New fines, suspensions added to Oman's Capital Market Law

Energy Sunday 20/January/2019 12:05 PM
By: Times News Service
New fines, suspensions added to Oman's Capital Market Law

Muscat: Yahya bin Saeed Al Jabri, Chairman of the Board of Directors of the Capital Market Authority (CMA) issued Decree No. 1/2019 amending certain provisions of the executive regulations of the Capital Market Law.
A new article No. 332 is added to the executive regulations of the Capital Market Law, which reads as follows:
The Chairman shall, in case of failure of the entities stipulated in Article 331 of these regulations, to pay the fees due to the Authority in accordance with the deadlines, set an administrative fine of 10 per cent of the amount of the fee payable for each month of delay, and with a maximum period of six months.
In case of non-payment of the due fee and the administrative fine during the period referred to in the preceding paragraph, all the services provided by the Authority to these entities shall be suspended after warning that must be within 14 days from the date of the warning.
In all cases, the suspension may not be lifted until after payment of all fees and fines for delay.
The decision was based on the Capital Market Law promulgated by Royal Decree No. 98/80 and the Executive Regulations of the Capital Market Law issued by Decision No. 1/2009 and the approval of the Board of Directors of the CMA.