Ministerial Decisions

Issuing the Executive Regulations of Sultani Decree No. 31/96 on determining the rules for investing the funds of the Public Authority for Social Insurance and pension funds.

A list of the state pension funds to which these regulations apply is given in Article 2 of this decision.

Issued on 13 June 2017. Effective from the day after the publication date.

Issuing the licensing and working system at the site of the customs territory in the Special Economic Zone at Duqm.

Ministerial Decisions

Ministry of Manpower

Ministerial Decision No. 187/2017

Continuing the suspension of permits for the temporary recruitment of non-Omani manpower in certain professions. Permits are to be suspended for salesmen/marketing professionals and purchasing representatives, as specified in MD 608/2013 and MD 381/2016. The suspension period is to be extended by a further 6 months with effect from 1 June.

Issued on 29 May 2017.

Ministerial Decision No. 188/2017

Sultani Decrees

Sultani Decree No. 1/2017 Ratifying the General Budget of State for Fiscal Year 2017 Enacted on 1 January 2017. Effective from 1 January 2017

Ministerial Decisions

Diwani Decision No. 39/2016 Naming members of the Municipal Council, Muscat Governorate, for the second term. Issued on 28 December 2016

Ministerial Decision No. 165/2016 Publishing the Final Account of the State for Fiscal Year 2015. Issued on 21 December 2016

Ministerial Decisions

Ministerial Decision No. 261/2016 Amending Ministerial Decision No. 1020/2009 (on rights of audience for Omani and non-Omani lawyers). This decision extends the period within which non-Omani lawyers may have a right of audience before the Appeal Courts and Supreme Court to 31 December 2020. Issued on 22 December 2016. Effective from 1 January 2017

Royal Orders Conferring Honours

Order conferring the Sultan Qaboos Award for Culture, Science, Arts and Literature (First Class) to HE Dr. Hamadoun Touré, former Secretary-General of the International Telecommunication Union (ITU), in recognition of his efforts in the service of the ITU and the achievement of its objectives. Issued on 7 December 2016.

Ministerial Decisions

Ministerial Decisions

Ministerial Decision No. 212/2016 Issuing the Regulations on cultural initiatives Issued on 5 December 2016. Effective from the day after its publication date

Ministerial Decision No. 238/2016 Determining the fees for enrolment in the table of lawyers Issued on 1 December 2016. Effective from the day after its publication date

The Bankruptcy Court for the Southern District of New York overseeing the Residential Capital (“ResCap”) cases issued an opinion on November 15, 2013 (the “Opinion”)2 allowing the unamortized interest associated with original issue discount (“OID”) that was generated in a fair market value exchange and claimed by ResCap’s junior secured noteholders (the “Holders”). While the OID ruling is only one component of the Opinion,3 it may have far reaching implications, as already evidenced in the pricing of other OID notes that were the product of fair market value exchanges.

The Delaware Bankruptcy Court has confirmed that in multiple-debtor chapter 11 cases, the cramdown rules set forth in section 1129(a)(10) of the Bankruptcy Code must be applied on a per debtor basis as opposed to a per plan basis. See In re JER/Jameson Mezz Borrower II, LLC, No. 11-13338 (MFW), 2011 WL 6749058 (Bankr. D. Del. Dec. 22, 2011) (“Jameson”) and In re Tribune Co., No. 08-13141 (KJC), 2011 WL 5142420 (Bankr. D. Del. Oct. 31, 2011) (“Tribune”).