Regulatory Alerts2023-01-01
Decision of the Board of Directors No. (53) of 2023
The Financial Regulatory Authority's Board of Directors issued Decision No. (53) of 2023 to establish and regulate the development fee levied on supervised financial companies. The Decision mandates quarterly payments based on specific revenue streams—direct premiums, leasing returns, and brokerage commissions—with annual settlement deadlines and daily-calculated late fees tied to the Central Bank's announced rate. It further details fee rates by activity, outlines permissible development expenditures for capacity building and IT systems, and establishes a dedicated administrative unit to oversee collection, compliance, and fund allocation.
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