Last month, we discussed Oman’s ratification of the UN Convention against Corruption (the “UN Convention”) endorsed by Royal Decree 64/2013; the existing legislations in Oman against corruption; and the measures to be adopted by the Government in the public sector, private sector and the judiciary to prevent corruption in accordance with the guidelines specified in the UN Convention. In this article, we summarise certain aspects of Oman’s existing legislation relating to anti-money laundering and discuss the link between provisions of the existing legislation and the UN Convention.
Tuesday, April 8, 2014
UN Convention Against Corruption and Anti-Money Laundering
Thursday, April 3, 2014
Mediation Process: An Overview
Although mediation remains a largely unexplored dispute resolution mechanism throughout much of the GCC, it could certainly be a useful method for disputing parties to reach an amicable and expeditious resolution. This article will provide an overview of the mediation process, the role of the mediator, and will briefly discuss some of the benefits to mediation.
Tuesday, April 1, 2014
The Foreign Account Tax Compliance Act (April 2014)
FATCA stands for The Foreign Account Tax Compliance Act (“FATCA”) which was approved by the US Congress in March 2010. The law was scheduled to become effective from 1st January 2014, but the effective date has been postponed until 1st July 2014. This sweeping new law and its extraterritorial application is already influencing the behavior of Omani and other GCC banks and financial institutions and imposing structural, legal and commercial challenges on them to be compliant.
Monday, March 31, 2014
Legal Updates - March 31, 2014
Ministerial Decisions Stops the Issuing of fresh visas
to non-Omanis
MD 618/2013 provides that non-Omanis will not be issued work permits to work as car engineers, debt collectors, cashier and storekeepers. MD 618/2013 does not specify any period of time for this restriction. The MD also does not specify that establishments registered under excellent grade category and international grade companies are excluded. The decision is effective from 1 January 2014.
Friday, March 28, 2014
Warranties Under the Civil Code
The Omani Civil Code, promulgated by Royal Decree 29/2013, has provided clarity and guidance on several key facets of commercial and civil transactions. One key area relates to warranties.
This article provides an overview in this regard.
Monday, March 24, 2014
Liability of Directors in Omani Companies
The Code of Corporate Governance
The Code of Corporate Governance (the “Code”) issued by the Capital Markets Authority and the Commercial Companies Law of Oman (promulgated by RD 4/74, as amended, “Company Law”) outlines the responsibilities of ‘Directors’ in Omani Companies and the liabilities which extend to them in this position. The Company Law applies to all joint stock companies and the Code is mandatory but only applies to public companies listed on the Muscat Securities Market.
Friday, March 14, 2014
Focus On: DUQM Special Economic Zone
In 2011, the Duqm Special Economic Zone (“SEZ”) was created pursuant to Royal Decree 119/2011. The aim of the SEZ is to contribute to the country’s GDP, to enhance the employment opportunities for Omanis and more importantly to boost the social and economic development of Wilayat Duqm. Since 2011, the SEZ continues to offer many opportunities for both Omanis and foreign investors.
Wednesday, March 12, 2014
Due Diligence - The Devil is in the Details
We continue our series of articles on acquisitions by looking at the topic of due diligence.
Monday, March 10, 2014
The Foreign Account Tax Compliance Act (March 2014)
FATCA stands for The Foreign Account Tax Compliance Act (“FATCA”) which was approved by the US Congress in March 2010. The law was scheduled to become effective from 1st January 2014, but the effective date has been postponed until 1st July 2014. This sweeping new law and its extraterritorial application is already influencing the behavior of Omani and other GCC banks and financial institutions and imposing structural, legal and commercial challenges on them to be compliant.
Thursday, March 6, 2014
Oman's Ratification of the UN Convention Against Corruption
The Sultanate of Oman recently ratified the UN Convention against Corruption (the “UN Convention”) and consequently issued Royal Decree 64/2013 as the endorsement of the UN Convention. The ratification is in furtherance of the Sultanate’s decision to develop coordinated anti-corruption policies.
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