Regulatory Alerts2023-12-27
Notification-(27/2023)
The Regulatory Authority of the Kingdom issued Notification-(27/2023) to establish updated compliance standards, reporting obligations, and enforcement mechanisms for all licensed entities. The directive mandates quarterly electronic submissions, biennial external audits, and a twelve-month transition period for existing licensees to align with revised capital adequacy ratios. It supersedes conflicting prior directives, introduces administrative penalties for non-compliance, and takes full legal effect upon official gazette publication.
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