Legal Updates - 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. The ratification is in furtherance of the Sultanate’s decision to develop mechanisms to fight corruption together with GCC member States. The Royal Decree shall be effective from 21 May 2014.

Expatriate Visa Restrictions

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.

Executive Regulations of Al Mazyounah Free Zone

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.

Disclosure Requirements of Quarterly Financial Results for Public Joint Stock Companies

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”).

Fund Prospectus Requirements in Oman

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”).

Legal Updates - July 9, 2014

The Formation of a Supreme Committee for Financial Stability

The Central Bank of Oman (“CBO”) recently issued Circular no. BM/55/3/2014 dated 18 March 2014 granting the establishment of “The Supreme Committee for Financial Stability” (the “Committee”).

Real Estate Owners' Associations in Oman

As the residential real estate market continues to develop in Oman, it may be the right time for the Government to consider clarifying the model system of real estate owners’ associations in Oman.

IPR Enforcement

As the commercial world has become increasingly globalised, as well as the rapidity by which information is disseminated, it is essential that intellectual property (“IP”) rights are adequately and sufficiently protected by legislation. In recent years, the Sultanate has taken further definite and proactive steps to ensure that IP rights are protected, including the enactment of The Law of Industrial Property Rights, promulgated by Royal Decree 67 of 2008 (the “IP Law”).