Muscat: The Capital Market Authority announced amendments to some provisions of the executive regulations of the capital market law.
“His Excellency Abdullah bin Salim Al Salmi, CEO of the Capital Market Authority, said that the legislative system for crowdfunding platforms activity in the Sultanate of Oman has been approved and is ready for anyone wishing to engage in this activity, and is available on the authority’s electronic platforms,” Oman News Agency, ONA, said.
His Excellency added, in a statement to the Oman News Agency, that this comes in implementation of the strategic objectives of the Oman 2040 vision, and in response to the requirements of dealers in the capital market and entrepreneurs of small and medium enterprises.
The provisions of the executive regulations of the capital market law changed are as follows:
1- Licensing companies specialised in managing crowdfunding platforms with a capital of no less than 25 thousand riyals.
2- Exempting companies wishing to engage in activity from licensing fees (OMR 155,000) until January 2023 to stimulate the establishment of platforms and support owners of small and medium enterprises.
3- The licensed company provides an electronic system that allows four types of financing: donation, rewards, contribution to ownership, and debt instruments.
4- The companies operating the platform will be interested in displaying all disclosures issued by the applicants for financing on the same platform.
