Transfer of the Muscat Market to a closed joint stock company

The Sultan of Oman issued a decree to convert the Muscat Securities Market to a closed Omani joint stock company in the name of the Muscat Stock Exchange Company, whose ownership devolves to the Oman Investment Authority.

According to Arabiya Net, the decree stipulates that all allocations, assets, rights, obligations, assets and records of the Muscat Securities Market shall be transferred to the MSM company. Muscat Securities.

and all the competencies of the Muscat Securities Market stipulated in the Capital Market Law shall devolve to the MSM company, in a manner that does not conflict with the objectives of that company stipulated in its statute. The company carries out all its activities within the framework of the provisions of the Capital Market Law, and is subject to the supervision and supervision of the Capital Market Authority, according to the Oman News Agency.

> The decree guarantees that the Muscat Stock Exchange company shall issue all regulations and decisions necessary to exercise its competencies and achieve its objectives, and to determine fees for the services it provides, after the approval of the Capital Market Authority, And until those regulations and decisions are issued, the applicable regulations and decisions shall continue to be enforced, in a manner that does not conflict with the provisions of this decree.

and the Capital Market Authority determines the general policy that the MSM company must adhere to, and issues regulations and decisions governing the licenses that must be granted to the company to carry out its activities, and the fees that it must pay For the authority.

The board of directors of the Muscat Stock Exchange Company is also formed in accordance with its articles of association. The Capital Market Authority may object to the decision to appoint the Board of Directors within 15 days from the date of its notification of the decision.

and the MSM company must obtain the approval of the Capital Market Authority before appointing: the CEO of the company and those working in its senior management.

and the decree stipulated that the Oman Investment Authority shall prepare the Memorandum of Association of the Muscat Stock Exchange, its articles of association, and finish its registration procedures. The Muscat Securities Market shall be canceled, and all that contradicts The provisions of this decree or inconsistent with its provisions. This decree comes into force after 90 days from the date of its publication in the Official Gazette.