FSA to enhance independence and integrity of Oman's financial sector

Oman Sunday 31/March/2024 15:52 PM
FSA to enhance independence and integrity of Oman's financial sector

Muscat: The setting up of the Financial Services Authority (FSA) would be a safeguard to integrity and independence of the financial sector in the Sultanate of Oman, the FSA said in a statement at a press conference held here on Sunday.

The Royal Decree No. 20/2024 also promulgated the system of functioning of the FSA by expanding its mission and enabling it to supervise accounting and auditing procedures and oversee the operations of the capital market and insurance sectors.

The statement further added that the new system constituted a reference law for all sectors under the FSA’s supervision and paves the way for the enactment of legislation to regulate those sectors in a manner that generates structural and operational benefits.

The FSA pointed out that the structural benefits are linked to the mechanism of integrating the financial sector into the national decision-making system. The benefits include enhancing the Authority’s role in establishing an appropriate investment environment to achieve economic diversification, encourage investment, develop the private sector, harness employment initiatives and expand international cooperation.

On the other hand, operational benefits pertain to the FSA’s regulatory and supervisory role, including the development of national human resources and human capital in specialised professions that empower young men and women to join this promising sector.

The statement commented on measures to facilitate the integration of the FSA into the national decision-making system and to activate the role of the financial sector as an enabler of economic development.

The FSA’s establishment stemmed from a need to streamline top-strata decision making, said the statement, stressing that the FSA would benefit from its direct affiliation to the Council of Ministers.

The FSA’s board may form permanent or temporary advisory committees that would activate interaction between the FSA and other entities, said the statement. It explained that this would also enable the FSA to contribute effectively to the implementation of national priorities and sustainable development programmes.