Regulatory Alerts2019-01-01
Chairman's Decision No. 2 of 2019 Regarding the Organization of Work for Regulatory Committees (Insurance, Capital Market, Real Estate Financing, Microfinance, Financial Leasing, and Factoring)
The General Authority for Financial Supervision issued Chairman's Decision No. 2 of 2019 to formally establish and regulate the operational procedures for its specialized committees handling administrative appeals across insurance, capital markets, real estate financing, microfinance, financial leasing, and factoring. The directive mandates specific weekly meeting schedules for each committee, outlines strict submission requirements and documentation standards for appeals, and assigns the General Administration for Dispute Resolution and Regulation to manage case logging, hearing notifications, and decision enforcement. Furthermore, the regulation introduces an electronic tracking system for appeals, authorizes committees to request necessary clarifications and expert assistance, and stipulates a 10% administrative fee deduction upon refunding successful appeal costs while repealing the previous 2018 framework.