Oman promulgates arbitration law

Article Abstract:

Oman enacts its first arbitration law called Royal Decree 47/97 on June 28, 1997. The Royal Decree 47/97, which becomes effective on July 1, 1997, encompasses any arbitration done in Oman or in any country provided that it is agreed upon that the arbitration will be covered by the new law. The law requires that the due process will be in Arabic. For parties demanding a resolution within twelve months from the start of the negotiations and in the absence of a timetable, the new law also requires the imposition of a particular timetable.

International Affairs, Conflict Resolution, Conflict management, Arbitration (Administrative law), Administrative arbitration, International negotiations

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Capital Market Law

Article Abstract:

Oman's Capital Market Law, which took effect on Jan 15, 1998, was established after Royal Decree No. 80/98 was instituted. The law empowers the Minister of Commerce and Industry to issue the rules and regulations needed for its implementation. It also states that the implementation of the law will start two months after its publication in the Official Gazette. It directs the transfer to the Capital Markets Authority and the Muscat Securities Market the financial authorities, members of staff and records of the Muscat Securities Market.

Economic Programs, Administration of Economic Programs, Economic policy, Capital market, Capital markets

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Major changes in accountants' law

Article Abstract:

Certain provisions for the law regulating the accountancy and auditing profession have been amended. The changes to the law that a new decree imposes are seen to have a major impact upon both Omani and mixed ownership firms of accountants. Firms are required to implement the changes within five years for the renewal of their licenses. The changes focus on the fees and qualifications for accountancy firms and foreign accountants.

Accounting, auditing, & bookkeeping, Accounting & Auditing Services, Accounting, Tax Preparation, Bookkeeping, and Payroll Services, Accounting firms, Accounting services, Accountants

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