SAMA Seeks Public Consultation on 'Update to the Implementing Regulations of the Finance Companies Control Law' Draft

The Saudi Central Bank (SAMA) announced in a press release today the launch of the draft “Update to the Implementing Regulations of the Finance Companies Control Law” for public consultation through “Istitlaa” Platform of the National Competitiveness Center.
 The draft update comes as part of SAMA’s supervisory and regulatory role over the finance sector, as well as its continuous efforts to support the sector’s stability and growth by increasing the aggregate finance amount offered by a finance company.
 Moreover, the update includes easing the requirements for companies applying for licenses by reducing the bank guarantees required to submit licensing applications. The update also includes a revision of relevant provisions stipulated by related parties and outlines cases of expiration of licenses granted to finance companies.
 The submission window for feedback and comments on the draft “Update to the Implementing Regulations of the Finance Companies Control Law” will be open for 30 days. Afterward, all feedback and comments will be considered, and the final version will be approved.
 To view the draft, please visit the Public Consultation Platform “Istitlaa” of the National Competitiveness Center via the following link:
 https://istitlaa.ncc.gov.sa/ar/Finance/SAMA/UpdateImplementingRegulationoftheFinanceComp/Pages/default.aspx