Regulatory Alerts2021-01-01
General Regulatory Authority for Financial Supervision Council Decision No. 163 of 2018 dated October 31, 2018
The General Regulatory Authority for Financial Supervision issued Council Decision No. 163 of 2018 to establish executive regulations governing design firms financing financial rights arising from trade receivables. The decision outlines mandatory requirements for debtors, sellers, and design firms, while detailing procedures for rights assignment, disclosure, contractual design, Sharia-compliant operations, and non-payment risk insurance. It incorporates multiple amendments through 2021 to refine fee structures, notification protocols, and portfolio sales mechanisms.
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