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APR 13 2024

Last Data Update

APR 12 2024

Securities

Article (27)

Securities specifically include:

  • Shares.
  • Bonds, notes and other obligations of similar nature.
  • Sukuk.
  • Depository receipts.
  • Derivatives contracts listed on the stock exchange such as spot and forward contracts, call and put options, futures contracts reliant on value or difference in value of underlying security or basket of securities or commodity or currency or interest rate or returns or energy or financial indices or credit rating and any other contracts or underlying’s approved by the Board.
  • Securities issued by the Government or public authorities and establishments.
  • Transferable warehouse receipts issued by any warehouse accredited by CMA, specifying the exact quantity, quality and grade of commodity held by it against such receipt.
  • Rights or interests in securities.
  • Part or whole of any collective investment fund contract.
  • Any other security specified by the board.
Article (28)

Securities shall only be issued or prepared for issuance through pubic offering or private placement inside the Sultanate of Oman, after obtaining the approval of the CMA in accordance with the requirements set out in the Regulation, except for short term securities of maturity not exceeding one year issued by the Central Bank of Oman for the purpose of administering the monetary policy and liquidity management.

Article (29)

Securities shall only be issued, traded and kept electronically.

Article (30)

Trading in unlisted future contracts shall be restricted to highly financially solvent parties with experience in financial derivatives as per the terms and rules set out in the Regulation.

Article (31)

Any security with respect to which a public offering has been made must be listed on an exchange in the Sultanate of Oman unless specifically exempted by the CMA.

If any class of securities is listed on an exchange in the Sultanate of Oman, further issue of the same class of securities of the same issuer must be listed on the same exchange before being listed on any other stock exchange inside or outside Sultanate of Oman.

Article (32)

Without prejudice to Article (28) of this law, any person seeking to make a public offering of any security shall obtain prior approval of the exchange where it is proposed to be listed and shall continuously comply with corporate governance and disclosure requirements and any other requirements prescribed in the regulations.

Article (33)

Delisting of securities shall only be carried out by an exchange with prior approval of the CMA. The issuer shall provide the CMA a proof of consent of its shareholders and make a fair offer for minority shareholders to acquire their shares if wishing to do so in accordance with rules prescribed in the regulation. The regulation shall set out the cases where the minority shareholder be obliged to sell their securities for fair consideration.

Article (34)

Committing market abuse is prohibited. The following practices shall be deemed market abuse:

  • Insider trading and trading based on insider undisclosed information or instigating other to do so;
  • Failing to disclose material information about a security when there is a legal obligation to disclose such information;
  • Abuse of insider undisclosed or confidential information for personal aims or gains to third parties;
  • Disseminating or presenting information that is false or, deceptive and which may result in affecting the price of a security or reputation of an issuer or the investment decision of a consumer;
  • Tipping off another person with information, which is not available widely to the public.
  • Manipulating securities by placing fake orders or intending to enter into illegitimate transactions, or using any other form of deception or contrivance.
  • Trading or allowing trading in securities without periodic settlement of obligations as mandated under the regulations;
  • Any other act that interferes with the integrity and fairness of transactions as set out in the Regulation.
Article (35)

The issuer must ensure fair and equal treatment of the owners of securities and all payments to security holders must be paid through the depository.

Article (36)

Owners of securities listed on an exchange must be provided with the opportunity to sell their securities at a fair price in the event of change in the control of the issuer or a substantial accumulation of shares by any person including others acting in concert, as prescribed in the Regulation.