Fsa-Logo3
Fsa-Logo4
Home Page Help Contact Us Site Map FSA Business Portal Email

About FSA

Establishment of the FSA FSA Objectives Strategy Board of Directors
Executive Management The Organizational Structure Vision & Mission Roles and responsibilities
Values

E-Services

Individuals Dissatisfaction of Service Provided By the FSA Appeals Service Vehicle Compensation Value after Total Loss Complaint against company operating in the field of securities Help Fund Vehicle Insurance Rates
Corporation Services Internal Auditor Accreditation Application for Adding an Activity Issuing a License for a Company Operating in the Securities Field Renewal of the license of a company operating in the field of securities (National) Legal Advisor Accreditation Securities Companies Branch License New Request
Show All Services

Media Center

Photos Videos News Community Participation Events Publications FAQ Children Stories

Licensed & Accredited

Insurance Companies Insurance Brokers Insurance Agents Re Insurance Companies Health Insurance Third Party Administration Companies Working in the field of Securities Investment Funds Extrenal Auditors (Authorized & Accredited) Internal Auditors Capital Market Institution Legal Advisor Valuation Companies Accounting and Auditing Offices (Authorized)

Open Data

About Open Data The Principles of Open Data Contact us About Open Data

Vacancies (8)

No Available Vacancy!
Follow us on social media platforms Learn more about FSA
  • About FSA
    About FSA
    Establishment of the FSA FSA Objectives Strategy Board of Directors
    Executive Management The Organizational Structure Vision & Mission Roles and responsibilities
    Values
  • E-Services
    E-Services
    Individuals Dissatisfaction of Service Provided By the FSA Appeals Service Vehicle Compensation Value after Total Loss Complaint against company operating in the field of securities Help Fund Vehicle Insurance Rates
    Corporation Services Internal Auditor Accreditation Application for Adding an Activity Issuing a License for a Company Operating in the Securities Field Renewal of the license of a company operating in the field of securities (National) Legal Advisor Accreditation Securities Companies Branch License New Request
    Show All Services
  • Media Center
    Media Center
    Photos Videos News Community Participation
    Publications FAQ Children Stories
  • Licensed & Accredited
    Authorized and Accredited Persons
    Insurance Companies Insurance Brokers Insurance Agents Re Insurance Companies Health Insurance Third Party Administration Companies Working in the field of Securities Investment Funds
    Extrenal Auditors (Authorized & Accredited) Internal Auditors Capital Market Institution Legal Advisor Valuation Companies Accounting and Auditing Offices (Authorized)
  • Open Data
    Open Data
    About Open Data The Principles of Open Data Contact us About Open Data
  • Vacancies (8)
Vacancies

No Available Vacancy!


Follow us on social media platforms

Learn more about FSA
Tweeter
Share With
Home >News >FSA Revokes the License of Trust Fund Management Company
Listen
print

FSA Revokes the License of Trust Fund Management Company

17 April 2025

News

The Financial Services Authority has issued administrative decision revoking the license of Trust Fund Management Company (LLC) for failing to file audited financial statements for the years 2023 and 2024 and failing to file audited capital adequacy reports in breach of Articles 168 and 168.b of the Executive Regulation of the Capital Market Law issued by Decision No. 1/2009.

 

The company also failed to adjust its situation pursuant to the legal requirements during the activity suspension period of three months according to decision No. 4/2024.

 

The articles the company breached states that the company must prepare unaudited quarterly financial statements for the first, second and third quarters of its financial year and file to the FSA as per the prescribed form within 30 days from the end of the respective quarter and 45 days for the companies with subsidiaries as well as preparing annual audited financial statements  in accordance with the international accounting standards and file to FSA within no more than two months after the end of the financial year or 14 days before the general meeting for public joint stock companies.

 

On the capital adequacy, Article 168.b provides the company shall provide to FSA audited capital adequacy reports annually during the period specified for filing the financial statements. FSA may request the company to audit the report for lessor period. The external auditor shall comply with the standards issued by FSA and the report shall include the opinion on whether the company’s system assures that the capital adequacy will not fall below the specified limit.

 

FSA emphasizes that it will continue applying the highest standards of audit and governance and call on all companies operating in the sector to comply with the applicable laws and regulations and will take appropriate actions for any violations threatening the market stability and consumers’ rights.

 

 

 

 





Previous    Next   

Archives

  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013

Publications +

  • IPOs
  • Insurance Publications
  • Annual Report
  • Insurance Market Review
  • Awareness

FSA Services +

  • Administrative
  • Insurance
  • Capital Market
  • Inquiries & Complaints
  • Job Vacancies (8)
footer-logo
footer-logo sm-m-auto
info@fsa.gov.om
Country Code : 00968
Phone (Operator) : 24823100
All Rights Reseved -©2025- Financial Services Authority
FSA Sectors
  • Insurance Sector
  • Capital Market
Publications
  • IPOs
  • Insurance Publications
  • Annual Report
  • Insurance Market Review
Useful Links
  • Local Links
  • Arabics Links
  • International Links
  • instagram
  • twitter
  • youtube
Download The App
playStore
playStoreQr
appleStore
appleStoreQr
About Us Privacy Contact Us footer-logo

Choose Color theme

Accessibility Option

Night Mode

Translate This Page

( FSA is not responsible for the translation output by google )

Virtual Tour

We will be happy to know your feedback
Weak
Excellent
This field is required
Thank you for your feedback