OMAN Law and Practice Contributed by: Said Al-Shahry, Thamer Al-Shahry, Jeremy Pooley, Maria Mariam Rabeaa Petrou, Mujtaba Ali Kazmi and Salim Al Harthi, Said Al Shahry & Partners
Sectoral Laws To the extent they do not contradict the DPL and the Regulations, certain sectoral laws containing limited data and privacy protection provisions will continue to apply. These include the Telecommunications Regula - tory Law and the Banking Law, for example.
• prepare the controls related to the protection of personal data, including specifying the neces - sary safeguards and measures required to protect personal data; • issue procedures for processing personal data and ensure the compliance of controllers and proces - sors with such procedures; • receive complaints filed by the data subject and decide on them within the period specified in the Regulations; • co-operate with competent entities in other coun - tries with respect to the protection of personal data; • provide advice and support to units of the admin - istrative apparatus of the State and other public legal persons in matters related to personal data protection; • draft guidelines for implementing the DPL when - ever necessary; and • maintain a register of controllers and processors meeting the conditions in accordance with the regulation. To protect the rights of data subject, the MOTCIT may: • issue warnings to controllers and processors who violate the provisions of the DPL; • order the correction or removal of personal data; • suspend the processing of personal data, either temporarily or permanently; • suspend the transfer of data to another country or an international organisation; and • take any other measures it deems necessary for the protection of personal data.
9. Looking Forward 9.1 Upcoming Legal Reforms Securities Law Executive Regulations
The Securities Law came into force on 20 June 2022, repealing Royal Decree No 80/1998 promulgating the Capital Market Law, except for Articles 46–58, which shall remain in force. A draft of the executive regula - tions of the Securities Law has been published by the Financial Services Authority. The final executive regulations are yet to be issued. The executive regulations are expected to regulate matters such as the conditions and procedure for establishing and licensing entities that are subject to the Securities Law, activities which require a licence to be undertaken and those which do not, and the prohibited activities. Regulation of Virtual Assets It is understood that the FSA and other regulators in Oman intend to promote and develop fintech prod - ucts. The FSA is currently preparing the regulatory framework for the regulation of virtual assets, includ - ing the licensing, regulation and supervision of Virtual Asset Service Providers.
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