SAMA seeks feedback on amending Article 16 of finance companies control law regulations

17/02/2022 Argaam
Logo of Saudi Central Bank (SAMA)

Logo of Saudi Central Bank (SAMA)

The Saudi Central Bank (SAMA) released today, Feb. 17, the draft amendment of Article 16 of the executive regulation of the Finance Companies Control Law for suggestions and observations from the public and experts.

 

The move is part of SAMA's ongoing efforts to review executive regulations of the Finance Companies Control Laws to ensure efficacy and soundness of the financial sector to operate in a competitive environment.

 

The draft seeks to reformulate Article 16 of the executive regulation of the Finance Companies Control Law to allow financial institutions to practice finance activities without stipulating the prohibition of combining any finance activities. It is for SAMA to restrict the licensing with certain conditions.

 

The views and observations must be provided within 15 days from the publication to finalize the text.

 

Click to read the Amendment of Article 16 of the Executive Regulation of the Finance Companies Control Law:

Amendment of Article 16 of the Executive Regulation of the Finance Companies Control Law

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