Country Manuals Products –
We would like to inform you that BRP has updated its COUNTRY MANUALS PRODUCTS for the following jurisdictions:
- OMAN
| SOURCE OF CHANGES | ANSWERS |
|---|---|
| Law / Regulation | YES |
| New Position of the Authorities | NO |
| Evolution of Expert’s interpretation | YES |
Definitions & Concepts, Regulatory Overview and Behaviour Template
The Country Manual has been reviewed to ensure that the content of all the documents remains accurate and up to date.
Regulatory changes
A new Securities Law (Royal Decree No. 46/2022) (the “Securities Law”) has been adopted, which replaces the Capital Market Law (Royal Decree No. 80/98) (the “Capital Market Law”). The Capital Market Authority (CMA) will issue implementing regulations of the Securities Law as well as decisions necessary for the implementation of its provisions. Until such issuance, the existing regulations and decisions (the “Executive Regulations of the Capital Market Law”) remain in force.
Material changes
In line with the regulatory changes outlined above, the Country Manual has been reviewed to ensure that the content of all the document remains accurate and up to date. The changes/modifications are as follows:
- In alignment with the Country Manual Private Banking (CM PB), it is highlighted that it is now only permitted to receive unsolicited brokerage orders via remote means of communication and in the service provider’s country for Securities which are not listed on the stock market in Oman as there is a monopoly for locally licensed brokerage firms for executing trades on the Muscat Stock Exchange. Accordingly, the Country Manual Products Behaviour Template (CM P BT) provides the answer “Grey zone/YES – Except for Securities listed in the country” in the relevant cross-broder and offshore scenarios.
- The provision of investment advice generally triggers the “local distribution rules” in Oman. However, an exemption is made in relation to the provision of investment advice based on a written advisory agreement which has been requested on the investor’s initiative and which covers the relevant financial services/products. To highlight the latter two conditions, the CM P BT now provides the answer “Grey zone/YES – If the asset class is covered by the advisory agreement” instead of “YES”. In this context, please note that this view may (still) only be seen as an interpretation of the local laws and regulations which may change without prior notice depending on future court decisions and/or official statements of the local authorities.
- In further alignment with the CM PB, the provision of Macroeconomic information/reports, Investment research & Financial analysis actively onshore in Oman (at target) and via remote means of communication into Oman (remote) is only permitted on a one-to-one basis; furthermore, only on an occasional basis onshore in Oman (at target).
For more information, please contact us: info@brpsa.com
Best regards,