Regulatory Alerts2016-04-05 | No. 3/2016Capital Market Authority Decision No. 3/2016 on Issuing Sukuk Regulation
The Capital Market Authority of Oman issued Decision No. 3/2016 to establish a comprehensive regulatory framework for Sukuk, defining them as Shariah-compliant securities representing joint ownership in underlying assets. The regulation mandates the use of a licensed Special Purpose Vehicle and an independent Shariah Supervisory Board to oversee issuance procedures, prospectus requirements, credit ratings, and public or private subscription processes. It further outlines the operational duties of Sukukholders Agents, establishes a binding General Meeting for investor representation, and enforces strict annual disclosure and trust management obligations to ensure market transparency.
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