Wednesday, February 25, 2015

Amendments to Capital Market Law

The Capital Market Law (“Capital Market Law”) was amended on 10 November 2014 by way of Royal Decree 59 of 2014 (“Amending Law”). The Amending Law came into effect on the date of issue.


The Amending Law amends Articles 7(b), 12, 13, 17 (second paragraph), 52(2), 60, 63 A(3), 64, 65, 66, 67 and 68. The Amending Law has also added two new Articles – 68(bis) and 72. This article aims to highlight the significant amendments brought to the Capital Market Law.


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Tuesday, February 17, 2015

Managing Contract Risk in Procurement: Part 3 -- Identifying and Assessing Risk

In part one of our “Managing Contract Risk in Procurement” series, we provided a general introduction regarding the importance of analysing the risks associated with the product or service to be provided prior to entering into the contract. In this installment we deal with the actual identification and assessment of those risks.


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Monday, February 9, 2015

The Law Regulating Fish Markets

Issued on 14 December 2014 by the Ministry of Agriculture and Fisheries (“MOAF”), Ministerial Decision No. 312 of 2014 (“MD 312 of 2014”) was introduced to regulate the trade and control of fish markets in the Sultanate of Oman and is the focus of this article.


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Monday, February 2, 2015

The Residency Requirement of Authorised Managers and Signatories in Oman

The Ministry of Commerce & Industry (“MOCI”) has recently been requiring that all authorised managers and signatories (“AMS”) of newly formed limited liability companies become full-time residents in Oman (the “Residency Requirement”). As part of the registration process, the Ministry now requires that the resident cards of AMS be submitted. This is a significant change of policy which will have far-reaching implications for foreign investors in Omani companies.


The Residency Requirement has raised many questions, some of which we have provided answers to in this post.


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Thursday, January 29, 2015

Legal Updates

New Royal Decrees – Consumer Protection Law and Competition Protection and Monopoly Prevention Law


Two very significant legislations have been issued in the month of December. These Royal Decrees are (i) the Royal Decree 66/2014 promulgating the Consumer Protection Law (the new Consumer Protection Law replaces the old Consumer Protection Law); and (ii) the Royal Decree 67/2014 promulgating the Competition Protection and Monopoly Prevention Law. We have discussed the above legislation in detail in this month’s newsletter.


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Wednesday, January 28, 2015

Compliance in Oman

Compliance with the laws of Oman has always been a priority for business leaders in the Sultanate of Oman. Every member of the senior management of a company (including the CEO) is aware of their influence on the culture and values of the company they represent.


Given the senior management’s primary responsibility for the acts and omissions of a company, it becomes important that the company has an effective compliance programme. A compliance programme can help each employee to do his or her part to contribute to the image and reputation of the company.


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Tuesday, January 20, 2015

How to Manage Contract Risk in Procurement: Part 2 -- Some Specific Clauses and their Validity under Omani Law

Continuing our series of articles on managing risk in procurement contracts, the second installment deals with some specific legal issues arising which can, and should, be covered in written agreements entered into between the buyer and seller in order to reduce their respective risks.


This month we will look at the use of exclusion, limitation, liquidated damages, penalty, and entire agreement clauses and their treatment and validity under the Omani Civil Code pursuant to Royal Decree 29 of 2013 (the “Civil Code”).


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Monday, January 12, 2015

Sultanate of Oman: The Consumer Protection Law

News headlines concerning the expiry of and re-packaging of goods, substandard production methods and incorrect product labelling now feature prominently in Oman news. The Consumer Protection Law (the “CPL”), enacted pursuant to Royal Decree 66 of 2014 which has repealed Royal Decree 81 of 2002, is a direct response to rooting out monopolistic market practices and the prevention of trading in or advertising counterfeit or unauthorized products or services, in an attempt to better regulate the activities of suppliers, advertisers and agents alike.


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Tuesday, January 6, 2015

Event: Compliance: More Than a Box Ticking Exercise

Curtis Oman hosted an Insight Series Breakfast Seminar at the Grand Hyatt Hotel, Muscat on Tuesday 9 December, 2014 entitled "Compliance: More Than a Box Ticking Exercise" which 83 leading business community members attended.

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Monday, January 5, 2015

Sultanate of Oman: The Competition Protection and Monopoly Prevention Law

The enactment of the Competition Protection and Monopoly Prevention Law (the “Competition Law”), pursuant to Royal Decree 67 of 2014, is evidence of the Sultanate of Oman’s commitment to promote the “freedom of economic activity practice and to establish the principle of market rules and freedom of prices” and prevent the “practice of any monopolistic behaviour that would affect the market.” Prior to its enactment, competition law and issues relating to the prohibition of monopolistic market practices were dealt with within several laws.


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