On May 29, 2014, one of the largest producers of steel nails requested that the US Department of Commerce (“Commerce”) and the International Trade Commission (“ITC”) impose antidumping and countervailing duties (“CVD”) on imports of steel nails from seven countries, including Oman. This trade case comes two years after Commerce imposed antidumping duties on imports of steel nails from the United Arab Emirates and five years after such duties were imposed on steel nail imports from China.
Tuesday, August 12, 2014
The Central Bank of Oman (“CBO”) has introduced the latest set of global regulatory standards known as Basel III to Omani banks. Basel III is a global, voluntary regulatory set of standards governing bank capital adequacy, stress testing and market liquidity risk. This third installment of the Basel Accord was developed in response to the deficiencies in financial regulation revealed in the aftermath of the global financial crisis in the late 2000s.
Monday, August 4, 2014
Oman has in recent years made a concerted effort to provide comprehensive laws for the protection of intellectual property. This is demonstrated by the Industrial Property Law promulgated by Royal Decree 67 of 2008 (as amended by Royal Decree 131 of 2008) (the “IPL”).
Friday, July 18, 2014
Oman Ratification of the Arab Anti-Corruption Convention
The Sultanate of Oman recently ratified the Arab Convention against Corruption (the “Anti-Corruption Convention”) which was signed in Cairo on 21 December 2010, and consequently issued Royal Decree 28 of 2014 as the endorsement of the Anti-Corruption Convention.
Thursday, July 17, 2014
Recently, Oman newspapers have reported that visa restrictions affecting expatriates would be implemented. In mid-June, the Ministry of Manpower (the “MOM”) and the Royal Oman Police (the “ROP”), clarified the position on visa restrictions on expatriates.
Wednesday, July 16, 2014
Al Mazyounah Free Zone (the “Free Zone”) was established pursuant to the Royal Decree 103 of 2005 promulgating the establishment of the zone (the “Free Zone Law”). The Free Zone is located in Oman’s Dhofar region. It focuses on the processing, storage and shipment of products from Dhofari agricultural land, along with the automobile and industrial vehicle trade.
Tuesday, July 15, 2014
Every public joint stock company (“SAOG”) in Oman is duty-bound to its shareholders and the regulator, the Capital Markets Authority (the “CMA”) to make timely disclosures of its financial statements. The provisions for disclosure of financial statements by SAOGs have been set out in Part VII of the Executive Regulation to the Capital Market Law (the “Executive Regulation”).
Friday, July 11, 2014
An investment fund either established in or outside Oman which aims to issue Securities1 for public or private subscription by investors located in Oman, should obtain a license from the Capital Market Authority (the “CMA”) and the offering of such Securities must be conducted in accordance with such fund’s prospectus as set out in Article 3 of the Capital Market Law (the "CMAL”).