Resolution of Disputes in the Muscat Securities and Capital Market
Dr. Saif Al-Rawhi
Assistant Professor – College of Law – SQU
Dr. Malik M. Hafeez
Legal Expert – SQU
Muscat Securities Market being a regulatory authority of the Sultanate of Oman was established through a Royal Decree. thereafter, the regulatory role was separated from executive authority and Muscat securities. The capital market was restructured to establish three main entities, Capital Market Authority as a legislative, regulatory and supervisory entity, Muscat Securities Market for listing and trading of securities and Muscat Clearing and Depository Company as the central entity for transferring ownership of securities. However, the judicial, quasi-judicial authorities and arbitration mechanism play key role for resolution of commercial and corporate disputes in the Sultanate. The commercial and administrative courts in judicial hierarchy of the Sultanate having codified civil and commercial procedure to conclude the dispute from initiation to decision, the security and capital market authorities being a body corporate provide quasi-judicial mechanism having disciplinary and appellate authorities for resolution of disputes subject to regulatory laws while the arbitration law provides an alternative mode of dispute resolution between persons under public or private law, irrespective of the nature of legal relationship on which the dispute is based. The law of commercial arbitration subject to the agreement between the parties shall be invoked to settle the dispute relating to an economic activity including securities, investment, financial institution, commercial and corporate entities.
Key words: Capital Market Authority; Muscat Securities Market; Arbitration; Conciliation, Dispute Settlement Procedures, Commercial Court.