OMAN LAW AND PRACTICE Contributed by: Said Al-Shahry, Thamer Al-Shahry, Jeremy Pooley, Maria Mariam Rabeaa Petrou, Shadha Al Kharusi and Salim Al Harthi, Said Al Shahry & Partners (SASLO )
9. Looking Forward 9.1 Upcoming Legal Reforms Securities Law Executive Regulations
• maintain a register of controllers and proces - sors 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 coun - try or an international organisation; and • take any other measures it deems necessary for the protection of personal data. 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 Tele - communications Regulatory Law and the Bank - ing Law, for example.
The Securities Law came into force on 20 June 2022, repealing Royal Decree No 80/1998 prom - ulgating the Capital Market Law, except for Arti - cles 46–58, which shall remain in force. A draft of the executive regulations 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 reg - ulate matters such as the conditions and pro - cedure 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 regu - lators in Oman intend to promote and develop fintech products. The FSA is currently preparing the regulatory framework for the regulation of virtual assets, including the licensing, regulation and supervision of Virtual Asset Service Provid - ers.
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