

]]>
3119
New Update and Tools for the Oman Legal Citation Standard (OLCS) https://blog.decree.om/2025/new-update-and-tools-for-the-oman-legal-citation-standard-olcs/ Sun, 25 May 2025 06:16:41 +0000 https://blog.decree.om/?p=3097 The Oman Legal Citation Standard (OLCS) was first launched in 2016 as a guide for creating a standard format for citing Omani legal authorities in academic works and legal documents. The previous version of the OLCS only covered the rules for citing Omani legislation of all levels. We updated the OLCS to include new rules for citing Omani court judgments as well as Ministry of Justice and Legal Affairs fatwas.

We are also launching today new automation tools for generating OLCS compliant citation. You can now use a Citation Assistant on the OLCS website to easily generate legislation, cases, and fatwas citations. A similar feature has also been added to the free Decree Chrome Extension to allow you to quickly generate citations directly from your browser toolbar.

You can view the OLCS and use our new tools on the link below:

]]>
3097
MTCIT Issues Public Policy for Ethical Use of AI https://blog.decree.om/2025/mtcit-issues-public-policy-for-ethical-use-of-ai/ Sun, 25 May 2025 04:41:18 +0000 https://blog.decree.om/?p=3094 Last month, the Ministry of Transport, Communications, and Information Technology (MTCIT) issued Oman’s first policy for governing the use of artificial intelligence (AI) systems. This policy was issued in the form of a circular, and therefore it is not a strictly binding legal document published in the Official Gazette.

We previously wrote a blog about this policy in August of last year, when it was still at the public consultation stage. Now that the AI governance framework has officially been issued, it’s worth noting that, as expected, the MTCIT has chosen to release it as a non-legally binding policy. While this means that it does not impose fines or include enforcement mechanisms, this approach has its advantages as it allows for flexibility and encourages voluntary compliance without imposing serious restrictions on the adoption and experimentation of this cutting edge technology.

Furthermore, as predicted in our blog on the implications of the EU AI Act for Oman, the EU’s regulatory approach had an influence on Oman’s approach in governing AI. While the MTCIT’s AI governance framework is non-legally binding (unlike the legally binding EU AI Act), it borrows several concepts from the EU AI Act, particularly in regard to the distinction between the obligations of AI system providers and AI system deployers.

The policy sets a general framework of technical controls and ethical principles that both public and private sector entities need to take into account to when developing or deploying AI systems. Those ethical principles include considering humanity and societal well-being, inclusivity, fairness, and responsibility when developing or deploying AI systems. This policy also includes provisions on periodic evaluation of AI systems for accuracy, bias, and harmful content; implementing human oversight for crucial AI decisions and their societal impact; ensuring deployed AI systems provide tangible benefits; adhering to data protection laws, restricting data use with robust security and cybersecurity best practices, and documenting AI processes for transparency.

The policy has already entered into force on 9 April 2025. You can read it in full in English on the link below:

]]>
3094
Lex AI Update https://blog.decree.om/2025/lex-ai-update/ Thu, 15 May 2025 04:11:33 +0000 https://blog.decree.om/?p=3083 We received a lot of feedback from the use of Lex AI by the members of Decree over the past couple of weeks, and this enabled us to better understand how our members use the service and the kind of answers they expect. Based on this feedback, we made several changes to Lex AI:

– Lex AI is now fully conversational and appears as a chat thread to make it easier for the user to continue conversing with Lex. Even though the original version of Lex had conversational capabilities, the tool behaved more as a single question single answer tool.

– Lex AI question box now allows you to insert a larger amount of text that appears as a paragraph block. The original version of Lex accepted a smaller amount of text that was limited to a single line in the search box.

– Lex AI now lets you copy the text using a share button under each response message. This is useful for individuals who need to use the answers generated by Lex.

– To improve the quality of the answers, Lex by default will not include in its analysis any repealed law. If the user wishes for repealed laws to be considered, the user would have to check a new box for this above the chat box message. This is usually necessary for comparing differences between an old and a new law.

– We also made some technical improvements to the logic of Lex to improve the quality of the answers.

Decree members on all membership bundles have free access to Lex AI until the end of May. If you have not used it until now, we highly encourage you to do so. Please make sure to use the vote buttons to help us improve the service.

]]>
3083